Make Digital Payments By Tapping Phone On PoS Machines Of This Wallet! This Is How It Will Work
We all know what Paytm is.
It is Noida based Indian multinational technology company that specializes in digital payment systems, e-commerce, and financial services. Since the time Paytm went public in 2021, the company has been striving hard to innovate and bring better products for customers and improve shareholder value. Now Paytm has brought in a technology wherein you can pay just by tapping your phone on Point Of Sale machine.
Now pay with Paytm just by tapping on the POS machine
Recently, Paytm today announced the launch of the ‘Tap to Pay’ feature. It enables users to make instant payments through their Paytm registered card just by tapping their phone on a PoS machine.
Notably, this payment method can be used even if the phone is locked or there is no mobile data or internet connection. This 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.
Following steps need to be followed to use the Tap to Pay option on the Paytm app:
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.
Robust technology at work to enable this feature
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 step ensures that a user’s card details remain only with the user and is not shared with any third-party payment processor. Without having to share their card details through the transaction, users can just tap and pay on the PoS device.
At all retail outlets havening card machines that support NFC (near field communication), payment using this method can be done. The cards can be managed through a dedicated dashboard on the Paytm app. The dashboard also allows the user to change or de-tokenize the card whenever required.