Payment standards refer to the established guidelines and criteria that determine how payments are processed and managed within various systems. These standards ensure consistency, security, and efficiency in transactions, whether they involve individuals, businesses, or government entities. They can include rules about payment methods, transaction limits, and processing times. In many cases, payment standards are set by organizations like the International Organization for Standardization (ISO) or specific industries to facilitate smooth operations. Adhering to these standards helps reduce errors, fraud, and disputes, ultimately leading to a more reliable payment experience for all parties involved.