Discussion
What is OTP in credit card transaction?
Answer: C
Correct answer: One Time Password
OTP stands for One Time Password - a numeric code, valid for a single transaction and for a few minutes only, sent to the cardholder's registered mobile number or email and required before the payment is authorised.
It provides the second factor in two-factor authentication: the card details are something the customer has or knows, while the OTP proves possession of the registered phone at the moment of the transaction. Because it expires and cannot be reused, an intercepted OTP is worthless afterwards, which is why the RBI made it mandatory for card-not-present transactions in India.
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