Electronic payment system
- 2. INTRODUCTION • Covered by the Payment and Settlement Systems Act, 2007 (PSS Act). • Legislated in December 2007 • Regulated by Reserve Bank of India.
- 3. RBI – ELECTRONIC PAYMENTS • Kisan Credit Card • RuPay • Unified Payments Interface (UPI)
- 4. TYPES • Real Time Gross Settlement (RTGS) • Electronic Clearing Services (ECS Credit) • Electronic Clearing Services (ECS Debit) • Plastic Money • National Electronic Fund Transfer (NEFT) • Immediate Payment Service (IMPS)
- 6. ELECTRONIC CLEARING SERVICE There are two types a. Credit b. Debit ECS Credit: One to many. Eg: payment of salary ECS Debit: Many to one. Eg: electricity bill
- 7. PLASTIC MONEY Debit cards and Credit cards Used not only in ATM’s but also at Point of sale (POS) terminals, transferring funds, shopping, retail stores etc.
- 8. IMMEDIATE PAYMENT SERVICE ✓ It is an initiative of National Payments Corporation of India (NPCI). ✓ This facility is available 24X7 and can be used through mobile banking application and on all public and bank holidays including RBI holidays. ✓ To initiate the transaction, the sender in his mobile banking application need to enter the registered mobile number of the receiver, MMID (Mobile Money Identifier) of the receiver and amount to be transferred.
- 9. CONCLUSION Even though there are many effective electronic payment channels and systems, the Indian banking system suffers from the spread of the e-payments. Despite the infrastructure being there nearly 63% of all payments are still made in cash. A relatively small percentage of the population pays their bills electronically and most of that population is from urban and the metropolitans. Also in some cases the transaction is done partially “online” and partially "offline". The main reason for this is lack of awareness.
- 10. REFERENCE