3-111. PLACE OF PAYMENT:

1. An instrument is payable at the site of payment specified in the instrument unless expressly specified provisions in Article 4 stipulate otherwise.

2. An instrument is payable at the drawee's or maker's address shown on it if no other payment location is specified.

3. If no address is provided, the drawee's or maker's place of business will serve as the payment location.

4. In case of a drawee or maker has more than one place of business, the person with the authority to enforce the instrument may choose any of the drawee's or maker's places of business as the location of payment.

5. If the drawee or creator does not have a commercial location, their home is the payment location.

Question:

When it says "place of payment," is the UCC referring to physical locations? I can only assume that it is, given the references to homes and commercial locations... but isn't most commerce done electronically or digitally these days, without physically going to a location and exchanging funds or checks?