Stored Value Card
A Stored Value Card (SVC) is a card-based electronic alternative to cash.
It uses a "smart card" that contains a microprocessor computer chip that both stores electronic currency and processes financial transactions.
SVCs use the computer chip on the card to verify and perform financial transactions in an "off-line" communications mode, versus traditional debit/credit cards that contain a magnetic stripe and run in an "on-line" communications mode.
The SVC program is aimed at reducing the float loss, or currency value change, linked with coins, currency, and checks in circulation at military bases in the U.S. and overseas, on ships at sea, and at other "closed" government locations around the world.
SVCs reduce the high costs of securing, moving, and accounting for cash.
Features & Benefits
The U.S. Department of the Treasury's SVC applications are designed to improve financial controls and cash management, streamline administrative processes, and improve quality of life of cardholders. Cards have been used to:
- Reduce new recruit processing time.
- Eliminate the cost of securing, transporting, and accounting for cash.
- Remove manually intensive back-end processes associated with scrip, vouchers, meal tickets, money orders, traveler's checks, and other payment mechanisms.
- Get rid of financial float-loss/currency value changes related to checks or other forms of payment.
- Improve quality of life for military personnel.
- Lessen the exposure to risk of theft/loss.
Stored Value Card Program Manager
SVC in the News
- Stars and Stripes
EagleCash provides convenience for troops