What is a Digital Pin and what are the benefits?
Published: 07 June, 2022
What is a PIN number?
In the banking context, a PIN number is typically a 4 digital number that is given to you when you are issued a bank card. This number is typically assigned to you by your bank, and used as means of identification when paying for goods in a store, or withdrawing money from a bank.
What is a Digital PIN?
At the moment when getting a new card, typically you will have to apply for one with the branch, the card will then be shipped to you in the post, followed by a piece of paper containing the 4-digit pin number that’s been assigned to them.
However, with a Digital PIN – instead of being delivered in the post – the digital pin is delivered via an app (or via a secure SMS). So, you no longer have to wait several days for a 4-digital pin in the post before they can use their card, merely seconds.
Digital PINS also allow you to choose the 4-digit number of your choice.
Benefits of Digital PINS
There are many benefits of Digital PINs
- Faster: Customers receive their PIN numbers in seconds rather than days.
- Better for the environment: Rather than sending out PIN numbers on pieces of paper, banks can go digital and cut down on wastage.
- More secure: Customers can change their PIN if they feel it has been compromised.
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