The Means of Payment And the Method of Payment

The method of payment should be related to how we execute and not from where the money comes.  The means of payment should relate to the source of funds.

Too often, we allow these terms to get lost.  Is tapping a payment card at the point of sale or typing in the 16 digits printed or embossed on the card a means of payment?  I would argue not! This is the method we use to inform the merchant how they will be paid for the goods and services we seek to procure.

When we talk about the means of payment, we should focus on the source of funds.  Are these funds held on deposit, funds in the wallet, or a loan of funds?

Our vocabulary is rich in confusion.  These two words in the complex space of payments need to have independents reason.

As an example, I use Apple Pay to pay does not mean Apple is involved in managing the funds.  It is simply the method used to share the payment card details with the merchant, enabling the merchant to request funds from the account selected by the user through the Apple Pay user interface.

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