Electronic Money
Electronic money is an electronic store of monetary value on a technical device that may be widely used for making …
Read MoreOpen System Payment Instruments (multipurpose cards)
These are payment instruments can be used for purchase of goods and services, including financial services like funds transfer at …
Read MoreSemi-Closed System Payment Instruments
Semi-Closed System Payment Instruments are payment instruments can be used for purchase of goods and services, including financial services at …
Read MoreClosed System Payment Instruments:
Closed System Payment Instruments are payment instruments issued by a person/entity for facilitating the purchase of goods and services from …
Read MorePre-paid Payment Instruments (PPIs)
PPIs are payment instruments that facilitate transactions like purchase of goods and services, including funds transfer, against the value stored …
Read MoreNational Payments Corporation of India (NPCI)
National Payments Corporation of India (NPCI) was created by the RBI in 2007 as an umbrella organization for promoting retail …
Read MoreReal Time Gross Settlement (RTGS)
RTGS provides continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). Here, ‘Real Time’ …
Read MoreNational Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals, firms and …
Read MorePayment and Settlement Systems (PSS) Act 2007
The Payment and Settlement Systems (PSS) Act 2007 which came into force with effect from 12 August 2008, gives …
Read MoreCashless Economy
Cashless economy means the system of making payments digitally instead of using physical cash. In the place of physical cash, …
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