Payments refer to the transfer of money or value from one party to another in exchange for goods, services, or to settle a debt. This financial transaction is a foundational element of any economy and can occur in various forms, including cash, checks, credit/debit card transactions, and digital or electronic methods. Over time, the payments landscape has evolved significantly, moving from barter systems to coins and paper currency, and more recently to digital and electronic platforms. Innovations in technology have led to the emergence of online payment systems, mobile payment apps, and cryptocurrencies, offering speed and convenience but also posing challenges around security and fraud prevention. The payments ecosystem involves multiple entities including the payer, the payee, and often intermediaries like banks, payment processors, and payment gateways that facilitate the transaction. In international transactions, currency exchange and regulatory compliance add further layers of complexity. Payments are not merely a technical or economic activity; they are also governed by a legal framework that defines the rights, obligations, and protections for each party involved. The future of payments is increasingly being shaped by trends like real-time payments, contactless transactions, and decentralized blockchain-based systems, each of which brings its own set of advantages and challenges.