As I mentioned right in the beginning, payments can be effected only in either of two ways – one you use cash to make payments and the other you transfer money in your bank account. There is no third method. Thus for the non-cash payments, the origination and ending places are banks only.
Although it is recognised that a disorderly failure in the financial market infrastructure or problems with systemic market participants can interrupt or impede the effective operation of markets, and cause severe systemic disruptions and financial instability, it is imperative that all regulatory actions or interventions should still maintain the correct balance. This is of course easier said than done!