After card on file tokenization, Paytm makes way for payments by just tapping the phone on a PoS machine from a registered card on Paytm app.
- Users can simply activate their saved debit or credit card on Paytm app to enable it for ‘Tap to Pay’
- Converts 16-digit card number into a digital identifier which enhances overall transaction experience by making card payments more secure
- Facilitates faster payment transactions at retail stores
- Applicable for payments on Paytm PoS devices as well as PoS machines of other banks
India’s leading digital ecosystem for consumers and merchants (1) Paytm today announced the launch of ‘Tap to Pay’ which enables users to make instant payments through their Paytm registered card by just tapping their phone on a PoS machine.
This will be possible even if the phone is locked or there is no mobile data or internet connection.
Paytm’s 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.
With the latest Tap to Pay service, 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 digital identifier ensures that a user’s card details remain only with the user and is not shared with any third-party payment processor.
When a user visits a retail outlet, they can just tap and pay on the PoS device, without having to share their card details through the transaction.
With the latest feature, payments can be made at all retail outlets, which have card machines that support NFC (near field communication).
The cards can be managed through a dedicated dashboard on the Paytm app that offers a section on the transaction history of the card and at any moment can also change the primary tokenized card in a few simple steps. The dashboard also allows the user to change or de-tokenize the card whenever required.
Paytm spokesperson said, “True digitisation of financial services can only happen when it is not hindered by the limitations of data.
With the introduction of Tap to Pay, we are now enabling our users to carry out all digital transactions with or without mobile data.
This service is supported by Paytm All-in-One PoS, and also by most major banks and card networks to give our users the widest range of choices.”
Users can simply select the ‘Tap to Pay’ option on the Paytm app and activate their cards by following the below quick steps :
- Choose an eligible saved card from the card list or click on “Add New Card” on Tap to Pay home screen
- Provide the required card details on the next screen.
- Accept the Issuers’ Terms of Service for Tap to Pay
- Provide the OTP received on your mobile number (or mail id) registered with the card.
- You will now be able to see the activated card at the top of the Tap to Pay home screen.
Paytm is India’s leading digital ecosystem for consumers and merchants (1), and offers payment services, commerce and cloud services, and financial services to 333 million consumers and over 21 million merchants, as on March 31, 2021.
Paytm is India’s largest payments platform (1) based on the number of consumers, number of merchants, number of consumer to merchant transactions and revenue, as on March 31, 2021, and with a FY21 GMV of ₹4,033 billion.
Paytm is the largest payment gateway aggregator in India based on total transactions, with the widest ecosystem of payment instruments (1).
The company’s lending business (offered in collaboration with financial institution partners), includes personal loans, merchant loans, as well as its Buy Now, Pay Later product Paytm Postpaid. Paytm’s financial institution partners disbursed 1.4 million loans in Q4FY21.
(1) Source: “The Digital Transformation of Payments and Financial Services in India” dated July 15, 2021, prepared by RedSeer.
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