payment system
Money transfer method
A payment system is the infrastructure and rules that enable money to move between parties.
This includes everything from credit card networks and bank transfers to mobile apps and cryptocurrency protocols.
Payment systems handle authorization, clearing, and settlement—the steps between swipe your card and funds in the merchant's account.
Modern economies depend on reliable payment systems for commerce at every scale.
Payment completion process
- merchantOne who sells wares
- retailSales to end users
- e-commerceInternet-based buying and selling
- point-of-saleWhere transactions occur
vendor · buyer · seller · marketplace · invoice · receipt · shopping cart · acquirer
Electronic payment storage system
- PayPalOnline money transfer platform
- VenmoMobile payment service
- ZelleBank-linked payment app
- Apple PaySmartphone payment system
Google Pay · contactless · NFC · QR code · tap-to-pay · fintech · cryptocurrency · Bitcoin
Central settlement agency
- banking networkLinked financial institution system
- SWIFTBank messaging infrastructure
- card networkSystem routing electronic purchases
- APISoftware communication standard
Ready spending funds
- checkOrder to pay
- chequeWritten bank payment order
- money orderPrepaid negotiable instrument
- wire transferElectronic bank-to-bank payment
bank draft · direct deposit · SWIFT · IBAN · giro · postal order · cashier's check · traveler's check
Borrowed-funds payment tool
- debit cardPayment from checking account
- prepaid cardPayment method funded in advance
- chipSmall broken-off piece
- magnetic stripeEncoded data band
PIN · CVV · Visa · Mastercard · American Express · JCB · card reader · terminal
Converting data into code
- authenticationConfirming genuine identity
- tokenizationConverting input into discrete units
- two-factorAuthentication using paired credentials
- biometricMeasuring unique physical characteristics
fingerprint · facial recognition · fraud detection · SSL · secure checkout · dispute resolution · identity verification
checkout
Payment completion process
- merchantOne who sells wares
- retailSales to end users
- e-commerceInternet-based buying and selling
point-of-sale · vendor · buyer · seller · marketplace · invoice · receipt · shopping cart · acquirer · issuer
e-wallet
Electronic payment storage system
Apple Pay · Google Pay · contactless · NFC · QR code · tap-to-pay · fintech · cryptocurrency · Bitcoin · blockchain
clearinghouse
Central settlement agency
- banking networkLinked financial institution system
- SWIFTBank messaging infrastructure
- card networkSystem routing electronic purchases
cash
Ready spending funds
- checkOrder to pay
- chequeWritten bank payment order
- money orderPrepaid negotiable instrument
wire transfer · bank draft · direct deposit · SWIFT · IBAN · giro · postal order · cashier's check · traveler's check · COD
credit card
Borrowed-funds payment tool
- debit cardPayment from checking account
- prepaid cardPayment method funded in advance
- chipSmall broken-off piece
magnetic stripe · PIN · CVV · Visa · Mastercard · American Express · JCB · card reader · terminal · swipe
encryption
Converting data into code
- authenticationConfirming genuine identity
- tokenizationConverting input into discrete units
- two-factorAuthentication using paired credentials
biometric · fingerprint · facial recognition · fraud detection · SSL · secure checkout · dispute resolution · identity verification
- softwaresoftware, app, apps, application, program
- systemsecosystems, ecosystem, transportation network, neural network, neural networks
- financebank, CFO, banks, controller, finance
- marketsmarket, marketplace, stock market, bazaar, flea market
- digital assetscryptocurrency, websites, Bitcoin, apps, mobile app
- EV chargingEV charger, charging station, charger, home charger, public charger
payment systembarter
Direct goods-for-goods exchange
barter system · direct exchange · gift economy · swap · swapping
system, payment, paying, repayment, systems, systematic, payments, systemic, payable