Google Pay has a limited customer base and only domestic transactions take place on the corresponding platform. Photo: Bloomberg
New Delhi: Technology giant Google has agreed to meet the data localization standards set by the Reserve Bank of India (RBI), but has sought an extension of the deadline to implement a good mechanism.
At a recent meeting of Google's CEO, Sundar Pichai and IT Minister Ravi Shankar Prasad at Google's headquarters in Mountain View, the company agreed to meet all standards and looked for it until the end of December, a senior government official said , ask for anonymity.
The RBI had set October 15 as the deadline for paying system administrators to store data in India. In addition to Visa, American Express, Facebook, PayPal and Mastercard, Google is also obliged to store the date in the country.
Currently, the companies have limited data storage in India.
Google Pay, the digital wallet developed by Google, has access to financial data from Indians.
"We maintain that cross-border data flows are ubiquitous today and are an essential phenomenon for global economic activity and universal access to information.Rising data streams generate more economic value and therefore the socio-economic impact of data stream reduction should be thoroughly considered when Determine all policies There is a need for practical and up-to-date solutions to policy issues in line with global best practices and we do not have anything to add at this point, "said a spokesperson for Google as he responded to questions from Mint.
"There is no comparison between the financial data stored by Google and other payment providers such as Visa and Mastercard Google Pay is a payment app that works on a payment platform built by the National Payments Corp. of India (NPCI), while Visa and Mastercard have their own payment networks, "said a payment expert who did not want to give a name.
In addition, Google Pay has a limited customer base and only domestic transactions take place on its platform, while Visa and MasterCard have to process much more data, usually cross-border transactions, the person who has been added.
"All system providers must ensure that all data relating to payment systems managed by them are stored in a system only in India, and that the full end-to-end transaction data / information collected / processed / processed as part of the message / payment instruction, "according to the Circular of the Reserve Bank of India of April 6, which adds that for the foreign transaction, the data can be stored abroad.
In an interview with Mint, Hany Fam, president, partnerships with companies, Mastercard, while they agree that the rules will have financial consequences for companies, proposed a clear distinction between storage standards of personally identifiable information (PII) and non-PII data.
PII are all data that could identify a specific individual, such as name, social security number, date of birth and place of birth, and biometric data, etc.
"Storing algorithms and storing non-identifiable data, who cares where it is stored, it does not matter, it is not susceptible to theft and is not useful in the hands of malicious actors," said Fam. Your personally identifiable information and identity data are a concern, he added.
According to a report by ReutersAmerican trade groups, representing companies such as Amazon, American Express and Microsoft, have resisted India's push to store data locally and the issue could further undermine the already strained economic relationship between India and the US.
Last week, the central bank instructed the payment companies to submit bi-weekly updates on the progress in storing data in India.