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Google Pay sharing payments data with group firms, third parties: Paytm

 Google Pay sharing payments data with group firms, third parties: Paytm on Business Standard. This is not the first time Paytm has called out an international firm over data and payments issues <br>

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Google Pay sharing payments data with group firms, third parties: Paytm

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  1. Google Pay sharing payments data with group firms, third parties: Paytm This is not the first time Paytm has called out an international firm over data and payments issues.

  2. Vijay Shekhar Sharma-owned fintech major Paytm has alleged that payments platform Google Pay is violating guidelines by sharing data with its group companies and third parties, and also using it for advertising purposes. Google Pay’s privacy policy states it collects, stores, uses, and discloses users’ personal data for advertising and promotional purposes, Paytm claims in its letter to National Payments Corporation of India (NPCI). “We would like to highlight a very important fact that Google Pay, which is an un- regulated payments platform, has the scope of using their customers’ data for their monetary gains with complete disregard of the user’s need for privacy. The critical payments data collected by them is being processed and stored outside of India, which can have severe security implications in case of a data breach as their policy states that this data is also being disclosed with advertisers and third-parties,” reads the company’s letter. ALSO READ: Onboarding Paytm Money app for MFs is simple, but there is a queue One97 Communications, the company that owns Paytm, said on several occasions it stored as well as processes user data onshore. “India is in the process of drafting its personal data protection bill. Against this backdrop, it is of utmost concern that global companies are sharing Indian users’ personal data among group companies,” the company wrote in the email. In a statement, Google refuted the charges, saying its payments users have a direct relationship with the firm. According to Google Pay terms of service, a Google account is opened with Google LLC. “A common Google Account allows for checks and controls required for managing risk, fraud, spam, and for enhancing security measures that are applied across Google products... Google does not use any individual UPI transactions data for any monetisation purpose,” its spokesperson said. It added that Google Pay shares user data as may be required for the purpose of processing transactions or providing Google Pay Services with our authorised partners. Article Source Business Standard

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