Money transfer with Google Pay: Wrongly attributed to the RBI, some posts on social media have claimed that Google Pay is not protected by the law since the app is unauthorized. However, NPCI today came out with a clarification regarding Google PAY stating, “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 unauthorized. RBI has authorized NPCI as a Payment System Operator (PSO) of UPI and NPCI in its capacity as PSO authorizes all UPI participants.”
The payment system operator added, “We would like 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. All authorized TPAPs are listed on the NPCI Website. All transactions made using any of the authorized 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 authorized TPAP’s are already bound by full compliance to 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”.