With the rapid inclusion of digital payment through UPI, MPIN is probably the most used number code right now in India. PhonePe with 48% and Google Pay with 37% market share, are the two leading UPI apps facilitating digital payments in India.
But the thing is all these UPI payments are not possible without the use of MPIN. It is this set of numbers that you put to meet all your online financial activities.
So, let’s learn more about MPIN full form, its meaning, usage, and generative methods. This guide will help you navigate through all the essentials about MPIN and its use.
What is the Full Form and Meaning of MPIN?
If you ask about the full form of MPIN, the answer will be Mobile Banking Personal Identification Number. This is a digital passcode or key without which cannot open or enter your mobile banking app.
MIPN is that 4 or 6 unique number combinations that you put before making an online transaction through your banking or payment apps. The purpose behind using this number is to authenticate and secure your transactions.
This solo number combination ensures the app algorithm that it’s an authentic user and not any fraudulent one who is making the transaction. Incorporation of MPIN also reduces the time and effort of putting your bank or debit card details before each transaction.
What are the Uses Of an MPIN?
To understand MPIN meaning and functions in detail you will have to dig deep into its uses. Its number plays a crucial role in all sorts of digital banking. Whether you are opting for an online money transfer, paying your recharge bills, or meeting your shopping expenses, you cannot neglect MPIN.
MIPN acts as your digital signature ensuring it is only you who is behind the screen making the active transaction from your bank account. The benefits of using MPIN in digital money transfers include;
Safe Online Transactions
Online money transactions come with a significant risk of data breaches. People therefore used to fear online banking. However, with the initiative of MPIN integration, the level of security increases. MPIN adds another layer of protection to your digital transactions. For further safety amd smooth operations, using the best billing software makes your daily operations smoother.
Simplification of the Method
Remembering the 4 or 6-digit MPIN number is quite easy for everyone. Especially, if you compare it by remembering your bank account number or IFSC code each time for payment. Thus, this process alone simplifies online transactions and helps you make fast payments on the go.
One Stop Solution
One single combination of numbers, your MPIN, alone handles multiple operations when it comes to money transactions. Whether you are checking out at an online retail shop or paying your monthly rentals through a banking app, putting in MPIN is the one and only solution to get ahead.
Provides Peace of Mind
Putting in the MPIN correctly not only assures the app algorithm of your authenticity. It also assures the user that making transactions through that app is secure. Putting in your MPIN numbers ensures you and the app algorithm that the transaction is valid and verified. This provides you with a sense of peace and faith in online money transfers.
How Can I Generate My MPIN?
Now that you understand what is MPIN, it is time to decipher how you can generate it for your digital banking. Generating an MPIN number is quite simple. You can do it digitally or go to your nearest branch office or ATM counter to generate it.
Using UPI Payment Apps
You can use any UPI app you prefer to generate your MPIN or change it anytime. You will just have to log in to the app with your customer ID and password.
Thereafter, you will have to head to the profile setting or My Profile section and find the Set MPIN option there. There you can put the number combination that you want to set as your MPIN.
Using Net Banking
If you don’t use UPI apps or want to create your MPIN directly through the net banking option of the official banking site, go for it. For this, you will have to go to the net banking app of your bank and login using your ID and password.
Thereby going to the Menu and clicking on the “Setup MPIN” button you can set your MPIN. You will get an OTP for authentication. Put the OTP and then set your MPIN.
Going to the ATM
You can generate MPIN using your ATM card at your nearest ATM too. Just insert your ATM card into the machine and put your debit card PIN.
Thereafter, from the menu, you can select the “Forgot MPIN/Login Password” option. Clicking on that you will receive an OTP on your mobile number. Put that in and set your MPIN right there.
Using the USSD Code Method
If you don’t have internet access to your phone right now but want to generate MPIN on an immediate basis, then this method is useful for you. You will just have to use the USSD code that your bank provides and dial it. Thereby you will get all the instructions to generate your MPIN in a step-by-step manner.
Going to the Bank Directly
If you find the above measures to be difficult or want to learn it from the respective authority, then go to your nearest bank branch. You can take the help of the bank officials to understand and navigate through the entire process.
Changing your MPIN is also very simple if you use a mobile banking or UPI app. Just enter your banking app using the existing MPIN. There on the settings, you can click on the change or reset MPIN option and put your new combination of numbers as your new MPIN.
How to Transact Money Through UPI Using MPIN?
Once your MPIN is set, you can use it anytime while making a transaction or viewing your bank balance online. In a UPI payment app, you will have to use your MPIN following the below method;
- Login to your UPI app
- Select the person and write up the money you want to send to that person
- You can also put the UPI ID, UPI-linked phone number, or UPI QR scan of the person you want to send money through UPI
- After entering the payable amount, you will have to click on the “Confirm” or “Proceed” option
- There on the successive page you will get the interface to enter your MPIN
- You will have to put the right MPIN here
- The transaction will initiate immediately only after delivering the correct MPIN here.
Read More : How to Print Your Company Logo on Thermal Bills?
Conclusion
To conclude, MPIN is extremely useful and even mandatory now to complete digital banking transactions, may it be through net banking or using UPI. The importance of MPIN in avoiding fraudulence while securing your digital transactions is undeniable.
As MPIN is essential for completing a digital money transfer, so as timely tax filing for your overall risk-free financial career.
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FAQs
What is an MPIN Password?
MPIN password is typically a 4 or 6-digit number without which you cannot enter your net banking app. This passcode is necessary to ensure your security while using net banking from your mobile or PC.
How to Get an MPIN?
If you want to generate your MPIN for the first time then go to the respective banking app at first. There you will have to go to the “Generate MPIN” option and enter your 4 or 6-digit MPIN after confirming your debit card details.
How Often do I Need to Change My MPIN?
Ideally, you need to change your MPIN number every few months. This will enhance the security of your mobile banking app. You need to specifically change your MPIN if you mistakenly show it to someone unknown or suspect someone to open your net banking app using it.
What Will Happen If I Forget My MPIN?
There is no issue if you suddenly forget your MPIN. You will just have to head to the “Forgot MPIN” option and verify your credentials to generate a new MPIN.
How to Enhance the Security of MY MPIN?
To ensure your MPIN is safe you will have to be careful to hide it from others. Ensure you put the MPIN privately and always avoid generic and predictable numbers.
