Definitions for "Payment System"
Generally any system for processing payment instruments and settling consequential debts among the parties to the system.  The term is now often used in a specific sense to refer to the computer networks and software systems used by the financial institutions involved.
A communication system having the provisions to provide financial settlement information.
The financial system creating the means for transferring money between suppliers and users of funds, usually by exchanging debits or credits between financial institutions.
Keywords:  infrastructure, making
Infrastructure for making payments.
an essential component of a well functioning economy