The review of retail payments regulation by the RBA's Payments System Board will be wide ranging and forward looking, as well as plugging any gaps missed by the board's 2015/16 review.Speaking at the Australian Payments Network Summit in Sydney yesterday, Tony Richards, payments policy department head at the RBA, said that there are not many "burning issues" in the payments sphere that needed further action. That is aside from "a few issues relating to the cost of electronic payments that … the Black Economy Taskforce and the Productivity Commission have suggested we review," Richards noted.With this in mind, an issues paper released by the Payments System Board on 29 November looks beyond the bank's existing card payments standards: it will also cover the broader retail payments system.In the wider context, Richards sees "significant change" on the way in the next few years: developments such as 'stable coins', potential sources of disintermediation such as the expansion of closed-loop systems (eg transport cards), and - perhaps more hypothetically - central bank digital currencies. "And we are continuing to see a gradual decline in the use of cash in transactions and a sharp fall in the use of cheques," Richards said.He said there were a number of big ticket changes already locked in following the 2015/16 review - notably caps on the highest interchange fees of 80 basis points for credit, 20 basis points or 15 cents for debit, updated definitions, and enforcement action against laggards.Nevertheless, there is plenty more to do.Richards suggested that "one of the broad landscape issues is the possibility of some coordination or consolidation in the three domestically-focused payment schemes or systems; namely BPAY, Eftpos and NPPA. Another is the future of the cheque system."The latest issues paper also includes some specific questions on a range of subjects, which RBA governor Phil Lowe, in his keynote speech to open the day's proceedings, observed mainly relate to how to reduce the cost of electronic payments.Other points under consideration, as outlined by Richards yesterday were:•    What changes - if any - that might be needed to increase the competition and efficiency of existing least-cost routing and dual-network rules and, more broadly, the implications of the ongoing shift in card 'form factors' away from plastic cards and towards tokenised credentials.•    Whether interchange fees should be lowered further, in line with the Productivity Commission's recommendations, with Richards noting that the European Commission has introduced "quite low" caps of 20 basis points for debit and 30 basis points for credit. "It would have be good to already have some hard evidence on the effect of these caps, but unfortunately the EC's study of this has been delayed," he observed.•    The desirability of greater scheme fee transparency as "information from some stakeholders suggests that scheme fees on acquirers have been growing over time and are representing an increasing proportion of merchant service fees".•    How the surcharging framework for card payments is working, and whether provisions dealing with no-surcharge rules should be applied to other arrangements,