RBI told the court that Google Pay does not operate any payment system, so it is not included in the list of authorized payment system operators of National Payments Corporation of India (NPCI).
Financial economist Abhijeet Mishra had alleged in a PIL that Google’s mobile payment app Google Pay or, in short, GPay, is facilitating financial transactions without the requisite approvals from RBI. In response to this petition, RBI said this.
Mishra has claimed that Jeep is acting as a payment system provider in violation of payment and settlement law, while he has no valid permission from the country’s central bank for such actions. The bench said that a detailed hearing of the case is needed as it affects other third party apps. The next hearing of this case will be held on 22 July.
What is Google Pay app?Google Pay App is a Digital Payment App made by Google Company based on UPI. That is, it is the Unified Payment Interface which is operated by NPCI which manages the banking system of India. Multiple layer security has been used in this app, which is completely safe, you can make many types of digital payments with Google Pay App.