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Mobile Money Identifier (MMID) is a unique 7-digit code issued when you register for mobile banking service with your bank. The code allows you to transfer funds instantly through IMPS (Immediate Payment Service). An IMPS is an online fund transfer service that allows you to transfer funds in real time. To initiate a transaction all you need is bank account number and IFSC of the beneficiary or mobile number and MMID.
Initiating an IMPS transaction using the beneficiary’s bank account number and IFSC is the most common way to transfer money. But what if you don’t have the beneficiary’s bank account number or the IFSC? Or what if you don’t want to give an individual your bank account details? In such a case, the transaction can still be initiated with the help of the beneficiary’s mobile number and Citibank MMID.
The MMID code of Citibank is a code that consists of seven digits in which the first four digits are unique identification number of the bank which is offering IMPS service.
Given the fast-paced era in which we live today, it is quite common to need a way to make a transaction on an instant basis. Hence, digital payment mechanisms have become so common nowadays. There are various other benefits that MMID has to offer. Some of them are given below:
Using a Citibank MMID, customers can transfer funds safely through IMPS service. For this, a customer will need to use the mobile banking application of Citibank. After you download the app on your mobile device, follow these steps:
The bank will then send you a confirmation text message mentioning the transaction number. This message about the transaction shall also be sent by the beneficiary’s bank to the beneficiary.