Online stored value systems allow customers to make instantaneous payments to various merchants contingent on the value they have stored in the system.
One of the most prominent examples of an online stored value system would be PayPal. PayPal works by linking the user’s online account with a credit, debit or checking account that he/she currently possesses. When a transaction is processed, PayPal automatically debits the user’s account and credits the merchant’s account, without having to transfer any sensitive customer credit information.
Fun Facts#7 Did you know that PayPal is a wholly owned subsidiary of eBay
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