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What is payment in banking?

Payment is the transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved. A payment can be made in the form of services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrencies.

What does payment mean in English?

Payment, from the verb pay, is rooted in the Latin pacare, used to mean "satisfy a creditor," but originally defined as "please, satisfy, or make peaceful." loading examples... Payment is the process of either giving money to someone, or of receiving money from someone.

What does pay mean?

something that is paid; pay; an amount paid; pay; compensation; recompense. the act of paying. pay. reward or punishment; requital. He worked 70 days straight, taking only the tips he made as payment.

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