Payments services affect all citizens and have far-reaching implications for the economy. It is initially issued through banks, and unlike digital payments, there are no implicit or explicit costs for payments in cash. Cash has a public good character, but digital payments are more convenient, saving printing and handling costs. With digitization of payments and use of point of sale systems for debit and credit cards, banks have compelled customers to incur additional costs for such payments. The National Payments Corporation of India (NPCI) was conceived by RBI as umbrella organization for innovative retail payments services.

Source: Mint October 14, 2018 16:05 UTC