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Payment Ecosystem In India

Author(s):

Chidambar Desai , Dayananda Sagar College of Engineering, Bangalore-560078; Dr.H Ramakrishna, Dayananda Sagar College of Engineering, Bangalore-560078

Keywords:

Payment systems, cash, transactions, mobile payment, prepaid instruments

Abstract

Man has been using some or the other kind of payment system from a very long time. The payment systems have also changed as the time has passed by. This paper aims to study the existing payment systems in India and find out ways to develop newer payment systems so that the transactions become much more easy, safe and reliable. It attempts to find the positives and negatives of the existing payment systems. It also studies the history of the payment systems and the advancements in the system to the present era. In recent times cashless system of payments is on the rise. This paper attempts to provide an insight on that aspect as well. The paper also discusses the legal aspects of adoption of new payment system in India with the help of the major acts in the Indian constitution.

Other Details

Paper ID: IJSRDV3I30738
Published in: Volume : 3, Issue : 3
Publication Date: 01/06/2015
Page(s): 1862-1865

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