Beneficiary MMID

MMID is the short form for Mobile Money Identifier. It is usually denoted in the form of a 7-digit number that is allotted to a customer holding a bank account, by the respective bank. Whenever a user wants to send or receive money using IMPS, he/she has to use this code. Any given bank account can be linked to a single MMID Code. Although a number of beneficiary MMID Code can be linked to a single mobile number, a given code will trace back to a single mobile number and bank account number.

In order to transfer funds, both the person sending the money and the person receiving the money should be able to access their MMID code.

What is IMPS

Using Immediate Payment Service (IMPS), a customer holding a bank account can make an electronic transfer of funds through his mobile phone/laptop. The major point of distinction between other electronic modes of fund transfer such as RTGS/NEFT and IMPS is that a customer can make such exchange or transfer of funds at any point in time, irrespective of the fact if it is day or night, a working week day or a holiday. IMPS is the modern way to transfer funds to a beneficiary MMID instantly. In order to make IMPS successful, it is necessary that the other party, which is supposed to receive the funds, should also hold a bank account with a bank which is participating in IMPS service. It is not possible to transfer funds through IMPS with a customer who holds a bank account with a bank which is not participating in the IMPS service. Also, in order to use this service, the customer should have registered for internet banking.

Beneficiary MMID Details Required by the Remitter

When transferring a sum of money from one account to another, a remitter would need certain details of the person to whom he wishes to transfer money. Included among these details are the following:

• Account number and IFSC code of the person receiving the money or
• Mobile number and beneficiary MMID code.

Without this code, the transfer of money cannot be processed and completed.

Uses of MMID

Mobile Money Identifier (MMID) is a specific seven digit code. Such MMID is issued by the bank when a bank account holder applies for registration for the same. If a person needs to make a transfer of money from his bank account, he, and the person to whose bank account such transfer is being made, both need to keep their MMID handy.

• Interbank transfer of funds cannot be completed without such MMID.
• A beneficiary MMID code is a very essential element to the completion of a banking transaction where a person wishes to transfer a sum of money from his account to another person’s bank account.
• It may be possible that a person may have more than one bank account linked to his internet/mobile banking.
• There is an option in every mobile application to make a selection of the desired bank account from which the user wishes to transfer money.
• The combination of MMID and mobile number ensures that no mistake is made by the remitter when transferring a sum of money from his account to the account of another person.

Advantages of MMID Code

Given the latest trend towards digitization, the use of upcoming technologies and services such as MMID and internet banking are quite indispensable. Banking services are no longer restricted to the walls of a bank branch or certain timings and days of the month. Now, customers can make use of banking services, such as transfer of money, at their leisure and convenience. Among the many advantages of MMID, the following are some of the essential ones for users of such service:

1. MMID is the most convenient way to transfer funds from one bank account to another. In this process, the only details that the exchanging parties require are the mobile number of the beneficiary and the beneficiary MMID Other than this, there is no need for either party to exchange any other set of information such as bank account number or IFS code.
2. Owing to the fact that a customer does not need to exchange his bank account number and IFSC code with another party to allow a transfer of funds through IMPS service, the use of such service becomes very safe and reliable. Parties can feel assured that their private information is not being shared with another party, especially in cases where the other party is a stranger, such as a shopkeeper.
3. IMPS service can be used at any time of the day and at any day of the week. A bank account holder no longer needs to wait for the approval of his bank or the availability of banking staff before he can actually make the payment to another party or receive funds from another party.