The Reserve Bank of India (RBI) on Friday released the format for geo-tagging of payment system touch points to co-monitor the availability of payment accepting infrastructure. According to the news of PTI, Geo-tagging refers to marking the geographical location (latitude and longitude) of the payment touch point on the part of the shopkeeper to receive payment from his customers. This payment is accepted through POS terminal and QR code.
Emphasis on Payment Acceptance Infra
According to the news, RBI said in its format related to geo-tagging that it is committed to expand digital payment and provide inclusive access to all citizens. He said that to achieve this objective, it is important that a robust payment acceptance framework is in place and within reach across the country.
Geo-tagging to be reported to RBI
According to RBI’s draft paper, banks and non-banking payment system operators will retain the exact geographical location of all payment touch points. Apart from this, geo-tagging related to POS machines and QR codes will have to be reported to RBI.