Payment refers to the transfer of money or value in exchange for goods or services. It can occur in various forms, including cash, credit cards, digital wallets, and bank transfers. The method of payment chosen often depends on convenience, security, and the nature of the transaction.
In many cases, payments are processed through financial institutions, such as banks or payment processors like PayPal and Stripe. These entities ensure that the funds are securely transferred from the buyer to the seller, facilitating commerce and enabling individuals and businesses to complete transactions efficiently.