NPCI: Google Pay NOT Banned by RBI; Your Transactions Are Safe
Recent reports claimed that Google Pay was being banned by the Reserve Bank of India (RBI).
Recent reports claimed that Google Pay was being banned by the Reserve Bank of India (RBI). NPCI the electronic payment and settlement systems infrastructure agency noted that the RBI had authorised the platform as a payment system operator (PSO) of the UPI platform and NPCI in its capacity as PSO allows all UPI participants.
Google's digital wallet platform and online payment system is classified as a Third Party App Provider (TPAP) that also offers UPI payment services like many other suppliers, working via banking partners and operating under the UPI framework of NPCI.
"We have come across some quotes on social media, which suggest that transferring money through Google Pay is not protected by the law since the app is unauthorised. RBI has authorised NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorises all UPI participants. We want 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," NPCI said in a statement.
This clarification comes because of the social media buzz that said issues might arise while transferring money using Google Pay cannot be restored under law as the app is unauthorised.
"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 with 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," NPCI added in the statement.