The focus of attention in payment systems worldwide has traditionally been on Systemically Important Payment Systems. Of late, however, with financial inclusion becoming a major objective, the existence of efficient retail payment systems is being perceived as a significant public good, which deserves increased attention.
The importance of Payment and Settlement Systems prompted the Governors of the central banks of the Group of Ten (G-10) countries to establish in 1990 a permanent central bank Committee viz., the Committee on Payment and Settlement Systems (CPSS), as a successor to the Group of Experts on Payment Systems, set up by them in 1980.