Money transfers and mobile banking require a PIN for authentication. If you use your bank's app for routine banking, the mPIN will be used as the authentication mode.
Similarly, you also require a PIN to authenticate transactions for UPI payments. By removing the need to provide the bank account number, IFSC code, or address, UPI (Unified Payments Interface) protects the individual from the major drawbacks of online transaction methods, namely online identity theft and misuse of critical information. With the use of a unique PIN, it is a secure, seamless, and efficient method of performing monetary transactions.
Did you know?
mPIN authorises online transactions, and funds are immediately transferred after entering it.
What Is mPIN?
mPIN, or mobile PIN, is a 6-digit/4 digit number combination known only to you that allows you to use it to validate app transactions. Essentially, the mPIN is short for Mobile Banking Personal Identification Number. For banking transactions, the RBI has mandated two-way authentication, and it means you must provide two pieces of personal information or an instrument for authorisation. For example, a transaction in an ATM requires a debit card and a PIN. The mPIN serves the same purpose as authentication for online transactions.
It is not the same as an ATM PIN. For example, an mPIN can be 426172 or 253617.
How Can You Register Yourself on a UPI App?
To use UPI as a payment method, you must first sign up for the service at your bank. You can do this through your bank's mobile/net-banking service.
Step 1: Download the UPI-BHIM app or your bank's UPI app from the Google Play Store or Apple App Store.
Also Read: What are the Different Digital Payment Methods?
Step 2: Choose your preferred language. Check your mobile phone number. Choose your bank account and account number.
Step 3: Fill out your profile with basic details like your name, virtual ID, and password. The virtual ID you generate will be your payment address.
Step 4- Navigate to the app's Add/Link/Manage Bank Account option and associate your bank and account number with the previously created virtual ID.
You are now officially registered. After you've registered, you'll need to create your mPIN (Mobile Personal Identification Number).
Also Read: What is Request Money Fraud & How to Prevent it?
How Can You Generate an mPIN?
- You'll be requested to generate your mPIN for UPI Payments after downloading the mobile app. A One Time Password (OTP) will be emailed to your registered mobile phone number after clicking it.
- Enter your debit card's last six digits and the expiry date.
- You must generate a one-of-a-kind mPIN for your UPI. Depending on your bank, this can be a 6-digit or 4-digit number.
- When you click on “Submit”, your mPIN will be generated.
Conclusion
With advancements in technology, the need to use your mobile phone for transferring payments is quite evident. But with technology comes responsibility, especially the need to make safe payments. Thus, the mPIN generation is vital in making secure payments without the worry of theft.
The Reserve Bank of India regulates UPI, an instant payment platform. Hence, it allows users to send money directly from their bank account to the recipient's bank account. Apps like BHIM and Google Pay use this infrastructure to facilitate cashless and cardless bank money transfers. You should carefully examine all the finer details before using UPI. Remember never to share your mPIN with anyone!
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