Payment
Payment
Payment (/ˈpeɪmənt/) is the transfer of currency or goods from one party to another in exchange for goods or services. The term originates from the Latin word pāmentum, meaning a smooth surface or pavement.
History
The concept of payment has been in existence since the dawn of civilization, with early forms including bartering and trading of goods. The introduction of coinage in ancient times allowed for a more standardized form of payment.
Types of Payment
There are several types of payment methods, including:
- Cash: This is the most traditional form of payment, involving physical currency.
- Cheque: A written document instructing a bank to pay a specific amount from the writer's account to the recipient.
- Credit Card: A card issued by a financial institution allowing the holder to borrow funds to pay for goods and services.
- Debit Card: A card allowing the holder to transfer money electronically from their bank account when making a purchase.
- Electronic Funds Transfer (EFT): A system of transferring money from one bank account directly to another without any paper money changing hands.
- Mobile Payment: A method of paying for goods or services using a mobile device, such as a smartphone.
Related Terms
- Invoice: A document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services.
- Receipt: A document acknowledging that a person has received money or property in payment.
- Transaction: An instance of buying or selling something.
- Wire Transfer: An electronic transfer of funds from one individual or entity to another.
See Also
External links
- Medical encyclopedia article on Payment
- Wikipedia's article - Payment
This WikiMD dictionary article is a stub. You can help make it a full article.
Languages: - East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
Urdu,
বাংলা,
తెలుగు,
தமிழ்,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
European
español,
Deutsch,
français,
русский,
português do Brasil,
Italian,
polski