Digital payment in India has progressed the fastest in the world, and today it is being used by almost every commoner.
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 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 at the same time, people are made to shop fiercely on e-commerce with this help.
This is mobile payment; by typing with many different merchants, they talk about EMI, which fulfills their dreams by providing small loans to people.
Once the loan is taken, then the game starts
It looks straightforward to take such mobile app-based small loans. Still, after taking it, processing charges without rules,
financial frustration, fines for not depositing the loan on time, and mental harassment are given separately to the people.
RBI has imposed a new rule
RBI has neither allowed the customers’ data to be used without their consent nor will they be able to harass the customers under the guise of schemes like BY NOW PAY LATER.
RBI has said that with the ban on processing fees, all other heads will be removed once they become transparent.
