An increase in the instances of cybercrimes and lapses in website security systems necessitated the need for a more secure means of carrying out online financial transactions. This led to the development of two-factor authentication. Today, One Time Password (OTPs) are extensively used as a form of transaction authorization or user authentication, and offers a number of benefits in regards to ensuring safe and secure online transactions. Typical text OTPs can be sent through email, SMS, or both. However, to further enhance the security level of a transaction, one can even use Voice OTP.
What is meant Voice OTP?
Voice OTPs are simply a type of One Time Password that is delivered over voice. Rather than receiving the OTP for authentication through SMS or Email, it comes as a phone call to the linked phone number of the user requesting the OTP. The user simply has to pick up the call, listen to the recorded audio that reads out the OTP and proceed with their transaction. Voice OTPs have become one of the most popular voice solutions in the contemporary marketplace.
Who can use voice OTP?
Usually, companies with an online presence, where their customers have to authenticate their identity and/or carry out transactions use voice OTPs. Voice OTPs are widely used by banks, microfinance banks, loan companies, bill payment companies, and more, in addition to ecommerce businesses. Companies that work on logistics or delivery of goods also commonly use Voice OTPs for authenticating user identity. On the whole, almost any business that requires its user to authenticate transactions either at the point of registration or while making payments find this technology useful.
Even developers have to use voice OTP technology for developing a number of apps and websites. Every other business that needs integration of this OTP service on their system would require the services of a developer to get the Voice API and link this up.
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