Payment System - International Association of Banks and Credit Institutions, which develops, implements and functionally supports the use of card products and related services, determines and regulates the rules for settlements between participants in the payment system.

A payment system is a set of procedures and rules, as well as a technical infrastructure. All this together provides the possibility of transferring funds by bank transfer from one entity to another.

Simply put, payment systems are a way to pay for services and goods using a bank card and / or electronic money (non-cash). The most common payment systems in Europe are Visa and MasterCard.