Paytm introduces App Password feature as a protection for Paytm Wallet
Paytm is one of the most popular digital wallets out there. After the demonetization of old Rs 500 and Rs 1000 notes, the Paytm app has seen a phenomenal growth, and a surge in daily transactions as well. A lot of people are preloading their Paytm wallets with money since getting money from the bank involves long waiting times for most. Paytm has added an additional security feature to its app
‘App Password’ is the new feature on the latest update of the Paytm app on the Android platform. This basically enables you to set a password, secure PIN, pattern or even fingerprint as a means to secure the money stored in the Paytm wallet. So that even if your phone is misplaced, no one can access your Paytm wallet without the necessary password.
you first need to secure your handset by setting a password or PIN or fingerprint lock on the device through the Settings menu. After clicking on ‘Pay’ or ‘Passbook’ icons on updated Paytm app, you will be prompted to enable the optional feature of adding a password. The ‘Add Security’ option will ask you to reconfirm your phone’s password and a new app password will be set.
You can also choose to disable this security mechanism by switching off the ‘Android Security’ feature in the ‘Security & Settings’ menu in your Android app.
Speaking on the launch, Deepak Abbot, SVP of Paytm said, “The launch of the new App Password feature is yet another step in that direction as your Paytm Wallet is protected even if you lose or misplace your phone. This will not only offer greater peace of mind to our 164 million strong user-base but also serve as a showcase of our unmatched commitment to our customers.”
According to Paytm, over a million offline merchants across India accept Paytm. It is used in taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, and so on.