Payment
Definition:
The payer’s transfer to the payee against a payee’s monetary claim in a manner acceptable for the payee.
Details:
It is funny that this definition looks like a self defining definition.
Basically in layman terms (not using the banking jargon) a payment is a transfer of value from one party to another party, transfer of value done by using a token on who’s value both parties agreed previously.
Note:
This is a series of posts with definitions for the jargon used in #banking, #fintech and #payments.
Too many people use some terms without understanding them beyond the definition.
Too many “experts” use the terms but they never had experience with the actual implementation of anything in #banking, #fintech and #payments.