Apple Purges Predatory Lending Apps in India

Apple removed several lending apps from the App Store in India this week.

Apple Purges Predatory Lending Apps in India

The technology giant has removed from the store of digital products those applications that are involved in the practice of fraud. The company made this decision a few days after some users and the media questioned whether some services comply with the framework of legality.

Pocket Kash, White Kash, Golden Kash, and OK Rupee are among the apps that were removed from the tech giant’s online store this week. These financial platforms offered Indian consumers the opportunity to obtain a loan under an accelerated procedure. In recent weeks, applications caught in fraud, have risen to the top 20 of the App Store financial list. But hundreds of user comments testified that these services charged unreasonably high fees.

Lenders also used the practice of influencing clients, which contradicts elementary moral and ethical standards. For example, one of the users told a story that he borrowed money, finding himself in a difficult life situation. The day before the repayment deadline, the lender sent him messages that contained his photo and contacts from his phone. The firm stated that it would call all the numbers listed in the contact list and inform them about the loan default if the client did not transfer funds within the prescribed time.

Other users have also reported similar methods of exposure. In some cases, creditors have used the practice of more severe threats that can be implemented in case of non-compliance with the payment transfer deadlines.

Apple, in response to a media request, confirmed the removal of the applications from its digital store. Representatives of the company said that these financial virtual platforms violated the Apple Developer Program license agreement and guidelines. Apple also reported that the applications falsely represented a connection with the bank. Probably, in this case, it was implied that the creditors were lying about cooperation with financial institutions.

Representatives of the company said that the App Store and recommendations for checking applications were created to provide users with the maximum level of security interface. Apple also announced its intention to stop the actions of applications and developers who are trying to violate the brand’s standards system.

Last year, fraudulent transactions totaling more than $2 billion were stopped in the App Store. Also, the digital platform rejected almost 1.7 million app submissions due to non-compliance with quality and safety standards. In 2022, 428 thousand developer accounts were closed in the App Store for potentially fraudulent activity.

As we have reported earlier, Apple Defies EU Over Antitrust Charges in Spotify Probe.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.