A Stored Value Card (SVC) is a card-based electronic alternative to cash. It utilizes a “smart card” that contains a microprocessor computer chip which both stores electronic currency and processes financial transactions. SVCs utilize the computer chip on the card to authenticate and perform financial transactions in an “off-line” communications mode, versus traditional debit/credit cards which contain a magnetic stripe and operate in an “on-line” communications mode.
The SVC program is aimed at reducing the float loss associated with coins, currency, and checks in circulation at military bases in the U.S. and overseas, on ships at sea, and at other “closed” government locations around the world. SVCs reduce the high costs of securing, transporting, and accounting for cash.
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