Fintech and Payments Regulation: Analytical Framework
This IMF working paper proposes a fintech payment services analytical framework based on a four-step process; (i) identifying payment activities, (ii) licensing entities and designating systems, (iii) analyzing and managing risks, and (iv) promoting legal certainty. As payment activities evolve and potential systemic risks heighten, adherence to international standards and additional regulatory requirements should be warranted.

Innovation in Payments and Fintech: A comparison of the Chinese and Indian ecosystems
According to this World Economic Forum paper, Chinese and Indian payment system providers (PSPs) demonstrate that payment platform success is a non-linear function of the number of users it can attract, including both consumers and merchants. For Indian PSPs, interoperability of infrastructures has been essential for mass adoption of digital payments and creating a level playing field across players. Also, in both markets, the difference between online and offline was blurred from the beginning, from the moment smartphones were the defining factor and not the card.

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