Payment and settlement systems in India have, and I am sure it is the case in many other jurisdictions too, players that are common across the retail and wholesale segments. Access criteria for membership to the clearing houses that provide the retail products (cheques, ACH, etc.) and eligibility to offer various payment products (pre-paid instruments, mobile payments, etc.)
It is not seen as a replacement for monetary policy and it is not expected to be as powerful a tool as monetary policy. Macro-prudential policy could nevertheless have a stabilising impact on credit supply decisions by the banks as well as credit demand decisions by households.