Payment System and Transactions with Information Technology.

Nowadays we do see many payment systems which offering low rate and safe transactions. Most of them are working international and gets more clients. Payment system is system used to settle financial transactions the transfer of value. Payment systems and FMIs are the mechanisms established to facilitate the clearing and settlement of monetary and other financial transactions. Support financial stability by mitigating risks related to financial transactions and facilitating the smooth flow of payments and efficient functioning of financial markets. An efficient national payment system reduces the cost of exchanging goods, services and assets. It is indispensable to the functioning of interbank, money, and capital markets. Promote efficiency in the economy by facilitating the smooth flow of payments underpinning economic activity and promote financial sector development through fostering consumers’ confidence in the use of money and payment services. Most payment system involve two or more financial institutions or other payments providers, requiring payments to be cleared between them.