What are the five payment system components, and what do they mean?
What are the five payment system components, and what do they mean?
The five payment system components are regulators, operators, infrastructure, instruments, and users. The explanation is as follows.
- Regulators have the authority to regulate the rules of the game, provisions, and policies that bind all components of the payment system.
- The operator is an institution that ensures the final settlement of all transactions that occur with its users.
- Infrastructure is a physical facility that supports payment system operations.
- Users are consumers who use the payment system.
- The instrument is a means of payment, both cash and non-cash, which is agreed upon by the users in making transactions.
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