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What are prepaid payment instruments?

Wednesday, October 24, 2018, 6:48 PM

Prepaid payment instruments are methods that facilitate purchase of goods and services against value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card. Prepaid instruments can be issued as smart cards, magnetic stripe cards, and any such instruments used to access prepaid amount.

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