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Reformation in online financial transactions; OTP not required for online payments. Know more

Indian telecom companies are said to be preparing to put an end to the one-time password or OTP system currently used to identify users for digital payments. Studies show that waiting for a password to come in can cause anxiety in some people. Companies like Reliance Jio, Bharti Airtel, and Vodafone Idea are now trying to change that problem all at once. Their intention is to bring in a mobile number that is sufficient to identify the person.

Currently, the user has to enter the mobile number into an app or website and then wait for the four to six digit OTP to reach their phone. The transaction can only be completed by entering this number. In some cases, the OTP number may be delayed. Then the maximum time to complete the transaction may pass. With this, the user will go to think about what to do next. Sometimes the transaction can be interrupted. It is said that the delay and non-occurrence of OTP are of concern to people of all ages, at least in some cases. Instead, telecom companies are preparing to give a mobile identity to an individual. According to a senior official, this will make it possible to make secure payments at once. If approved by the authorities, it could reach before the middle of 2021. It is currently being tested.

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