Digital Payment System

The Payment and Settlement Act, 2007 has defined Digital Payments.

As per this any “electronic funds transfer” means any transfer of funds which is initiated by a person by way of instruction, authorization or order to a bank to debit or credit an account maintained with that bank through electronic means and includes point of sale transfers; automated teller machine transactions, direct deposits or withdrawal of funds, transfers initiated by telephone, internet and card payment.

Categories of Digital Payment Systems

  • Real Time Gross Settlement (RTGS) System: RTGS system enables transfer of money from one bank account to another on a “real ....
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