Paytm to enable passwords to increase security1 min read . Updated: 08 Dec 2016, 09:36 PM IST
Password for the app will help secure a Paytm account if users lose their phones
Bengaluru: Digital payments platform Paytm on Thursday said users can now enable passwords to access the app, in a step to increase its security.
This comes days after it has had to roll back an app-based point of sale feature it announced for merchants, amid criticism about the lack of security. It has since renamed the feature a merchant peer-to-peer payment system, and re-introduced it with a one-time-password, and taking away the need for customers to enter their card details on a merchant’s phone.
The password for the app (which is the same as a user’s device) will help secure a Paytm account when users lose their phones and even secure the data log of transactions performed on Paytm, chief executive officer Vijay Shekhar Sharma said at a press conference. Users can choose to disable this feature.
He also said the firm, when it launches its payments bank, would fully use India Stack – which include Aadhaar, e-KYC (know your customer), e-Sign (a mechanism for digitally signing documents that is legally accepted), and the Unified Payments Interface or UPI, an initiative of the National Payments Corporation of India which will allow fund transfer between banks with the help of a single identifier.
“While UPI is one of the critical components in money transfer, eSign is even more critical. If we want to sell a person an online micro loan, the only way the person can do it by themselves is eSign. Paytm payment bank will become an eSign issuing authority," Sharma said, adding that Paytm was in the process of applying to become an Aadhaar registration agency to register those who do not have it.