Mumbai, May 27 -- India's decision to establish a new regulatory board with government representation reflects the desire to manage and control the critical digital public infrastructure, including the Unified Payments Interface (UPI) that accounts for nearly 80% of all cashless transactions, according to industry experts.

Last week, the government notified rules to set up a Payments Regulatory Board, replacing the existing Board for Regulation and Supervision of Payment and Settlement System. It will be chaired by the Reserve Bank of India (RBI) governor, and will have two other RBI members. The central government will nominate three representatives.

Also Read | How India pays online: UPI leads with 65% share, EMIs make up 20%-in chart...