Understanding OTP in Credit Transactions: A Security Essential
Learn the importance of OTPs in credit transactions to enhance your payment security. Discover how they work and why you need them.
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OTP in credit refers to a One-Time Password used as a security measure to authenticate a transaction. When making a credit card purchase, the bank sends an OTP to the customer's registered mobile number. This OTP needs to be entered to confirm and complete the transaction, ensuring that only the authorized user can approve the payment.
FAQs & Answers
- Why is an OTP important for credit card transactions? An OTP adds an extra layer of security by ensuring that only the authorized user can approve the payment, reducing fraud risk.
- How do I receive my OTP when making a purchase? The bank sends the OTP to your registered mobile number, which you will need to enter to complete the transaction.
- Can an OTP be reused for multiple transactions? No, an OTP is a one-time use code and becomes invalid after being used or after a specified time period.
- What should I do if I don’t receive my OTP? If you don't receive your OTP, check your network connection or contact your bank to ensure your mobile number is correctly registered.