Google Pay to Abide by India's Data Storage Terms, But Seeks More Time

Google has agreed to abide past the RBI'southward contempo mandate on storing payments-related fiscal data of Indian users within the territorial boundaries of India, merely has reportedly asked the government for additional fourth dimension to comply with the regulation. According to an unidentified senior government official quoted by Mint, the agreement was reached recently after Information technology government minister Ravi Shankar Prasad met Google CEO Sundar Pichai at the Mountain View headquarters of Alphabet Inc.

When contacted by Mint, a Google spokesperson refused to ostend the developments, simply emphasized the demand for free flow of data across international borders. In a statement, the company described cross-border information flows equally an essential requirement for the well-being of the global economy, and said that regulators and lawmakers to should recollect twice before implementing any restrictive policies.

"We maintain that cross-border data flows today are ubiquitous and an essential phenomenon for global economic activity and universal access to information. Soaring data flows generate more than economic value and hence the socio-economic impact of restricting data flows must exist thoroughly considered while framing any policy. In that location is a need to detect applied and contemporary solutions to policy issues in line with global best practices. Nosotros have nothing to add together at this signal of time," the Google response said.

Google is but one of the many companies that are affected by a contempo RBI directive that gave all payments gateways merely around six months to brand certain all information from Indian users is transferred to servers located in India. The gild was issued last April, and companies were given until Oct 15 to comply. It volition now be interesting to see if the RBI does grant some boosted time to these companies to comply with the regulations.

Google Pay (formerly, Tez), in case you didn't know it already, is the visitor'southward UPI-based payments app that was launched last September, and is believed to be a runaway success with over l million users and more than than 750 million transactions in under a year. The app was recently absorbed inside the Google Pay platform, although, information technology retains only about all of its India-specific features.

Additionally, the company also aims to bring much of Google Pay's core functionality to the app, including wider support beyond web, apps and retail outlets for a more seamless payments experience.

Source: https://beebom.com/google-to-abide-by-rbis-data-localization-mandate-but-seeks-more-time/

Posted by: gallegossuffected.blogspot.com

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