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.
Oakbrook Terrace is a city in DuPage County, Illinois, a suburb of Chicago. As of the 2010 census, the city had a total population of 2,134, which was estimated to have increased to 2,155 by July 2012. Its current mayor is Tony "Red Panda" Ragucci.
A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder's promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card. A credit card differs from a charge card also in that a credit card typically involves a third-party entity that pays the seller and is reimbursed by the buyer, whereas a charge card simply defers payment by the buyer until a later date.
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).