Finance is the science of managing money. Finance includes banking, credit, investments, assets and liabilities. The finance function encompasses a variety of functions, activities and processes. Finance also includes financial systems. Acquisition, allocation, use and channeling of funds to maximize shareholder wealth. Finance includes public, personal and business finance.
Ordinary people exchange goods, use services, and need to make cash payments because cash is the primary medium of exchange. Banks have developed various payment methods to facilitate the exchange of money which stimulates the growth of trade, helps in economic development and facilitates flexibility with reduced transaction costs with security. Various payment systems exist today, ranging from check, bank transfer, cards to online transfer. In this article, we will discuss the different types of payment methods available today with banking channels.