Description

Overview

This framework was developed as part of the RBI's goal of strengthening digital payments and giving access to such services to all Indian residents.

The goal of this system

This system will aid in the monitoring of different payment acceptance infrastructure, such as Quick Response (QR) codes, Points of Sale (PoS) terminals, and so on. This will enable monitoring, which will facilitate different policy initiatives aimed at optimising payment infrastructure distribution. It is critical to have a strong payment acceptance infrastructure accessible across the country in order to fulfil the aforementioned goals.

The Advantages of Geotagging

Geo-tagging will aid in capturing the geographical coordinates of payment touch points. The primary advantage of geo-tagging is that it will provide insights on the geographical penetration of digital systems. It will also aid in monitoring the density of infrastructure in many areas. Geo-tagging will also assist in determining the scopes accessible for the implementation of new payment touch points. It will also aid in the improvement of digital literacy programmes around the country.

What will be done as part of the framework?

Banks and Non-bank Payments System Operators (PSOs) will capture and preserve the geographical coordinates of all payment touch points under the newly proposed framework. In addition, geo-tagging of paper-based, soft QR codes, and point-of-sale terminals should be reported to the RBI.

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