What is PAYMENT SYSTEM?

A system developed to provide ease in transferring funds from the suppliers to the borrowers, or from payers to payees. An exchange of credits and debits take place between the financial institutions involved.

More On This Topic




Link to This Definition

Did you find this definition of PAYMENT SYSTEM helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary