RBI responded with the stated remarks in the course of the listening to of a plea in opposition to Google Pay. It got here in response to a PIL from monetary economist Abhijit Mishra, who argued that the funds service was working in violation of the Payments and Settlements Act of India. He additionally stated that GPay didn’t seem in NPCI’s checklist of approved ‘payment systems operators’ launched again in March final yr.
Google Pay was immediate in its response. The digital funds large clarified that RBI has assigned NPCI (National Payments Corporation of India) because the Payment System Operator (PSO) of Unified Payments Interface (UPI). This means NPCI has the ability to authorize whether or not a service can supply UPI companies or not.
Google Pay is permitted as a ‘Third Party App Provider’ to supply UPI companies by its app, together with the likes of Flipkart, Mobikwik, Cred, and lots of others. It doesn’t embody a pockets integration or financial institution license, so it can’t as a UPI member. NPCI too chimed in to dismiss any fraudulent claims that Google Pay UPI transactions should not legally protected. The experiences wrongly attribute RBI to have claimed the identical.
“We would like to clarify that Google Pay is classified as [a] 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,” acknowledged an official assertion (via Moneycontol).
NPCI publishes a listing of each PSP (fee system gamers) and TPAP (third-party app suppliers) on its official website. We took a gander at this checklist and located Google Pay on there, working with 4 companion banks. You can check out the checklist within the screenshot beneath:
NPCI additional continued, “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.” So yeah, you probably have fearing to make use of Google Pay to switch cash, considering that it’s fraud or unlawful and that you’d lose your hard-earned cash, then be assured as there’s nothing to fret about.