#28unit 2e commerce payment system
Online stored value payment system
Preloaded value held in digital accounts.
Unit 2E-Commerce Payment SystemTopic #28Published
Online stored value payment system
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An online stored value payment system permits consumers to make instant, online payments to merchants and other individuals based on value stored in an online account. PayPal is the most well-known example; consumers fund the account with a bank account or card and pay by 'emailing' payments to recipients.
- Define an online stored value payment system.
- Explain how PayPal works as a stored value system.
- Identify the advantages and cost issues of stored value systems.
- Distinguish stored value from digital cash and digital wallets.