Google has released its new financial service policy, according to which they will ban online lending apps available on the Play Store before May 31, 2023.
Google has announced while releasing its new financial service policy, according to which they will ban online lending apps available on Play Store before May 31, 2023. In such a situation, those people who use these apps and whose phone has personal data related to it, it would be better to keep in mind that they should secure their data or delete the data, otherwise before May 31, After that their data will be automatically deleted.
Why this decision was taken
There have been allegations of fraud on online loan giving apps for a long time. In view of this problem, the central government has increased the strictness on these apps. These apps have been limited which are loan givers. They should also be harassed for doing their job well. Apart from this, these apps are also prone to allegations of stealing sensitive data of users like contacts, photos etc.
Google updated the policy
Therefore, Google has updated its personal loan policy to discontinue lending apps available on the Play Store. According to this new policy, apps will no longer be able to access photos, videos, contacts, location and call logs from users’ external storage. This is an effort so that the apps can protect users’ privacy.
In such a situation, the complaint of people taking loans through mobile apps is actually that they are often unnecessarily harassed in the name of loans. Debt collection agents often use such unfair practices like using their photos or contacts etc.
