Section 2 of PSSA : Section 2: Definitions

Explanation using Example

Imagine you have a savings account with a local bank, which is a system participant under the Payment and Settlement Systems Act, 2007. You decide to transfer money to a friend's account using an online banking app. When you initiate the transfer, you are using an "electronic funds transfer" as defined in the Act. The app sends a "payment instruction" to your bank to debit your account and credit your friend's account.

Your bank processes this i...

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