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Paytm Acquires Smart Savings Start Up Balance Tech

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

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Paytm testing 'Face Login' feature.
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Digital payments major Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.

Designed to build saving habits for users, the Balance app offers saving options in mutual funds that could get users interest rates of up to 8.65 per cent per annum.

“Our team has been building automated products that make the saving experience relatable and delightful by helping users reach their goals in clever little ways,” Balance Tech CEO and Co-Founder Ankit Kumar said in a statement.

 the Balance Tech team will be an invaluable part of this journey," said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr
the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. Flickr

“Our conversational personal savings assistant nudges users to build a saving habit, and give purpose to their money as they go about their busy lives.

“We look forward to bringing in computational intelligence, unique design and proprietary algorithms with Balance to help Paytm users accomplish more with their money,” Kumar added.

The six-member Balance Tech team has joined Paytm product and design team and is working on further enhancing Paytm’s user/merchant interfaces, the SoftBank and Alibaba-backed Paytm said.

Also Read: Paytm Refutes Reports of Sharing Indian Users’ Data With Third Parties

“They have created a fantastic product with real user engagement. As we constantly look to create customised and intuitive user experiences, the Balance Tech team will be an invaluable part of this journey,” said Madhur Deora, Chief Financial Officer and Senior Vice President at Paytm. (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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Paytm testing 'Face Login' feature.

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)

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