Payment Systems
Payment systems are essentially funds transfer systems which typically handle a large volume of payments of relatively low value in forms such as cheques, credit transfers and direct debits. They are generally used for the bulk of payments to and from individuals and between individuals and corporates.
The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank of India is the highest policy making body on payment systems in the country. The BPSS is empowered for authorising, prescribing policies and setting standards for regulating and supervising all the payment and settlement systems in the country. The Department of Payment and Settlement Systems of the Reserve Bank of India serves as the Secretariat to the Board and executes its directions.
Payment systems are essentially funds transfer systems which typically handle a large volume of payments of relatively low value in forms such as cheques, credit transfers and direct debits. They are generally used for the bulk of payments to and from individuals and between individuals and corporates.
The Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), a sub-committee of the Central Board of the Reserve Bank of India is the highest policy making body on payment systems in the country. The BPSS is empowered for authorising, prescribing policies and setting standards for regulating and supervising all the payment and settlement systems in the country. The Department of Payment and Settlement Systems of the Reserve Bank of India serves as the Secretariat to the Board and executes its directions.
SUBJECT Variables
TOTAL PAYMENTS
- A total of 1,650,934 lakh payment transactions were executed in 2023-24 with a total value of ₹250,040,000 crore.
- While the total count of payment transactions increased by 44% in 2023-24, the total value increased by only 15.8%.
PAYMENT METHODS
- 90% of the total payment transactions (1,486,107 lakh) in 2023-24 were done through credit transfers (eg. IMPS, NEFT, UPI). Their value however comprised only 27% (₹67,563K crore) of the total payment value. Of these, 1,311,295 lakh transactions were done via UPI with a total value of ₹13,915K crore.
- 4.8% of the total payment transactions (78,775 lakh) in 2023-24 were done through prepaid payment instruments. Their value however comprised only 0.13% (₹287K crore) of the total payment value.
- Large-value credit transfers through RTGS comprised only 0.2% of the total payment transactions (2,700 lakh) in 2023-24. However, their value comprised 69.5% (₹149,946K crore) of the total payment value.
- The total number of transactions done exclusively through digital means (i.e. excl cheques) in 2023-24 was 1,644,302 lakh crore with a total payment value of ₹242,820K crore.
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