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The phrase "a payment system" is correct and usable in written English.
You can use it when referring to a method or platform that facilitates financial transactions.
Example: "The company has implemented a new payment system to streamline online purchases."
Alternatives: "a payment method" or "a transaction system."
Exact(57)
It's a payment system that encourages instant gratification.
Each has a payment system developed largely in-house.
Bitcoin is a digital currency and a payment system.
UNITED DEVICES, however, said it would avoid such a payment system because of the financial risks.
No one has yet invented a payment system that cannot be gamed.
Rather, it is inflicted by a payment system that prioritizes insurers' profits over human needs.
6. Set up a payment system with a company like Square.
Take Ripple, a payment system backed by several banks including Unicredit, UBS and Santander.
Similar(3)
In 2009 a payment systems provider lost 130 million card numbers in an attack.
A payments system with period-by-period settlement in outside money improves on decentralized exchange.
An efficient allocation is supported by a payments system where settlement is not imposed.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com