Payment System Instruments in India
DOI:
https://doi.org/10.31033/IJEMR/16.4.2026.1942Keywords:
Payment Systems, Digital Payments, Unified Payments Interface (UPI), Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS)Abstract
Purpose: To examine major payment system instruments in India and describe the work of digital payments, financial inclusion, transaction efficiency, transparency, and economic development.
Design/Methodology/Approach: The study adopts a descriptive analytical approach using secondary data from RBI reports, NPCI publications, government reports, journals, books, and official digital payment sources.
Findings: India's payment system comprises RTGS, NEFT, NACH, IMPS, UPI, card-based payments, PPIs, BBPS, TReDS, NETC, and AePS, offering secure, efficient, and real-time financial transactions. These instruments support individuals, businesses, and government operations by enhancing transaction speed, transparency, convenience, financial inclusion, digital adoption, and economic growth while promoting accessible, reliable, and technology-driven payment services nationwide.
Originality/Value: The paper comprehensively reviews India's payment system instruments, highlighting their collective role in digital transformation, financial inclusion, policy development, and sustainable economic growth.
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