Definitions for payment system
pay·ment sys·tem

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1. Payment system

   The payment system is an operational network - governed by laws, rules and standards - that links bank accounts and provides the functionality for monetary exchange using bank deposits. The payment system is the infrastructure established in effect the transfer of monetary value between parties discharging mutual obligations. Its technical efficiency determines the efficiency with which transaction money is used in the economy, and risk associated with its use. What makes it a "system" is that it employs cash-substitutes; traditional payment systems are negotiable instruments such as drafts and documentary credits such as letter of credits. With the advent of computers and electronic communications a large number of alternative electronic payment systems have emerged. These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Some payment systems include credit mechanisms, but that is essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions and consist of a major service provided by banks and other financial institutions.

How to pronounce payment system?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say payment system in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of payment system in Chaldean Numerology is: 3

2. Pythagorean Numerology

   The numerical value of payment system in Pythagorean Numerology is: 6

Examples of payment system in a Sentence

1. Federal Reserve Governor Jerome Powell:

   Technological innovations can provide substantial benefits to payment system efficiency and security in the long run, but they often introduce new, unanticipated risks.

2. Sherrod Brown:

   They're motivated by one thing : surely their own bottom line, allowing Big Tech companies to take over the payment system or position themselves to influence monetary policy would be a huge mistake.

3. Lorenza Martinez:

   These unauthorized transfers were originated in the system that connects the institutions to the payment system.

4. President Obama:

   As we speak, Congress is working to fix the Medicare physician payment system. I have my pen ready to sign a good bipartisan bill.

5. Dante Disparte:

   Increased clarity on a regulation pathway in Switzerland is key for the association's development and will help inform our conversations with regulators in other markets, the Libra coin is simply a proxy for an instantaneous payment system that is low friction and high trust.

References

1. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=payment system