No hardware-based security backups for wallets like Paytm-Mobikwik-Freecharge in India

No hardware-based security backups for wallets like Paytm-Mobikwik-Freecharge in India

Post De-monetization in India, mobile wallets like Paytm-Freecharge is seen growing fast like never before. 

But, in this fast digital transformation race commonly termed as go cashless economy, what we need to understand is, how far the money stored there are secured?

Although, we all are not expected to be techy but a basic level awareness is definitely required for our own financial security.

According to recent stats, the user based of Paytm has grown multi-folds but do we know whether these money exchange portals is totally safe as per global standards??

If you're not, this is exactly what I am going to talk about here.

Unveiling The Real Story behind e-wallet in India:

Although, the Indian based mobile wallets like Mobikwik or Paytm is claiming their respective platform to be ultra secured 

but the US-based firm Qualcomm (commonly known for its microprocessors on Android all across the globe - Qualcomm snapdragon) 

has found and recently reported that the major Indian mobile wallets or payment/exchange portals are not fully secured at per the universal standard parameter as they entirely lack hardware based security level. 

In comparison, the platforms like Uber money and Samsung Pay in the US, Fido in Japan or even Alibaba of China(also the Paytm investor) are far more advanced and has high security than our Indian made entities.

It is said by Qualcomm organisation that usually these Indian made wallets like Paytm, Mobikwik or Jio Money doesn't have all layer security to combat the present time hackers and phishing issues, 

but on the other side, there is a hint of good news as very soon organisations like snapdragons are coming up(early next year) with hardware chipset enabled devices in this country which will be expected to collab with teams like Paytm, Jio Money, Freecharge or even Mobikwik to provide seamless security against those phishing eyes.

Conclusion: 

These collabs will certainly mean a positive move to nullify the ability of malware on the OS to affect the online banking and mobile wallets.

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Feel free to interact via the comment section below, you can also share your thought regarding de-monetization or cashless proceedings in our country, love, to hear from you.