What is mPIN?
mPIN means Mobile Banking Personal Identification Number. It’s a 6-digit passcode you must enter each time you want to conduct transactions. Customers appreciate the mPIN because of the ease of making a transaction. In addition, the mPIN works well for confirming a person’s identity.
What is UPI?
The Unified Payments Interface (UPI) is a form of payment introduced by the National Payments Corporation of India (NPCI) to facilitate a digital economy.
What Makes UPI Different From Traditional Transaction Methods?
Without the need to memorise IFSC codes and bank details, UPI offers consumers a reasonably straightforward way to make transactions at will.
UPI Registration Process:
Here are the steps to register on a UPI app:
- Download an app.
- Complete the registration details, including your name, virtual ID, password, and bank details.
- You can link multiple bank accounts based on the app you have downloaded.
- Finally, create an mPIN, meaning receive the 6-digit passcode.
How Can You Generate an mPIN?
You can generate your mPIN/UPI PIN by taking the following steps:
- First, click the “Create/change mPIN” option.
- Enter your debit card expiry date and the relevant field’s last six digits. Next, enter the OTP pin you received on your registered number.
- Enter the desired mPIN and click “Submit”.
That leaves you with a notification on whether the PIN change has been accepted or declined. You cannot make transactions without this pin. So if your phone reaches a fraudulent person, you can be notified and freeze the activities.
Some of the best UPI apps to send or receive money digitally are:
- Google Pay: is a Google Inc service built by NPCI (National Payments Corporation of India). It is partnered with most of the central banks in India and is thus accessible to most users.
- SBI Pay: is a State Bank of India-developed UPI-based payment platform that customers can use for safe and quick fund transfers. It is also known as BHIM SBI Pay.
- Amazon Pay: is a BHIM UPI-enabled extension of Amazon India that enables users to make payments directly on the Amazon mobile app and earn rewards up to Rs. 350.
- PhonePe: is a BHIP UPI-enabled mobile app used for cashless/card-less transactions.
Who Can Use UPI, and When Can They Use UPI?
Anyone with a registered bank account can use UPI as and when they like.
This payment mode functions outside banking hours and does not have a minimum transfer limit.
You can use UPI with great freedom to pay local vendors, transport, clear utility bills, make purchases online, and make remittances.
FAQs about mPIN
How do I change my mPIN?
You can change the mPIN by logging into your mobile banking account or banking app using the current credentials. You should enter the old mPIN and a new one to make the change happen.
What is the mPIN number?
An mPIN full form, a “Mobile Banking Personal Identification Number”, is a code you need while performing transactions via your mobile app.
How do I get my mPIN number?
You can get your mPIN number by the following:
Step 1 - Open the mobile banking app.
Step 2 - Click on ‘Forgot MPIN.’
Step 3 - Fill in your details.
Step 4 - Add a new 6-digit MPIN.
Step 5 - Confirm your new MPIN.
How do I find my mPIN?
If you have forgotten your mPIN, you can regenerate it using your mobile banking account.
What is UPI registration?
UPI registration means registering yourself on a UPI app to process transactions. For example, you must register and create a unique UPI ID or Virtual Payment Address (VPA) to use UPI as a payment mode. Without UPI registration, you cannot use this payment mode.
How is a UPI ID created?
A UPI ID, also called Virtual Payment Address (VPA), can be created using a UPI-enabled bank application or 3rd party app. First, download the app and finish the account setup. Then, go to ‘create UPI ID’ and prefix for your VPA (example: abcd@upi). Click to continue. You can use this unique ID to receive and send money using UPI.
Is it safe to make payments via UPI?
UPI is a safe platform to send or receive money directly from/to your bank account as the government regulates this system.