What is MMID?

Transferring money by handing cash or by cheque is not always the convenient mode of transfer. There are so many various methods to transfer money such as net banking, IMPS, Phone Banking, etc. You may have heard about some apps such as Paytm, Phonepe, Paytm, etc and might have used them for paying money. But have you heard about MMID? I will explain what is MMID in bank account in simple words to clear your doubt. 

What is the meaning of MMID?

Mobile Money Identifier also known as MMID is a 7 digit unique number that is required for interbank transfers while we use mobile. Every account holder required the MMID for the identification of the bank account. With the help of this code, you can link your mobile number to transfer money, mainly funds.

For a successful transaction, both the sender and beneficiary must obtain the MMID. You can use MMID for the Immediate Payment System (IMPS) interface. You can avail of MMID facility through SMS.

Why should you use MMID?

MMID is safe and those who cannot use net banking can access MMID to transfer funds.

You can generate MMID in three ways such as:

• Mobile  Banking

• Net Banking

• Phone Banking

How can you use MMID to transfer Fund?

• Download the respective app and log in to mobile banking.

• Select 'Funds Transfer'

• Select IMPS

• Enter the details such as beneficiary/payee mobile number, MMID, and the amount that has to be sent. Verify the information once and you will be able to transfer the funds directly.

I hope you understand what is MMID in bank now.

I know you are eager to know about MMID, let me guide you about it. When you want to transfer or receive money using the IMPS mechanism, the MMID number is used. A single MMID is assigned to all of a bank's accounts. All bank accounts have their own MMID. Different MMIDs might be attached to the same mobile number. For any interbank financial transfer utilising a mobile number, the customer who wishes to send money and the beneficiary who will receive the funds must both have MMID. So let me explain what is MMID.

What is MMID in bank account?

The MMID, or Mobile Money Identifier, is a seven-digit code that a bank issues to its mobile banking users who want to use the IMPS fund transfer platform. The first four digits of an MMID code are the unique ID number of the IMPS-accepting bank. Because IMPS is an instantaneous, real-time interbank fund transfer system facilitated by electronic means, security measures like MMID are essential to keep transactions secure. 

Benefits of MMID feature:

1) You can use the Immediate Payment Service (IMPS) using MMID to send and receive funds in real-time, 24 hours a day, 7 days a week.

2) MMID is a seven-digit code with the first four digits serving as a bank identifier.

3) You can use MMID to authenticate IMPS transactions and hence plays a critical part in making IMPS a secure and convenient method of transacting.

4) If you want to send money with MMID-IMPS, all you need is the beneficiary's mobile number, name, and amount.

5) The maximum IMPS fund transfer limit is now Rupees 2 lakh per day, with a minimum transaction amount of Rupees 1. 

6) However, the fund transfer limit for MMID transactions could be as low as Rs. 10,000 per transaction.

What is the meaning of MMID and how to get it?

If you want to use IMPS, you must have a bank account with the bank where you have registered for mobile banking services. If your mobile number has not been registered with the bank, you can visit a branch and fill out an application form to receive this service. You can also access this service by downloading the form from the bank's website or by logging onto your net banking account. When you register your mobile number with the bank, you will receive a 7-digit unique MMID code that may be used for IMPS instant financial transfers.

What is MMID should be clear to you now.