For Net Banking transactions, OTP continues to be a very popular 2-factor authentication mechanism. The primary device being used is a desktop computer or a laptop. The one-time password is being sent on a completely different device (out-of-band) and hence it serves as a strong 2FA approach. For Mobile Banking transactions, the primary device used for transactions and the device for receiving OTP is the same. So, this is not out-of-band. Hence it may be considered as a weak 2FA approach. How do different companies resolve this problem ?

India has arrived. Compared to many other countries where electronic payment systems are still evolving, we are proud to have been gifted a state-of-the-art IMPS – Immediate Payment Service which allows any Indian with a bank account to transfer money to any other Indian with a bank account at any time of the day using almost any kind of device be it laptop, smart phone, feature phone etc.

India is enjoying the benefits of e-commerce in a big way. Almost any item can be ordered through established online retailers. However, 45%  of these transactions are said to be COD – Cash on Delivery.