Exploring money apps? Keep a careful watch on your data trail
NEWDELHI: With the increasing use of smartphones and other smart devices, our dependence on mobile applications increases. In most cases, these apps collect data from your usage patterns and analyse it for targeted marketing campaigns by the apps’ publishers, based on the user profile and habits. We take a look at the privacy policies and terms of use of the top 10 Android financial apps in India (as of June 1, according to App Annie, a mobile apps research firm).
COLLECTING INFO
The common theme across privacy policies of these apps is that the information is collected to enhance customer experience while using an app, respond to complaints and resolve disputes. Another theme is tracking consumer behaviour. For instance, PhonePe, in its privacy policy states, “We may automatically track certain information about you based upon your behaviour on our app. We use this information to do internal research on our users’ demographics, interests, and behaviour to better understand, protect and serve our users.”
The privacy policy of the Bharat Interface for Money (BHIM) app says, “…once you give us your personal information, you are not anonymous to us. We may automatically track certain information about you based upon your behaviour on our app to the extent we deem fit.”
SHARING INFO
The information gathered by the apps is not just used by these companies themselves, but also shared with third parties, subsidiaries, parent companies and agents of the companies. iMobile by ICICI Bank, for instance, in its privacy policy states, “ICICI Bank may use and share the information provided by the customers with its affiliates and third parties for providing services and any servicerelated activities such as collecting subscription fees for such services, and notifying or contacting the customers regarding any problem with, or the expiration of, such services. In this regard, it may be necessary to disclose the customer information to one or more agents and contractors of ICICI Bank and their subcontractors, but such agents, contractors, and sub-contractors will be required to agree to use the information obtained from ICICI Bank only for these purposes,” the policy reads.
JioMoney Wallet, while disclosing upfront that the publishing company and its affiliates do not sell or rent personal information to any third-party entities, also adds that the firm“engages a number of vendors, consultants, contractors and takes support of group companies. We may provide our partners access to or share your personal information to enable them to provide the services subscribed by you.”
It should be noted that most of these apps announce upfront that the privacy policy could change anytime without the prior information of the users. While most app publishers may not misuse the data being gathered, you should know exactly what data is being used.