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Is Paytm safe? Will it expose my bank details or my phone number to any potential stalker? These and similar more questions cross through our mind while using. 4 Advanced Paytm Safety tips you must read.
The company recently identified nearly “48 fraudulent users in the physical goods marketplace business, who were trying to game the company’s consumer-friendly practices.” Though Paytm has taken to a blog to explain its safety features, there are few things which we ourselves can do to stay safe when using Paytm. Also, read mobile wallet services India.
Is Paytm safe to transfer money?
Yes, Paytm is completely safe to transfer money. Paytm is PCI DSS compliant in terms of security? Paytm do not store users Credit or Debit card CVV (Card Verification Value) number to ensure security to users. This is the main reason that your Credit and Debit Card details are completely safe.
Paytm uses 128-bit encryption SSL for all transactions on Paytm Wallet. Also, Paytm engage in real time monitoring and transaction engine to remove unwanted and suspicious transactions. Customer’s money is always safe and secure in Paytm wallet.
Is Paytm approved by RBI?
Yes, Paytm is approved by RBI. In an official blog post, One97 Communications founder and CEO Vijay Shekar Sharma said that they received final approval from Reserve Bank of India (RBI) to launch Paytm Payments Bank.
And, RBI allows Paytm payments bank to accept deposits from individuals and small businesses of up to `1 lakh each.
4 Paytm safety Tips:
- Use app password: Paytm recently rolled out an app password feature for Paytm wallet. The features ensure that the money in wallet stays safe even one loses or misplaces the phone. To set up the password, first set the Phone’s default Android security password. Go to Phone’s Settings > Security > Screen Lock > Choose Screen Lock/ Pin/ Password/ Pattern or Fingerprint to protect the phone. Now open the Paytm app & click on “Pay” or “Passbook”. You will be prompted to enable this optional feature. Now click on Add Security Feature. The user will be asked to reconfirm your Phone’s Pin/Password/Pattern/Fingerprint depending on what is selected as the default protection. Once confirmed, the new App Password is now set.
- If you are accepting a Paytm payment, do so through QR code. Quick Response Codes or QR codes are unique and encrypted.
- Don’t keep too much money in your wallet. There’s no such thing as unhackable. Every information you put on the web is linked to one another and hacking your Paytm wallet is no rocket science.
- Don’t save your card while recharging wallet: although little inconvenient it is always better not to save the card info while a transaction.
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Also Read: cashless payment system