Google Play’s Loan App Purge: From 4000 to 200 in a Flash!
During a recent interview, Saikat Mitra, Google’s Vice President and Head of Trust and Safety for Asia-Pacific, discussed the difficulties encountered in tackling the problem of fraudulent loan applications on the Google Play Store. Mitra clarified that the delay in addressing these concerns was due to the fact that although the apps did not contain malware or harmful material, they engaged in questionable business practices in reality. When developers submit their apps for inclusion on the Play Store, Google thoroughly examines them, taking into account factors such as code integrity and content safety.
In an interview with Indianexpress.com, Mitra emphasized that the company’s commitment to invest significantly in ensuring application protection against malware and data theft.
Google’s cooperation with regulatory authorities
Google has taken extra precautions when it comes to loan apps, working with regulators over the past two years to develop stricter guidelines. According to the new regulations of the authorities, loan applications must display their loan license in the Play Store in order to be approved. This requires joining an RBI-approved bank or NBFC.
Mitra highlighted significant changes to Google’s approach, noting that Play Store loan apps now have limited access to user data, contacts and photos. Currently, there are 200 verified and verified loan applications in collaboration with NBFCs, which is a significant reduction from the previous 4,000 listings.
Regarding user security concerns, Mitra urged users to download apps exclusively from the Play Store to avoid substandard experiences, scams and malware. He warned against sideloading apps, highlighting its limited control and potential risks.
Google actively cooperates with governments, such as in a pilot project with the government of Singapore, which prevents sideloading of applications with general permissions. The Indonesian government has also sought a partnership to address the challenges posed by sideloading apps.
With digital lending practices on the rise in India, hundreds of fake loan apps infiltrated app stores and preyed on vulnerable users looking for short-term financial help. Targeted primarily at students and small traders in tier 2 and 3 cities, these apps led to abuses, financial fraud, harassment and even suicides.
Mitra defended the promotion of loan apps on Google services such as Search, arguing that it is allowed as long as the apps follow Play Store guidelines. Despite the challenges, Google remains committed to improving user security and promoting the creation of a safe digital environment, he added.
