What is mPIN in the bank?

The mPIN in the bank stands for ‘Mobile Banking Personal Identification Number.’ When you use a mobile device to make a transaction, it works like a password. It is a four-digit secret code (six digits in some banks) comparable to an ATM PIN. 

PIN authentication had required for mobile money transfers and banking. If you use your bank app for everyday banking, the MPIN is used to verify your identity.

mPIN is different from UPI PIN, which had used to send money through UPI. Read below to check detailed information about mPIN like objectives, usage of mPIN, different methods to generate mPIN and more.

MPIN in the bank comprehensive Details

mPIN, or Mobile Banking Personal Identification Number, is the password that allows the user to use the mobile banking service. 

The mPIN secures consumer banking by implementing a two-step authentication process that adds a second step to the banking process to guarantee the authenticity of the consumer. MPIN is not the same as ATM PIN.

It had used when we transact on our phones. It is a 4-6 integer number used for various things, including fund transfers, balance checks and many other mobile banking services. 

The MPIN you enter is the initial level of authentication in mobile banking, after which an OTP had sent to your registered mobile number. Remember, this is a top-secret code. You better keep it a secret.

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Objectives of mPIN in the bank

For banking transactions, RBI has implemented two-way authentication. It implies that you must produce two types of identification or device to get approved. For example, a transaction at an ATM requires a debit card and a PIN. 

You need your registered mobile number and UPI PIN to make UPI payments. Mobile banking also requires two-factor authentication.

Your cell phone number is the initial level of authentication in mobile banking. As a result, you can only use your registered cell phone number to do mobile banking. Your mPIN will use for the second authentication. 

You should remember it, and only you should know it. It ensures the security of your mobile transaction. If you don’t have an mPIN, someone can use your lost phone to make a mobile transaction.

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Uses of mPIN in the bank:

Services that use mPIN for authentication are as follows:

SMS Banking: You can also do various transactions through SMS. The mPIN had also constrained by this transaction technology. Furthermore, this approach is not widely used. 

Mobile Banking App:

SBI YONO, HDFC Bank Mobile Banking and other banks have mobile banking apps.

IVR:

You can use Interactive Voice Response (IVR) to perform some banking tasks. You follow the recorded voice instructions to complete banking in this manner. 

The system also provides information on recent transactions, bank balances and mini statements. However, mPIN had still required for authentication.

IMPS/NEFT/RTGS:

IMPS, NEFT and RTGS are some other fund transfer options along with UPI. Using these methods through mobile banking, you must enter the mPIN instead of the merchant password.

Various Methods to Generate mPIN Online

The Various Methods to generate mPIN Online are as follows:

  1. Using Net Banking
  2. Using UPI Apps
  3. By using ATM Card
  4. Using Bank Branch
  5. Using USSD Code

Using Net Banking

To generate a new mPIN for your account using net banking, the user has to follow the following steps: 

  • First, open the bank portal 
  • Now login to your bank portal by entering your user id and password 
  • Once you have successfully logged in, pick the mPIN option from the menu option 
  • After that, Click on Setup mPIN
  • Now an OTP will be transmitted to your recorded mobile number 
  • Enter the received OTP in the specified space to verify your mobile number 
  • After that, enter the 4-digit mPIN of your choice and click on the confirm button 
  • Finally, you will receive a confirmation SMS of your new mPIN setup

Using UPI Apps

The mPIN is widely used in UPI apps to provide banking services to users. You can also use the UPI application to change, generate and access your banking mPIN. To generate a new mPIN for your account using the UPI app, the user has to follow the following steps:

  • First, open the UPI app. 
  • Now, log in using your registered user id and password. 
  • Click on the Account Management option. 
  • Now, click on the Set mPIN option. 
  • After that, follow the necessary steps to generate a new MPIN.

Using ATM Card

mPIN can be set up at ATM to use a mobile banking service. To generate a new mPIN for your account using an ATM card, the user has to follow the following steps: 

  • First, visit your nearest ATM branch. 
  • Now, insert your ATM card into the ATM.
  • Enter the ATM PIN. 
  • Click on confirm button. 
  • Now, click on Forgot login password/MPIN option. 
  • An OTP will transmit to your registered mobile number. 
  • Now, you need to verify using the OTP you received. 
  • After successful verification, you can set up a new mPIN. 
  • Finally, you will receive confirmation of mPIN on your registered mobile number.

Using bank branch 

To generate a new mPIN for your account using a bank branch user should follow the below steps: 

  • First of all, visit your closest bank branch for the generation of a new mPIN. 
  • Get the mPIN generation form from the concerned authorities. 
  • Now fill out the form with all the necessary details.
  • Then submit the filled mPIN generation form to the concerned bank authority. 
  • After successfully submitting the form, concerned authorities will provide you with all relevant details regarding the new mPIN.

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Using USSD Code

The mPIN is also set and edited using the USSD code. Setting a PIN on a basic phone without internet access is best. 

The dialling pad uses the USSD code to access the service. The user has to observe the below-given steps to generate a new MPIN for your account using the USSD code.

  • First, dial *99# using your phone 
  • Now, various options will appear. 
  • Select the option Generate mPIN by dialling the number to be written before the service 
  • Enter your last 6-digit number <space> Expiry date and then press the send button. 
  • Now the new one of your choice Enter mPIN 
  • Press Send Button 
  • After you press the send button, your new mPIN will generate.

Frequently Asked Questions

What is mPIN? 

MPIN or Mobile PIN is a 6-digit number known only to users and can be used to confirm in-app transactions. 

Is it possible that ATM PIN and mPIN are the same? 

Although ATM PIN and mPIN are identical, it had suggested that they must be kept separate for security reasons.

What if your phone number had not listed in Mobile Banking?

Customers whose mobile numbers have not registered for mobile banking are not eligible for this service. You can record your phone number by calling the bank or SMS mobile registration. 

What can you do with this mPIN? 

Using UPI apps, mPIN can authenticate IMPS transactions and check balances.

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