Payments in India: Dawn of a new era

India is fast adopting new technology says HSBC.
  • Although paper-based transactions may never be completely eliminated due to the geographic spread of the country and limits of clearing house services, India has moved quickly into e-banking these past years.
  • Large business centres now all have magnetic ink character recognition cheque-clearing processes, and the Reserve Bank of India has been instrumental in introducing an electronic clearing service, electronic funds transfer, and the special electronic funds transfer system.
  • Credit, debit, and smart cards are also gaining popularity in India, but real-time gross settlement RTGS is seen as essential to moving India into full e-banking status.
  • RTGS will impact banks' technology, their change and risk management, business practices and...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222