Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Electronic Clearing Service (ECS) have opened up new and better alternatives to cash/cheque-based transactions. According to latest Reserve Bank of India data, almost 75% of total transactions (in value terms) in 2006-07 were in electronic format as compared to about 30% three years ago.
Banknet India has announced the Bank Customer Survey on Payment Systems. This survey is open to any person holding a bank account in India.
The Bank Customer Survey on Payment Systems 2007 attempts to determine the awareness and acceptance levels of these funds transfer options among the end-users. According to Mr. Anurag Khanna, Chairman, Banknet Group this survey will also give banks an insight into bank users' awareness about new electronic payment products like RTGS and alternate payment channels. He mentioned that ATMs has been deliberately kept out of this survey, as a separate survey will be conducted focused only on ATMs and related issues.