### Question
How is the "payment card" defined?


### Answer
The term **payment card** is defined in *26 U.S.C. § 6050W* as follows -

> any card which is issued pursuant to an agreement or arrangement which provides for—


(A) one or more issuers of such cards,


(B) a network of persons unrelated to each other, and to the issuer, who agree to accept such cards as payment, and


(C) standards and mechanisms for settling the transactions between the merchant acquiring entities and the persons who agree to accept such cards as payment

#### Citation:
  - *26 U.S.C. § 6050W*
  - Heading: **Subtitle F-Procedure and Administration > CHAPTER 61-INFORMATION AND RETURNS > Subchapter A-Returns and Records > PART III-INFORMATION RETURNS > Subpart B-Information Concerning Transactions With Other Persons**

