"A payment system is a system used for transferring money. With the advent of computers and electronic communications a large number of alternative electronic payment systems have emerged. These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Some payment systems include credit mechanisms, but that is essentially a different aspect of payment. Payment systems are used in lieu of tendering cash in domestic and international transactions and consist of a major service provided by banks and other financial institutions. Payment systems may be physical or electronic and each has their own procedures and protocols. They are securely transmitting informations and transactions to a server for authentication and approval. Examples of payment systems that have become globally available are credit card and automated teller machine networks. Mobile payment or known also as Mobile wallet is an alternative payment method. Instead of paying with cash, cheque or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods."