Google Pay will not be banned in India, clarified the National Payments Corporation of India (NPCI). The NPCI is an umbrella organisation that operates digital funds in India, and developed the Unified Payments Interface (UPI) which is used for funds by platforms like Google Pay, Phone Pe, and Paytm. On social media, there’s a trending hashtag “GPayBanned By RBI”, accompanied by information that the Reserve Bank mentioned that Google Pay will not be a funds system operator. However, quickly after this started to flow into, the NPCI has issued an announcement confirming that Google Pay is authorised and safe.
In its clarification, the NPCI clearly writes that the RBI authorised it as a Payments System Operator (PSO). Companies like Google Pay are app suppliers to the PSO, and NPCI confirmed that transactions on Google Pay are absolutely protected beneath the legislation. It states: “RBI has authorised NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorises all UPI participants. We would like to clarify that Google Pay is classified as Third Party App Provider (TPAP) that also provides UPI payment services like many others, working through banking partners and operating under the UPI framework of NPCI. All transactions made using any of the authorized TPAPs are fully protected by the redressal processes”
Although the clarification was issued by the NPCI on Thursday, the hashtag together with the information hyperlink in regards to the RBI continues to flow into and has turn into a trending subject on Twitter.
The RBI had been making an announcement within the Delhi High Court in response to a PIL by monetary economist Abhijit Mishra who has alleged that Google Pay enabled monetary transactions with out the authorisation from the RBI.
In response, the RBI reportedly stated the Google Pay doesn’t function any cost techniques, and that’s the reason its identify will not be within the record of authorised operators. It additionally informed the Court that because of this, it isn’t in violation of the legislation — nevertheless, the trending hashtag ignores this line within the report that is regularly included with it — and so even earlier than the NPCI issued its clarification, this hashtag was deceptive.
The NPCI concluded its clarification by saying: “All transactions made using any of the authorized TPAPs are fully protected by the redressal processes laid out by applicable guidelines of NPCI/RBI and customers already have full access to the same. Further, we would also like to clarify that all authorised TPAP’s are already bound by full compliance to all the regulations and applicable laws in India. UPI ecosystem is fully safe and secure, and we appeal to the citizens not to fall prey to such malicious news. We also request UPI customers not to share their OTP (one time password) and UPI Pin with anybody.”