RBI Directs Banks and Non-Banks to Geotag Payment Touch Points

BANKING AND ECONOMY

● The Reserve Bank of India (RBI) has released the framework for geo-tagging of payment system touch points. 
● The framework is part of the RBI’s focus for deepening digital payments and providing inclusive access to all citizens of the country.
● Geo-tagging of payment system touch points will enable proper monitoring of availability of payment acceptance infrastructure like Points of Sale (PoS) terminals, Quick Response (QR) codes, etc.
 

Facts to Know:


● Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers.

Reserve Bank of India (RBI)
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