mPIN Full Form | What is mPIN

What is mPIN? 

mPIN means Mobile Banking Personal Identification Number. It’s a 6-digit passcode you must enter each time you want to conduct transactions. Customers appreciate the mPIN because of the ease of making a transaction. In addition, the mPIN works well for confirming a person’s identity.

What is UPI?

The Unified Payments Interface (UPI) is a form of payment introduced by the National Payments Corporation of India (NPCI) to facilitate a digital economy. 

What Makes UPI Different From Traditional Transaction Methods?

Without the need to memorise IFSC codes and bank details, UPI offers consumers a reasonably straightforward way to make transactions at will.

UPI Registration Process:

Here are the steps to register on a UPI app:

  1. Download an app.
  2. Complete the registration details, including your name, virtual ID, password, and bank details. 
  3. You can link multiple bank accounts based on the app you have downloaded.
  4. Finally, create an mPIN, meaning receive the 6-digit passcode. 

How Can You Generate an mPIN?

You can generate your mPIN/UPI PIN by taking the following steps:

  1. First, click the “Create/change mPIN” option.
  2. Enter your debit card expiry date and the relevant field’s last six digits. Next, enter the OTP pin you received on your registered number. 
  3. Enter the desired mPIN and click “Submit”.

That leaves you with a notification on whether the PIN change has been accepted or declined. You cannot make transactions without this pin. So if your phone reaches a fraudulent person, you can be notified and freeze the activities.

Some of the best UPI apps to send or receive money digitally are:

  1. Google Pay: is a Google Inc service built by NPCI (National Payments Corporation of India). It is partnered with most of the central banks in India and is thus accessible to most users.
  2. SBI Pay: is a State Bank of India-developed UPI-based payment platform that customers can use for safe and quick fund transfers. It is also known as BHIM SBI Pay.
  3. Amazon Pay: is a BHIM UPI-enabled extension of Amazon India that enables users to make payments directly on the Amazon mobile app and earn rewards up to Rs. 350.
  4. PhonePe: is a BHIP UPI-enabled mobile app used for cashless/card-less transactions.

Who Can Use UPI, and When Can They Use UPI?

Anyone with a registered bank account can use UPI as and when they like.

This payment mode functions outside banking hours and does not have a minimum transfer limit. 

You can use UPI with great freedom to pay local vendors, transport, clear utility bills, make purchases online, and make remittances.

FAQs about mPIN

How do I change my mPIN?

You can change the mPIN by logging into your mobile banking account or banking app using the current credentials. You should enter the old mPIN and a new one to make the change happen.

What is the mPIN number?

An mPIN full form, a “Mobile Banking Personal Identification Number”, is a code you need while performing transactions via your mobile app.

How do I get my mPIN number?

You can get your mPIN number by the following:
Step 1 - Open the mobile banking app.
Step 2 - Click on ‘Forgot MPIN.’
Step 3 - Fill in your details.
Step 4 - Add a new 6-digit MPIN.
Step 5 - Confirm your new MPIN.

How do I find my mPIN?

If you have forgotten your mPIN, you can regenerate it using your mobile banking account.

What is UPI registration?

UPI registration means registering yourself on a UPI app to process transactions. For example, you must register and create a unique UPI ID or Virtual Payment Address (VPA) to use UPI as a payment mode. Without UPI registration, you cannot use this payment mode.

How is a UPI ID created?

A UPI ID, also called Virtual Payment Address (VPA), can be created using a UPI-enabled bank application or 3rd party app. First, download the app and finish the account setup. Then, go to ‘create UPI ID’ and prefix for your VPA (example: abcd@upi). Click to continue. You can use this unique ID to receive and send money using UPI.

Is it safe to make payments via UPI?

UPI is a safe platform to send or receive money directly from/to your bank account as the government regulates this system.

Categories: Banking
Install myBillBook Now