According to the Bank for International Settlements (BIS), a payment system consists of a set of instruments, banking procedures and, typically, interbank funds transfer systems that ensure the circulation of money. More simply, it is a system to handle the transfer of money in non-cash negotiable instruments--including checks, credit transfers, direct debits, credit and debit cards, e-money, and documentary credits (letters of credit, and so on). Data is from the Bank for International...