If you thought India didn’t already have enough payment methods—credit cards, debit cards, wallets, Unified Payments Interface (UPI), Immediate Payment System (IMPS), National Electronic Fund Transfer (NEFT), buy now pay later—be ready for more in the coming years.

The Reserve Bank of India (RBI) in February sent out guidelines calling for more entities to create, manage, and operate new retail payment systems. That means the quasi payments regulatory body, the National Payments Corporation of India (NPCI), is set to have more rivals.

NPCI was set up in 2011 to grow retail payments in India, and it did just that.

AUTHOR

Arundhati Ramanathan

Arundhati is Bengaluru-based. She is interested in how people use money in the digital age and how new economies will take shape based on that interaction. She has spent over 10 years reporting and writing on various subjects. Previous stints were at Mint, Outlook Business and Reuters.

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