Definition: A payment is the voluntary tendering of money or its equivalent or of things of value by one party to another for exchanging goods or services. Source: Mary Schaeffer Source reference: https://onlinelibrary.wiley.com/doi/book/10.1002/9781119201953 Additional information: Payment, as an element or component of information, refers to the process of transferring funds or monetary value from one party to another in exchange for goods, services, or obligations. In the European IT context, payment encompasses various methods and technologies used to facilitate secure and efficient financial transactions within the digital realm. In the European IT landscape, payment systems play a crucial role in enabling e-commerce, online banking, and other digital financial services. These systems ensure the seamless transfer of funds between buyers and sellers, while also ensuring the privacy, security, and integrity of sensitive financial information. One of the primary components of payment in the European IT context is the payment gateway. A payment gateway acts as an intermediary between the merchant's website or application and the financial institution, facilitating the authorization and processing of transactions. It securely captures and encrypts payment data, such as credit card details or bank account information, and transmits it to the relevant financial institution for verification and approval. Another essential element of payment in the European IT context is the payment processor. Payment processors are responsible for handling the actual transfer of funds between the buyer's and seller's accounts. They ensure that the transaction is completed accurately and securely, deducting the appropriate amount from the buyer's account and depositing it into the seller's account. In addition to traditional payment methods like credit cards and bank transfers, the European IT context has witnessed the emergence of innovative payment technologies. These include mobile payment solutions, such as Near Field Communication (NFC) and mobile wallets, which allow users to make payments using their smartphones or other mobile devices. These technologies leverage encryption and tokenization techniques to protect sensitive payment information and provide a convenient and contactless payment experience. Furthermore, the European IT context also emphasizes the importance of compliance with regulatory frameworks and standards to ensure the security and privacy of payment information. The General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS) are examples of regulations and standards that govern the collection, storage, and processing of payment data within the European Union. Adhering to these regulations is crucial for businesses operating in the European IT landscape to maintain customer trust and avoid legal repercussions. Overall, payment, as an element or component of information in the European IT context, encompasses the technologies, systems, and processes involved in securely transferring funds between parties in digital transactions. It encompasses payment gateways, payment processors, innovative payment technologies, and compliance with regulatory frameworks to ensure the smooth and secure flow of financial transactions within the European IT ecosystem. Example: Payment is a crucial element or component of information systems in various applications within the European IT context. Here are a few examples: 1. E-commerce platforms: In online shopping websites or mobile applications, payment systems are integrated to facilitate secure and convenient transactions. These systems enable customers to make payments using various methods such as credit/debit cards, digital wallets, or bank transfers. They ensure the confidentiality and integrity of payment information, protect against fraud, and provide real-time transaction processing. 2. Mobile banking applications: With the rise of smartphones, mobile banking applications have become popular in Europe. These apps allow users to perform various financial activities, including making payments. Users can transfer funds to other individuals or businesses, pay bills, or make purchases using their mobile devices. Payment information is securely stored and transmitted, adhering to European data protection regulations. 3. Peer-to-peer payment platforms: Peer-to-peer (P2P) payment platforms enable individuals to send and receive money directly from their bank accounts or digital wallets. These platforms are commonly used for splitting bills, repaying debts, or sending money to friends and family. Payment information is securely processed, and users can often add additional security measures such as two-factor authentication. 4. Subscription-based services: Many European IT companies offer subscription-based services, such as streaming platforms, software-as-a-service (SaaS) applications, or online publications. Payment systems are integrated into these services to handle recurring payments from subscribers. Payment information is securely stored and processed, ensuring seamless and uninterrupted access to the subscribed services. 5. Contactless payments: In Europe, contactless payment methods, such as Near Field Communication (NFC) or mobile payment apps, have gained significant popularity. These methods allow users to make payments by simply tapping their cards or mobile devices on compatible payment terminals. Payment information is securely transmitted, and transaction limits are often imposed to prevent unauthorized usage. In all these examples, the application of payment as an element or component of information ensures secure, efficient, and convenient financial transactions within the European IT context. LOST view: OV-Functional Architecture Principles Identifier: http://data.europa.eu/dr8/egovera/PaymentBusinessObject EIRA traceability: eira:InformationBusinessObject ABB name: egovera:PaymentBusinessObject EIRA concept: eira:ArchitectureBuildingBlock Last modification: 2023-07-04 dct:identifier: http://data.europa.eu/dr8/egovera/PaymentBusinessObject dct:title: Payment Information