Recently, Reserve Bank of India clarifies in the Delhi High Court that Google pay is a third-party app provider. They are not operating any payment system. RBI said that Google pay is not in the list of authorized payment system operators in the list published by the National Payment Corporation of India (NPCI).
Many people are using digital payment modes like Google Pay for doing online payment because today no one wants to bring cash with them. Our honorable Prime Minister Sh Narendra Modi has also supported the digital payment system. It provides more services to the public.
Google Pay : A brief overview
Google Pay is a secure platform on which everyone can trust easily and can do transactions without any hesitation. This is just a technology service provider to the partner banks via UPI (Unified Payment Interface).
Google Pay provides many facilities for its users and provides rewards for new users. Google Pay apps have a very good and user-friendly interface so that no can face issues while using it.
Why Google Pay not a Payment operator?
Google pay has no authorization from the Central bank to do such functions. But now RBI clarifies that Google pay is not a payment system operator. Google pay is just a third-party app provider. That’s why the operations they are performing are not in the violation of the Payment and Settlement System Act 2007.
Google Pay has also confirmed that all the transactions happening from their platform are fully secured by Redressed processes laid out in the guideline issued by Reserve Bank of India. Users can reach anytime to our customer care for any query and users didn’t have to believe in malicious news.
After all this matter, now the bench said that they want more hearing on this matter because it affects other third-party apps. They will likely come to a conclusion on July 22.
RBI will now decide the future of such third party apps whether they will work or not for a foreseeable future.
As a matter of fact, all online businesses need a smart online invoicing app to create and raise GST invoices. Instabill is a smart GST invoicing app that serves this purpose well.
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