Paytm Launches Two-Factor Authentication for Secure Digital Transactions
Paytm has introduced biometric and UPI PIN methods for secure transactions, including cash withdrawals from ATMs. This moves in line with RBI's mandate on enhanced digital transaction security.
Highlights
- •Paytm launches biometric authentication (Face ID/fingerprint) for digital payments
- •UPI payment limit capped at Rs 5,000 per transaction using biometrics
- •Cardless ATM withdrawals now possible through Paytm app and QR code scanning
- •Transaction limits vary by bank; maximum cash withdrawal is Rs 10,000
Paytm, the popular digital payment platform, has rolled out two innovative features to enhance security and convenience. Now, users can make UPI payments and withdraw cash from ATMs using biometric authentication such as Face ID or fingerprints, aligning with Reserve Bank of India's (RBI) new rules effective April 1st.
Enhanced Security via Biometric Authentication
The new feature allows users to confirm transactions by tapping on their phone's Face ID or fingerprint instead of typing in the UPI PIN. This method works seamlessly on both Android and iPhone devices, ensuring a smoother and safer transaction process. Paytm has assured its users that their biometric data is entirely secure; it never leaves your device.
However, keep in mind that payment limits are capped at Rs 5,000 per transaction using this method. If preferred or needed, users can still use the UPI PIN as before for transactions up to Rs 10,000 with biometric verification.
To activate the biometric feature on your phone, follow these simple steps: open the Paytm app, go to the Profile icon, tap into Settings, and choose either 'Pay with Fingerprint' or 'Pay with Face ID'. Select your bank account and follow the instructions on-screen. Once done, you will be able to make payments swiftly using biometrics.
At the same time, Paytm has launched cardless ATM withdrawals. Users can now withdraw cash from an ATM by scanning a QR code displayed on the screen with their mobile phone's Paytm app. After confirming through Face ID, fingerprint, or UPI PIN, users can retrieve up to Rs 10,000 in cash per withdrawal.
Note that this limit may vary depending on your bank and specific local regulations.
Paytm's new features significantly streamline the payment process while enhancing security through two-factor authentication.
