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Digital payment in India has grown the fastest in the whole world and it is being used today by almost every common man. Meanwhile, the Reserve Bank of India has issued a new regulation for such platforms, due to which there has been a stir in all these fintech companies.
Most of the mobile app payment companies do this work
Often you will see small loan offers in the mobile payment app. Many options like By Now Pay Later are often shown in such mobile apps and with the help of this, people are also bought fiercely on e-commerce. This is Mobile Payments, typing with many different merchants talk about EMIs that fulfill their dreams by providing small loans to people.
Once the loan is taken then the game starts
Such mobile app based small loans look very easy to take, but after taking it, without rules processing charges, financial frustration for not depositing the loan on time, fines and mental harassment to people separately.
RBI has imposed a new rule.
RBI has neither allowed the use of customers’ data without their consent nor will they be able to harass customers under the guise of schemes like BY NOW PAY LATER. RBI has said directly that the processing fee, all the further heads will not be transparent until all these restrictions will not be removed.