A payment system (also known as payment mechanism) refers to a financial system that creates a means by which money is transferred between suppliers and users of funds, usually by exchanging credits or debits among financial institutions. Payment systems can either be paper based e.g. drafts & checks or electronic based e.g. Automated Clearing House debits & credits. There are five main types of payment systems, namely; cash, checking transfer, credit cards, stored value and accumulating balance.
Kavungya answered the question on May 9, 2019 at 12:50
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