Fintech companies or firms are businesses that have been able to successfully merge financial services with modern technology. These companies have used modern technologies to automate and improve the financial services offered to their customers. This in turn helps the customers make better use of those services and delivery is also improved.
A lot of these Fintechs are online payment platforms that use the web and mobile applications to make payments and transactions easy. Many of these are integrated on a lot of vendors' websites such as eCommerce sites and used during checkout to make payments. You might be familiar with some of them already, such as; Paystack, Flutterwave, Remita, Interswitch e.t.c.
Some Fintechs also offer wallet systems that make bill payments, transfers, and even online loan applications possible. You might know a lot of them, such as Paga, Palmpay, Carbon, Piggyvest, Voguepay e.t.c.
All these Fintechs have a common goal, which is to ease up financial transactions using modern technologies, through web and most times mobile applications. And a lot of people have benefited from these.
The Role OTP plays for Fintechs
Anything that has to do with financial transactions is quite sensitive and highly risky. This is because of criminally minded individuals who are out to defraud people and also scam them. It might be that these ones have been able to hack into users’ information or sometimes the cards used for transactions online have been misplaced or stolen. This risk necessitates the need to have a form of authentication and a Two Factor Authorization method during such transactions. And this is where OTP comes in.
OneTime Password (OTP) is a randomly generated password that is usually sent to a customer while carrying out an online transaction to authenticate the user and authorize the transaction. This is used as an added layer of security in addition to the known password. And it has proven to be very effective in ensuring safe and secure transactions for users of many Fintech companies.
Why Fintechs Use Voice OTP
In delivering OTPs, there is the popular option of SMS. In fact, SMS OTP happens to be the generally accepted and extensively used means of OTP delivery one. However, it comes with various challenges, with non-delivery of SMS to some phone numbers due to DND being one of them. Because of this, a lot of people have faced difficulties authorizing their online transactions because they don’t get the OTP. And it only takes a very short time for such a user to get frustrated and look for an alternative.
There is also the issue of delay associated with SMS delivery sometimes. Because of how time-sensitive OTPs are (it has to be used within a period of time), you cannot afford to experience delays with this. And this is another downside with SMS OTP, with traffic on operators’ server issues and gateway timeout.
Thankfully, there is an alternative that works, which is Voice OTP. With Voice OTP, those issues are taken care of. Voice OTP ensures full delivery of OTP to online users of Fintech companies and at the appropriate time as well. And it has proven to be of great benefits to these ones.
You can get started with the Voice OTP service from SmartSMSSolutions right away. This can be integrated with your web or mobile applications in a few minutes. You can also send an OTP right now to see how it works. A comprehensive user guide on how to use Voice OTP with SmartSMSolutions has equally been provided.
Do you have questions on how to integrate Voice OTP on your Fintech application or still need guidance on how it benefits you? We are eager to hear from you. Mail us at