The user buys a claim on the merchant issuer with traditional money and receives digital money in return
When the user buys goods or services from the merchant-issuer, special point of sale (POS) devices record the transactions with the merchant
The POS device reduces the value of the digital money recorded on the card by the amount of the purchase
Although consumers make purchases with digital money, the system is linked to the payment system by the merchant-issuerÅfs relationship with its bank
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