Google Pay is an online cash transactions platform available on all non-rooted Android devices (Lollipop 5.0+). It works as an era service company to partner banks, to allow bills through UPI, the Google spokesperson said. Google Pay on Wednesday stated all transactions made through its platform are fully blanketed by using redressal tactics laid out inside the suggestions issued via the Reserve Bank of India (RBI) and the National Payments Corporation of India. The declaration comes in opposition to the backdrop of social media buzz that problems that might get up at the same time as transferring cash through Google Pay can’t be redressed under regulation as the app is unauthorized.
“Some costs on social media, wrongly attributed to the RBI, declare that issues bobbing up at the same time as transferring money through Google Pay aren’t blanketed by way of the law since the app is unauthorized. This is inaccurate and can be tested on NPCI’s website,” a Google spokesperson said. According to the spokesperson, RBI has not stated that the Google Pay app is unauthorized or not legally compliant in a courtroom listening to or in its written reaction to the Delhi High Court
According to Google, GPay makes use of Google’s Artificial Intelligence and fraud prevention technology to become aware of suspicious transactions in real-time. It advises victims of fraud to report any irregularities in your transactions to the financial institution and the government’s Cyber Cell, and report an FIR. GPay in short, changed into facilitating monetary transactions without the needful authorization from RBI.
Mishra has claimed that GPay changed into appearing as a bills system company in violation of the Payments and Settlements Act because it has no valid authorization from the central bank of the country to perform such functions. He has additionally contended that GPay does not parent in NPCI’s list of authorized payment structures operators released on 20 March 2019. The bench said the problem requires detailed hearing because it influences other third-party apps and indexed it on 22 July.