Payment Systems Glossary

Payment Systems Glossary

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Date on which a payment obligation or commitment is receivable. For example, a bill of exchange can be drawn on a set date, within a certain term following the date of issuance, at sight, or at a fixed period after sight. If it is drawn at sight, this means that it shall be payable upon presentation, and must be presented for payment within the year following its date of issue.

Mobile banking  
A project developed jointly by banking institutions and mobile telephone operators, enabling users to make payments with their mobile phone terminals.