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Checklist to ensure your digital lending platform is safe to use

Digital lending and BNPL (Buy Now, Pay Later) apps have seen significant growth in India over the past 5 years with the market expected to reach $1 trillion worldwide by 2030

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Checklist to ensure your digital lending platform is safe to use

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  1. Checklist to ensure your digital lending platform is safe to use

  2. Digital lending and BNPL (Buy Now, Pay Later) apps have seen significant growth in India over the past 5 years with the market expected to reach $1 trillion worldwide by 2030 (Source). Digital lending apps, in particular, have seen a surge in popularity as they offer a flexible and convenient way for consumers to make purchases without having to pay the full amount upfront. This has made them particularly attractive to younger consumers and those with a limited credit history.

  3. However, the growth of these apps in India has also introduced concerns about the safety and security of users’ personal and financial information. The Union Minister of State for Home, Nityanand Rai, revealed recently that the equivalent of ~1,500 cybercrime complaints had been filed every day in India since Jan 1 st , 2020. This has led to the Reserve Bank of India (RBI) issuing guidelines for digital lending and BNPL apps to ensure the protection of users’ data and to prevent fraud.

  4. Updated App Infrastructure- As users, we always want our digital finance apps to be up to date on par with the best that the industry has to offer. One of the simplest ways to check if a company is committed to this is by looking at the app’s reviews. Not only does this show the complaints the platform once faced, but also highlights how they responded. Personalized responses that take constructive criticism and respond with an improvement to the app always indicate that the team is willing to hear their customers.

  5. Therefore, users looking to engage such services should check their website or the descriptions provided for their apps and see if they are officially recognized by the RBI. A red flag to look out for is how the service refers to itself. The term ‘NBFC’ must be clearly mentioned and it should have its own digital presence easily accessible on the net. In case of any doubts, you can always cross-check the RBI website to make sure the NBFC is registered there.

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