The payment system is an operational network - governed by laws, rules and standards - that links bank accounts and provides the functionality for monetary exchange using bank deposits. The payment system is the infrastructure (consisting of institutions, instruments, rules, procedures, standards,and technical means) established in effect the transfer of monetary value between parties discharging mutual obligations. Its technical efficiency determines the efficiency with which transaction money is used in the economy, and risk associated with its use.
What makes it a "system" is that it employs cash-substitutes; traditional payment systems are negotiable instruments such as drafts (e.g., checks) and documentary credits such as letter of credits. With the advent of computers and electronic communications a large number of alternative electronic payment systems have emerged. These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Some payment systems include credit mechanisms, but that is essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions and consist of a major service provided by banks and other financial institutions.
A mobile virtual network operator (MVNO) (or mobile other licensed operator (MOLO) in the United Kingdom) is a wireless communications services provider that does not own the wireless network infrastructure over which the MVNO provides services to its customers. An MVNO enters into a business agreement with a mobile network operator to obtain bulk access to network services at wholesale rates, then sets retail prices independently. An MVNO may use its own customer service and billing support systems, marketing and sales personnel or it may employ the services of a Mobile Virtual Network Enabler (MVNE).
Countries such as the United Kingdom, Scandinavian countries, and Spain are leading this business model in Europe.
A prepaid mobile phone (also commonly referred to as pay-as-you-go, pay-as-you-talk, pay and go, prepaid wireless, or prepay) is a mobile phone for which credit is purchased in advance of service use. The purchased credit is used to pay for mobile phone services at the point the service is accessed or consumed. If there is no available credit then access to the requested service is denied by the mobile phone network. Users are able to top up their credit at any time using a variety of payment mechanisms.
The alternative billing method (and what is commonly referred to as a mobile phone contract) is the post-paid mobile phone, where a user enters into a long-term (generally lasting 12, 18 or 24 months) or short term (also commonly referred to as a rolling contract or a 30-day contract), billing arrangement with a mobile network operator or carriage service provider (CSP).
Prepaid telephone calls are a popular way of making telephone calls which allow the caller to control spending without making a commitment with the telephone company.
Prepaid phone cards are provided by various telecom companies. When you purchase a prepaid phone card, you are paying for long distance connection time in advance. When you make calls using the phone card, the card's value is deducted based on connection fee, duration of connection, surcharges and any maintenance charges associated with the phone card.
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite (TCP/IP) to serve several billion users worldwide. It is a network of networks that consists of millions of private, public, academic, business, and government networks, of local to global scope, that are linked by a broad array of electronic, wireless and optical networking technologies. The Internet carries an extensive range of information resources and services, such as the inter-linked hypertext documents of the World Wide Web (WWW), the infrastructure to support email, and peer-to-peer networks.
Most traditional communications media including telephone, music, film, and television are being reshaped or redefined by the Internet, giving birth to new services such as voice over Internet Protocol (VoIP) and Internet Protocol television (IPTV). Newspaper, book and other print publishing are adapting to website technology, or are reshaped into blogging and web feeds. The Internet has enabled and accelerated new forms of human interactions through instant messaging, Internet forums, and social networking. Online shopping has boomed both for major retail outlets and small artisans and traders. Business-to-business and financial services on the Internet affect supply chains across entire industries.
Hospitality is the relationship between the guest and the host, or the act or practice of being hospitable. This includes the reception and entertainment of guests, visitors, or strangers.