1. Regulatory Updates
1.1. India
Reserve Bank of India (RBI)
1.1.1. RBI publishes Payment System Report, June
2025
Reserve Bank of India (“RBI”)
released its bi-annual Payment Systems Report for the half-year
ended June 2025. Digital payments formed 99.8 per cent (ninety-nine
point eight per cent) of transaction volume. Unified Payments
Interface (“UPI”) contributed 85 per
cent (eighty-five per cent) of volume but 9 per cent (nine per
cent) of value, while Real Time Gross Settlement
(“RTGS”) handled 69 per cent
(sixty-nine per cent) of value. Amendments to the Payment and
Settlement Systems Act, 2007 (PSS Act, 2007) created the Payments
Regulatory Board (PRB), replacing the Board for Regulation and
Supervision of Payment and Settlement Systems (BPSS). Key measures
include permitting National Payments Corporation of India (NPCI) to
set merchant limits on UPI, due-diligence directions for
Aadhaar-enabled Payment System (AePS) touchpoint operators
effective
