What is a currency & how does it work?

Currency is a medium of exchange for goods and services. In short, it's money, in the form of paper and coins, usually issued by a government and generally accepted at its face value as a method of payment. Currency is the primary medium of exchange in the modern world, having long ago replaced bartering as a means of trading goods and services.

What is payment in banking?

Payment is the transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved. A payment can be made in the form of services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrencies.

What does currency mean?

The term currency refers to the tangible form of money that is paper bills and coins. It's used as a medium of exchange that's accepted at face value for products and services as well as for savings and the payment of debt. What's an Example of Currency?