RBI directs banks and non-banks to geotag payment touch points

The Reserve Bank of India (RBI) has asked commercial banks as well as payment system operators (PSO) to geotag payment touch points like branches and automated teller machines while announcing a framework for Geo-tagging of Payment System Touch Points.

Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of payment touch points deployed by merchants to receive payments from their customers.

“Geo-tagging has various benefits, such as, provide insights on regional penetration of digital payments; monitor infrastructure density across different locations; identify scope for deploying additional payment touch points; facilitate focused digital literacy programmes,” RBI said in a notification.