Whenever additional parties are included in payment card transaction processing, the system is called a(n)____ system.
A)open loop
B)closed loop
C)virtual loop
D)indirect loop

Question

Quizplus · Accepted Answer

An open loop system involves multiple parties, such as banks and payment processors, in the transaction process, unlike a closed loop system which involves only the issuer and the cardholder.

Whenever Additional Parties Are Included in Payment Card Transaction Processing