Google Pay data vow
The RBI has asked payment companies to ensure that transaction data are stored only on local servers
- Published 27.11.19, 2:59 AM
- Updated 27.11.19, 2:59 AM
- a min read
Digital payments service provider Google Pay is in the process of complying with the regulations of data localisation in the country.
The payments arm of the internet services multinational has seen a major growth in its customer base driven by rising UPI (Unified Payments Interface) transactions. Amid rising digital payments transactions, the RBI has asked payment companies to ensure that transaction data are stored only on local servers.
“We operate in a number of markets and everywhere our absolute commitment is that we will respect all the laws of the land. Every single place our commitment is always to be compliant,” said Google Pay director (product management) Sharath Bulusu.
“We are working with our banking partners and NPCI to make sure that everything is safe. We are absolutely committed to make sure that all laws are met,” he added. The payment services had started operations before the regulations came out.
As on September 2019, total transaction for the last 12 months was at $110 billion and the number of active users rose three times to 67 million, he said, adding that ”almost two-third of the payments happened outside top seven cities” in the country.
However, Bulusu said the company has to make sure that the large user base does not experience service disruption in the process.
“Any change we make, we have to make them very carefully so that the services of 67 million users are not affected and that the security of data is maintained,” he said.
Asked whether the company will charge users for payments to generate revenue, Bulusu said, there are multiple options that would be evaluated at an appropriate time in the future.
He was in the city to launch Google Pay services for small and medium businesses.