RBI releases framework for geo-tagging of cost system contact factors

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Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of cost contact factors deployed by retailers to obtain funds from their clients.

Reserve Financial institution of India (RBI) on Friday launched the framework for geo-tagging of cost system contact factors to make sure correct monitoring of the supply of cost acceptance infrastructure.

Geo-tagging refers to capturing the geographical coordinates (latitude and longitude) of cost contact factors deployed by retailers to obtain funds from their clients.

The cost acceptance infrastructure contains Level of Sale (PoS) terminals, and Fast Response (QR) codes.

In line with the Reserve Financial institution of India (RBI), it’s centered on deepening of digital funds and offering inclusive entry to all residents of the nation.
“To attain this goal, it’s crucial that strong cost acceptance infrastructure is obtainable and accessible throughout the size and breadth of the nation,” it stated.

Monitoring of geo-tagging of cost system contact factors will “assist coverage intervention to optimise distribution of cost infrastructure,” the central financial institution stated.

Lately, the cost ecosystem within the nation has witnessed fast developments with a bouquet of cost programs, platforms, services and products being made obtainable for customers.

Digital cost transactions carried out by clients utilizing cost contact factors use two broad classes of bodily infrastructure — banking infrastructure (like financial institution branches and ATMs), and cost acceptance infrastructure (like PoS and QR codes).

As per the framework, banks/non-bank PSOs (Cost System Operators) would seize and preserve geographical coordinates for all cost contact factors.
Additionally, geo-tagging data in respect of PoS terminals and paper-based/gentle QR codes shall be submitted to RBI, it stated.

In October 2021, RBI had introduced that it will prescribe a framework for geo-tagging of bodily cost acceptance infrastructure.

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