The POS (Point Of Sale) enabled app feature which was announced on Wednesday with much fanfare and euphoria by Paytm has been silently rolled back on Thursday. Calling the move, a game changer in the payments ecosystem, the company silently withdrew the service by simply putting a blog on its website citing security reasons.
“Post our launch, we have had several discussions with stakeholders on how we can make this process even more secure,”
said in its blog, adding that it plans to have additional certification before a relaunch.
PoS, an updated feature of Paytm app launched this week was the most requested feature by the merchants considering their limitations in accepting card payments and the scarcity of cash.
“Based on some suggestions from the industry, we have decided to add additional certifications and features before making it again available to merchants,”
Paytm told the media sources.
The PoS-enabled app would have given a tough competition to swipe machines of banks and other payment companies. Banks charge a monthly rental to merchants for PoS machines. Also, the paytm’s app is free to download.
As per this PoS feature small merchants are allowed to accept all debit and credit cards without having a need of card machines. Card companies such as Mastercard and banks raised concerns about the feature, as per reports making Paytm roll-back the service.