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What is the full form of PACC in banking?

Published in Banking Terminology 1 min read

The full form of PACC in banking is Pre-authorised Credit Card.

This refers to an arrangement where a customer authorizes their bank to automatically debit their account and settle bills, usually credit card bills, on a recurring basis. This streamlines the payment process, ensuring bills are paid on time without manual intervention. Once established, the customer doesn't need to remember to pay their credit card bill each month, as the payment is automatically processed through their bank account.

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