Reserve Bank of India on October 8 announced the geographical marking of payment systems to improve the receipt of payment infrastructure.
Geo-backing technology will provide sustainable location information and can be used in targeting areas that are left in payment receipt infrastructure payments.
The RBI will propose a framework for geographical tagging by capturing geographical coordinates – latitude and longitude of the physical payment receipt infrastructure, such as the Point of Sale (POS) terminal and quick response code (QR), used by traders.
The RBI has regulated the Payment Infrastructure Development Fund (PIDF) to encourage the deployment and strengthening of the receipt of payment infrastructure and make additional touch points.
RBI Governor Shaktikanta Das in a review of two-month monetary policy on October 8 said the geographical tag framework will equip the PIDF framework with the spread of better acceptance infrastructure and wider access to digital payments.
To ensure the spread of balanced acceptance infrastructure throughout the country and the extent, it is important to ensure information on the location of the existing payment infrastructure, he said.
