Paytm suspends POS app a day after release due to security concerns

India’s Paytm has withdrawn its POS app a day after it was released amid security concerns. 

Paytm released a new point-of-sale app dubbed Paytm POS to much fanfare on Wednesday, addressing the inadequate availability of POS machines in India. Founder Vijay Shekhar Sharma was expecting over 10 million downloads of Paytm POS app by the weekend. 

However, the ecommerce company announced last evening it is rolling back the app, a decision it reached after talking with several stakeholders and realising its app needed to be more secure. Shortly after its release, payment network giants MasterCard and Visa had flagged privacy concerns in how Paytm POS app was handling user details.  Read more...