Mobile Wallets like Paytm, MobiKwik, etc. are probably one of the most used services out of anything this month after the Demonetisation came into effect. While these mobile wallet services are coming extremely handy as it allows you to go completely cashless, there are a lot of security concerns as well that you as a consumer should be aware of. Recently after a lot of speculation, Paytm added the built-in smartphone security feature to access its mobile wallets. And with the growing terror of hacking and everything that is going around, it is safe to say that using these mobile wallets are not completely secure as one would expect them to be.
Recently, a senior executive US chipmaker Qualcomm has warned that mobile wallets like Paytm, MobiKwik and a bunch of others on the same lines are prone to malicious software attacks. Reason being, they don’t use hardware-based security layer that smartphone chipmakers are providing. So this only goes to say that these payment solutions that are currently in effect in India are not as secure as some of the solutions that are available abroad say for instance like Apple Pay or Samsung Pay and many others. The senior director for program management at Qualcomm stated that hardware-based security layer would ensure that malware on smartphones does not affect a mobile payment app by any means.
Especially now as the adoption of mobile wallets has increased phenomenally in the country since the demonetisation of old Rs. 500 & Rs. 1000 currency notes, this is extremely necessary. It has also been noted that global wallet companies like Alipay, WeChat Pay, and PayPal, etc. have already moved to these hardware-based security measures. So definitely in comparison to such system, the ones which we use here in India are less secure. But this doesn’t go to say that the Indian Mobile Wallets such Paytm, etc. don’t have any security measure. It just that they only use Android-based security layer which can be easily bypassed if tried or can be infected by malware, etc.
With that said, Qualcomm is also said to be coming with new features in its mobile chipsets from next year. These features include user verification with unique aspects like device id, phone manufacturer signature and few others. These things are nearly impossible to duplicate and hence a very reliable security measure to count on. Meanwhile if you don’t know what mobile wallets like Paytm or MobiKwik are, they are basically wallets in your mobile where you can store money and pay directly on the go. You can check out the link below and download them to go cashless.
Let us know which mobile wallet are you using and what do you think about their security measures. Stay tuned to PhoneRadar for more info like this in the future.