payment transactions

Payment transactions are exchanges of money between a buyer and a seller. When you make a purchase, your payment method—like a credit card, debit card, or digital wallet—is used to transfer funds from your account to the seller’s account. This process involves authorization (confirming you have enough funds) and settlement (actually transferring the money). Technology like secure networks and encryption help keep your information safe during these exchanges. Essentially, it’s the process that enables you to pay for goods or services electronically, ensuring the seller receives the money and you receive your goods or service.