MPIN—short for Mobile Personal Identification Number—is typically a 4-6 digit numeric code that customers use as a unique security code during all mobile banking activities. Like ATM pin codes for ATM cards, online mobile banking requires customers to have an MPIN for security measures. MPIN is 100% customisable and can only be known by the authorised user.

A banking app will always ask their customers to set their own MPIN and use that for specific purposes like

1. Checking your bank account balance

2. Online transfer of funds

3. Payment of bills

4. Requesting for services

5. Any other transaction or activity on your mobile banking app that others cannot attempt

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However, an MPIN should not be confused with your ATM pin. Another point to remember is that an ATM PIN will also not work as your MPIN, as assuming that your ATM PIN will work as your MPIN is a misconception many people might have. Many people may need clarification on the ATM pin with the MPIN, but these two, although in concept, serve to provide a layer of security, have different specific functions on their own which are different.

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Understanding how MPIN works

Now that we have understood what an MPIN is let us see how it functions-

It is mandatory that all banking applications have an MPIN, which ensures that your online mobile banking activities are always safe and secure. An MPIN is a security measure that helps users control their online mobile banking activities. Each pin is a unique combination of 4-6 digit numeric codes that can only be generated and set by the account owner/user.

Let us understand the basics of an MPIN and how to generate an MPIN-

1. The first step of online mobile banking begins with registering your account on the application. This entails adding your personal details like name, address, etc and then verifying this information. Then, for any activity after that, for services like checking your account status, transferring money or making online payments, the app will prompt you to set up your MPIN. You will generally be asked to come up with a strong 4-6 digit numeric code that will be set as your MPIN for further use. It is always advised that your MPIN is not predictable, like date of birth, year or numbers that may reflect personal affinity. It is best to use randomised numbers that would be hard to guess for anyone attempting to do unauthorised transactions apart from the user.

2. Once your banking app is fully functional and you have set up your MPIN, you can make online transactions via your mobile. You will be prompted to enter your MPIN when transferring money to different accounts, paying bills, etc. The mobile banking procedure only validates or authorises transactions with the facilitation of your MPIN, and if your MPIN doesn't match, the transaction does not go through. Sometimes, attempting multiple main inputs may result in the temporary blocking of your mobile banking transactions.

Most banking apps require you to change and update your MPIN every couple of months to ensure that the code is not compromised and that your security is always in check. This is a useful tip for all online bankers.

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The importance of an MPIN

In a day and age where things like banking and money transfer have come to the tip of our fingers, along with convenience, risks and security threats have also come. Of course, mobile banking has become the pillar of our economy, so much so that personal as well as business entities rely so much on online banking. From transferring money, paying utility bills, paying for goods and services, etc., every form of payment has become accessible since online transactions have been made accessible to lakhs of people across India. But with accessibility comes the risks as well. Every day we hear of cyber-crime and fraud where people end up losing money. This is where a mpin comes in, so basically, imagine a locked room that only you can open with a specific set of keys that you possess- something valuable inside the space can only be accessed by you. An MPIN works with the same concept- a set of unique numbers that only you possess, allowing you to make various transactions through your banking application.

Here are some key areas in which an MPIN is the most important key in terms of online banking-

1. Safety and Security- The MPIN is the most important cog in the system of online mobile banking. It is the most important layer that provides security. In case your cell phone is misplaced or stolen, it makes sure that your banking app, and specifically the transactions, cannot happen without a valid PIN. Without the correct PIN, no one would be able to breach your transactions, thereby keeping your money safe.

2. Keeps you safe from unauthorised transactions- Since your digital banking platforms have all of your data, including your account details, activities, and credentials, there are high chances of a security breach. However, without an mpin, no one can breach your account. It is the most reliable authentication measure that keeps your account unaffected by possible security threats, frauds, scams, and phishing activities.

3. Fast and easy transaction- An mpin allows you to conveniently transfer money from the comfort of your house, a room, or any other place. It has made banking safe, convenient and hassle-free for the masses and made it possible for banking to fit into the palm of our hands. It eliminates the need to visit the bank in person for the smallest work, like checking your statement, transferring money, or paying bills. It has made banking so much easier and accessible and, in that emp, powered many individuals as well.

