Story:
Stop using Gpay Because RBI Banned the Google Pay
The third party payment app is not legal or authorized.
Your transactions are not safe, do not use it.
GPay Banned By RBI
Other Versions
Stop using Google Pay. It is not an authorised payment system under NPCI.
RBI declared that if any issue arises while transferring amount thru Gpay one cannot claim as the same is not in the list of authorised payment system by NATIONAL PAYMENTS CORPORATION OF INDIA
Fact Check:
Some messages spread on WhatsApp, trending on Twitter warn Indian users saying RBI Banned Google Pay as it is not authorized and illegal. So, they tell people not to use GPay as the transactions are not safe. Not to worry, the allegations are not true.
Has RBI Banned Google Pay?
The claims in question started circulating in late June 2020, trending on Twitter and circulating through WhatsApp forwards. Consequently, there were memes and jokes after the confusion whether Google Pay will continue or not. They also included other payment apps.
Unlike the claims, there are no credible reports to suggest the Reserve Bank of India (RBI) banned the popular GPay payment app. RBI did not say Google Pay app is illegal or unsafe. The false claim appears to have surfaced from an incident few days earlier in June 2020.
Financial economist Abhijit Mishra filed a PIL in Delhi High Court claiming Google’s mobile payment app, Google Pay was facilitating financial transactions without the requisite authorization from RBI. He claimed GPay was acting as a payments system provider in violation of the Payments and Settlements Act as it has no valid authorization from the central bank of the country to carry out such functions. He has also asserted GPay is not appear in NPCI’s list of authorized ‘payment systems operators’ released in March 2019.
In response, RBI clarified to Delhi High Court saying Google Pay is a third party app provider (TPAP) and does not operate any payment systems. So, its operations are not in violation of the Payment and Settlement System Act of 2007. Likewise, GPay did not find a place in the list of authorized payment system operators published by the National Payments Corporation of India (NPCI).
Response from Google Pay India
After the social media buzz, Google Pay India also responded to the allegations. It clarified all transactions made through GPay platform are fully protected by redressal processes laid out in the guidelines issued by the Reserve Bank of India and the National Payments Corporation of India. A Google spokesperson said Google Pay operates completely within the law, adding UPI apps in India are categorized as ”third party apps”, and are not required to be ”payment systems operators”. Likewise, NPCI lists GPay among 3rd Party Apps.
So, RBI did not ban Google Pay (GPay). RBI and NPCI authorized GPay, it is legal and safe to use.
Hoax or Fact:
Hoax.
0 Comments