India: Google Pay says it works with banks to allow payments via UPI, transactions fully protected

Google Pay on Wednesday said it works with banks to allow payments via UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI. 

The clarification came after a buzz on social media that issues arising while transferring money through Google Pay are not protected by law as the app is unauthorised. 

"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," a Google spokesperson said.

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Google Pay says it works with banks to allow payments via UPI, transactions fully protected

Google Pay on Wednesday said it works with banks to allow payments via UPI, and all transactions made through its platform are fully protected by redressal processes laid out by guidelines of RBI and NPCI. The clarification came after a buzz on social media that issues arising while transferring money through Google Pay are not protected by law as the app is unauthorised.

Startup Payment Technology: PayID - Open Source, Universal Payment Identifier

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In June, leading technology, finance and nonprofit companies announced the launch of PayID, a universal payment ID to simplify the process of sending and receiving money globally – across any payment network and any currency. GoPay, Ripple, Blockchain.com, BitPay, Brave, Flutterwave, Mercy Corps and others have collaborated on the development of PayID.

PayID allows individuals to send and receive money across any payment network using an easy-to-read address versus one that’s awkward and unintuitive - such as a bank account, routing or credit card number. With PayID, sending money is as simple as sending an email directly to friends and family, no matter which provider is used, at a lower cost.

Whether a bank, payment provider or processor, digital wallet, or remittance provider, PayID is designed for any business that sends or receives money. Implementing PayID is simple.

For money transfer across currencies, Indian companies need to take Full Fledged Money Transfer (FFMC) license from RBI. More details about FFMC license at: https://lnkd.in/gBgzr2K

Read more about PayID at

Open Source, Universal Payment Identifier

PayID provides a single ID for anyone needing to send or receive money. Learn about PayID's open-source protocol & how to connect users on any payment network.