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How many payment systems are there in India?

25 Jul 2022 By PAYCEC

Financial transactions in India are conducted via payment and settlement systems. They are governed under the Payment and Settlement Systems Act of 2007 (PSS Act), which was voted into law in December 2007 and is overseen by the Board for Regulation and Supervision of Payment and Settlement Systems and the Reserve Bank of India.

India has multiple payments and settlement systems, both gross and net settlement systems. For gross settlement, India has a real-time gross settlement (RTGS) system called by the same name, and net settlement systems, such as Electronic Clearing Services (ECS Credit), Electronic Clearing Services (ECS Debit), credit cards, debit cards, the National Electronic Fund Transfer (NEFT) system, Immediate Payment Service and Unified Payments Interface (UPI).

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