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Thursday, November 24, 2016

Visa, Mastercard raise concerns on Paytm App PoS

Payment network majors Visa and Mastercard have raised concerns over Noida-based Paytm's latest launch of POS (point of sale) feature in their app which enables merchants to accept payments from users by putting in their card details onto the vendor's smartphones.

Senior executives at payments companies however have raised a red flag and said security issues like possible misuse of user's card data is a glaring problem with the new feature.

Questions are also being raised around data being used to make international payments and information being sold to various third party firms after Thursday's announcement by Paytm. The digital payments firm has been one of the biggest beneficiaries after the Indian government demonetised high currency notes two weeks ago.

People aware of the development said Mastercard has asked the Vijay Shekhar Sharma-led company to withdraw the service.

"Mastercard and other network players have raised concerns on the solution launched by Paytm from several perspectives including safety and security," a spokesperson from the company said in an emailed response to TOI.

As per a senior executive in Visa, Paytm did not carry out necessary certifications so that users can safely pay to merchants without any breach of data security. "We have told them that until certification is done, this process has several issues," a person in the know of the developments said while requesting anonymity.

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