MPIN is an important security feature in mobile banking. It is mainly used in platforms like UPI (Unified Payments Interface). MPIN is a unique code that authenticates transactions securely. MPIN also protects people against cyber threats and secures their mobile banking experience.
Learn what MPIN is, its meaning, how to generate and use it effectively below.
What is MPIN? - Full-Form & Meaning
MPIN stands for Mobile Personal Identification Number. It’s a 4 or 6-digit passcode used to authenticate mobile banking transactions. This pin is a secure alternative to entering detailed bank information during payments.
For example, your MPIN might be a series of numbers like 172362 or 923813. You enter this code on your mobile banking app whenever you initiate a payment or transfer. The app then uses this code to verify your identity and ensure that you authorise the transaction.
With MPIN, users can conveniently authorise transactions without remembering complex account details or IFSC codes. UPI gains prominence in digital payments due to its convenience and absence of minimum transfer limits, so MPIN becomes increasingly crucial to keep mobile transactions secure.
Uses of MPIN
MPIN is used as a security measure in various digital transactions. Here's where you'll need to use your Kotak MPIN:
- Mobile Banking Applications: These are used for transactions made through mobile banking apps. It is also used in several UPI payment apps for secure fund transfers.
- IMPS/NEFT/RTGS: Immediate Payment Service (IMPS), National Electronic Fund Transfer (NEFT), and Real Time Gross Settlement (RTGS) transactions all necessitate the use of MPIN for security.
- SMS Banking: Any banking transactions conducted through SMS banking services will prompt you to enter your MPIN for authentication.
- Interactive Voice Response (IVR): Tasks such as fund transfers via Interactive Voice Response (IVR) systems require MPIN to verify your identity and authorise the transaction.
How to Generate MPIN?
To generate your MPIN for digital savings account mobile banking, you have several options:
Using Net Banking:
- Log in to your net banking portal website using your customer ID and password.
- Go to the mobile banking section, usually in Menu or Settings.
- Look for the option to set up your MPIN and click on it.
- You'll likely be prompted to verify your mobile number by entering an OTP (One-Time Password) sent to your registered mobile number.
- Once verified, you'll be prompted to enter a 4 or 6-digit MPIN. Make sure it's something you can easily remember but difficult for others to guess.
- Confirm the MPIN, and it will be set up for your mobile banking transactions.
Using the UPI App:
- Open your preferred UPI app on your smartphone.
- Log in using your banking customer ID and password.
- Navigate to the Settings or Profile section within the app.
- Look for the option to set up your MPIN and select it.
- Follow the instructions provided by the app to set up and confirm your MPIN.
- Once confirmed, your MPIN will be ready for use in UPI transactions.
Using an ATM Card:
- Visit any bank ATM and insert your ATM card into the machine.
- Enter your ATM PIN to proceed.
- Select "Forgot MPIN / login password" or a similar option from the options displayed on the screen.
- You may be required to authenticate your identity using an OTP sent to your registered mobile number.
- Once authenticated, follow the on-screen instructions to set up your new MPIN.
- After successfully setting up the MPIN, you'll receive a confirmation message on your registered mobile number.
Using USSD Code:
- Dial a specified number from your mobile phone.
- Follow the instructions in the USSD menu.
- Select the option to generate an MPIN.
- Enter the last six digits of your debit card and its expiry date as prompted.
- Choose and confirm your desired MPIN.
- Once confirmed, your MPIN will be generated and ready for use in USSD-based transactions.
Importance of MPIN in UPI
MPIN is a shield against unauthorised access. It is a unique passcode that verifies your identity without inputting details like IFSC codes. According to RBI guidelines, MPIN ensures two-way authentication, a key requirement for secure mobile banking.
When conducting transactions, the first authentication occurs through your registered mobile number, while the second involves inputting your MPIN, thus completing the verification process. This two-step verification adds an extra layer of security. UPI requires your mobile device and MPIN to ensure that only authorised users can access and manage their accounts.
Difference Between UPI PIN, ATM PIN and MPIN
These are the key differences between UPI PIN, ATM PIN, and MPIN:
Parameters | MPIN | ATM PIN | UPI PIN |
| Use | Authorising mobile banking transactions through apps. | Authenticating debit cards for cash withdrawal or POS. | Authenticating transactions via UPI or net banking apps. |
| Length of code | 4 to 6 digits | 4 digits | 4 to 6 digits |
| PIN setup | Through the bank's app. | Follow bank instructions or use an ATM. | Via UPI/Net banking app. |
| Reset/Change | Via ATM, bank app, or visiting the bank branch. | Through net banking or ATM. | Using any UPI or net banking app. |
| Use cases | Authorise mobile banking services or bank app transactions. | Check your balance or withdraw cash from the ATM. | Make offline/online transactions and check balances via UPI. |
Conclusion
MPIN is a crucial tool for ensuring the security of mobile banking transactions, particularly within UPI platforms. Generating and using an MPIN is a very simple process. However, it's important to exercise caution and never share your MPIN with anyone to prevent unauthorised access to your digital savings account.
FAQs
1. Can I reset my forgotten MPIN for UPI?
Yes, most banks allow users to reset their forgotten MPIN through the mobile banking app or by contacting customer support.
2. Is it necessary to change my MPIN regularly?
While not mandatory, changing your MPIN periodically adds more security to your transactions.
3. What should I do if my MPIN gets locked?
If your MPIN gets locked, you can usually unlock it by following the bank's instructions in the mobile banking app or contacting customer support.
4. Can I use the same MPIN for multiple bank accounts linked to UPI?
For security reasons, you should use a unique MPIN for each bank account linked to UPI.
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This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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