Complexity of Payments

Payments are an integral part of transactions, involving multiple steps and complexities. Whether it's a simple coffee purchase or a complex invoicing process, payment serves as a message between the customer and the business, indicating the level of certainty regarding receiving payment. Payments go beyond just promises and involve mathematical infrastructure. For instance, checks, although outdated and unsafe, were an early form of payment where a written promise on paper facilitated the exchange of money between banks. The payments industry continues to evolve, with various payment methods competing for business and offering different benefits.