Most fintech, banking apps tap into users’ location, other information

More than 70 per cent of the financial technology (fintech) and banking applications (apps) analysed in a Reserve Bank of India report have access to crucial user information such as media and storage on communication devices and can track their location.

Calling them “most sensitive permissions”, the Report on Currency and Finance highlighted that fintech apps often collect personal data, potentially invading users’ privacy.

The recent report for 2023-24, released on Monday, analysed 339 fintech and banking apps listed on the Google Play Store.