According to the new polices announced by google the instant loan apps in Pakistan will require to show theirs SECP (security and exchange commission of Pakistan) approval in order to make their loan app services available on play store.
According to google, DLAs(digital lending app) Targeted consumer will have to fill personal loan declaration form. along with lending service approval from SECP (security and exchange commission of Pakistan). Google may request additional documents from DLAs regarding loan app procedures in order to check instant loan apps compliance with relevant authorities
Google is committed to protect their consumers, they have made very clear for instant loan apps in Pakistan to have only one digital lending app otherwise their developer account will be terminated from play store will be terminated
Instant loan Apps in Pakistan which offers short term loan for 60 days or less will also be not allowed on play store. these new rules also stated that instant loan apps in Pakistan will not be allowed to access personal data of consumer i.e external storage, media images, contacts, and fine location; all of which was being used as a key blackmailing tool for extortion of loans.
“Google is taking preventative measures by setting stringent requirements for Digital Lending Apps in order to reduce financial risk and ensure data privacy. We strongly believe that the new requirements imposed on developers of personal loan apps will provide an extra layer of protection for the users,” said Google’s Director for Pakistan, Farhan S. Qureshi
These policy changes from google will make it impossible for instant Loan Apps in Pakistan to make their appearance on google play store platform.
In the wake of economic turmoil in the country citizens are looking for instant loans in Pakistan in order to make there while instant loan apps in Pakistan are taking advantage of that.
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