In the last section, we understood about electronic payment systems, their key types and comparison among each of them, along with an understanding of major types of electronic payment and settlement systems in India. In this section, we shall look at the emerging forms of payments which are coming to play globally due to the digital advent and the top payment providers driving these changes.
At a fundamental level, there are three important trends which are defining the emerging payments landscape (as shared by American Bankers Association):
- Consumer protection: Numerous protections have to be offered for consumers while making electronic payments such as protection against unauthorized charges and procedures for disputing any charge.
- Payment system integrity: Overall stability, efficiency, and integrity of payments system is becoming crucial.
- Competitive equity: Government policies need to ensure that new entrants and incumbents in the payments area are treated by a similar set of rules and standards.
Let us now look at the major digital payments types which are emerging globally.
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