How to Transfer Money using MMID

Unlike the older days when people used to carry a huge sum of money to transfer to another person, nowadays all you need to do is bring out your mobile phone and transact on the spot. Latest innovations in the field of digitalization have given way to mobile banking and fund transfer facilities like UPI and IMPS. One of the best ways to transfer money from one bank account to another is through the use of IMPS service. In order to transfer money through IMPS, you need an MMID (Mobile Money Identifier). In this article, we will understand how to transfer money using MMID.

How to transfer money using MMID?

When you transfer funds using MMID code of the payee and his mobile number, there is no need to enter the account number and IFSC code of the payee. Now, instead of knowing the personal bank account details of a person, you can simply transfer funds to that account by knowing their MMID code and mobile number.

• You will need a net banking facility on your bank account in order to transfer funds through IMPS.
• When using a mobile banking application or net banking facility, you will have to enter the MMID and registered mobile number of the beneficiary so that the transfer of funds can be completed.
• The UPI system of fund transfer makes use of the same algorithm.
• One needs to provide the Virtual Payment Address (VPA) of the payee in case of UPI.

Use of MMID in IMPS

The government has been constantly trying to maintain the uniqueness of each banking customer and thus the MMID code was introduced. MMID is a unique code which consists of 7 digits. Whenever a person tries to transfer funds through IMPS, he will need to make use of this code. One bank account can hold only one MMID code at a time. A number of MMID’s can be linked to a single mobile number but one mobile number cannot be linked to multiple MMID codes.