Payments are made using payment instruments. Cash, for example, is a payment instrument. So too are checks. However, digital payments are not one instrument but rather an umbrella term applied to a range of different instruments used in different ways. In this section, we provide some parameters for creating this definition.
Since there is no one standard definition of a digital or e-payment, you should settle on a clear and implementable definition at the start of any measurement exercise. The subject matter is complex, but there are two key dimensions of categorization that are most important:
the nature of the payment instrument: through which means—paper or digital—are the instructions carried.
the payer-payee interface: whether the payer, payee, or both use an electronic medium in a payment transaction.
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