New Delhi, Sept. 4 -- The Reserve Bank of India (RBI) recently released the final framework for authorization of a new umbrella entity (NUE) for retail payments. This move followed the release of a draft framework released in February.

According to the guidelines, companies with a net worth of over Rs.300 crore and at least three years of experience in the payment space can apply to form umbrella entities for various payment services. We tell you what this could mean for customers going forward.

At present, only the National Payments Council of India (NPCI), which is incorporated as a not-for-profit entity, performs the role of supporting various payment systems together, including RuPay, UPI and National Automated Clearing House, which...