What is an OTP, and why is it important for credit card transactions?
OTP is a numeric or alphanumeric code a customer receives on their registered mobile number or email address to authenticate a credit card transaction.
It is an efficient way to ensure the genuine cardholder has initiated a credit card transaction.
How does Credit Card OTP Generation work?
When a cardholder initiates a credit card transaction, the credit card with an OTP generator generates an OTP to secure the transaction through two-factor authentication.
What are the different types of Credit Card OTPs?
Credit card OTP numbers can be of two types: HOTP (event-based) and TOTP (time-based).
Is it mandatory to use OTPs for credit card transactions?
No, an OTP in a credit card transaction is not mandatory. It depends on the credit card company’s policy and implemented security measures.
How secure is the OTP delivery process?
Credit card use without OTP makes a transaction risky, as anyone possessing it can use it to complete a transaction. The OTP delivery process adds an extra layer of security to authenticate a payment.
What should I do if I don't receive the OTP?
In case of a credit card OTP is not received, the customer must click ‘Resend OTP’ to generate a new OTP.
Can I use the same OTP for multiple transactions?
No, a credit card OTP generator generates a new OTP for each transaction, valid only for a few seconds.
Are there any charges for using Credit Card OTPs?
There are no charges for using an OTP in credit card transactions.
