*Professor, K.S.R. College of Technology, Tiruchengode
**Professor/Director, SNS College of Technology, Coimbatore
Online published on 1 June, 2016.
The payment system today is technologically superior, vibrant, and healthy with multiple payment instruments like credit card, Debit card, e-money etc, multiple access points and delivery channels like Automatic Teller Machines, Point of Sales Purchase to select. This study is attempted to analyze the evolution and reach of various electronic payment systems in banking arena. The aim is to analyze the recent development in electronic payment systems in India. The primary data is collected through structured questionnaire and the secondary data is obtained through print media of RBI and Banks. The sample size is limited with 250 banking customers selected through Area sampling method. Statistical tools were employed to analyze the data, based on that findings were made and suitable solutions were derived. The findings of the study reveal that however, the modern payment system's benefit is yet to fully penetrate to all societal segments. Hence, a significant portion of the population is not comes under the realm of the formal and modern payment system.
Business partner, Core banking, Credit Cards, Debit Cards, Electronic Clearing Service, Electronic Payment systems, e-Money, Financial Education, Mobile Banking, Net banking, Satellite Banking
