Page 4 - Learning Media Yoga

LEARNING OBJECTIVES

In this chapter, you will learn the concepts of payment systems and payment instruments,
therefore during the learning process you will be asked to identify payment systems, the role of
bank indonesia in the payment system, the implementation of non-cash payment systems by bank
indonesia, and you are asked to analyze and identify the concepts of payment systems and
payment instruments

A. PAYMENT SYSTEM

The payment system includes a set of rules, institutions and mechanisms used to carry out the
transfer of funds to fulfill an obligation arising from an economic activity. The Payment System
is a system related to the transfer of a certain amount of money value from one party to another.
A payment system is an infrastructure or mechanism used to transfer value or money from one
party to another as payment for goods, services, or other obligations. Payment systems involve
various methods and technologies that enable individuals, businesses, or institutions to conduct
financial transactions.

A payment system can include several important elements, including payment instruments such
as cash, credit cards, bank transfers, checks, and digital payment methods such as e-wallets or
online money transfers. The main objective of a payment system is to facilitate the payment
process safely and efficiently. Payment systems also involve processes of authentication,
authorization, and transaction records to ensure security and accuracy. In addition, payment
systems are often subject to regulations and laws that govern financial transactions. It is
important to note that technological developments have brought about major innovations in
payment systems, such as smart phone payments, digital tokens, and cryptocurrencies. All of
these contribute to the wide range of options available to individuals and businesses in terms of
how they make payments.

Photos 1.1 Payment System

LEARNING MEDIA