payment-system

Vocabulary Word

Definition

A 'payment system' is the means by which financial transactions are done electronically, transferring money from one account to another. It includes payment methods like credit cards, debit cards, or online banking.

Examples in Different Contexts

In retail, the 'payment system' refers to the hardware and software that process transactions. A retail manager might explain, 'Upgrading our payment system has increased efficiency at checkout.'

Practice Scenarios

Tech

Scenario:

The digital financial landscape is becoming more competitive. What improvements can we make to our technology to ensure secure and efficient transactions?

Response:

By upgrading our payment system to blockchain technology, we can enhance the security and transaction speed.

Operations

Scenario:

Our supply chain requires efficient financial management. How could we optimize the payment process for our suppliers?

Response:

By diversifying our payment system, we can offer more payment options and flexibility to our suppliers.