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What Are The Different Method Of Payment?

Explain what is meant by Method of Payment. Also highlight the different Method of Payment.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

Answer posted 1 Years ago

When two or more people enter into a monetary contract, one or more parties have to give money to the other party in exchange for some goods or services. In this situation they have to define the means through which the agreed money will be paid. The means used is called Method of Payment.  Method of Payment can be of various types. Previously, there were not many options for the Method of Payment. These days, there is a variety of Method of Payment making transfer of money swift and safe. The different types of Method of Payment are coin, money, banknotes, credit cards, debit cards, money transfers, recurring cash, magnetic stripe cards, smartcard, contactless cards and mobile payment which are made through a mobile handset.

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