The fulminant disappearance of Google Pay- the digital billfold platform – from the Play Store has thrown netizens into a state of panic on weekday.
After the government’s recent ban on the popular video-sharing app Tik Tok and several others for their apparent links with China, this fulminant disappearance of Google Pay, India’s go-to app for all kinds of digital payments, spewed wild theories on social media.
While Google Pay India officials assuaged fears with a tweet saying that this problem was “temporary” and that they were working on fixing it, many were led to wonder if it had anything to do with the National Payments Corporation of India (NPCI)’s recent decision to put a cap transactions for digital platforms.
NPCI is that the creator and administration of Unified Payments Interface (UPI) that facilitates the time period payment system in Republic of India.
Google Pay, PhonePe and Paytm are the leading apps for digital payments in Republic of India. in keeping with the new rules, these platforms can currently be capped for the proportion of total UPI transactions that might be applied annually.
While every digital platform might maintain fifty per cent of total UPI transactions in its 1st year of operation, the following years can see this reduced to forty and thirty three per cent. the most share of UPI transactions that a digital platform might maintain is thirty three.
Though NPCI revised the rules on Gregorian calendar month thirty one, it’s been retroactively applied from Apr forward.
After the new rules, Google Pay, that enjoys a forty two per cent market share (2019 data), is probably going to visualize the foremost upheaval. Once it crosses the set limit, users would realize it troublesome to form UPI transactions and new users won’t be able to register/install the app.
This, Onmanorama believes, is that the reason why Google Pay has suddenly disappeared from the Play Store.
Chidanand K, well-versed all told things app and technology, said this NPCI move has been designed to ensure that no “technology” company gets to reign in the finance sector.