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  "documentTitle": "Decoding Instant Payments: The Emerging Markets’ Story",
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      "text": "Overall, the key objective of the regulators has been to promote cash-lite economies.",
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      "text": "1. Introduce and develop electronic payments products to promote cashless transactions\n2. Develop frameworks, policies, guidelines and circulars to guide the operations of the industry players\n3. Promote interoperability of these payment products and channels to ensure a seamless experience for customers\n4. Develop and implement a strong monitoring and governance framework for all members and sub-members to minimise frauds and risks in the payments systems\n5. Resolve disputes and customer complaints and ensure a robust mechanism is developed to facilitate this",
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      "text": "In India, the RBI developed the Payment and Settlement System Act in 2007. The RBI was also at the forefront of the creation of the NPCI, which manages and governs all retail e-payment systems in the country.",
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      "text": "A key regulatory aim is building security and trust in the payments system by understanding, monitoring and, where necessary, intervening to protect the rights of retail and commercial customers.",
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      "text": "Across various emerging markets, we have seen the regulatory bodies adopt some or all of these roles and objectives to promote the development of secure and efficient e-payments. Most emerging markets have also introduced a common set of legally enforced regulations.",
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      "text": "The central bank in Mexico has introduced the Payment Systems Act (PSA) to provide electronic payment transactions and has developed the Sistema de Pagos Electrónicos Interbancarios, which is a near real-time hybrid settlement system for payments.\n\nNigeria's CBN has introduced the Payments System Policy and Oversight Office, which monitors existing and planned payments system and issues licences to PSPs.\n\nRegulators have tended to follow a collaborative approach, in which they develop draft rules and policies in consultation with key members of the payment ecosystem. This provides a good way to improve acceptance and adoption of the new policies and regulations.\n\nOverall, the key objective of the regulators has been to promote cash-lite economies. The resulting contribution of regulators to the development of retail e-payment systems across the emerging markets should not be underestimated. However, there is still a long way to go. Areas that regulators will need to focus on include developing the necessary infrastructure, broadening participation in the payments system, developing common and interoperable standards and boosting customer confidence and convenience.",
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      "text": "3. The role of national regulators and industry associations",
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