What is Mobile Money Identifier (MMID)? - Uses & Procedure to get MMID

Mobile Money Identifier (MMID)

Mobile Money Identifier (MMID) is a 7 digit unique number that permits the user for Immediate Payment Service (IMPS) and the MMID is given by the bank upon registration. Customers can make payments utilizing IMPS through their registered mobile phone or by means of SMS from the equivalent.

Presently, we should comprehend that how does MMID work? A customer or a remitter who needs to send money and the recipient or the customer who will get the funds should have MMID for completing any interbank fund transfer utilizing a mobile number. Essentially, the MMID number is utilized when a customer needs to send or get money through the IMPS method.

All the bank accounts of one specific bank have one MMID. The MMID is different for all the bank accounts. The same mobile number can be linked to various MMIDs.

MMID include is generally utilized when one is hoping to transfer funds through IMPS by utilizing their mobile number. Presently, we should have a thought regarding what IMPS is? Demons or Immediate Payment Service is a kind of online fund transfer service offered by banks to their customers.

(Also Read: Banking Ombudsman Scheme)

This service was dispatched in 2010 as a replacement to RTGS for example Real Time Gross Settlement and NEFT for example National Electronic Fund Transfer. A customer can transfer funds in real-time with IMPS. To complete this kind of fund transfer, a customer simply needs a mobile and record number.

The most well-known method to transfer funds through IMPS is utilizing one's bank record and IFSC subtleties. Devils can be utilized to transfer funds to any individual who holds a bank account with any bank.

Procedure to get MMID

To utilize IMPS a customer ought to have a bank account that he/she has selected for mobile banking services with the particular bank. On the off chance that the customer has not registered the mobile number with their bank, they can visit the bank's branch and submit the application form to profit from this service. One can likewise download the form from the bank's website or, in all likelihood can log into their net banking and profit from this service.

When the customer registers his/her mobile number with their bank, it will issue them a 7-digit unique MMID code that can be utilized for immediate transfer of funds utilizing IMPS. The initial 4 digits of this code are the unique ID number of the bank from where the customer has their IMPS service.

On the off chance that the customer has different bank accounts, at that point their bank will give them a unique MMID number for every one of their bank account numbers.

As the MMID number of the customer is a mix of their mobile number and bank account number, so one can undoubtedly separate with respect to which MMID code is identified with which bank account. 

There are numerous approaches to create an MMID code, the cycle relies on the concerned bank. Some banks naturally produce the MMID code when the customer registers their mobile number for mobile banking. There are additionally a few banks that permit a customer to produce the 7-digit MMID code over SMS request or either through online request utilizing net banking.

Why MMID is required?

These days, a customer can transfer money to some other customer's record utilizing account number and IFSC code through RTGS and NEFT highlights. In any case, both these methods of exchange have an impediment that they don't work all day, every day, consequently, a customer can't complete the exchange any time they wish.

To beat this circumstance IMPS method of payment was dispatched. It was believed that no two men can have a similar contact number, so this concept can be utilized for the effective progressing of MMID. A mobile number can be utilized to recognize an individual, just as his record number, as the mobile number of the customers is normally registered with the bank.

Subsequently, the transfer of money is conceivable even without realizing the bank account number of the customer. In any case, this concept had an issue concerning how might the framework distinguish the specific record number since one mobile number was registered with numerous accounts. To conquer this issue MMID concept appeared. MMID can be utilized with just one bank account as a customer won't have the same MMID with multiple bank accounts.

In this way, if a customer is utilizing his/her mobile number alongside MMID they can become more acquainted with the specific record. MMID has made IMPS a fruitful mobile banking platform.

Procedure to Transfer Fund utilizing MMID

The blend of MMID code alongside mobile number is really the substitution of record number and IFSC code of the payee. In the event that a customer realizes the MMID code and contact number, they can without much of a stretch transfer the funds. Essentially, an MMID code is utilized if a customer needs to transfer funds utilizing the IMPS platform. So let us perceive how we can do fund transfer utilizing MMID.

The means for these exchanges are as per the following:

• First, the customer needs to log in to the mobile banking application.

• At that point, they have to go to the fund transfer segment and select the IMPS tab.

• After this, the customer is needed to enter the record number alongside the mobile and MMID code of the recipient and afterward start the fund transfer measure.

• At that point, the customer needs to confirm the exchange utilizing an OTP or mPIN.

• When the exchange has been confirmed the money will be charged from the customer's record and transferred to the recipient's record immediately shortly.

• When the exchange is fruitful the customer would get an SMS from the bank with the subtleties of the exchange. The customer should take note of the reference number with themselves in case if a mistake has happened in the money transfer measure.

• On the off chance that there is no Internet availability, at that point additionally, the customer can utilize IMPS service via.

• The customer can add the recipient and follow the format of sending money present on the bank's official

In this way, we can see that with IMPS getting well known, it is unquestionably going to supplant RTGS and NEFT in not so distant future. Transfer of funds through IMPS is more advantageous and simple as a customer just requires an MMID code and mobile number.

FAQ

Does each bank account have a similar MMID number?

Ans: Each record of yours in the bank will have an alternate MMID number and all the MMID numbers can be linked to one mobile phone number.

How would you get your MMID number?

Ans: To get your MMID number, you can fill the application form of mobile banking given by the bank. The MMID number and your M-PIN will be shipped off your mobile number registered with the bank or to your official address. You can apply for mobile banking through the website or by visiting the closest branch of the bank.

(Also Read: NEFT, IMPS, and RTGS)