Payments and settlements in India are fast moving towards the electronics mode. Both business and retail transactions are increasingly being settled through electronic channels like RTGS (Real Time Gross Settlement) and NEFT (National Electronics Funds Transfer). With the spread of banking habits, more and more cash in banks is also being withdrawn as and when required as is evident in the growth of ATM transactions. Besides, there are a host of new-age channels like mobile wallets and mobile banking besides credit and debit cards that are gaining popularity among the younger generation.
Source : Economic Times
Source : Economic Times
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