![]() Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. ![]() ![]() The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. Save for recent reports of increasing fraud, it has achieved what its creators had envisioned for it, gaining support from most banks and succeeding in mobile Payments Apple Pay, according to most metrics, has been a huge success since launch.
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