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The payment systems revolution: India’s story

Author

Listed:
  • Narendra Kumar, N.V.

    (Assistant Professor, Institute for Development and Research in Banking Technology, India)

  • Thakur, Abhishek

    (Assistant Professor, Institute for Development and Research in Banking Technology, India)

  • Raghuraj, G.

    (Senior Domain Expert, Institute for Development and Research in Banking Technology, India)

  • Lalit Mohan, S.

    (Senior Domain Expert, Institute for Development and Research in Banking Technology, India)

Abstract

This paper discusses the evolution in digital payment systems in India. It describes how the role of cash in the country has declined since the mid-1980s following the Reserve Bank of India’s introduction of magnetic ink character recognition technology for cheque clearing. The paper shows how the Reserve Bank of India has continued to drive the development of technology-based payment systems, not only by introducing real-time gross settlement and the National Electronic Funds Transfer system, but also by establishing exclusive institutions for retail payments, such as the National Payments Corporation of India. The paper also discusses the steps taken to increase the use of digital payment systems throughout the country.

Suggested Citation

  • Narendra Kumar, N.V. & Thakur, Abhishek & Raghuraj, G. & Lalit Mohan, S., 2020. "The payment systems revolution: India’s story," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 14(4), pages 326-338, December.
    • Handle: RePEc:aza:jpss00:y:2020:v:14:i:4:p:326-338
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    More about this item

    Keywords

    financial networks; messaging systems; digital payments; FinTech; regulatory sandbox;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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