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