RBI lays down framework for capturing geo-tagging information of physical payment system touch points
- Blog|News|FEMA & Banking|
- 2 Min Read
- By Taxmann
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- Last Updated on 28 March, 2022
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Introduction
RBI vide. Circular No. RBI/2021-22/187 CO.DPSS.OVRST.No.S1738/06-08-018/2021-2022, Dated, 25-03-2022 has prescribed a framework for capturing geo-tagging information of physical payment system touch points deployed by banks/non-banks. The framework has been issued under Section 10 (2) read with Section 18 of Payment and Settlement Systems Act, 2007.
Background
The vision of RBI on laying out the framework is to deepen the digital payments and providing inclusive access to all citizens of the country, irrespective of their location or digital literacy.
RBI viewed that it is imperative that a robust payment acceptance infrastructure with multiple types of touch points exists across the length and breadth of the country and is available and accessible at all times
RBI emphasised on capturing the accurate location of existing payment system touch points / acceptance infrastructure is essential to upscaling and chalking out intervention strategies and this requirement can be effectively facilitated by geo-tagging of payment touch points. This write-up aims to discuss the key highlights of the framework in details.
1. Meaning of ‘Payment Touch Points’
Payment touch points refer to as capturing the accurate location of existing payment system touch points/acceptance infrastructure.
2. Meaning of ‘Geo tagging’?
Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers. It offers various benefits such as providing insights on regional penetration of digital payments, monitoring infrastructure density across different locations; identify scope for deploying additional payment touch points; facilitate focused digital literacy programmes.
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