Yesterday, the National Payments Corporation of India (NPCI) declared that concerns regarding transactions on third party apps like Google pay can be redressed under the Reserve Bank guidelines. NCPI terms the rumours floating over social media that transferring money via GPay is not secured by law as “malicious news”.
“All transactions made using any of authorized Third Party App Provider (TPAP) are fully protected by the redressal process laid out by applicable guidelines of NPCI/PBI and customers already have full access to the same,” said NCPI. All authorized TPAP follow regulations and applicable laws in India.
A spokesperson from Google said, “Some quotes on social media, wrongly attributed to the RBI, claim that issues arising while transferring money through Google Pay are not protected by the law, since the app is unauthorised. This is incorrect and can be verified on NPCI’s website.” According to him, RBI has not said that the Google Pay app is unauthorised or not legally compliant in its court hearing or in its written response to the Delhi High Court.
Google Pay is an authorised TPAP which also provides UPI payment services. Thus, the rumours on social media are false.
