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The Reserve Bank of India recently issued the framework for geo-tagging of payment system touchpoints. The RBI had shown its interest to launch a framework for geo-tagging of physical payment acceptance infrastructure in its Monetary Policy Statement that was released on 8th October 2021. Subsequently, RBI released a framework to capture geo-tagging information of payment system touch points set up by banks / non-bank PSOs.
Table of Contents
Geotagging involves the case where geographical coordinates (latitude and longitude) of payment touch points deployed by merchants is captured to obtain payments from customers. Geotagging is beneficial in the following ways-
Policy interventions for realising the benefits mentioned above shall be facilitated by the information thus collected.
The digital payment transactions performed by customers through payment touch points use two major categories of physical infrastructure:
The RBI said that the use of geo tagging shall be subject to the following guidelines:
Reporting requirements to be followed by banks/non-bank PSOs and procedure thereof has been detailed below:
Information to be submitted to the RBI
Reporting requirements to be followed by Banks/Non-bank PSOs
Banks/Non-bank PSOs need to adhere to the following guidelines:
Some additional guidelines issued addressing Banks/Non-bank PSOs are as follows:
The RBI while releasing the framework for geo tagging of payment touch points pointed out how the payment ecosystem has witnessed rapid growth in India with a range of payment systems, platforms, products and services available for consumers. RBI also stated that it is focused to deepen digital payments and providing an inclusive access to everyone in the country regardless of their physical location or digital literacy. Hence it understood the need for having a robust payment acceptance infrastructure with various types of touch points across the country which can be easily accessed. RBI discovered the need to capture the accurate location of existing payment system touch points/acceptance infrastructure to upscale and chalk out intervention strategies. Hence in view of this RBI released framework for geo-tagging of physical payment acceptance infrastructure.
Read our Article:10 Major Digital Payment Methods available in India
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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