Paytm has announced an OTP-less card payments system for both online and offline transactions under Rs 2,000. The company claims that the feature will come quite handy to users and will eliminate the need to wait for an OTP for payments.
While one-time password serves as a layer of security while making payments, it can also be cumbersome. The multiple re-directions and connection timeout issues while making online payments could be a struggle.
The company also revealed that a majority of its users use the service to make payments that are below Rs 2,000 and now such users can enable their saved card or add a new card for instant payments at offline retail stores oot to make payments to platforms like Uber.
The company also tied up with Flipkart owned Myntra. It says millions of its users will be able to pay through any their preferred payment mode. Since the demonetization, Paytm has become the torchbearer for mobile payments in India.
According to the report, Paytm First, a subscription-based service launched in March, has attracted half a million subscribers. it has 350 million registered users and is now focused on expanding to tier 4-5 cities. The service offers an array of payment options ranging from mobile wallets to Unified Payments Interface (UPI) and internet Banking.
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