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Simple English definitions for legal terms
smart card
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A quick definition of smart card:
A smart card, also known as a stored-value card, is a small device that holds a specific amount of money for making purchases. It is like having a digital wallet that you can use instead of carrying cash. You buy the card from a bank or merchant and use it to pay for goods and services instead of using paper money. It is a convenient and secure way to make transactions without having to carry cash around.
A more thorough explanation:
A smart card, also known as a stored-value card, is a device that allows access to a specific amount of funds for making payments to others. It is the only way to access the funds and does not have an associated account in the holder's name.
For example, a consumer can purchase a stored-value card from a bank or merchant by paying money. The consumer can then use the card instead of paper currency to buy goods and services. The card has a specific amount of funds that can be used until it runs out.
Another example is a transit card, such as a metro card or bus pass. These cards have a specific amount of funds that can be used to pay for transportation until the funds run out.
Overall, a smart card is a convenient way to make payments without carrying cash and can be used for various purposes, such as transportation, shopping, and more.