Reserve Bank of India to Geolocate Electronic Payment Touchpoints for Better Monitoring

To improve the accessibility and oversight of digital payments, the Reserve Bank of India (RBI) has created a framework to geolocate payment system touchpoints.

The RBI said: “To achieve this goal, it is imperative that a robust payment acceptance infrastructure is available and accessible across the country.”

Geolocation of payment system touchpoints will enable accurate monitoring of the availability of payment acceptance infrastructure, such as point-of-sale (PoS) terminals and quick response (QR) codes. Such monitoring would allow decision-makers to intervene to improve the distribution of payment infrastructures.

Banks and operators of non-bank payment systems (PSOs) will acquire and maintain the geographic coordinates of all payment touchpoints, in accordance with the framework.

They will keep track of all payment touchpoints across the country, including merchant information and payment acceptance infrastructure details, in a registry.

Geolocation information will be submitted to RBI for PoS terminals, such as mobile POS, software POS, tablet POS, desktop POS, self-service POS , Android based POS terminals, non Android based POS terminals with GPRS SIM card. Integrated non-Android based PoS terminals with PSTN line connectivity, and software and paper QR codes such as Bharat QR, UPI QR.

The RBI said: ‘The date from which the information is to be reported to the Reserve Bank, however, should be provided in a timely manner.

On October 8, 2021, the Monetary Policy Statement 2020-21 announced the publication of a methodology for geo-locating physical payment acceptance infrastructure to facilitate the nuanced dissemination of acceptance infrastructure and universal access to digital payments.

Further, he said, “It would complement the Fun framework of payment infrastructure development with better deployment of acceptance infrastructure and broader access to digital payments.”

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