Norway also just has the same though spread over many sites and services, and also is two factor. The most common system is using a bank connected verification. Older people stick to the the old physical code generator that is shipped to you, while most use the more convenient "accept the phone popup" and input a pin there.

Its not the only way, but the one I use. And it works for a lot, down to insurance. It's honestly a great and somewhat safe (bar bad choices in developing the system of course) way to always have access to the big things if you need them. When I got a loan for my first house I pretty much only interacted through few phone calls and using my phone to access the bank and other relevant sites, while at work.

It is troubled in some ways, when that solution has technical problems it prevents access to a lot of other services. But even with delay, that seems way more fast than waiting for mail. It's also the very epitome of a system that fully has you tracked and connected through an online ID across platforms. But Norway isn't quite dystopian yet at least. I also think it gives you some trouble if you are immigrating or living here medium term, since you do not have access to all of this immediately.