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Solution
A closed loop payment system is an electronic payment method that operates within a self-contained network. These systems handle transactions between a limited number of merchants and customers who typically use a specific brand of credit card, debit card, or mobile payment app.
Targeted Marketing and Loyalty Programs
Merchants have greater control over data and rewards, allowing for more targeted marketing and loyalty initiatives.
Restrictions
Consumers may face limitations on where they can use their cards or points.
Fund Transfer Limitations
Transferring funds or redeeming rewards outside the closed loop system can be challenging.
Conclusion
Unlike open loop systems like Visa and Mastercard, closed loop systems can only be used within a specific ecosystem. For example, a store gift card is only valid at that store, and a loyalty program may require the use of a specific mobile app or credit card.
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