Paytm has launched two new features for its users—Biometric UPI Payment and Cardless ATM Withdrawal. Now users can make payments through Face ID or fingerprint instead of UPI PIN and can withdraw cash through the app without ATM card. These features are designed for security, convenience and in line with RBI’s new two-factor authentication rules.
Paytm Updates: To make digital payments easier, Paytm has introduced biometric authentication and cardless ATM withdrawal features. Under this, users can now verify payment through Face ID or fingerprint instead of entering UPI PIN. At the same time, it is also possible to withdraw cash from ATM without card directly through the app. This change has been made to enhance security and simplify transactions as per RBI rules applicable from April 1.
UPI payment now easier than biometrics
Paytm has rolled out biometric authentication feature in UPI payments for its users. Now users will not need to enter UPI PIN. Instead, payment can be verified through Face ID or fingerprint. This feature works on both the fingerprint sensor on Android and Face ID on iOS. According to NPCI guidelines, the limit for each transaction is up to Rs 5000.
Users can turn it on in their Paytm app through Profile > Settings > Pay with Fingerprint/Face ID. After selecting the bank account and following the on-screen instructions, the authentication setup will be completed. The traditional UPI PIN option will also continue for users.
Cardless ATM Withdrawal
Paytm has also introduced Cardless ATM Withdrawal feature, allowing users to withdraw cash directly from the app without a physical ATM card. For this the bank account should be linked to Paytm UPI. Select UPI Cash Withdrawal option at the ATM, enter the amount and scan the QR code of the app. Cash will be available immediately after UPI PIN verification. The per transaction limit is fixed at Rs 10,000.
This feature is in line with RBI’s new two-factor authentication rules, which came into effect from April 1 and strengthen the security standards associated with digital payments.
