“Increasing Adoption of Two-Factor Authentication (2FA) in BFSI A2P SMS Market”
A significant trend driving the growth of the BFSI A2P (Application-to-Person) SMS market is the increasing adoption of Two-Factor Authentication (2FA) for enhanced security. Financial institutions are implementing 2FA as an additional layer of protection for online banking, mobile apps, and transaction services. By sending OTPs (One-Time Passwords) via SMS, banks ensure secure customer login and transaction verification. For instance, banks such as HSBC and JPMorgan Chase use A2P SMS for 2FA to prevent unauthorized access and fraud. The growing concern over data breaches and fraud is further propelling the demand for secure, SMS-based authentication solutions, significantly boosting the A2P SMS market in the BFSI sector.