Google
removes over 2000 Loan Apps in 2022
The preferred way to borrow money
digitally is through the APPS available on the Google Play Store.
Google Play Store or Google Play is Google’s
digital distribution service.
Google launched Play Store in 2008 and
over the years is the most preferred platform for a wide variety of Android
Apps
Google Play Store has three major
categories i.e Games, Apps and Books.
There are various sub-categories under
the main categories.
Few Examples are:
Games
--- Action / Adventure / Arcade and so on
Apps
--- Watch Apps / Beauty / Finance and so on
Books
--- Ebooks / Audio books / Comics and so on
Saikat Mitra, Senior Director and Head
of Trust and Safety, Google APAC (Asia Pacific region) said the company is committed
to complying with regulations in all jurisdictions it operates in, and termed
online harm as a "global phenomenon".
The nature of ‘loan app’, varies from
geography to geography.
The US market, for instance, has a
problem of predatory loans, while in India it is a combination of
misrepresentation, non-compliance with policies and regulations, and improper
offline or "real world" behaviour of such apps on recovery and other
actions.
Extract
from support.google.com page
Additional
requirements for personal loan apps in India, Indonesia, and the Philippines
Personal
loan apps in India, Indonesia, and the Philippines must complete the additional
proof of eligibility requirements below.
India
Complete
the Personal Loan App Declaration for India, and provide necessary documentation
to support your declaration.
For
example:
If
you are licensed by the Reserve Bank of India (RBI) to provide personal loans,
you must submit a copy of your license for our review.
If
you are not directly engaged in money lending activities and are only providing
a platform to facilitate money lending by registered Non-Banking Financial
Companies (NBFCs) or banks to users, you will need to accurately reflect this
in the declaration.
In
addition, the names of all registered NBFCs and banks must be prominently
disclosed in your app’s description.
Ensure
that the developer account name matches the name of the associated registered
business name provided through your declaration.
Personal
loans: -
We
define personal loans as lending money from one individual, organization, or
entity to an individual consumer on a nonrecurring basis, not for the purpose
of financing purchase of a fixed asset or education. Personal loan consumers
require information about the quality, features, fees, repayment schedule,
risks, and benefits of loan products in order to make informed decisions about
whether to undertake the loan.
**
In
May 2022, Google announced that it has updated its developer policy for Google
Play.
The
tech giant has announced that it now requires personal loan apps in India to
complete the additional proof of eligibility requirements. The updated policy
comes into effect from May 11.
According
to Google Play Store policies, a personal loan app is defined as one which
"lends money from one individual, organization, or entity to an individual
consumer on a nonrecurring basis, not for the purpose of financing the purchase
of a fixed asset or education."
These
additional proof requirements are applicable to India, Indonesia, and the
Philippines
Additional
Reading:
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Disclaimer:
These are my personal views only. The bottom line is Safe ePayments. Nothing
More - Nothing Less.
