For second-factor authentication, the Reserve Bank of India has requested that other banks move from OTP to MMS-based solutions.

The user will still require his smartphone for authentication, even with the OTP requirement eliminated. Because new authentication techniques will also be somehow connected to the user's smartphone.

According to bankers, OTP is required in social engineering scams and SIM swaps. In this type of scam, the customer can easily become a victim of cybercriminals.

In this context, the Authenticator app can be considered better for the second option of OTP. In this type of authenticator app, the user needs to enter the password from another phone app.

In addition, service providers might think that using tokens rather than OTP in mobile applications is a better idea. This implies that even though the requirement for an OTP will no longer exist for authentication, the user's mobile device will still be required.

An authentication service without an OTP has been launched by TruSense. The service provider and the user's device are directly connected via data in this service.

By exchanging the token with the device, one can utilise the service after figuring out the number. Throughout the entire process, there won't be a need to enter an OTP.

However, according to experts, biometrics cannot be considered a better authentication option in today's time. With the increasing use of AI, facial recognition can also become unsafe due to deepfakes.

For the Indian market, a customer's mobile phone remains the best means of verifying his or her identity.

Even emails cannot be trusted in this regard, because in the digital age, fake emails can also be generated easily. This type of email can be generated even without KYC.