Paytm, the online marketplace and transaction platform has come up with a two step authentication process on its website. The same has also been introduced on the Paytm Wallet service for the customer security and to strengthen the customer database. The first time users who register themselves on the Paytm website have to key in the OTP (One Time Password) that is sent to their mobile number that is used for the account creation.
This two step authentication process will be applicable for those users who return to the Paytm website after a long gap or for those who did not log out their previous session. This also applicable to those Paytm users who downloaded the application for the very first time for the account creation purpose and peer to peer transactions via the Paytm wallet.
Regarding the same, Nitin Misra, the Vice President of products at Paytm stated that any anomaly in the transaction will prompt the user to type in the OTP that is sent to his or her registered mobile number for the transaction. When it comes to using the Paytm Wallet, the first transaction via peer to peer system will need the person to type the OTP to ensure security. There will be no need for the OTP in the case of habitual transactions.
As per Saket Modi, the CEO and Co-Founder of Lucideus, a cyber security company that serves six e-commerce portals including GoIbibo, Jabong and others, the company has evolved from a mobile wallet to an e-commerce firm. This two step authentication process is definitely a welcome feature as it will make it easier for anyone to hack into the monitor key log of the users. In such a scenario, the OTP is an added security protection.
He further added that this will prevent the creation of multiple accounts by a single user though the problem is a minor one. Google has a provision for a two-step authentication for its accounts making it compulsory for the mobile wallet companies like Paytm to come up with basic requirements that will protect the customers’ accounts.