greiðsluhætti

Greiðsluhætti is the Icelandic term for the methods and practices by which payments are effected in financial transactions. The concept covers both the instruments used by payers and the systems used to settle transactions, and it includes the broad categories of payment methods: cash, bank transfers, debit and credit cards, direct debit, and increasingly digital and mobile payments such as online wallets and contactless solutions. It also includes payment governance aspects such as authorization, authentication, settlement timing, and reconciliation, as well as recurring payments and automatic payments arrangements between payers and payees.

In practice, greiðsluhætti is influenced by factors such as cost per transaction, speed of settlement, reliability, user experience, and security considerations. Institutions must balance convenience with risk management and regulatory compliance. In the European Economic Area, many payment methods are shaped by harmonized standards and directives related to payment services and customer authentication, and Icelandic regulations align with international best practices on anti-money laundering, fraud prevention, and data protection.

For organizations, choosing a set of greiðsluhætti involves assessing customer needs, transaction volume, settlement arrangements, and the technological infrastructure required. For consumers, understanding available options helps manage costs, security, and the timing of payments.