As online bill payments become increasingly popular, payment apps like Bajaj Finserv, PhonePe, Paytm, and GooglePay are becoming a more popular choice for people to make their payments. With these payment apps offering a hassle-free and quick way to pay utility bills, the question on many people’s minds is whether these payment apps are secure and how can they ensure their safety.
Before delving into the safety aspects of these payment apps, let us first understand more about online bill payments.
Online bill payments have become a more convenient and time-efficient alternative to the traditional physical payment of bills. With online bill payments, individuals can pay their bills from the convenience of their home or work, at any time and this process takes just a few minutes. Bill payment apps like Bajaj Finserv, PhonePe, Paytm, and GooglePay have made this process even more efficient by providing a one-stop solution that allows users to pay multiple bills.
However, as these apps handle critical payment information, it’s important to ensure that the payment apps are secure and user data is protected throughout the process.
Let’s take a closer look at the safety aspects of the payment apps.
Bajaj Finserv- Bajaj Finserv, a non-banking financial company (NBFC), provides its customers with a great platform for online bill payments and recharges. Users can find all the top billers for monthly utility bill payments and service providers for mobile and DTH recharges. As everything is listed on one single app, users do not need to download multiple apps for different kinds of payments and recharges.
PhonePe- PhonePe, launched in 2016, is one of the most widely used payment apps in India. PhonePe offers its customers an easy and fast way of transferring or receiving money. PhonePe is based on the United Payments Interface (UPI) system, which is one of the safest digital payment methods. PhonePe offers a multilayered security process, such as 128-Bit Encryption, to keep users’ transactions safe and secure.
Paytm- Paytm, launched in 2010 as a simple platform for mobile recharging and payment of bills, has now grown into a major payment app offering a wide range of financial products. Paytm users can use the app to make payments, transfer money, buy movie tickets, and even invest in mutual funds. Paytm uses the latest and industry-standard security features to protect user information and prevent unauthorized transactions. Paytm also offers a 24/7 fraud detection and prevention system that secures the user’s transactions at all times.
GooglePay- GooglePay, launched in 2018, is one of the newest players in the payment app industry. GooglePay allows its users to transfer money, pay bills, book movie tickets, and even recharge their mobile phones. GooglePay offers an easy and reliable payment system, which uses an extra layer of security, such as Google’s advanced security algorithms, with multi-factor authentication to keep users’ transactions safe.
Now, let’s look into some important safety practices to keep in mind while making payments through these apps.
- Verify the source- Always download the payment apps from trusted sources like the Google Play Store or Apple App Store.
- Password Protection- Ensure that your device is password protected, and the password used to log in to the payment app is unique. Do not share your password with anyone.
- Update- Regularly update your device as well as the payment app, this will ensure that you have the latest security features installed on your phone.
- Two-Factor Authentication- Always use two-factor authentication offered by the payment app, this provides an extra layer of security to your transactions.
- Avoid Public Wi-Fi- Avoid using public Wi-Fi while making payments through these apps, instead use your home or work network to ensure that your transaction history is encrypted.
- Check your statements- Regularly check your payment history and bank statements to ensure that there are no unauthorized transactions. If there are any discrepancies, inform the service provider right away.
In conclusion, the safety of online bill payments through payment apps should not be neglected. Payment apps like Bajaj Finserv, PhonePe, Paytm, and GooglePay come with a multilayered security process, providing users with secure transactions. While making payments through these apps, users should take precautions such as verifying the source, password protection, two-factor authentication, and avoiding public Wi-Fi. By following these safety practices, users can ensure the safety of their transactions and avoid any unauthorized access to sensitive information.