Overview:

This framework has been created as a part of RBI’s objective of deepening digital payments along with providing access to such services to all the citizens of India.

The objective of this system

This system will help in monitoring the availability of various payment acceptance infrastructure such as Quick Response (QR) codes, Points of Sale (PoS) terminals, etc. Doing so will allow monitoring that will support various policy interventions to help optimize payment infrastructure distribution. To achieve the above objectives, it is of utmost importance to have a robust payment acceptance infrastructure available across the country.

The benefits of geo-tagging

Geo-tagging will help capture the payment touch points geographical coordinates. The major benefit of geo-tagging is that it will be providing insights into the digital systems’ regional penetration. It will also further help in monitoring the density of infrastructure across several locations. Along with this, geo-tagging will help in identifying the scopes available for the deployment of additional payment touch points. It will also help in improving digital literacy programmes across the country.

What will be done under the framework?

Under the newly announced framework, Banks, as well as Non-bank Payments System Operators (PSOs), will be capturing and maintaining the geographical coordinates of all payment touch points. Along with this, geo-tagging of Paper-based, Soft QR Codes and PoS terminals should be submitted to RBI.