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Differences between Small Finance Banks and Payments Banks The Payment banks also can only accept demand deposits and the hold up to Rs. 2 lakh per person, whereas Small Finance Banks can accept all types of deposits, including FDs, RDs, Savings, and Current Accounts.

The 'payments system' refers to arrangements which allow consumers, businesses and other organisations to transfer funds usually held in an account at a financial institution to one another.

The fundamental characteristics of the e-payment system are applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorisation type.

In simple words, it can carry out most banking operations but can't advance loans or issue credit cards. It can accept demand deposits (up to Rs 1 lakh), offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers.

Payment is the transfer of money, goods, or services in exchange for goods and services in acceptable proportions that have been previously agreed upon by all parties involved. A payment can be made in the form of services exchanged, cash, check, wire transfer, credit card, debit card, or cryptocurrencies.

Banking is a financial entity that specialises in deposit-taking and lending. A bank enables an individual with surplus funds (a Saver) to deposit his funds with the bank and earn interest on them. Similarly, a bank loans money to an individual in need of funds (investor/borrower) at a specific interest rate.

India currently has 6 Payment Banks namely, Airtel Payment Bank, India Post Payment Bank, Fino, Paytm Payment Bank, NSDL Payment Bank and Jio Payment Bank.