With more and more consumers embracing online payment methods, there has been a significant rise in digital payments. UPI transactions in May 2022 stood at an all-time high of 5,955.20 million by volume and Rs. 10,41,520.07 crores. But behind this bright picture painted by digital payment growth in India, there is a darker side to cyber-security concerns. As per NCRB data, cyber crimes have increased almost seven times between 2018 and 2021.
While the problem seems quite bigger, there is a simple solution to it – increased awareness about security PINs used for online payment transactions.
Keeping that in mind, this blog post is dedicated to covering mPIN meaning in its entirety.
mPIN full form in banking
mPIN stands for Mobile Banking Personal Identification Number. It is a 4 or 6-digit passcode that a user needs to create and use for every mobile banking transaction.
Earlier, users needed to enter their personal details, bank account information, and IFSC codes to send or receive money. But with mPIN, they need not remember these details while making online payment transactions. In security terms, mPIN proves to be a great alternative to these details to confirm a user’s identity.
How to generate an mPIN?
Since mPIN meaning is related to the net banking or mobile banking facility, the steps to be followed to generate an mPIN may vary from one bank to another. In general, you can create/generate an mPIN by following the steps given below:
- Click on the ‘Generate mPIN’ option within your bank’s app.
- Enter the debit card information related to your bank account in the related fields.
- Authenticate mPIN generation by entering an OTP sent to the registered mobile number.
- Enter the desired mPIN and click on the ‘Submit’ button.
Once you have generated the mPIN, you will receive a notification regarding the same. All you need to do afterward is to remember the mPIN you have created for online transactions.
What is mPIN for UPI?
Unified Payments Interface, popularly known as UPI, has become one of the leading modes of digital payment in the country. While it has already made significant inroads into consumer behavior, there is a difference between UPI PIN and mPIN. Many people use these two terms interchangeably, not knowing the fact that they refer to two different kinds of security passcodes.
In order to use UPI, you need to first download a UPI-enabled application to your preferred mobile device. Post download, register on that app by entering the personal information it asks for, your bank details, and similar other information. Depending on the app you have chosen, you can also link more than one bank account if needed.
Once you are done with the basic registration, you need to create a UPI PIN. The process will be similar to creating an mPIN as detailed above. Just follow the instructions you see on the UPI app screen to create your UPI PIN.
Like mPIN, UPI PIN is also a valuable code to confirm your identity at the time of online transactions. You will not be able to make a payment without this PIN. This also ensures that you will not find yourself looking at an empty bank account in case your mobile phone happens to reach the wrong hands.
Suggested Reading: The Real Benefit of 0% MDR on UPI with Paytm Payment Gateway
Differences between UPI PIN, ATM PIN, and mPIN
The following table illustrates the difference between these three types of PINs that are commonly used these days:
| Parameter | UPI PIN | ATM PIN | mPIN |
| Uses | To authenticate transactions in UPI apps | To authenticate debit cards while withdrawing cash from ATMs or during POS transactions | To authorize mobile banking transactions through the bank app like IMPS and NEFT |
| How to set the PIN | Via the UPI app | Via the steps given by the bank to start using the debit card | Via the bank’s app |
| Length of code | May be 4 or 6 digits | 4 digit | May be 4 or 6 digits |
| Use cases | To make both online and offline transactions, check account balance via the UPI app, etc. | To withdraw cash from the ATM or check the balance | To transact via the bank’s app or to use their mobile banking services |
| How to change/reset the PIN | Via the UPI app only | By visiting the ATM or using the net banking account | Via the banking app, ATM machine, or by visiting the nearby branch |
As detailed above, you need to create three types of PINs for a single bank account that can be the same or different from each other.
FAQs
How can I change my mPIN?
You can change the mPIN by logging into your mobile banking account or banking app using the current credentials. You will be asked to enter the old mPIN and then a new one to make the change happen.
What is the mPIN meaning?
mPIN means Mobile banking Personal Identification Number and is used to transact or manage a mobile banking account.
How do I find mPIN?
If you have forgotten your mPIN, you can regenerate it using your mobile banking account.
What should I do if I forgot my mPIN?
You can follow the process suggested by your bank to recover or regenerate mPIN for your account.
What is 4-digit mPIN number?
mPIN is a unique passcode that you need while performing transactions via your mobile app.
