Data security concerns: Mobile wallet company Paytm suspends ‘App POS’
New Delhi, Nov 25: Mobile wallet company Paytm has suspended its app that allowed small shopkeepers to accept payment through cards amid ongoing cash crunch, citing risks to customer data and privacy.
The new feature was designed to eliminate the need for a physical point-of-sale (PoS) terminal or a card swipe machine, instead helping small shopkeepers use their smartphones to facilitate the transactions.
However, soon after launching ‘App POS’ with much fanfare this week, Paytm rolled back the initiative after concerns were raised over security of customer’s card details by the industry.
“Based on some suggestions from the industry, we have decided to add additional certifications and features before making it available to merchants. We will re-launch this product as soon as we have updated the product,” the Alibaba-backed company said in a blogpost.
It further said: “Nothing is more important to us than customer data and privacy. We will always put this above all without fail.”