Fintech company Paytm announced Tuesday that it had launched a “Tap to Pay” feature that allows users to make instant payments using their Paytm registered card by simply tapping their phone on a PoS machine . You can do this even if the phone is locked or if there is no mobile data or internet connection. Paytm’s tap-to-pay service is available to both Android and iOS users who pay via PoS devices.
With the latest Tap to Pay service, Paytm uses its technology to convert the 16-digit primary account number (PAN) of the selected card into a secure transaction code or “digital identifier”. This digital identifier ensures that a user’s card data only remain with the user and are not passed on to a third party payment processor. When a user visits a retail store, they can simply tap the PoS device and pay without having to give their card details during the transaction.
With the latest feature, payments can be made at all points of sale that have card machines that support NFC (Near Field Communication). The cards can be managed via a special dashboard in the Paytm app, which offers a section on the card’s transaction history and can also change the primary tokenized card at any time with just a few simple steps. The dashboard also allows the user to change or de-tokenize the card if necessary.
A Paytm spokesman said: “A real digitization of financial services can only take place if it is not hindered by the limitations of the data. With the introduction of Tap to Pay, we now enable our users to carry out all digital transactions with or without mobile data. This service is supported by Paytm All-in-One PoS as well as by most of the major banks and card networks in order to offer our users the greatest possible choice. “
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