Government payments involve a wide array of stakeholders, depending on the channel of payment being used. Government Departments, Banks, Card networks, Payment systems and interface bodies, Aggregators, Pre-paid instrument providers and other non-banks form a part of the channel between the payer and a payee. While regulations ensure that payments systems and players are adequately monitored, there is a need to standardize payment standards. Adoption of common standards will reduce payment complexity and increase straight through processing. A variety of solutions to enable the electronic financial transactions in Government payment and receipts are offered and leveraged by various stakeholders involves. Ubiquity, interoperability, ease of use and cost are key elements that will determine the success of payment systems.
Courtesy: Digital India