The payment intermediary will act as an aggregator, enabling payments to multiple merchants from different bank accounts. It will also provide business information and analytics to merchants as well as banks for all transactions.
In India, between 2008 and 2012, electronic payments grew at 32% per annum, with debit card and internet banking forming around 45% of transactions, while 43% come from credit cards.
The government space does not currently have any online mode of payment and operates through authorised bank branches, collection centres and drafts.
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