Cashless technology isn't a completely fresh concept. People have been using credit cards for decades, and the market for fintech services has been growing steadily. That being said, the current health crisis has underscored the need for economies to go cashless as a way to restrict the spread of the coronavirus.

From user authentication and password resets to transaction verification, two-factor authentication (2FA) offers basic but useful protection for consumers. The 2FA process typically sends an SMS sent to the customer with a one-time password (OTP). The OTP is entered alongside an existing username and password, confirming the user is who they say they are.