India halts PayU's LazyPay and Kissht apps in new crackdown

Tuesday 7 February 2023 10:35 CET | News

India’s IT Ministry has blocked the apps of fintech Kissht and PayU’s LazyPay in a crackdown aimed to curb the misuse of consumer data.


The LazyPay website has been blocked by several internet service providers in the country. A message on the Prosus-owned website says the action was taken in compliance with the IT Ministry’s order. The app of Kissht, another fintech startup, has also been blocked. Faircent and Indiabulls Home Loans are also among the blocked apps.

India’s IT Ministry blocks the Kissht and PayU’s LazyPay apps to protect consumer data

It’s unclear what all rules LazyPay and Kissht had violated. The LazyPay app, which gives short-term, small-ticket size loans to consumers, has disbursed more than USD 260 million to customers in India.In a statement cited bu TechCrunch, a Kissht spokesperson said the company had no Chinese stakeholders and that it was aware that ‘Google has been asked to take down a list of companies from the Play Store that also includes them.’

India’s efforts to ensure their consumer’s safety and integrity

New Delhi is in the process of blocking 232 apps, some with links to China, that offer betting and loan services in the South Asian market to prevent misuse of the citizens’ data. Nearly 140 of these apps are in the betting and gambling category, whereas over 90 provide unauthorised loan services.

The ministry’s move was prompted at the direction of the Ministry of Home Affairs, state-owned broadcaster Prasar Bharati said. The apps sought to mislead customers into taking big debts without realizing the terms and there were concerns that they could be used as tools for espionage and propaganda. The ministry has not identified all apps it’s blocking.

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Keywords: BNPL, lending, regulation, compliance, fintech
Categories: Payments & Commerce
Companies: Kissht, LazyPay, PayU
Countries: India
This article is part of category

Payments & Commerce






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