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.
Paytm has announced the debut of ‘Tap to Pay,’ which allows customers to make rapid payments using their Paytm registered card by just tapping their phone on a PoS machine. Even if the phone is locked or there is no mobile data or internet connection, the service will work. Paytm’s Tap to Pay service is available for Android and iOS users who pay with Paytm All-in-One PoS devices as well as other banks’ PoS machines.
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.”