Digitalisation of the Indian Economy is the fastest, most efficient way of the Indian Banking system. Efficient, low-cost cross-border payments flow helps to promote international trade in goods and services. Electronic Retail Payment Systems form the backbone of an economy. The spectacular growth in financial transactions has necessitated radical changes in Electronic Retail Payment Systems worldwide. India has been enjoying a healthy evolution and transformation of Digital Retail Payment Systems. The book highlighted the evolution, present status, objectives, growth, and institutional and legal framework of the Digital Retail Payment mechanism in Atmanirbhar Bharat. This book is an informative, descriptive document on the subject. The book is for academicians, research scholars, and subject experts and is also intended to make bankers understand the various types of retail payment mechanisms that are in vogue as these systems form the backbone of all digital retail payment systems. This book will be a good reference source for those interested in the subject including students, academicians, researchers, and others.
Contents –
PART 1 – INTRODUCTION AND BACKGROUND OF DIGITAL RETAIL PAYMENT MECHANISM
1. Introduction
2. Stages of Payment and Settlement System
3. Evolution of Retail Payment Mechanism
4. Present Scenario and Growth of Electronic Retail Payment System Mechanism
5. Electronic Retail Payment System Mechanism
6. Role of Electronics in Retail Payment Mechanism
PART 2 – INSTITUTIONAL FRAMEWORK FOR ELECTRONIC RETAIL PAYMENT SYSTEM MECHANISM
7. Need for an Electronic Retail Payment Mechanism
8. Basic Principles, Approaches, Development and Integration
9. Reserve Bank of India —Institutional Framework of RBI in Electronic Retail Payment Mechanism
10. National Payment Corporation of India (NPCI) — Institution Building, Retail Payment Operator, Concentration and Competition
11. Review of the Bank’s Information Security Policy
12. Magnetic Ink Character Recognition (MICR)
13. Payment System Advisory Council (PSAC)
14. Authorisation of New Retail Payment System
PART 3 – LEGAL FRAMEWORK OF ELECTRONIC RETAIL PAYMENT MECHANISM
15. Development and Design and Implementation of Legal Approach
16. Regulatory Approach, Computerisation, Network and Supervisory Issues
17. Payment Systems Vision-2021 and Vision-2025
18. Electronic Payment and Settlement System Act, 2007
19. Upgradation of Process Environment
20. Technology and Security Standards
21. Design, Development and Implementation of Quality Retail Payment Mechanism Management
22. National Payment Corporation of India — Business Continuity Management
23. Cyber Security
24. Point of Sale — Process and Implementation
