The steps followed in developing a global pay system in right sequence are:

The correct answer is Set strategy, identify crucial executive behaviour, global philosophy framework, identify gaps, systematize pay system, adopt pay policies.

Key Points

• A global payments system allows companies and marketplaces around the world to make and receive payments in multiple, certified international currencies.
• Although currencies may vary between payment services. 
• The definition of a payment system is ‘any system used to settle financial transactions through the transfer of monetary value.
• This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchanges possible’
• The ‘global’ element comes into play when the sole supplier, vendor, company, or marketplace has a bank account in a different country to the one in which the business is based.

Important Points The steps in developing a global payment system are: 

1. Set strategy
2. Identify crucial executive behaviour
3. Global philosophy framework
4. Identify gaps
5. Systematize pay system
6. Adopt pay policies

Hence the correct answer is Set strategy, identify crucial executive behaviour, global philosophy framework, identify gaps, systematize pay system, adopt pay policies.