Bharti Airtel’s online banking subsidiary called Airtel Payments Bank (APB) last year announced the arrival of a new security feature — ‘Airtel Safe Pay’. The company has called it the safest way for Indians to make digital payments.
The whole premise of Airtel Safe Pay is to add another layer of security for the payments made through net banking or UPI. This enables users to have the peace of mind that without their explicit consent, the money can’t be transferred from their account.
Airtel Safe Pay an Advancement Over Two-Factor Authentication
Airtel Safe Pay by Airtel Payments Bank is an advancement over the industry-standard two-factor authentication. This feature offers users the highest level of security against potential frauds such as stolen passwords or credentials, phishing, and on certain occasions, phone cloning.
If your credentials or passwords are stolen, it can cause identity theft scenarios. However, with the additional layer of protection over the two-factor authentication, the Airtel Safe Pay is a feature that will certainly contribute to curbing online payment frauds.
How to Enable Airtel Safe Pay?
Airtel Safe Pay can be enabled by going to the Airtel Payments Bank account that is linked to a user’s respective phone number inside the Airtel Thanks app. After enabling the feature, whenever a user wants to make the payment, he/she will have to provide additional authorisation for letting the transaction take place.
This way, if someone is trying to get money out of a user’s account, they won’t be able to do so as the user will naturally not authorise any payment that’s not being made by him/her.
Due to features such as this, Airtel Payments Bank was able to turn profitable in mid-2021, after 55 months of coming into operation. The new updated policy from the Reserve Bank of India (RBI) allowed users to deposit up to Rs 2 lakh instead of the earlier restriction of Rs 1 lakh. This also helped the company majorly in increasing its annual deposit rate.