During the past two decades an important characteristic of the modern payments system has been the rapidly increasing use of

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The rapidly increasing use of electronic fund transfers is a significant characteristic of the modern payments system over the past two decades, as people rely more on online banking, mobile payments, and other forms of electronic payment. The use of checks has decreased, but currency (physical money) still plays a significant role in transactions. Commodity money (e.g. gold, silver) and fiat money (e.g. paper currency, digital currency) are not specifically mentioned as important characteristics of the modern payments system during the past two decades.

During the Past Two Decades an Important Characteristic of the Modern