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This note investigates the emerging and proposed regime governing the new electronic payment systems (such as smart cards, multipurpose prepaid cards, mobile-purse, e-wallet, etc). It recognizes that such payment mechanisms are likely to emerge as a major tool in ensuring the accessibility of the large un-banked masses to the financial system. It also recognizes that the emerging interaction and communication technologies such as the Internet will only require greater and greater use of such systems. In such an environment the proposed Payments and Systems Bill achieves special significance. What vision does it lay out for this sector? Can it be strengthened? These issues are covered in this note. In the process it points out the importance of the legislature laying out a broad vision that can then act as a constant guide to the regulator (the RBI) to ensure growth, equity, accessibility over and above maintaining financial stability. Last, this paper suggests specific points that should be included in the proposed bill.