More e-tailers doing away with OTPs
Tuesday, January 14, 2020, 11:33 AM
Many e-commerce platforms and mobile apps are set to do away with the second-factor authentication of one-time passwords (OTPs) for regular customers on payments up to Rs.2,000, making online transactions quicker and smoother. Flipkart has already done so, and others like Swiggy and ride-sharing apps are about to follow. Unlike in India, many overseas e-comm platforms and apps do not require second-factor authentication.
SBI to launch OTP-based ATM cash withdrawal from January 1
Friday, December 27, 2019, 3:27 PM
With ATM-related frauds on the rise, banks are introducing ways to protect their customers from tricksters. The country's largest public-sector lender, the State Bank of India(SBI), via a tweet, said that it will introduce a one-time password (OTP)-based cash withdrawal system for its ATMs. The bank said that this facility will be available for transactions above Rs.10,000 between 8 pm and 8 am.