Payment system

Payment system,

Definition of Payment system:

  1. Financial system supporting transfer of funds from suppliers (savers) to the users (borrowers), and from payers to the payees, usually through exchange of debits and credits among financial institutions. It consists of a paper-based mechanism for handling checks and drafts, and a paperless mechanism (such as electronics funds transfer) for handling electronic commerce transactions. Also called payment mechanism.

Meaning of Payment system & Payment system Definition