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Google Pay plans to hand users more control over financial data

Google Pay has upgraded its privacy policy and will soon give users the ability to exercise greater control over their financial data. The upgrade to Google Pay's mobile application will allow users to turn off data sharing with the company and also enable them to delete transactions from being analysed by the platform. Speaking to MediaNama, Ambarish Kenghe, Vice Present of Product, Google Pay said that by next week the company will upgraded its app which will educate all users on how Google Pay uses transaction data and given them the option to turn on or off sharing of their financial data. "Our approach has been that data is very important, especially with financial data which is more sensitive. We always err on the side of caution to ensure that there are adequate safeguards," he said. Google Pay is one of two dominant players in the Unified Payments Interface (UPI) space, processing over 853 million transactions worth over Rs 1.77 lakh crore in January this year. Its market share stood at 37%, whereas PhonePe which processed 968 million transactions had a 42% market share in UPI payments at the end of January 2021. According to Credit Suisse, Google Pay has 75 million individual users and 3 million merchants in India. Google Pay is currently facing a legal challenge in the Delhi High Court, wherein the petitioner has alleged that the company has violated the Reserve Bank of India's guidelines by storing 'sensitive' data of users, which only payment service provider…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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