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Meaning of pay-as-you-go

pay-as-you-go

Pronunciation: (pā'uz-yoo-gō'), [key]
— n.
  1. the principle or practice of paying for goods and services at the time of purchase, rather than relying on credit.
—adj.
  1. of, pertaining to, or based on such a principle or practice: a pay-as-you-go budget.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
payable payback