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Topic : Payment Systems in India
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Banking & Insurance Professionals

Started by : Niranjan Meena, Actuary Manager, LIC   11 27 2009 11:06:53 +0000
Industry : BankingFunctional Area : Product Development(Operations)
Activity:  151 views;  last activity : 02 15 2011 07:05:05 +0000

Payments generally refer to obligations arising from retail commercial and financial transactions which can be either one-time person to person (or business) payments or recurring bill payments (or domestic remittances from person to persons) or payments to Governments. These transactions need not be of small value alone, but are generally of low average transaction value but high transaction volumes. They also involve a much broader range of payment instruments and transaction systems. So, what facilities can Banks give to customers for making payments?

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  3 2 1 0 0
1 2 3 4 5
1 Cards based systems
2 Electronic funds transfer systems
3 Sofware Base I-Banking
4 Paper based instruments
5 Cash and Cheque Deposit Machine(CDM)
6 Push payment mobile system...
7 Banking Complaints Helpline on the lines of Police Station (100), Fire brigade(101) etc.

Cards based systems

idea posted by Esha Johar Risk Analyst, Irevna

These are now-a-days seem more common as a mode of payment. Using Debit cards and Credit cards. Every shops have adopted the facility of receiving payments through "swiping" card. This is same as cash received on spot.

by Suraj kumar, Asst. Manager-Laksmi Vilas Bank  | 12 02 2009 06:40:23 +0000

Yes, Card System is been so easy and less time consuming factor and it would reduce the paper work in the financial institute.


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Electronic funds transfer systems

idea posted by Rashmi Chawla Cust. Service Manager, Leading Bank

The developments in technology resulted in numerous innovations in the payment system area. These innovations resulted in systems which are more efficient in terms of the time and effort needed to process payment instructions. The innovations started with processing of payment instructions stored in electronic formats in their storage media's, which were manually transported to processing centers (clearing houses) which further graduated to the transmission of electronic messages in secured formats through secured communication channels. these are the Electronic funds transfer systems which can used for huge fund transfer payments.

by SHRIKANT MANOHAR DANKE, Zonal Manager / Sr. Project Manager ( Civil Engineering), Kumar Properties  | 02 15 2011 07:05:05 +0000

Yes, it is needed badly by customers.

by sanjibani , commercial tax dept  | 11 30 2009 13:51:30 +0000

time has changed. technological change is a gift for service sector  like banking or any financial sectors. now a days bank should provide the facility of electronic fund transfer systems . it not only save time and physical work but also safe for the customer point of view. 

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Sofware Base I-Banking

idea posted by Mohammad Adeel Khan Sales Executive/Officer, Standard Chartered
Banks are provide sofware base i- is a fully secured,work smoothly and install in a computer then use it.this is the best way for the payment system & secured.
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Paper based instruments

idea posted by Niranjan Meena Actuary Manager, LIC

The payments are the obligations required for the retail commercial and financial transaction which every person or business requires.The instruments used to effect these payments differ based on the requirements such as currency and paper based instruments like cheque and demand drafts,PO etc. These are the common payment instruments which are been exercised from centuries.

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Cash and Cheque Deposit Machine(CDM)

idea posted by Mohammad Adeel Khan Sales Executive/Officer, Standard Chartered

I think CDM is very useful to all the type of people,who are not using internet.really this payment system is too need go for the bank counter.everybody use easily and its fully secured.its look like ATM machine.

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Push payment mobile system...

idea posted by Sridhar S Business Technologist
The usage of mobile phones is growing high in the market place and it is used by all categories of people. With proper regulations, banks can offer their customers with ‘PUSH PAYMENT FACILITY’ similar to push talk feature.
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Banking Complaints Helpline on the lines of Police Station (100), Fire brigade(101) etc.

idea posted by Deepak Malik Branch Manager/Regional Manager, Yes Bank Limited
Customer service is really a big a concern across service industry. RBI though has taken measures like ombudsman, Financial Inclusion but these are yet to go a long way. I believe grievance redressal is still a very lengthy process. I personally feel that a helpline no. across Tehsil/district/state/nation on the lines of 100,101 etc. shall be a great step in improvement of customer services. Banks may deploy some retired bank employees for arbitration purpose. All such complaints can be settled timely via conference calls between the complainant/bank.
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