Paytm users can now tap phones on PoS devices to make offline payments – World Affairs SRS

Paytm users can now tap phones on PoS devices to make offline payments

– World Affairs SRS

Fintech company Paytm on Tuesday said it has launched a ‘tap to pay’ feature that enables users to make instant payments through their Paytm registered card by simply tapping their phone at a PoS machine. This will be possible even when 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 to make payments through POS devices.

With the latest Tap to Pay service, Paytm uses its technology to convert the selected card’s 16-digit Primary Account Number (PAN) into a secure transaction code or ‘digital identifier’. This digital identifier ensures that the user’s card details remain with the user only and are not shared with any third party payment processors. When a user visits a retail outlet, they can simply tap and pay on the POS device, without having to share their card details through transactions.

With the latest feature, payments can be made at all retail outlets, which have card machines that support NFC (Near Field Communication). The card can be managed through a dedicated dashboard on the Paytm app which provides a section on the transaction history of the card and can change the primary tokenized card at any time in a few simple steps. The dashboard also allows the user to replace or de-tokenize the card as and when required.

A Paytm spokesperson said, “True digitization of financial services can happen only if it is not constrained by the limitations of data. With the introduction of Tap to Pay, we are now enabling our users to do all digital transactions with or without mobile data. The service is supported by Paytm All-in-One POS, along with most of the major banks and card networks to offer our users a wide array of options.

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