Stored value cards: costly private substitutes for government currency. From: Economic Quarterly | Date: June 22, 1996| Author: | COPYRIGHT 1996 Federal Reserve Bank of Richmond. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Stored value cards look like credit cards but are capable of storing monetary value. There are a number of stored value card systems being developed in the United States, and some have already been implemented in Europe and elsewhere. Stored value cards are particularly well-suited for transactions that would otherwise be carried out with currency and thus are a private substitute for government fiat money, like private bank notes. Unlike bank notes, however, stored value cards employ new technologies that are quite different from, and potentially more costly than, the coins and ...

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