Whether it is fast payments (IMPS) offered through multiple access channels (mobile, net banking, ATM, branch, IVR, BC, etc) or mobile banking / payments, cheque clearing or card payments security aspects, our systems are comparable with the best in the world, which is no mean achievement for a country like ours despite challenges in the form of migrating large segments of cash transactions to electronic, financial inclusion, awareness and financial literacy, customer protection, etc.
34. Further, in comparison to other countries, the changes in our payments eco-system have been fast-forwarded to reach the present stage in the shortest possible time. Innovations in technology are pushing the boundaries of payment processes and the players are keen to adopt newer systems and adapt the older payment mechanisms in new avatars. Some Concerns 35.