About the Book: Digital Banking and Cyber Security
India has a rich diversity of digital payment options. Due to steps taken by
the Reserve Bank of India (RBI) to encourage electronic transactions,
paper-based systems (cheque, demand draft, bankers cheque, payment order,
travellers cheque, interest warrant, dividend warrants, and money order) now
constitute a miniscule portion of retail payments. The number of clearing houses
has also declined. Card-based electronic payment systems are well-understood at
the global and national level, and find acceptance at stores, as well as for
online payments. Cards are usually issued by banks and can be classified on the
basis of their issuance, usage