BCSC NOTICE TO MOBILE SMARTPHONE USERS Paytm deploys mall photo-algorithm
Sheesh, there’s so much going on in the world of mobile payments that I can barely keep up with it all. But if I do that for you it’s going to mean you’ll pay more for everything. The latest development is mobile payments company Paytm’s new feature that “naturally detects when you’re paying with a credit or debit card.”
As the CTO of Paytm explains in a blog post, it’s the first time a merchant has been able to “assess the customer’s intent before hand.” If you accidentally insert a false name (“Kevin Donovan”, don’t ask) instead of your real name, say, Paytm will warn you that you can’t continue with your purchase. You can revoke the intention checker on your phone. The bank will also be alerted by Paytm, as will your bank.
Paytm, which has over 120 million active users, just deployed the technology to cover malls. Users should note that making purchases in malls will be an entirely different experience than making purchases in other areas of the app. There’s a 15-minute time window before Paytm’s checks are even activated, and malls can set a maximum, 3,000-character maximum amount. It’s my theory that Paytm might eventually develop an “In This Store” feature that allows shoppers to select the mall they’re shopping in and allow malls to process the transactions through a third-party bank and debit card company.
And it has a win as well: ever noticed how many mobile payments apps (i.e. PayPal’s Venmo, Apple Pay, Samsung Pay, etc.) that will directly send you to your destination if you lose your phone or simply say goodbye to it? If you leave a Paytm app on your home screen but you lose your phone, Paytm’s new button sends the phone’s last known location to your payment company and your bank. “If you’re already at the airport, your airline will send you boarding passes,” Paytm says. It’s worth noting that you don’t actually have to do anything; if you don’t want to, you can deactivate the button.
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