What Is OTP Code ( One Time Password ).guess you must have heard about OTP when you tried making payment via online betting website through interswitch payment gateway and don't know what it means or you don't know how to activate it.well, series of my blog readers have been asking me what OTP means and how to make use of it when using their ATM Card ( Visa, Master Card, Verve Card etc ) online. today i will share with you the Meaning Of OTP and How To Activate It.
What Is OTP ( One Time Password )
OTP Stands For ( One Time Password ).The OTP (One Time Password) is an additional level of security placed on your bank card by your bank. If you are prompted for a transaction .this means when making use of the ATM card to make payment online, you will be required to insert a code that will be sent to your mobile phone number used to open the bank account your atm card is attached to. OTP code is usually sent to your mobile phone number which you are expected to receive and insert during completion of your payment online.
this code is sent after you must have inserted your ATM card details and clicked on the pay button.it is usually activated for those who don't have internet banking token device. most banks now issue internet banking token device which is used to complete transactions online. so if you are not able to get internet banking token device for your bank account transactions, then OTP code is used as alternative because its not every one that is willing to activate internet banking.
this is why
OTP Code is now activated for most ATM Card, especially those gotten from banks in Nigeria.its used for securing your transactions online. this prevents unauthorised user from using your ATM Card for online payment such as online shopping and payment, funding of betting account etc because the OTP code will be sent to the phone number you used in opening the bank account.
if your phone is with you, there is no way the person can guess it when they make use of the card online.so without the one time password, the transaction will not be complete.
most of the site where OTP is required includes interswitch payment gateway, quickteller, online payment gateway etc.also note that some online payment gateway will not require OTP, especially those foreign website. this is why you have to be careful with your ATM Card Details. don't carelessly display your card details for some one to see because they might use it without your consent.so safeguard your ATM card when making use of it even at the atm machine stand.
you can visit your bank to activate OTP for your ATM Card.
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