ELI5: Explain Like I'm 5

Payment system

A payment system is like a way to pay for things. People can use it when they want to buy something or send money to someone else. For example, you might use a payment system when you shop online. You can use your debit card or credit card to send money to the store and it will be processed through the payment system. This system will take a small fee for processing the payment, but it's usually much faster and easier than other payment methods.