Card – Open Loop & Closed Loop Cards Issuance
Card Issuance and Acquiring Solutions refer to the processes through which financial institutions or service providers issue payment cards (such as debit, credit, or prepaid cards) and facilitate card transactions for businesses.
Types of Cards
Open Loop
Open-loop cards are usable anywhere the card network is accepted.
Closed Loop
Closed-loop cards work exclusively within a specific merchant’s network.
Use Cases of AI, RAG
Open Loop Card Solutions
Open-loop cards are payment cards that can be used at any merchant or service provider that accepts the specific card network (e.g., Visa, Mastercard, American Express). These cards offer customers widespread acceptance and flexibility.
Key Features of Open-Loop Card Solutions
Acceptance at a wide range of merchants globally
Ability to access many financial services
Integration with digital wallets and contactless payment technologies
Enhanced security features, such as EMV chip and tokenization
Comprehensive transaction processing and settlement capabilities
Closed-Loop Card Solutions
Closed-loop cards are payment cards that can only be used within a specific merchant’s or provider’s own network. These cards are often used for proprietary loyalty programs, employee benefits, or specialized financing.
Key Features of Closed-Loop Card Solutions
Customized card designs and branding
Integrated loyalty and rewards programs
Tailored financing options, such as instalment plans or revolving credit
Detailed transaction data and analytics
Streamlined payment processing and settlement within the closed-loop network
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