Zoho Bookings & SalesIQ Alignment

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Payment

Meaning 

Payment refers to the process of transferring money or something of value in exchange for goods or services, or to settle a debt. In simpler terms, payment is about transferring value to complete a transaction.


Example : 

For example, paying ₹200 through UPI for groceries, using a credit card for a  purchase and paying the bill later (delayed payment), or bartering by giving rice in  exchange for vegetables.


How to Understand : 

1. A transaction is considered complete only when payment has been made.
2. Payments can be immediate (such as UPI, cash, or card payments) or delayed (like paying through EMI, credit cards, or after receiving an invoice).
3. Digital payment systems generate records and receipts to ensure safety and tracking.
4. Payment methods are constantly evolving, including options like UPI, QR codes, digital wallets, auto-debit, and tap-to-pay.


Importance :

1. Payments keep trade and commerce running smoothly.
2. They support the entire economy by ensuring a continuous flow of money.
3. Payments help the government earn tax revenue.
4. They enable businesses to operate and pay their employees.
5. Digital payments increase transparency and help reduce fraud.

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