ClickCease

Prove’s Amit Goel on CNBC: “BNPL Players Need Better Checks and Balances”

Prove
October 7, 2021

Talking about regulatory concerns surrounding the rise of ‘Buy Now, Pay Later’ on CNBC-TV18 India, Amit Goel, Prove’s Country Head - India, says, “...we have seen that most FinTech sectors grow in the beginning because of some sort of regulatory arbitrage, and this is a classic example of that. The consumer debt trap might increase because a lot of BNPL players may not have the checks and balances to see which customers have other BNPL loans or are continuously overleveraging using loans from other FinTech companies and BNPL companies. (...) The consumer debt trap can build up, and this is not good overall.”




“I think there’s also a problem of synthetic identity we’ve seen in other countries where some companies are using PIL data and creating synthetic identities. Some hackers are also doing this to take BNPL loans. I have not seen it that much in India, but as the sector grows, there might be issues like that,” Amit adds.

Watch the full video here.

To learn more about how ‘Buy Now, Pay Later’ services can harness Phone-Centric Identity, click here for our primer.

To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.

Keep reading

See all blogs
Approaches to the Complex Issue of Age Verification

Ascertaining a user’s age used to involve simple self-declaration or rudimentary checks, but technologies like facial recognition and rigorous identity verification offer a more accurate form of determination.

Mary Ann Miller
October 25, 2024
Beyond Passkeys: Why We Need More Than Just a Password Replacement

Even though we’re all acclimated to using them, passwords simply do not provide an adequate level of security.

Bill Fish
October 23, 2024
AI, Fraud, and the Fight for Trust: Highlights from improve Connect

Industry leaders gathered at Prove's Improve Connect summit to discuss balancing frictionless digital experiences with the threat of AI-powered fraud. Experts from companies like Coinbase, Bluevine, and Google shared insights on navigating the challenges and opportunities of emerging technologies.

Kelley Vallone
October 16, 2024