The Economic Times

Apple Pays India launch shows how RBIs outcome-based regulation lets technology evolve

Apple Pay was launched in India after significant regulatory developments by the Reserve Bank of India. This new payment option allows users to pay securely without needing an OTP, which can facilitate fraud. The RBI has shifted towards regulating outcomes rather than prescribing specific technologies for digital payments. While Apple Pay currently does not support RuPay or UPI, it shows how regulation can foster innovation.