Introduction of Digital Financial Tools, (PIN, OTP, QR code)

CHAPTER-8 

DIGITAL FINANCIAL TOOLS AND APPLICATIONS 

Digital Financial Tools:- 

• Digital financial services one accessed and delivered by many through digital channels including payment credit and saving and so on.
• It is to expand the delivery of basic financial services to the people through the internet, mobile phones and transfer of money through digital channels. 
• Mobiles phones, Computers or card used over point of sale devices connect individual and business 

Personal Identification Number (security term):-

• A PIN is a numeric password used to verify your identity.
• Commonly used for bank cards, phones, or secure systems.
• Example: When you use an ATM, you enter your 4-digit PIN to access your account.

OTP [One Time Password / Pin]:- 

• OTP stands for One Time Password /Pin.
• OTP can be sent to the user's registration phone number, through SMS or e-mail. 
• OTP is valid for one login session. 
• OTP works through random algorithms that generate a new and random Password each time they are used. 
• It is the sharing of character or Number (4-6) digits automatically generated. 

• In banking and financial transactions, OTPs (One-Time Passwords) typically expire within 30 seconds to 2 minutes

QR [Quick Response Code]:- 

• QR stands for "Quick response Code". 
•  It was invented in 1994 by Japanese company “Denso Wave". 
•  It is two (2D) dimensional code the code contains information in both the horizontal and Vertical axis. 
• When you Scan such a QR code application takes you to a website or other information.
• They can be numeric, alphanumeric or binary data of which up to 2953 bytes can be stored.