Axis Bank MMID for IMPS Fund Transfer

Axis Bank is one of premier private sector banks in India that offers its customer a range of mobile banking or Internet banking services. With the use of Mobile Banking facility the Axis Bank customers can do various banking activities quickly and easily and that too at their own convenience. With the use of mobile banking, axis bank customers can use a new age money transfer option called the IMPS. IMPS stands for Immediate Payment Service and it is a unique way of transferring funds from one account to another account with the help of mobile banking. The facility can be availed by all Axis Bank account holders. IMPS is an electronic interbank facility provided to its customers by Axis bank. Following are its key benefits:

• Real-time money transfer,so the account is immediately credited with money.
• The facility is available 24×7 throughout the year,including Sunday and even bank holidays.

Axis Bank customer can use the IMPS facility for transferring funds either through their mobile number and Mobile Money Identification (MMID) number or via internet banking using their account number and IFSC code. Transferring money by providing account number and IFSC code is nothing but using NEFT or RTGS facility whereas transferring money with the help of mobile number and MMID number is something new, so let us see how it exactly works.

What is MMID?

MMID stands for Mobile Money Identification number. MMID is a unique 7-digit number which is issued to the customers by the bank when they register their mobile number for mobile banking. MMID number is used to carry out successful banking transaction of sending and receiving money. This number is used while doing interbank fund transfers. Kindly note it is beneficial, if both the remitter and the beneficiary are registered for mobile banking and have the MMID number. But in case you do not have MMID number you can still receive money in your account.

What is required to carry out money transfer using mobile banking?

Following are the prerequisites for Axis bank customers to carry out fund transfer using mobile number and MMID:

• Beneficiary’s mobile number which is registered with his bank.
• Beneficiary’s MMID number. Having MMID number is important and if you want to carry out mobile to mobile banking. If your beneficiary does not have his MMID number then he/shehas to retrieve his MMID number from his bank and then only the transfer of fund can be initiated.

How can you transfer money using MMID number?

Axis bank allows its customer to safely and conveniently transfer money through IMPS by using MMID number. ‘Axis Mobile’ is the mobile banking app offered by Axis bank to its customers to carry out banking transactions through mobile. Here is a guide to fund transfer using MMID:

• You have to login into the mobile banking app on your mobile.
• For fund transfer first register the beneficiary as under:
  • Under TRANSFER tab-> Mobile Beneficiary -> Add
  • Enter the beneficiary details like mobile number and MMID number
  • Check all the entered details
  • Click Submit to confirm
  • Payee will be added
• To transfer funds to registered beneficiary carry out following steps:
  • Click of Transfer Tab
  • Under transfer tab click on Mobile Beneficiary
  • Select the beneficiary name to whom you want to remit the money
  • Enter the amount
  • Check all the entered details
  • Click Submit to confirm

Thus above stated are the few easy steps through which Axis bank customers can send money using mobile number and MMID number.

How can you receive money through MMID?

• You have to register yourself for mobile banking facility and SMS Banking in order to receive money using MMID number.
• Once registered you can easily receive money.
• You just have to share your MMID number and registered mobile number with the remitter.
• The remitter will carry out similar steps as stated above to transfer funds to you.

 How to know your Axis Bank MMID Number?

 If you did not receive your MMID number while registering your mobile number for mobile banking or you have lost or forgotten your Axis Bank MMID number you need not worry as Axis Bank provides with an easy facility to retrieve your MMID number. You just have to send an SMS as stated below to get your MMID number.

• Type MMID and send it to 5676782
• Once the SMS is sent you will receive the MMID number within 24 hours on your registered mobile number.
• You can also get your MMID number from Axis Bank mobile App.
• You can generate the MMID number from “Generate MMID” option which is available under ‘Requests’ section in Axis Bank Mobile App.

Hence, you no more have to wait in the queues for long as you now have all the banking facilities at your fingertip on your mobile phones. Thus, with the technological advancements banking activities have become easier and quicker.