Remittances are a way to electronically send funds to people, often family, in another country. People who receive remittances frequently rely on them as a large source of income. Banks, credit...
Payment generally refers to the money given in exchange for a product, service, or to settle a debt. It's a broad term that encompasses various transactions. Remittance, on the other hand, specifically pertains to money sent to another person or place, often across geographical distances.