Digital Payment Service PayTm has updated its app. The update brings new security features and expands the service for the merchants. The updates come in the wake of PayTm facing user backlash as the service faced several outages due to the sudden spike in user numbers.
Additionally, PayTM faces serious competition by the National Payments Corporation of India (NPCI) designed much more efficient Bhim App and rumors of PayTM shutting down. The company was quick to dismiss such rumors and in addition to that, they updated their apps with new functionalities.
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One of the new features introduced is the ability to lock and unlock the PayTM app with your fingerprint. It is a very welcomed feature, although one couldn’t stop wondering why they haven’t had this feature all this while.
The other user-oriented feature includes the ability to scan QR code from the images in the gallery. This means now you can take the picture of the QR code of someone’s wallet and transfer money to it later on.
For merchants, now they can accept up to Rs. 50,000 directly into their bank accounts. They can now declare themselves on the app itself and accept up to Rs. 50,000 directly. The amount is settled at midnight every day without any settlement charges.