« Back to Glossary Index« Back to Glossary Index
Tags: payment instruments
Categories: Economics & Finance
The infrastructure (consisting of institutions, instruments, rules, procedures, standards,and technical means) 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.
(source: http://en.wikipedia.org/wiki/Payment_system)
Related Articles: