“The reason loan apps took so long to process is because they didn’t put malware on people’s phones and the apps didn’t contain any harmful content. business practices were occurring,” explains Saikat Mitra, vice president and head of trust and safety for Asia Pacific at Google. He said the most difficult part for companies when approving apps is identifying “bad business practices.”
Mitra said it’s a long process for developers to submit their apps and get them listed on the Google Play Store. The company rejects apps at the code level if it finds anything suspicious about them, but it also looks at other aspects such as content safety. “There are probably several different views. Does this app contain malware? Will my data be stolen? Will my keystrokes be blocked? We are actually very happy and it is something we have invested heavily in over the years,” Mitra explained in an interview with indianexpress.com.
Mitra said they have a system in place where all apps have to go through this system and comply with Play Store rules, but when it comes to approving loan apps, they do everything possible to protect users from fraud and malware. states that he has made the effort.
“Before, you needed an internet connection, a laptop or device, and $25. In this country, there wasn’t really a policy about who could and couldn’t do it, so that’s all you needed. But There are big changes happening now. We have been working with the RBI and the regulators for the last two years and we are really happy with where we are now,” he says.
According to new government rules, lending apps must present a lending license to be approved on the Google Play Store. This means that it must be affiliated with a bank or his NBFC licensed by the RBI. Loan apps are not yet approved in India.
“If you want to launch a loan app, you first need to partner with someone who is approved by the RBI. You need to convince them to update their website to include the app. We are actually getting requests. Next The step is to submit your app. There are a number of practical requirements, such as loan policies and minimum repayment periods, along with other technical considerations such as whether you have persistent disclosures regarding access to data. hand.”
“One of the biggest changes that Google has made is basically saying that if it’s a loan app, you can’t access your contacts, you can’t access images or data on your device,” Mitra revealed. As of now, Google Play Store has “200 vetted, verified, NBFC-affiliated loan apps”. Previously, Google had listed his 4,000 loan apps on the Play Store.
Mitra recommends users to download apps only from the Play Store to be safe from poor user experience, scams, and malware.
“The ability to do anything with sideloaded apps is very limited. We do not encourage people to download sideloaded apps,” he added. Sideloading apps is a way to install and use applications that are not found in the Google Play Store. There’s always a chance that you might download an app from an unverified source, but there’s little Google can do about it.
“We are piloting with the Singapore government, and we hope to get to the point where the government actually requires us to block sideloading apps with broad permissions.Similarly, the Indonesian government also They’ve asked us to help. Sideloading apps is the problem. There’s no control. It’s the wild west.”
In recent years, as India has become more digital, the practice of digital lending has become more active and a digital lending infrastructure has been built. At that time, hundreds of loan apps (mostly illegal) started appearing on app stores, especially Google’s Play Store. These apps capitalize on the desperation of users, primarily students and small shopkeepers in India’s tier 2 and 3 cities, seeking short-term financial aid. However, the habit of taking loans from instant loan apps has led to abuse, financial fraud, harassment and, in some cases, suicide.
“You can always promote loan apps as long as you’re promoting legitimate apps from the Play Store. I don’t think there’s anything harmful or wrong with that,” he says. Asked if the app should be promoted, Mitra said, “There’s no law that says you can’t advertise loan apps.”
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Date first published: January 12, 2023 12:28 IST