India 14 December 2016: Mr. Ankur Saxena, CEO, Oxigen Wallet on Security concerns over payments through E-Wallets/ Mobile Wallets.
“Oxigen Wallet uses bank grade security, having managed bank’s wallets, such as changing SIM from one phone to another triggers re-authentication through One Time Password, high level of encryption and above all, each Money Transfer transaction is authenticated with password to avoid misuse of wallet balance in case your mobile is accessed by someone for few minutes etc. This is supplemented with velocity checks on transactions limit of a newly created wallet with loading through payment gateway to reduce cyber fraud risks. Each transaction confirmation SMS is sent through two independent SMS gateway so that SMS delay through telco congestion does not impact user experience and perceived security issue of not receiving transaction confirmation message.”