Abstract: the article is devoted to the study of historical and economic aspects the emergence and development of payment systems in terms of commodity-money relations in various economic formations.
With the quantitative and qualitative development of commodity production and circulation, the sphere of money circulation also developed and ensured the movement of goods to the final consumer.
The need to ensure unhindered and safe oncoming movement of goods and money led first to the formation of individual elements of payment systems such as buying and selling goods on credit and, accordingly, the development of money as a means of payment.
The development of these basic elements of commodity-money relations and primitive debt instruments in the early Middle Ages allowed merchants and artisans to create successfully functioning payment systems not only within individual cities, but also in interstate economic relations.
However, medieval payment systems had an extremely narrow social and economic basis for development, as the bulk of the population were serfs due to the lack of sufficient income and they didn’t need the services of payment systems, and the low level of development of commodity production did not contribute to the development of payment systems with the mass participation of various segments of the population in them.
Favorable social and economic conditions for the development of payment systems were created during the transition from feudalism to capitalism when significant masses of feudal peasants gained freedom from feudal slavery and were able to dispose their labor freely.
The capitalist mode of production created significant incentives for the growth of labor productivity and for the development and implementation of scientific and technological achievements in all spheres of public life.
A significant role in the development of payment systems was played by capitalist banks. Currently, payment systems have outgrown the boundaries of individual banks and have become an important link in national and international credit and financial relations.
Keywords: commodity production, commodity-money circulation, economic formations, functions of money, payment means, payment technologies, payment systems