Paytm enables users to make payments by tapping phone on a PoS machine – Mint

  • Paytm launches ‘Tap to Pay’, enables users to pay by tapping the phone on a PoS machine
  • With ‘Tap to Pay’, Paytm enables users to pay from their virtual cards at retail outlets even without mobile data

In an attempt to ease payment services further, Paytm today announced the launch of ‘Tap to Pay’ which enables users to make instant payments through their Paytm registered card by just tapping their phone on a PoS machine. 
The service will be possible for use even if the phone is locked or there is no mobile data or internet connection. Paytm’s Tap to Pay service is available for both Android and iOS users paying through Paytm All-in-One PoS devices and also PoS machines of other banks.
To use the Tap to Pay option on the Paytm app, follow the quick steps :
1. Choose an eligible saved card from the card list or click on “Add New Card” on Tap to Pay home screen
2. Provide the required card details on the next screen.
3. Accept the Issuers’ Terms of Service for Tap to Pay
4. Provide the OTP received on your mobile number (or mail id) registered with the card.
5. You will now be able to see the activated card at the top of the Tap to Pay home screen.
Additionally, Paytm uses its robust technology to convert the 16-digit primary account number (PAN) of the selected card into a secured transaction code or a “digital identifier.” This digital identifier ensures that a user’s card details remain only with the user and is not shared with any third party payment processor. When a user visits a retail outlet, they can just tap and pay on the PoS device, without having to share their card details through the transaction.
It allows payments to be made at all retail outlets, which have card machines that support NFC (near field communication). The cards can be managed through a dedicated dashboard on the Paytm app that offers a section on the transaction history of the card and at any moment can also change the primary tokenized card in a few simple steps. The dashboard also allows the user to change or de-tokenize the card whenever required.
Paytm spokesperson said, “True digitisation of financial services can only happen when it is not hindered by the limitations of data. With the introduction of Tap to Pay, we are now enabling our users to carry out all digital transactions with or without mobile data. This service is supported by Paytm All-in-One PoS, and also by most major banks and card networks to give our users the widest range of choices.”
 
 
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