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Your Transactions Are As Secure As Any Different Fee App

GPay banned by RBI – the aforementioned is correct now on the prime of all trending matters on Twitter in India. Nonetheless, you will need to be aware that the identical is NOT true, and is but once more based mostly on a deceptive WhatsApp message that appears to be circulating social media. The development has probably stemmed from a report from earlier this week, whereby a Press Belief of India report quoted the Reserve Bank of India as stating that Google Pay doesn’t function a fee system in India, and therefore doesn’t discover a place within the listing of authorised fee system operators revealed by the Nationwide Funds Company of India (NPCI). RBI’s response got here in gentle of a PIL to the Delhi Excessive Court docket, filed by economist Abhijit Mishra. Nonetheless, Google has since responded to RBI’s submissions, stating that it’s a authorized operator in India, and in consequence, your cash is as secure as it could be on one other different fee service’s platform.

On June 24, Google Pay India posted a PTI article, stating, “Google Pay operates completely within the law. We work as a technology service provider to partner banks, to allow payments via UPI. UPI apps in the country are categorised as ‘third party apps’, and are not required to be ‘payment systems operators’.” A Google spokesperson’s assertion to PTI on the matter mentioned, “Some quotes on social media, wrongly attributed to the RBI, claim that issues arising while transferring money through Google Pay are not protected by the law, since the app is unauthorised. This is incorrect and can be verified on NPCI”s website.”

The assertion on the matter additional says, “All transactions made via Google Pay are fully protected by redressal processes laid out by applicable guidelines of the RBI/NPCI, and users can reach out for any help 24/7, through Google Pay customer care.”

Moreover, a report by Occasions Now states {that a} Google India spokesperson has clarified that it’s a Third Social gathering App Supplier (TPAP), which is in compliance with legal guidelines in India. “All authorised TPAPs are listed on the NPCI Website. All transactions made using any of the authorised 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,” the spokesperson is quoted as saying.

Given these circumstances, it’s suggested to Indian residents to NOT imagine in forwarded WhatsApp messages that declare that Google Pay has been banned by the RBI, since that’s not the case in India. Google India has additionally posted on the matter, clarifying that it’s in accordance with the regulation of the land, and therefore, transacting on Google Pay retains your cash as secure as it could be on some other fee platform in India.


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Oliver Smith

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