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FIG Paper (No. 25 – Series 2): Shedding Light on Dark Patterns in FinTech: Impact of DPDP Act

Introduction:

The new draft guidelines titled ‘Guidelines for Prevention and Regulation of Dark Patterns, 2023’[1] (“Draft Dark Pattern Guidelines”), released by the Department of Consumer Affairs in September 2023, define dark patterns as “any practices or deceptive design patterns using UI/UX (user interface/user experience) interactions on any platform; designed to mislead or trick users to do something they originally did not intend or want to do; by subverting or impairing the consumer autonomy, decision making or choice; amounting to misleading advertisement or unfair trade practice or violation of consumer rights”.Continue Reading FIG Paper (No. 25 – Series 2): Shedding Light on Dark Patterns in FinTech: Impact of DPDP Act

Fintech

The end of 2021 and the beginning of 2022 has come bearing gifts for the financial technology (“Fintech”) sector particularly for the lending space. The Reserve Bank of India (“RBI”) had amended the Credit Information Companies Regulations, 2006 (“Regulations”) on November 10, 2021 vide the Credit Information Companies (Amendment) Regulations, 2021  (“Amendment”)[1] – the first amendment since 2017 – expanding the scope of entities falling within the definition of ‘specified users’ under Regulation 3 to include “an entity engaged in the processing of information, for the support or benefit of credit institutions, and satisfying the criteria laid down by the Reserve Bank from time to time.”Continue Reading FIG Paper (No. 9) – RBI Press Release on ‘Specified Users’ – New Year Relief for Fintech Companies