written by | April 20, 2022

What Does mPIN in UPI Mean?

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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FAQs

Q: What are the latest developments regarding secure and online payments?

Ans:

For cheque payments, the Reserve Bank of India (RBI) has devised the "positive pay system." This mechanism was implemented to combat banking fraud. For payments over ₹50,000, the user must re-confirm their essential data under the positive pay system.

Another positive rule for the UPI is that starting in January 2021, the maximum for contactless card transactions and UPI will be increased from ₹2,000 to ₹5,000. It is done to aid the safe and secure expansion of the usage of digital payment, especially in the event of a pandemic.

Q: What happens if I make a mistake when entering my PIN during a transaction?

Ans:

The transaction will fail if you input the wrong PIN. If you repeatedly enter the incorrect PIN, your bank may temporarily prevent you from sending money over UPI from my account (this varies from bank to bank).

Q: What if my phone number isn't linked to my mobile banking account?

Ans:

Customers whose mobile numbers are not registered for mobile banking are not eligible for this service. You can register your phone number by calling the bank or via the SMS Mobile Number registration process.

Q: Is it secure to send money over UPI?

Ans:

UPI is a secure platform for sending and receiving money from and to your bank account. This system is safe since the government governs it. However, it is recommended that you never discuss your mPIN or UPI ID with anyone for your safety. And keep altering it regularly. Always connect to secure networks, such as your home wifi or mobile network. It's also good to avoid using public networks for online transactions.

Q: What are the benefits of using UPI as a mode of payment?

Ans:

Some of the advantages of using UPI are:

  • By using UPIFunds can be transferred instantly, 24 hours a day, seven days a week. It eliminates the need for traditional methods of transferring funds and the need to wait for any type of confirmation before the funds are transferred.
  • At any point in time, funds can be transferred to any payee.
  • It is one of the most effective methods of encouraging cashless transactions. UPI Apps are simple to install and use on smartphones.
  • Transactions can be completed simply by using a Virtual Payment Address, with no need to provide banking information to the other party.
  • It reduces the likelihood of losing a bank card or having your sensitive banking information stolen.
  • UPI PINs are unique to each bank account, ensuring that the intended person can only use them.

Q: What if I forget my mPIN?

Ans:

You should not be concerned if you forget your mPIN. You can create a new one at any time, and you can get it through net banking, a mobile app, or an ATM. In each bank, the process for generating it via net banking is different.

Q: What is mPIN?

Ans:

 mPIN stands for “Mobile Banking Personal Identification Number”.

  • It is a 4 digit/6 Digit PIN for authentication
  • It is required when you use mobile for transactions.
  • You can set mPIN through a Branch, ATM, or bank app.

Q: What are the best strategies for choosing an mPIN?

Ans:

It is entirely up to you to determine which mPIN to use, but we recommend that you:

  1. Never use your date of birth, vehicle number, or the first or last digits of your phone number.
  2. Use an mPIN that is easy for you to remember but difficult for a fraudster to guess.
  3. Frequently change the mPIN.
  4. If you notice any suspicious activity, change it right away.

Q: Can my ATM Pin and mPIN be the same?

Ans:

Yes, the ATM PIN and mPIN can be the same, but it is advisable to keep them separate for security reasons.

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