However, as regulatory attention on these large value payments get stabilised and simultaneously developments in retail payment mechanisms evolve, the span of oversight attention widens to encompass these systems as well. Let me briefly highlight some of the issues that merit attention in the context of retail payment systems.
I am not sure whether a standard definition of “Retail Payment System” has been given anywhere, but a reference to the “Glossary of terms used in Payment Systems” (by CPSS – Committee on Payment and Settlement Systems) shows that “retail payments” are defined as mainly consumer payments of relatively low value and urgency.