Given this interest, one would hope that the authorities would move quickly to stop Pakistanis from becoming victims of online loan sharks. Anyone who monitors the Play Store or even watches YouTube videos is aware of it. Numerous apps are already available, plainly using deceptive words, to lure common people with immediate credit.
As of June 28, 27 of the top 100 finance apps on Google Play Pakistan were instant credit apps, according to research by Data Darbar. 19 of them offered loans in local rupees, and the top eight alone had accumulated an estimated 15.4 million downloads since their debut. Although that may not seem like much, based on past trends, For reference, Appfigures estimates that the top eight banks by total assets had downloads of around 4.4 million during a similar time. Yes, there is a wealthy, but also fairly lax, industry to contrast with. However, instant credit systems still prevail even when contrasted to the main four digital ledger apps, which have a very outstanding adoption trajectory. Only wallets supported by telcos are able to outperform them