We are living in the Age where Anyone can easily pay money without using The actual notes just By mobile Wallet apps . Apps like Paytm , FreeCharge , Payzapp makes our life much easier Specially on the time of Demonetization when we are unable to withdraw more then 2500 rs at a time by using Atm Machines .
As per new RBI Guidelines most of eWallet app reduce their Bank transfer charges . Even Makes free its wallet to Bank transfer .
But what when someone says that Digital payment solutions app , Net banking app & Virtual mobile wallet apps of India is not secure ?
According to the Qualcomm senior Director Product Management Sy Choudhury
You will be surprised because most of the banking or wallet apps around the world don’t use hardware security. They actually run completely in Android mode and users password can be stolen. Users use fingerprint which might be captured.
As per Their statement the all eWallet app & Banking application isn’t secure because they are not using hardware-level security to make the Online transaction more secure.
These kind of apps just Use the username & password to secure the users account which is not enough .
While government is pushing for digital payments through mobile phones, chipset maker Qualcomm said that wallets and mobile banking applications in India are not using hardware-level security which can make online transactions more secure.
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He also added that they Start working on a Special feature of their mobile Chipset in 2017 which can be easily verify the Users Device id , Phone manufacturer Signature , Location , time and some other details. Which will makes the online transaction using Smartphone makes more secure.