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Google Pay is not a payment system operator, not in contravention of the Payments & Settlements Act of 2007: RBI to Delhi High Court

Team SoOLEGAL 25 Jun 2020 3:11pm

Google Pay is not a payment system operator, not in contravention of the Payments & Settlements Act of 2007: RBI to Delhi High Court

The Reserve Bank of India (RBI) told the High Court of Delhi that Google Pay is a third party app provider (TPAP) and does not run any payment systems, which is why its operations are not in contravention of the Payment and Settlement System Act of 2007, RBI told the bench of Chief Justice D N Patel and Justice Prateek Jalan.

“Google Pay’s operations do not violate the Payments & Settlements Act, 2007”, RBI submitted in response to the PIL by financial economist Abhijit Mishra, who claimed that Google's mobile payment app facilitated money transfers without all the requisite approval from RBI.

Mr. Mishra claimed that Google's mobile payment app has been functioning as a payment system provider in contravention of the Payments and Settlements Act, 2007 as it had no valid permission from the country's central bank to perform such functions.

The bench, consisting of Chief Justice D.N. Patel and Prateek Jalan, called for a detailed hearing on the matter, as it concerns other third-party applications. The case was heard on 22 July, 2020.



Tagged: Google Pay   Settlements Act   RBI   Delhi High Court   payment systems   Chief Justice D N Patel   Justice Prateek Jalan   financial economist   Abhijit Mishra  
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