The Business Bytes
THEBUSINESSBYTES BUREAU
MUMBAI, APRIL 10, 2025
In a pioneering move to bolster digital security, Axis Bank, one of India’s largest private sector banks, has launched an industry-first ‘In-App Mobile OTP’ feature on its mobile banking app, ‘open’. This advanced capability generates time-based one-time passwords (TOTP) directly within the app, eliminating the need for traditional SMS-based OTPs and thereby significantly reducing risks associated with telecom-dependent authentication methods.
Amidst a growing wave of cyber threats, particularly SIM swap and phishing attacks targeting SMS OTPs, Axis Bank’s In-App Mobile OTP offers a device-bound, time-sensitive alternative that enhances both the speed and safety of customer authentication. The feature marks a strategic milestone in the bank’s broader fraud prevention roadmap, reaffirming its commitment to becoming India’s safest digital bank.
The Mobile OTP feature allows customers to log into internet banking securely and can also be used to authenticate transactions, providing a seamless user experience. Its functionality is not limited by geography, as it works over the internet, making it highly beneficial for global users such as seafarers, NRIs, and frequent international travellers who often face issues receiving SMS OTPs abroad. Furthermore, real-time alerts for login and transaction attempts offer users greater transparency and control over their accounts, reinforcing trust in the bank’s digital platforms.
Sameer Shetty, President & Head – Digital Business & Transformation at Axis Bank, emphasized the bank’s commitment to customer safety, stating, “At Axis Bank, we are focused on introducing measures to reduce fraud incidences and enhance customer safety. The introduction of In-App Mobile OTP on our mobile app, ‘open’, is a significant step in ensuring safe and secure digital banking experience for our customers. We are investing heavily in building multiple layers of protection against cyber frauds. In addition to enhanced security against frauds, the Mobile OTP option also eliminates reliance on telecom networks, thus providing customers with a seamless, more reliable authentication experience.”
With the introduction of this innovative feature, Axis Bank reinforces its leadership in digital banking and underlines its proactive approach to cybersecurity, setting a new benchmark for the industry in safeguarding customer interests.
