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- MP’s Petition In Supreme Court UPI Users’ Data Is Unsafe, Foreign Companies Are Using Wrong; Hearing Will Be Held Today
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Digital payments platform ‘Unified Payments Interface’ i.e. the question arising on the security of data of UPI users will be heard in the Supreme Court today. Rajya Sabha MP Binoy Vishwam has filed a PIL regarding this. The MP’s petition described the UPI data as unsafe.
The MP alleged that foreign companies are using data of UPI users in wrongdoings. The MP has demanded from the court that he directs the government and RBI to make regulations regarding protection of data related to UPI payments. The case will be heard by a bench of Chief Justice SA Bobde, Justice AS Bopanna and Justice V Rama Subramaniam.
- The RBI and the National Payments Corporation of India (NPCI) approved four large companies Amazon, Google and Facebook and WhatsApp (beta phase) to run payment services in the UPI system without investigation. This is in violation of the guidelines of the UPI and the rules of the Reserve Bank.
- These corporate companies are misusing the data of Indian citizens from UPI platforms. Are selling to other companies.
- Fraud in online transactions has increased due to lack of data security.
- Due to no regulation, the risk of data theft of users has increased.
What is the demand of MP?
- RBI and central government should prepare a regulation according to which data of UPI users cannot be shared with their parent company or any third company.
- Companies should be monitored to secure the data.
- No company should be allowed to start UPI platform services without investigation.
Supreme Court issued notice
Hearing the petition, in October, the Supreme Court issued notices to Google, Amazon, Facebook and WhatsApp and sought answers. Notices were also issued to the Central Government, RBI and NPCI. Considering the seriousness of the case, the Chief Justice decided to conduct the hearing himself.
What is UPI?
- Unified payment interface or UPI is used to transfer money from your account to another bank account through mobile.
- It has the facility to transfer funds from multiple accounts through a mobile application. With this, you can transfer money directly to anyone’s account.
- Funds can be transferred to an account with the help of IMPS (Instant Fund Transfer). This makes the fund transfer less than NEFT.
- Due to being a digital platform, transactions can be done from a bank account at any time, even on holidays.
- It has been developed by the National Payment Corporation of India (NPCI). It is monitored by RBI and Indian Bank Association.
- There are currently 143 platforms allowed to UPI Payments. It has more than 100 million users.
- So far, more than 200 crore transactions have been done through it.
- UPI and Digital Transactions were given a big boost after the Modi government came to the center.