Trend and Growth of Retail E-Banking Payment Systems in India

K Uma; K Kaleeswaran

K Uma Assistant Professor, Department of Commerce, M.K. University, Madurai, Tamil nadu, India
K Kaleeswaran Research Scholar, (part-time) Department of Commerce, MK University, MKU, Madurai, Tamil Nadu, India

Keywords: E-payment, ECS, RTGS, debit credit clearing

Abstract

Electronic banking and payment system automation has its origin from the year of 1950s itself. The Standard Research Institute and Bank of America in the United States put their hands together to bring out two significant innovations in the field of banking. Electronic Recording Method of Accounting (ERMA) for automating and recording transactions in accounts and Magnetic Ink Character Recognition (MICR) for cheque dispensation. This MICR based cheque clearing system was originally implemented in the USA in 1959 and has grown from systems in various modes and it remains the stamina for E-payment systems in many countries.For the last two decades,various E-payment systems have been emerging in a popular manner.In order to know and understand the degree of popularity and usage proportion, the researcher has conducted a brief study to find out the trend and growth of e-payment systems in India for the last ten to fifteen years