Business Standard

RBI directs banks and non-banks to geotag payment 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

reserve bank of india, rbi
Premium

Reserve Bank of India

BS Reporter Mumbai
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.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Mar 25 2022 | 7:47 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com