Paytm now comes with an 'App Password' to secure your wallet in case of loss or theft

Perhaps the biggest gainer upon the announcement of the demonetisation of Rs 500 and Rs 1,000 notes is mobile wallet major Paytm. The company has received flak for showing its enthusiasm a little too avidly in the face of grave inconveniences faced by the citizens, but it is making no effort to hide that it is constantly capitalising on this new development by launching improvements and new features to help make the transition to cashless easier for consumers. The latest is the addition of the ‘App Password’ feature on its Android mobile app.

This will enable Paytm users to set a secure pin, password, pattern, or fingerprint as a means to ensure that money stored in the Paytm wallet remains safe even if the owner’s phone is lost or misplaced. Users can set their phone’s default Android security password by using the ‘security’ option in the ‘settings’ menu. So, once you click on ‘pay’ or ‘passbook’ on your updated Paytm App, the app prompts you to enable this optional feature.

Upon clicking on the ‘add security’ option, the app will seek to reconfirm your phone’s password, and then allow you to set your new app password. Users can also choose to disable this security mechanism by switching off the ‘Android security’ feature in the ‘security and settings’ menu in their Android app.

“The security of our customer’s money is of utmost importance to us. The launch of the new app password feature is yet another step in that direction as your Paytm Wallet is protected even if you lose or misplace your phone. This will not only offer greater peace of mind to our 164 million strong user-base but also serve as a showcase of our unmatched commitment to our customers,” says Deepak Abbot, Senior Vice President, Paytm, on the occasion.

Currently, over a million offline merchants across India accept Paytm as their preferred payment mode. Paytm is slowly coming to be accepted everywhere, including taxis, autos, petrol pumps, grocery shops, restaurants, coffee shops, multiplexes, parking, pharmacies, hospitals, kirana shops, etc. With a user base of more than 164 million, Paytm has experienced a phenomenal growth post demonetisation and touched a record five million transactions per day, claiming that it is on the way to process over Rs 24,000 crore worth of transactions, an amount larger than any other payment platform in India.