Bangalore, April 18 2018: The OTP or One Time Password still remains backbone of financial transactions in India, finds a study by the leading Cloud Communications Platform service provider, Route Mobile.
OTPs are now widely used in India even for non- payment activities like logging in on websites, creating profiles on social media platforms etc.
While globally OTP phenomena has faded , Indian banking , e-commerce, telecom and many other industries still use OTP as a transaction machinery.
Tech Note: A one-time password is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid a number of shortcomings that are associated with traditional (static) password-based authentication; a number of implementations also incorporate two factor authentication by ensuring that the one-time password requires access to something a person has(such as a small keyring fob device with the OTP calculator built into it, or a smartcard or specific cellphone) as well as something a person knows (such as a PIN).