What is the importance of OTP texts?

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Below is the importance of Otps Messages:-
1. Activating bank payment cards.
2. Confirming any payment transactions.
3. Verifying for self-sign-in or forgotten password situations.
4. Accessing the services given by the government.
5. If you are signing in through a new device.
6. To enter the festivals or concerts.
7. Accessing extremely sensitive information.