All Transactions Fully Protected Under RBI, NPCI Guidelines: Google Pay

Google PayNew Delhi: On Wednesday Google said all transactions created through Google Pay are absolutely protected by the processes given within the guidelines issued by the reserve bank of India and also the National Payments Corporation of India.

The statement comes as proof of social media buzz that issues that arise while transferring cash through Google Pay can not be redressed under the law because the app is unauthorized.“Some quotes on social media, incorrectly attributed to the RBI, claim that problems arising while transferring cash through Google Pay aren’t protected by the law, since the app is unauthorized. this is often incorrect and might be verified on NPCI’s web site,” a representative from Google said.

As per representative, RBI has said that the Google Pay app is authorized and legally compliant in its court hearing and in its written response to the Delhi high court. Earlier this month, RBI told the Delhi high court that Google Pay may be a third party app supplier and doesn’t operate any payment systems.

That’s why its operations aren’t in violation of the Payment and Settlement System Act of 2007, RBI had told a bench of Chief, Justice D N Patel and Justice Prateek Jalan. “Google Pay operates fully within the law.

Google Pay works as a technology service supplier to partner banks, to permit payments via UPI (Unified Payments Interface). UPI apps within the country are classified as ‘third party apps’, and aren’t needed to be ‘payment systems operators’,” the Google representative said.

The representative noted that all transactions created via Google Pay are absolutely protected by redressal processes arranged out by applicable guidelines.

“All transactions created via Google Pay are absolutely protected by redressal processes arranged out by applicable guidelines of the RBI/ NPCI, and users will reach out for any help 24/7, through Google Pay client care,” said the representative.

Read Other Related News

21-day nationwide lockdown: For many, ePay’s the way to buy essentials
Rs 15,340 crore GST Compensation to states allotted by the Centre
A sharp correction in ICICI Bank’s shares signals an opportunity|Profit Idea
124 Companies slip into liquidation despite theoretical resolution plans Sahara Amar Jeevan

NEED A LOAN?

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.


Menu