IMPS has not only changed consumer behaviour and expectations but has also paved the way for newer forms of instant payment systems to operate in India.
A payment compliance is a protocol that all companies must stick to while developing new payment portals.
NEFT, IMPS, and RTGS are some of the popular payment modes under Third Party Transfer that will help customer remit funds to a beneficiary.
RBI has set up 21 ombudsman offices to facilitate the settlement of complaints regarding digital transactions.