HIGHLIGHTS:
- RBI has released a framework for geo-tagging payment system touch points
- This system will aid in the monitoring of various payment acceptance infrastructure
- Geotagging also aid in the monitoring of infrastructure density across multiple areas
The Reserve Bank of India (RBI) has released a framework for geo-tagging payment system touch points.
Overview:
This framework was designed as part of the RBI’s goal of extending digital payments and ensuring that all Indian residents have access to such services.
The objective of this system
This system will aid in the monitoring of various payment acceptance infrastructure such as Quick Response (QR) codes, Points of Sale (PoS) terminals, and other similar devices. As a result, monitoring will be possible, which will support various policy interventions aimed at optimising payment infrastructure distribution. It is critical to have a comprehensive payment acceptance infrastructure available across the country in order to fulfill the above goals.
The advantages of geotagging
Geo-tagging will aid in capturing the geographical coordinates of payment touch points. The main advantage of geo-tagging is that it will provide information on the regional prevalence of digital systems. It will also aid in the monitoring of infrastructure density across multiple areas.
Geo-tagging will also assist in determining the scopes accessible for the deployment of new payment touch points. It will also aid in the development of digital literacy programmes throughout the country.
What will be accomplished as part of the framework?
Banks and non-bank Payments System Operators (PSOs) will capture and preserve the geographical coordinates of all payment touch points under the newly proposed framework. Geo-tagging of paper-based, soft QR codes, and point-of-sale terminals should also be provided to RBI.
