Everything worth knowing, nothing that isn't.
SMS: the universal baseline
SMS OTP reaches every handset with no app or opt-in, which is why it remains the default for verification. Send it over a direct, high-priority route with short expiry. See /answers/sms-otp-best-practices.
RCS: branded, but not universal
RCS can deliver a verified, branded code in the native inbox — a useful anti-impersonation signal — but only on capable devices and networks, so it cannot yet be your only OTP channel. See /answers/rcs-for-business.
The practical answer
Lead with a network check or SMS for reach, and use RCS as an enhancement where available, always falling back to SMS. Better still, consider silent network authentication above both. See /answers/best-channel-for-otp and /answers/sms-fallback-strategy.