INSUBCONTINENT EXCLUSIVE:
world even as bringing down volume of paper clearing along with raising acceptance of digital utility bill payments still remains a
challenge.
There has been substantial growth in e-payments by government and also in digital infrastructure in terms of mobile networks
The Aadhaar-enabled electronic Know Your Customer and the smartphone revolution has also helped explosion in digital payment options, RBI
in terms of innovations in retail payments
The third largest Asian economy recorded an accelerated growth rate of over 50 per cent in the volume of retail electronic payment
transactions in the last four years, backed by higher financial inclusion and adoption of mobile payments
considered to be efficient, safe and secure
The payment and settlement systems are also adequately regulated and supervised
Over the past decade, a number of innovations have taken place in retail payments
These have reshaped payment processes and changed the retail payments landscape by influencing users in their choice of payment
carried out the exercise by selecting a mix of 21 countries including advanced countries such as the UK and the US, Asian economies like
regulation, oversight, payment systems, payment instruments, payment infrastructure, utility payments, government payments, customer
protection and grievance redressal, securities settlement and clearing systems and cross-border personal remittances.