The payments revolution in India is not anywhere near finished, but the next stage is likely to play out at a steadier, almost cautious, pace under the regulator’s watchful eye.

The author explores the issue of free rider problem, placing the onus on payment aggregators. It concludes by comparing the Indian model with global policies, highlighting how other jurisdictions have introduced differentiated fees for public digital goods, which usually charges large business alongside keeping small retailers free.

The new PA-CB regulations overhaul cross-border payments, centralizing and regulating them.