Uses of OTP
- OTP is commonly used by banks to authenticate users before allowing access to online banking services or conducting financial transactions.
- E-commerce platforms also use OTP. like Online merchants use OTP to protect customer accounts and prevent fraudulent transactions.
- Social media platforms use OTP to verify the identity of users and prevent unauthorized access to user accounts.
- OTP can be used to reset a forgotten password. where a user is sent a code to their registered email or phone number to verify their identity before allowing a password reset.
What is One Time Password?
OTP stands for “One-Time Password”, which is also known as One-Time PIN or Dynamic Password. It is a password for a computer or digital device that is used only once for one session or one transaction.
OTP or One Time Password is a 4 or 6-digit security code. For example, when you transact online or shop online on an e-commerce website, you will receive a security code via SMS from the bank on your registered mobile number after filling in the banking details. This security code is called OTP. This OTP can be used only once for any session or transaction. That is, once used this code cannot be used again. So you will need a new OTP to complete a new session or transaction.
OTP is a mechanism that provides safe entrance or safe logging in on any network or service. Every time it’s a unique code generated for accessing the network or service securely. It has a unique specialty that does not work again and again, it changes after each usage session & is a different and unique code each and every time.