Deceptive information is undesirable and sometimes disturbing. A press release by RBI in Delhi court docket was misunderstood by Indians and led to consider that Google Pay is an unsecured platform for facilitating monetary transactions. This was now cleared by each Google Pay and NPCI, that the app is a third-party supplier and its operations are fully underneath regulation.
Google Pay Transactions Are Protected!
Whereas believing baseless information is idiotic, misinterpretation of precise information is much more idiotic! A Twitter hashtag trending as #GPayBannedByRBI, which is unfaithful, got here after many misinterpreting the RBI’s assertion. It began with Abhijit Mishra, a monetary economist who filed a PIL in Delhi court docket alleging that Google Pay (GPay) is facilitating transactions with none authorization from RBI.
Additional, a listing offered by NPCI of Cost System Operators didn’t have Google Pay’s point out in it. Furthermore, a press release from RBI as “Google Pay is a third-party app provider (TPAP) and does not operate any payment systems” has additional fuelled the misperception. All these triggered Indians utilizing Google Pay, and went on Twitter calling the app is insecure, because it’s not accepted by RBI.
Whereas the reality is, as defined by NPCI, “RBI has licensed NPCI as a Cost System Operator (PSO) of UPI and NPCI in its capability as PSO authorizes all UPI contributors. We wish to make clear that Google Pay is assessed as Third-Occasion App Supplier (TPAP) that additionally supplies UPI cost companies like many others, working by banking companions and working underneath the UPI framework of NPCI. All transactions made utilizing any of the licensed TPAPs are totally protected by the redressal processes.”
In case you can observe the distinction, UPI (Unified Funds Interface) developed by NPCI is the Cost System, which doesn’t should be operated by anybody besides NPCI. And Google Pay is only a third-party platform facilitating bank-to-bank transactions by way of UPI, which is secured and maintained by NPCI.