Payments system

A payments system is a framework that facilitates the transfer of money between individuals, businesses, and banks. It includes various methods to make these transactions, such as cash, credit cards, mobile payments, and electronic transfers. Payments systems ensure that when you buy something, the money is securely moved from your account to the seller’s account. They involve processes for authorizing payments, clearing transactions, and settling balances, all of which maintain trust and efficiency in the economy. Essentially, they allow people and businesses to exchange value smoothly and securely.