Payment

A transfer of something of value to compensate for goods or services that have been, or will be, received. Payment can be made in cash, on credit or by a transfer of ownership of assets.

Investopedia Commentary

Today's monetary system allows for payments to be made with money. In the past, people directly exchanged one good or service for another. Money provides a medium through which payment can be made, but unlike in a direct exchange, it also allows the receiver to store the payment for later use.

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See also: Account, Bank, Barter, Credit, Currency, Debit, Medium of Exchange, Money