MPIN Full Form: What is MPIN and How to get MPIN?

Do you know the MPIN full form, or do you know what is meant by MPIN? If you are using mobile banking, you may be familiar with this word, but if you don’t, I will explain this to you through this article.

Hello! The topic that I am going to discuss today is all about MPIN. So if you want to know about The MPIN full form or MPIN, you can read this article, and I will also tell some advantages and disadvantages of Mobile Banking.

So let’s move further to know more about MPIN.

MPIN Full Form

What is MPIN, and What is the MPIN’s full form?

• The MPIN full form is Mobile Banking Personal Identification Number. MPIN is a pin that is required when you need to carry any transaction through your mobile phone. If you carry any transaction through your mobile phone, this serves as a password.
• MPIN is usually a four-digit number that acts as a password to carry out a transaction through mobile. In some banks, the number consists of six or eight digits instead of four. It is a secret code similar to an ATM pin code but not exactly the ATM code.
• MPIN is a very sensitive code which you should keep very personal. The bank provides the pin when you sign the registration form for carrying transactions with mobile banking.

What is the use of the MPIN?

• The main use of the MPIN is to provide authentication for both sides of the transactions carried. Just like how you receive money from the ATM using the ATM and the PIN in the same way, even when you use a mobile phone, authentication is needed on both sides.
• When you use mobile banking, the first authentication is your mobile number. That is why you should carry your mobile banking only through the registered number and the second authentication is your MPIN. It also secures your mobile transaction. One more shocking fact is you can even use your ATM pin as your MPIN pin.
• It is a very important code in mobile banking that enables transactions in modes like Mobile app banking, SMS banking, USSD banking, and more.

How can you get MPIN?

The first step is to register for mobile banking in your respective bank; after the registration, the bank provides an MPIN pin along with the user id.

You can get an MPIN even with a UPI App. Getting an MPIN with the help of the UPI is very easy. You have to log in to the UPI App, and you will get an option to generate an MPI.

Why is the MPIN so Important?

Just imagine what will happen if there is no ATM Pin. The answer to the question for anyone is, can’t withdraw money from your ATM. In the same way, if there is no MPIN(Mobile banking Personal Identification Number) allotted to you, you cannot make transactions using internet banking.

You may be wondering that for carrying a transaction, the other person may need your sim card. And yes, that is right. Take it for example: If you lost your mobile phone, then there is the chance that anyone can withdraw and transfer money from your mobile. To avoid this situation, the bank has generated security known as Mobile Banking Personal Identification Number.

How to register for Mobile Banking?

• Step1: First, get a form from the bank and fill it up, and then submit it to the respective bank branch. Some banks allow you to generate MPIN online through the bank’s official website.
• Step2: The next is to download a mobile banking app from the App Store.
• Step3: Some banks provide the facility to set a mobile banking pin, whereas others send an MPIN pin as an SMS. The pin is very necessary, and it should be entered whenever the customer is trying to access the mobile banking services.
• Step4: After entering the pin, the customer needs to log in with the ID and password to access the account.
• Step5: The next is the security part. Every bank provides unique security and authentication features to their customers like OTP and other securities to quickly carry out mobile banking transactions.

These are the following few steps to register for mobile banking.

What are the Advantages of Mobile Banking?

• It is a very easy mode of banking system where you can transfer money from your account to another’s account just within few minutes and that too from anywhere.
• You don’t need to carry money with you; you can buy anything and make payments through your phone if you use mobile banking. Not only this, but you can also pay bills, check account balance, transfer funds, and can also study your recent transaction.
• It saves your time; Going to the bank and coming again, your time goes off here. Mobile banking saves your traveling time, and you can utilize that time for your work too.
• Mobile banking provides the facility of 24 hours access to their customer, which means you can transfer money or pay anytime when you feel convenient.
• It is easy to identify fraudulent practices for the people who use mobile banking because they are aware of their day-to-day activities and transactions carried by them. Read More…