What is the Full Form of MPIN
MPIN: Mobile Banking Personal Identification Number
MPIN stands for Mobile Banking Personal Identification Number. It is used as a security code for online transactions, similar to ATM (automated teller machine) PIN, so that any average citizen may save time by using MPIN. With MPIN, secure transactions are possible. How will applicants be able to use the MPIN for online banking transactions, what are the benefits, and how will residents get the MPIN? This article contains all of the pertinent information.
Use of MPIN
This security code consists of four digits. It is also 6 digits in many banks, through which citizens can do money transactions through their mobile for any work. But for this, citizens must first obtain the facility of mobile banking, which citizens can obtain by registering through the bank or through the USSD and UPI app on their mobile. MPIN code is as sensitive as it is necessary to keep it secure.
Applicants can use MPIN to transfer money from their bank accounts. However, the user should keep this code safe as it has been observed that money has been illegally withdrawn from citizens' bank accounts after sharing this code with anyone else (especially with unknowns). Therefore, it is recommended never to share the MPIN with anyone. As this security code is required to process mobile transactions, users can get it through mobile using their bank's debit/credit card. However, users will also have to insert the SIM (Subscriber Identity Module) card along with the registered mobile number in their respective mobile devices.
In particular, the applicant can utilize the MPIN for the specified transactions like:
Importance in Mobile Transactions
As previously stated, MPIN is used for financial transactions over online transactions. To ensure the security of these transactions, the government has implemented mobile banking with two-way authentication, which means that anybody who possesses mobile banking now has an extra layer of security. To utilize it, he must conduct his own transaction using two-way authentication. That is, just as we can withdraw money from our accounts only through our ATM card and our ATM PIN, similarly for online banking transactions, the applicant's registered mobile number is first authenticated, which is attached to his bank account, and then the MPIN. After the successful verification of both, the person may process the respective transaction. In case of an information mismatch, the transaction is declined.
Following are some of the details related to the MPIN benefits or advantages that one will get:
How to get MPIN?
MPIN may be obtained in two methods, such as:
Once created, applicants will be allowed to do financial transactions with their MPIN only after 24 hours.
The process to Generate MPIN using USSD
Applicants can learn the MPIN generation process through USSD carefully from the steps given below: