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In the digital world where every click counts, trust is essential. In such a scenario think of OTP as your personal secret code. It's the lock that keeps your online transactions safe. With OTP by your side, each tap or click is like a shield, protecting your money from the bad guys.
OTP in Credit Card transactions
When you transact online with your Credit Card, it does not conclude with just inputting your card details and password. The website needs to be sure it's really you! That's where an OTP comes in. After you enter your card details, the bank sends a special code to your phone. This code is your one-time password or OTP. It changes each time you make a transaction and acts as a second layer of authentication after your traditional password or PIN.
Credit Card transaction sans OTP
Earlier, buying things online with a Credit Card was risky as it did not include OTPs. Fraudsters could steal your card details through data breaches or trap people in scams. This led to a lot of money being lost and people not trusting online payments.
Hence, OTPs were introduced to add a layer of security by making sure that only you, with access to your phone, can complete the transaction. It's a code that only you and your bank know, keeping your online purchases secure.
How OTPs work in Credit Card transactions
OTPs are like secret codes between you and your bank when making an online transaction using your Credit Card:
1. Make a transaction: After choosing what to buy online, you fill in your Credit Card details for payment.
2. Receive OTP: Before the transaction is approved, your bank sends a unique numerical code to your phone. This code is your OTP, and it's only valid for this one transaction, for a very short duration.
3. Input the OTP: Once you receive the OTP on your phone, type it into the section of the website where you're asked to input the OTP for making the purchase.
4. Transaction complete: Once you enter the correct OTP, the website knows it's really you making the purchase. So, they approve the transaction, and the purchase is done!
Advantages of OTP in Credit Card Transactions
- Improved security: Adds an extra layer of security by requiring a unique code for each transaction.
- Lesser frauds: Prevents unauthorised transactions, reducing the risk of fraud.
- Real-time authentication: Instantly verifies transactions, ensuring quick and secure processing.
- Convenient: Easy to use, with OTPs sent directly to your mobile or email.
- Boosts confidence: You will build better trust and satisfaction of using Credit Cards in the future.
Also Read: CVV number in Debit and Credit Card: Where to find it?
Conclusion
OTPs are unique passwords that change every time you make a transaction, adding an extra layer of security to your online purchases. When using Credit Cards, OTPs help you explore the virtual world with confidence and peace of mind.
Axis Bank offers a wide range of Credit Cards that are tailored to your needs. Besides the benefits of cashbacks, reward points, airport lounge access and many more, Axis Bank Credit Cards come with multiple layers of protection, including OTPs, to ensure your card is safe against cyber threats and criminals.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
