Retail payment systems are growing in terms of their reach and variety – products, delivery channels, number of service providers and diverse technological solutions.
The rapid migration from paper to electronic modes can largely be attributed to the extraordinary growth in issuance and usage of cards (both debit and credit), increasing ACH transactions (for repetitive bill and utility payments), multiple delivery channels (ATMs, net-banking and core-banking solutions) and the changing appetite of the present generation of consumers.