Woori Bank Launches Digital OTP Service for Visually Impaired Users

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 27th that it will launch a digital OTP service that improves the shortcomings of the voice OTP (one-time password) for the visually impaired. The voice OTP was inconvenient to use due to frequent malfunctions such as rapid battery drain, voice output errors, and earphone connection failures.

The digital OTP service for the visually impaired was jointly developed by Woori Bank, the Korea Blind Union, and the Korea Financial Telecommunications & Clearings Institute (KFTC), based on the digital OTP (Smart Security Card) application provided by the KFTC.

Authentication proceeds in the order of ▲ smartphone push notification ▲ app launch ▲ 6-digit password input ▲ temporary password auto-generation and auto-input. Currently, it is only available for telebanking, and there are plans to expand this OTP service to smart banking and internet banking channels for mildly visually impaired users.

Applications for the digital OTP service for the visually impaired can be made through Woori Bank branches. When visiting a branch, applicants must prepare an ID card and a disability registration card, install the digital OTP app on their own smartphone, and use it free of charge.

Kim Hoon, senior researcher at the Korea Blind Union, said, "Thanks to Woori Bank's active efforts, financially marginalized groups can now conveniently conduct electronic financial transactions." A Woori Bank official stated, "We will continue to develop safe and convenient electronic financial services for financially marginalized groups."

Meanwhile, since last year, Woori Bank has been educating the elderly on 'safe smartphone usage methods' and providing various support for financially marginalized groups, including introducing ways to prevent financial fraud using smartphones.