Main Article Content
Abstract
E -payment system is the way of making transactions or paying for goods and services through an electronic medium without the use of cheque and cash. It is also called electronic payment system or online payment system. The electronic payment system has grown increasingly over the last decades due to wide spread internet based banking and shopping. As the world advance more on technology development, a lot of electronic payment system and payment processing devices have been developed to increase, improve and provide secure e- payment transactions while decreasing the percentage of cheque and cash transaction. Electronic payments offer flexibility to consumers who dont carry cash or shop online.
The driving force in the development of national payment systems of any country is usually the central bank of that country. The Reserve Bank of India as the central bank of India has been playing this developmental role and has taken several sufficient steps for Safe, Efficient, Accessible, Secure, Sound, and Authorized payment systems in the country.