DIGITAL PAYMENTS: Meaning of Digital payment

The Payment and Settlement Act, 2007 has defined Digital Payments as any “electronic funds transfer” that is any transfer of funds which is initiated by a person by way of instruction, authorization or order to a bank to debit or credit an account maintained with that bank through electronic means and includes point of sale transfers; automated teller machine transactions, direct deposits or withdrawal of funds, transfers initiated by telephone, internet and, card payment.