Online mobile recharge platform MobiKwik has added an authentication and detonation feature to its mobile wallet. Gurgaon-based MobiKwik offers services to merchants and customers. Customers can store up to Rs 50,000 in the wallet at a time and use it to purchase goods and services on third-party merchant websites and mobile applications. The company released an experimental feature Transaction Lock on its Android app which lets users unlock transactions by entering a 6-digit PIN. The second new feature- Remote Detonation - lets users who have lost their mobile devices log out of the application and wipe private data like transaction history. Both are opt-in features and unless you explicitly set up the lock, everything works as before. To use either of these features, visit Security Settings section from My Account > Menu > Settings. A need for 2-step authentication When we contacted founder and CEO Bipin Preet Singh, he said the new features were added based on user-feedback. "One of the major concerns customers face is, what happens to their mobile wallet when their mobile device gets lost or stolen. With the existing app, there's one level of authentication which requires a password. Users tend to stay logged in and forget to sign out. Besides, if another user requests a new password on your phone, the OTP is still sent to the same device. This feature can be misused." A 6-digit PIN has been introduced so that only the device-owner can carry out transactions. If you forget the 6-digit pin,…
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