what is a otp message

An OTP message stands for "One Time Password". It is a temporary, secure PIN-code that is valid only for one session or transaction on a digital device. OTPs are used when a transaction needs additional security or an alternative method of proving a customers identity. OTPs can be sent via SMS, email, voice, or push message. They are used during registration and account renewal to confirm contact information. OTPs are also used as a second-factor authentication method for banks. The OTP market is estimated at $1.5B in 2018 and will reach $3.2B by 2024.