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The ERC-1363 standard is compatible with the ERC-20 standard and builds upon it. With ERC-1363, an ERC-20 token can make a callback on the receiver contract to notify on transfer and approval events. The aim for this is to make a payable token which could be used in events such as invoices, crowdsales, services, and subscriptions. The full ERC-1363 standard can be found here: 

Note: These are non-technical definitions meant for a general audience and should not be used as legal definition
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