People will be allowed to transfer money on the Internet or mobile devices without security passwords or one-time passwords (OTP).
 
The Financial Services Commission said that it will revise regulations on electronic finance in the first half of the year in order to abolish the duty to use one-time passwords for electronic financial transactions.
 
If the duty is abolished, financial firms will be able to develop and utilize more convenient and reliable security methods compared to password cards or OTPs.
 
The FSC abolished the duty to use complicated identification processes for electronic financial transactions in March of last year.