Now you can password-protect your Paytm wallet
India’s Paytm is making its digital wallet more secure for users.
The company said Thursday it is introducing an app-level password feature for Paytm wallet. Once enabled, a user will be required to enter the passcode before they can access Paytm wallet and send money.
The feature, available exclusively on the Android app for now, requires a user to first turn on the bare minimum security on their phone, and then update the Paytm app. Once done, the app would prompt the user to add a password, or pin, or pattern or use fingerprint. It's an optional security feature.
Though the company is positioning the new feature as its continued focus to make Paytm services more secure, the rollout comes days after several users pointed out a potential vulnerability in Paytm.
Many had noted that some users don't hesitate in handing away their unlocked smartphones to their friends or even strangers in some cases. This potentially exposes their phones to someone who might misuse Paytm (that is if the app is installed).
Furthermore, there are many users who don't have any kind of passcode on their phone, making it possible for anyone to get hold of the device and use Paytm. The company says it will soon introduce a similar security option on Paytm's iOS app.
Digital wallet apps have been in the limelight in India lately amid the country's major demonetization move. With millions struggling to obtain paper bills, apps such as Paytm and MobiKwik have reported astronomical growth in transactions and new downloads. The companies are scrambling for new ideas to tap the country's large underserved market.
Topics Cybersecurity
