Money may be defined as the range of means of payment generally accepted as a medium of financial exchange, as a means to store purchasing power and as standard of value. It may take the form of cash (banknotes and coins are legal tender) or scriptural/bank money. Scriptural money is created by banks, and corresponds to deposit balances and lending. It may be issued by central banks or commercial banks and its acceptance is subject to certain conditions.
Payment instruments are the result of the need to use scriptural money, and may be paper-based money (usually cheques) and electronic money (credit/debit cards, electronic transfers and direct debits).