Paidy, a buy-now-pay-later provider based in Japan, uses SMS One-Time-Passwords (OTPs) to complete user verification instantaneously each time a payment is initiated.
The table shows a sample framework, calculating the potential impact for a business using SMS OTPs.
Example:
An online payment services platform noticed a fall in its monthly transaction figures and is looking to switch from email to SMS OTPs to improve its transaction completion rate.