In the latest app update for iOS, Paytm has finally added the much-anticipated Touch-ID authentication to its e-wallet ecosystem. The new Touch-ID implementation should help increase the amount of security for the e-wallet service. Interestingly, Paytm released the same update for Android last month in December 2016 and it took almost a month for the company to forward the update to iOS platform. The company had ended up with a bit of a fracas with its iOS update earlier, after taking the app down from the app store due to issues. Remember, all this was during the frenzy of demonetisation, when PayTM, besides the RBI and many banks, seemed to be making new announcements every second day.
The new update brings in the app version 5.8.3 and also comes with certain bug fixes. After installing the update, the app will automatically take you through all the steps necessary to set up the Fingerprint for the e-wallet security. If somehow you missed the initial set up, you can dive into Profile > Security and Settings and choose fingerprint. Once done, the app will ask you to provide your fingerprints every time you hit ‘Pay’ or ‘Passbook’ while making the payment. However, once entered, it won’t ask for your fingerprint credentials again until you close the app and re-open it again.
Apart from this, Paytm has recently added a bunch of new features such as Self-Declared Merchants, Ability to scan the OR code from phone’s gallery, Community forums etc. Further, it has also increased the limit of the amount a merchant can accept directly to their bank accounts in one go. The limit is now Rs 50,000, a much needed enhancement, but hardly likely to help medium to larger merchants.
Ever since demonetisation took charge back in November 2016, e-wallets usage has been on the rise and Paytm has been one of the few companies which was touted to have benefited the most. With the amount of cash flow dipping down every day in the market, people soon started to adopt digital payment options. Paytm’s position as one of the biggest e-wallets in the country saw a huge hike in the number of downloads, payments and wallet deposit figures. Not only this, the firm went on an overdrive to make it easier for fresh merchants to sign up.