So far, the approach of Reserve Bank of India has been that of cautious gradualism, informed by the experience of other developing countries in Latin America and East Asia who perhaps liberalized their capital account too soon and too fast.
The E-Money and Payment Services Directives have played a key role in opening the EU payments market to innovation, providing a regulated environment for new entrants such as e-money and payment institutions to offer their services to consumers, further increasing competition and choice.6 These pieces of legislation have created many opportunities for ntechs, and indeed traditional commercial banks, to create a wide range of new and innovative payment solutions and business models.