What is a Payment System?
The National Payment System Act No.8 of 2021 defines a system as “…a system established and operated by an operator and includes a payment, clearing and settlement system.”
A payment system is a mechanism, instrument and/or instruction that facilitates monetary transactions between parties for goods and services. It may involve various methods and technologies enabling the ease of fund transfer from Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B) and Person to Person (P2P).
The ongoing advancements in technology, legislations, and consumer preferences continues to shape the ongoing development of payment methods in today's economy from traditional modes such as;
- Cash
- Cheques
to digital avenues such as;
- credit and/or debit cards
- online banking,
- mobile banking,
- mobile wallets,
- and cryptocurrencies.
Why are Payment Systems Important?
What is RBVs role in the National Payment System?
Different Types of Payment Methods in Vanuatu
