Did RBI ban Google Pay app in India? Know what is the whole matter

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Google Pay clarified that Google Pay is like a Third Party App Provider (TPAP), which, like others, also provides UPI Payments Service under the UPI operation of Banking Partners and NPCI.

The National Payments Corporation of India (NPCI) has rejected the claim being made on social media about Google Pay. It is being claimed on social media that RBI has banned the payment app Google Pay. Google Pay has issued a statement clarifying that Google Pay is authorized in India and is as legal as any other recognized UPI app in the country.



The company said in the statement, ‘We have seen some things going on on social media that say that transferring money through Google Pay is not protected by law, because the app is unauthorized. We would like to clarify that Google Pay is like a Third Party App Provider (TPAP), which, like others, also provides UPI Payments Service under the UPI operation of Banking Partners and NPCI. All transactions carried out using any authorized TPAP are completely protected by correctional procedures.

Also Read: How much money is deposited in a PF account, you can easily know these four ways

Earlier, Google Pay on Wednesday said that the transactions carried out through its platform are completely secured by the procedure laid down under the guidelines of the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).

A spokesperson of Google said that if there is any problem while transferring money from Google Pay platform, then it cannot be resolved by law, because the app is unauthorized. But this is wrong and its truth can be verified on the NPCI website. A Google spokesperson said that the RBI has not said any such thing in the court hearing.



For information, let us tell you that earlier this month, RBI had told the Delhi High Court that Google Pay is a third party app provider and does not operate any payment system. Also, RBI Chief Justice DN Patel and Justice Prateek Jalan said that its operation is not a violation of the Payment and Settlement Systems Act of 2007.

The post Did RBI ban Google Pay app in India? Know what is the whole matter appeared first on informalnewz.



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