4. Protection against frauds and scams- In many cases, unauthorised transactions from hackers and fraudsters with remote access to your account have resulted in money loss. An mpin becomes valuable in such instances where, without the input of an mpin, no one can proceed with the transaction, no matter how skilled they are. An mpin stands as an impenetrable shield when it comes to mobile banking.

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What to do in case of forgotten mpin or lost mpin

Since a mpin is the most delicate and confidential piece of information for your banking- consumers are advised not to divulge it or disclose it through writing in obvious places or noting it down where it is accessible. Due to having to keep it a secret, sometimes we may lose or forget it. Unfortunately, this is quite a common occurrence. Thankfully, there is a provision for regenerating your mpin through your mobile banking app. In case you forget or lose your mpin, here is what you can do-

1. Log in to your mobile banking app by using your account details

2. Go to the section that says “forgot mpin’ or “reset mpin”, which is easily available on your banking app

3. You will be prompted to establish your identity, verify your details, and prove that you are the account holder.

4. You will be sent either an OTP or an email to reset your mind, or you might get both options, depending on your bank. Sometimes, as an additional security measure, you might also have to answer security questions to prove your identity further.

5. After you authenticate yourself, you will have the option of creating a new set of mpin. You will have to choose a new mpin, of 4 or 6 digits, which will be your new mpin.

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Clearing some common confusions

An MPIN is frequently confused between an ATM PIN or a banking app password- which are different from an MPIN. While all of them provide some form of safety, it is important to remember their specific purposes. Let us take a look at how they are different-

1. An ATM password only works for transactions involving your ATM card. Activities like Withdrawals, deposits, and checking account balances while using an ATM card require an ATM password. It can also be used to make online payments, but that is not to be confused with online mobile banking.

2. A banking application password, on the other hand, is a security measure that prevents random people from getting access to your mobile banking app. It only serves that function and cannot be used to make transactions of any kind. It is the first layer of security if your phone is lost or stolen and someone other than you tries to gain access to your bank account.

3. Finally, an MPIN is only for transactions, checking account balances, and any other important activities you might want to perform via your mobile banking application.

These are the specific differences; the three cannot be used interchangeably. Often confused as being one and the same, the three are to be seen as completely different safety mechanisms, although each belongs to the world of banking—each has its own functions.

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Conclusion

MPIN is an essential safety tool when it comes to online mobile banking and transactions. It helps you keep your account safe from so many different threats like theft of your phone, unwanted access to your bank account through mobile banking applications, etc. From authenticating transactions to helping prevent phishing and fraud, an mpin is crucial for online banking. An mpin allows you to safeguard your bank account and does not allow any foreign or remote access to do any damage. That is why it is very important to create and set a mpin that is only known to you and cannot be decoded or, identified or guessed by anyone else with ulterior motives.

It is important to practice safe online banking. For that, your main needs to be safe, secure, and confidential, much like your banking details.

FAQs

Is mpin a mandatory feature of mobile banking?

Yes, an MPIN is a mandatory feature of mobile banking; without an MPIN, your transactions will not be authenticated.

Can I set my own mpin?

Yes, an mpin can be set by the user; in fact, it can only be generated by the user themselves.

Is it possible to change my mpin?

Yes, it is possible to change your mpin. You can change your mpin anytime you may like to do.

What to do in case of forgotten mpin?

If your PIN is lost or forgotten, you can simply log in to your banking application. There are provisions for retrieving your PIN, which require you to do multiple-level authentication checks. After verifying your identity, you will be allowed to regenerate or change your mind.

Can I use my ATM pin as mpin?

Yes, your ATM PIN and MPIN can be similar digit codes, but keeping separate PIN codes for individual purposes is always advised.

What happens if mpin is blocked?

Sometimes, due to technical glitches or multiple failed attempts, you may block your mind. In such cases, you can go to your banking app and use the option "Forgot MPIN" to generate a new PIN.

Can I use my banking app without an MPIN?

Yes, you can access your banking app without an MPIN, but please remember that you cannot make transactions, transfer money, or pay money via online mobile banking.

Does the bank generate mpin?

No, in case of all online mobile banking activities via the mobile banking application- only the customers can generate the mpin for security purposes. A bank cannot generate your mpin for you as it has to be unique, confidential and user specific.