Gift card balances do not have to be held by a bank. If it were held by a bank you’d need to provide ID for purchasing one and there would be more regulation a

Gift card balances do not have to be held by a bank. If it were held by a bank you’d need to provide ID for purchasing one and there would be more regulation around _gifting_ them. You can’t just _give_ someone a bank account. However, balances held by PayPal or Venmo? Yeah those are backed by a bank.