Digital Payment Revolution — Policy Reforms

Entry	Year	Description	Impact
Payment and Settlement Systems Act Amendment	2015	Enhanced RBI's regulatory powers over payment systems, introduced provisions for data localization, and strengthened cybersecurity requirements for payment system operators.	Provided legal framework for regulating emerging payment technologies like mobile wallets and UPI, enabling innovation while ensuring consumer protection and systemic stability.
Information Technology (Intermediary Guidelines) Amendment	2021	Introduced due diligence requirements for digital payment platforms, mandated grievance redressal mechanisms, and enhanced data protection obligations.	Strengthened consumer protection in digital payments, improved dispute resolution mechanisms, and enhanced accountability of payment service providers.