A payment system is a set of processes and technologies that facilitate the transfer of money between buyers and sellers. It includes various methods such as cash, credit cards, and digital wallets, allowing consumers to pay for goods and services efficiently. Payment systems can be used in physical stores or online, making transactions convenient for both parties. These systems often involve financial institutions like banks and payment processors, which help ensure that funds are securely transferred. Popular examples of payment systems include PayPal, Stripe, and Apple Pay, each offering unique features to enhance the payment experience for users.