The money transfer and banking through the mobile needs a PIN for authentication. If you are using your bank’s app for the common banking task, the MPIN would be used for the authentication. The MPIN is separate from the UPI PIN which is used in UPI Fund Transfer.
Suppose, You want to check statement of your SBI Bank Account. You can do this by using the SBI Anywhere App. But to use this app, you have to enter the MPIN. IN this app, your ATM PIN or UPI PIN would not work. In fact, MPIN is required if you use the NEFT, IMPS or RTGS system for the fund transfer through mobile.
There are some common questions about the MPIN. What Does MPIN means? How can one get it and what is the use of it? The post would try to answer all these questions.
1. More About MPIN
The full form of MPIN is ‘Mobile banking Personal Identification number’. It works like a password when you perform a transaction using a mobile. It is a 4 digit (6 digits in some banks) secret code similar to the ATM PIN.
MPIN is different from the ATM PIN. It is used only when we transact through our mobile. Keep in mind, it is a sensitive code. You should keep it secret. Do not write it down anywhere. Banks give this code to their customers when they register for mobile banking. As you may know that registration is required for using the mobile banking facility.
2. Requirement of MPIN
The RBI has mandated a two-way authentication for banking transaction. It means you have to produce two personal information or instrument for the authorization. For example, you require Debit Card and PIN for a transaction in ATM. For UPI Payments, you need the registered mobile and UPI PIN. Similarly, Mobile Banking also required 2-way authentication.
- In mobile banking, the first authentication is your mobile number. That is why you can do mobile banking only through the registered mobile number.
- The second authentication is your MPIN. You have to memorize it and only you should know it. It makes your mobile transaction secure. If there is not an MPIN, anyone can do the mobile transaction using your lost mobile.
You may be wondering that ATM PIN could be also used as the MPIN. However, RBI don’t want to expose the ATM pin. Also, different PINs would keep both the services independent and secure.
3. Usage of MPIN
As I have told that MPIN is used in mobile banking. Let me elaborate it more. Following are the services where MPIN is used for the authentication.
- Mobile Banking App – Such as SBI YONO, iMobile, HDFC Bank Mobile Banking, etc
- SMS banking – You can do some transaction through the SMS as well. This method of the transaction also requires MPIN. However, this method is no more popular.
- IMPS/NEFT/ RTGS – These are fund transfer methods other than the UPI. If you use these methods through mobile banking, you have to enter the MPIN instead of the transaction password.
- IVR – You can perform some of the banking tasks through the IVR (Interactive Voice Response). In this method, you follow the instruction of a recorded voice to do the banking. This method tells you the last transaction, bank balance and mini statement as well. But this also requires MPIN for the authentication.
However, most of the times, you have to use MPIN while transferring the fund through mobile apps.
4. How to Get MPIN
The MPIN is necessary for mobile banking that is why it is given along with the mobile banking kit. When you open a saving account and opt for the mobile banking, the banks give you an welcomekit. This welcome kit also contains the mobile banking user ID and MPIN. But if you are an old account holder and did not apply for mobile banking then you have to apply for it.
You can activate mobile banking in 3 ways. You would also get the MPIN through all these ways.
- Bank Branch
At the Branch
It is a simple process. Visit your branch and apply for the mobile banking. The bank would give you a mobile banking activation forms. Fill and submit that form. Most of the banks provide the Mobile Banking user ID and PIN same day. The activation of mobile banking may take 24-48 hours.
At The ATM
You can also use the ATM to actiavte the Mobile Banking. The MPIN can be also generated through the ATM. But for that you have to visit the ATM of your bank only.
Go to the ATM and insert the Debit card. Choose the Mobile Banking. If you can’t see this option choose the ‘other services’. In the mobile banking menu, you would see the option for mobile banking registration. There may be option of the MPIN generation as well. Note the MPIN would be sent to your registered mobile number. You would not see it there.
Some of the banks give the option to activate the mobile banking online for example ICICI Bank. But some bank do not give this option for example the SBI.
When you login to your internet banking, you would see the menu for online services. Among these services, there would be the service of mobile banking. Choose that option to acitvate mobile banking or generate the new MPIN.
What if you forgot your MPIN
You do not need to worry if you forgot your MPIN. You can generate a new one anytime. You can generate it using net banking, mobile app or ATM. The process for generating it using net banking is different in all the banks. But, the process is same for USSD banking and UPI apps.
All the mobile apps of the banks give you the option to change or reset the MPIN. To Reset the MPIN, you have to enter your debit card details.
So In this post, I have told you all about the MPIN. You have to note that MPIN is used only for the mobile banking. This PIN is different from the ATM PIN and UPI PIN.