Payment system and financial inclusion The payment system is an operational network that connects bank accounts and offers the ability to exchange money using bank deposits. It is regulated by laws, regulations, and standards. The infrastructure (made up of organizations, tools, regulations, guidelines, practices, standards, and technological methods) that was put in place to actually facilitate the transfer of monetary value between parties fulfilling their respective commitments is known as the payment system. The economy’s ability to employ transaction money efficiently and the level of risk involved in doing so are determined by its technical efficiency. to guarantee that the advantages of contemporary, well-structured payment and settlement systems—which include cutting-edge products—extend beyond the target audiences who are now serviced, therefore promoting wider financial inclusion. this will be accomplished by fostering a payment system that sufficiently meets the country’s domestic and international demands.
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