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Paytm Records Over 600% Growth in UPI Transactions in 6 Months

With this, Paytm has over 80 per cent share of all offline merchant transactions being conducted on UPI

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Security, Paytm
Paytm registers 600% growth in UPI transactions in 6 months.
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Alibaba and SoftBank-backed Paytm on Friday said it witnessed 600 per cent growth in the Unified Payments Interface (UPI) transactions in the last six months.

One97 Communications Limited, that owns the brand Paytm in India, said the platform registered over 179 million UPI transactions in October.

“It is encouraging to see the widespread adoption of Paytm BHIM UPI for various services such as mobile recharges, electricity and water bills, metro commute and also at the offline stores,” said Deepak Abbot, Senior Vice President, Paytm.

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Paytm, Wikimedia

In September, Paytm had registered over 137 million UPI transactions, becoming the leading contributor to Unified Payments Interface (UPI) payments with over 33 per cent of the overall market share.

The company said that 50 per cent of all utility payments are being made using Paytm UPI.

Also Read- Apple CEO Tim Cook is a Big Believer in India

Over 6 million offline merchants out of its 9.5 million offline merchant-base accept Paytm UPI for various purchases.

With this, Paytm has over 80 per cent share of all offline merchant transactions being conducted on UPI. (IANS)

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Paytm is Testing ‘Face Login’ Feature, To Increase Security

The company has tested this feature extensively with over 10,000 distinct faces and witnessed nearly 100 per cent accuracy.

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Security, Paytm
Paytm registers 600% growth in UPI transactions in 6 months.

To further secure its platform, digital payments company Paytm on Monday said it is testing a new “Face Login” security feature on its Android beta app.

According to One97 Communications, that owns the brand Paytm, the new feature will enable users to log in to their app by simply looking at their phone.

Security, Paytm
Paytm, Wikimedia

This will be an important security update for Paytm users that is designed to prevent phishing attacks by providing an additional security layer of biometric security, the company said in a statement.

“Our team is currently working on enhancing our proprietary algorithms to make it more intuitive for users. This will make accessing Paytm account even simpler and faster, prevent phishing attacks and offer instant access on the go,” said Deepak Abbot, Senior Vice President-Paytm.

Also Read: Paytm Acquires Smart Savings Start Up Balance Tech

The company has tested this feature extensively with over 10,000 distinct faces and witnessed nearly 100 per cent accuracy. To achieve this, the app maps over 200 distinct parameters on the human face for high accuracy. (IANS)