What is the Full form of OTP?
The OTP full form is the One Time Password. OTP is a four- or six-digit code that is commonly known as a one-time pin or dynamic password. It is a type of security password that is effective for payment or single-use, used for payment on a mobile phone, a single computer, etc.
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OTP is an automatically produced alphanumeric or numeric code sequence that verifies the user for a financial transaction or authentication session. An OTP, specifically a user-generated password, is far more secure than a static password, which can be weak and reused across multiple accounts. OTPs can be used in lieu of or in addition to authentication login information to increase security.
- OTP provides an additional layer of security while using credit or debit cards, making online payments including smartphone recharge, shopping online, and paying bills online, among other situations.
- During payment, the bank sends an OTP to the registered mobile number before the final transaction.
- The number is intended to be used only once within a particular time frame.
- If the OTP is not used within the allotted period, it becomes invalid and the user must click the Resend OTP button.
- In addition, the OTP is created randomly, thus it can be guessed that once it has been used, it is rendered useless and cannot be used again.
- It provides greater security than static passwords such as login or payment passwords that remain the same throughout login sessions and payments.
- Even if a thief obtains your bank account information, login ID, and password, he will not be able to access your account without the OTP, which will be sent to your smartphone.
