issuing prepaid access / stored value

Prepaid access / stored value is defined as accepting currency, funds or other value that substitutes for currency that has been paid in advance and can be retrieved or transferred at some point in the future through an electronic device or vehicle such as a card, code, electronic serial number, mobile identification number or personal identification number. This may include both “open loop” prepaid access (a type of prepaid access that can be used in transactions at any accepting retail location) and “closed loop” prepaid access (a type of prepaid access that can only be used in transactions involving a defined merchant or location or set of locations).