After the demonetization of Rs. 500 and Rs. 1000 notes, wallet companies have been seeing a vast course in signups, and a number of people have started to worry about the safety of these apps.
Paytm announced on Thursday that it has launched new security procedures that allow you to add a lock on all transactions from your wallet.
This security feature is only for Android users at present through fingerprints security is coming soon for iOS, the company confirmed.
Earlier, anyone who had access to your phone could use the Paytm app to make payments this new measure make sure that you need to be access not just the phone but also gives a secondary layer of security for the app.
Although the security element is optional, the way Paytm has implemented it, the default option is to add the extra security, which is a welcome move.
This security feature use Android’s authorization mechanism, and so it will only work on a phone that has a screen lock-It can be a PIN, password, pattern, or fingerprints which is something we’d strongly urge all readers to enable anyway.
When you start the paytm Android app tap on the pay, or passbook, buttons, an suggested pops up informing you of the new security feature, Tap Add Security Feature to get started, and confirm your PIN or pattern or password.
Once you do that, a pop up will tell you that you’ve enabled additional security, which can be disabled from the setting in the profile menu.
After enabling additional security, you can try and make a payment, or read the Passbook, at which time you’ll have to enter your PIN or Pattern or Password.
Setting it up took less than a few seconds, and it worked seamlessly and since you’re inputting the password on your own device.
With the Deposit limit in wallets being extended to RS. 20,000 even without KYC and the sudden uptake in the number of people who are using these wallets for the first time, it’s a welcome move to add a security measure such as this, and one we hope that all wallets will adopt as an possible feature.