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The Reserve Bank of India (RBI) has necessitated a 2-way authentication process for mobile banking transactions. It implies the provision of 2-factor identification to obtain approval. Like a transaction through an ATM, for instance, needs a debit card and an authentication PIN, mobile banking transactions also ask for a PIN to proceed. MPIN, in most cases, is the first form of authentication.
MPIN, also known as Mobile Personal Identification Number, is a code used for secure transactions on payment and banking apps. It is a 4 or 6-digit code that users must enter before initiating a transaction. The MPIN serves as a unique identification number, ensuring the safety and authentication of mobile transactions. By entering the MPIN, users can securely access and authorize payments without the need for extensive personal or financial details. Safeguarding your MPIN is crucial for maintaining the privacy and security of your mobile transactions.
It is mandatory to generate the MPIN for using mobile banking services. Users can generate the MPIN easily using the following methods:
UPI apps often use MPIN to provide banking services to users. UPI apps can also be used for new MPIN number registration, change etc. MPIN in UPI app can be generated in the following ways:
Net banking can even be used for generating the MPIN. To generate a new MPIN, the following steps must be incorporated:
An SMS in the registered number will pop up, which the user must confirm to set up the new MPIN.
Note that mobile banking service secures users by providing 2-step authentication. The first authentication is MPIN, followed by OTP received on the customer’s RMN (registered mobile number).
Users can connect with the bank branch to generate a new MPIN. For this, users must fill up a form provided by the bank branch. After submitting the form, a bank representative will provide details of the new MPIN.
Through ATMs, users can set MPIN as well. The method to set up MPIN using the ATM is as follows:
USSD (Unstructured Supplementary Service Data) code can be used to set the new MPIN. It is one of the prudent methods to set up the PIN for feature phones with no internet facility. USSD code uses a dialing pad for accessing the mobile service. The process can be initiated in the following ways:
The IDFC FIRST Bank mobile and internet banking platform provides a unified experience across devices, allows swift transfer through IMPS, RTGS and NEFT, instant bill payments, and offers easy access to transactions and loan details.
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