![]() ![]() Payment systems are used by individuals, banks, companies, governments, etc. that are established to facilitate the transfer of funds between different participant institutions. Payment systems comprise of instruments through which payments can be made, rules, regulations, and procedures that guide these payments, institutions which facilitate payment mechanisms and legal systems, etc. Banking channels also provide other payment instruments through different platforms and these are also widely used in commerce. Cash is the traditional and most widely used payment instrument that consumers use in their daily lives to purchase goods and services. Payment systems help consumers to transfer funds to each other. The payment system enables a two-way flow of payments in exchange for goods and services in the economy. ![]() Payment Systems are the medium to transfer funds from one person to another that facilitate businesses and economies. What are Payment Systems?Ī Payment System is a mechanism that facilitates the transfer of value between a payer and a beneficiary by which the payer discharges the payment obligations to the beneficiary. Banks support ease and velocity in such cases by offering various payment systems as solutions. ![]() There are concerns regarding the security and transportation of cash in cases where large amounts of money are involved. Using cash for each of these transactions is neither feasible nor practically possible. As the commerce and economy expand, volume and variety of transactions expand where there is a need to exchange the money. ![]()
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