What is One-Time-Password (OTP)?

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22 May, 2020

TrueMoney Myanmar is using an exciting security feature, One Time Password (OTP) as an integral against financial fraud. It is a secure digital technology that is designed to add a layer of authentication.  The password can only be used once to increase the level of security.

For example, when transferring the money with TrueMoney, the sender has to tell the recipient their phone number as well as the transfer amount. The sender will receive a 6 digit password within 5 minutes and he has to tell these passwords to the recipient for withdrawal. The recipient can withdraw money from the sender by telling their one time use password to their agent for a simplified and secure transaction.

 

(Note: If the sender does not receive their passcode within 5 minutes, call the XXXXXXXXX or call the office by calling the Call Center).

How does OTP authorization benefit the users?

Easy to adopt

Not time-consuming

More secure than other types of password

Immediate cash in/ cash out

Modern approach 

Cash safety

Other users are unable to access

Timeout feature

 

It is important to note that the OTP system is only for the sender and the recipient. Therefore, please do not share the password with anyone.

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