Profile
Settings
Refer your friends
Sign out
PIN stands for a personal identification number. It is considered a numerical digital number that is either 4 to 6 digits long and is used for electronic or financial transactions. These personal identification numbers are associated with cards like ATM cards, credit cards, etc. The basic purpose behind providing a personal identification number is to provide a unique identification to a particular card so that that individual has full security over their card and payment transactions. Moreover, the basic advantage of the personal identification number is that it keeps important information secured from any third-party hackers, as well as safeguards the authenticity of every transaction.
Table of Contents
Advantages of pin:
Personal identification numbers are digits associated with several benefits provided to the individual by banking institutions. Therefore, considering the personal identification number, there are several benefits. Some of them are as follows:
- Having a personal identification number adds more security to electronic transactions.
- It also provides physical security to the card so that if it is misplaced or lost, still no transaction can take place without the personal identification number.
- Even with the advancement of the Internet technology now, the personal identification number can also be used on several devices, like, mobile phones, laptops, home security, etc.
- Having a personal identification number makes electronic transactions more than convenient for individuals.
- The person identification number and unique number help the individual prevent fraud.
Characteristics of PIN:
The personal identification number has several characteristics that make it unique as well as more secure when it comes to electronic financial transactions. Some of the important aspects that need to be considered while denoting personal identification numbers are as follows:
- The personal identification number is mostly associated with the debit card and several other banking cards, so each withdrawal and transaction is made under the dependency of this PIN.
- These personal identification numbers are also used for identifying the individual’s identity, which is used to authorise their mobile phones, home security system, etc.
- However, it is suggested to choose a longer pin so that it is hard to guess and will be safe from cyber hacking.
- Having a personal identification number makes all the transactions easy, smooth and convenient. So that every merchant and traders have the benefit of easy transactions in their business with the help of PIN.
- Moreover, the personal identification number is either provided to the cardholder directly or the bank officials send it through the mail, or it is available to add the official branch of that banking institution from where an individual can gather the information about the pin.
