Hyderabad: A tweet claiming that Gpay (Google Pay) has been banned by RBI goes viral on social media.
“Gpay banned by RBI,” the statement read.
(Find the link to the tweet here)
Checking the facts:
The claim is false. The RBI (Reserve Bank of India) has not banned GPay.
âWe would like to clarify that Google Pay is classified as a Third Party Application Provider (TPAP) which 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 redress processes established by the applicable NPCI / RBI guidelines and customers have them there. already fully access, âsaid the operator of the payment system quoting Financial Express.
We then found an article from gadgets.ndtv.com, which stated that “Google Pay is not prohibited, but is allowed and protected by law, says NPCI.”
NPCI (National Payments Corporation of India) also clarified that Google Pay (Gpay) is not banned in India. The NPCI is an umbrella organization which manages digital payments in India and has developed the Unified Payment Interface (UPI) which is used for payments by platforms such as Google Pay, PhonePe and Paytm.
The viral claim is a trending hashtag “GPayBanned By RBI”. It is accompanied by information that the Reserve Bank has declared that Google Pay is not a payment system operator.
However, shortly after this started to circulate, the NPCI released a statement confirming that Google Pay is authorized and secure. Amid reports that Google Pay is not on the list of authorized payment system operators published by the National Payments Corporation of India (NPCI), Google’s online payment app clarified that the Reserve Bank of India (RBI) has authorized NPCI as a payment system Unified Payment Interface (UPI) Operator (PSO) and NPCI as PSO authorizes all UPI participants, âTimes said Now.
Conclusion: – Therefore, the statement is false. The National Payments Corporation of India clarified that Google Pay (Gpay) is not banned in India.