MMID Canara Bank

Did you know that you can transfer money to another person through online channel? In the past few years, the technology advancements allow us to utilize resources in a much more efficient and strategic manner than ever before. This innovation has also been witnessed in the banking arena, where various functions, which were earlier restricted to the four walls of a bank, have now been digitalized in a manner that allows a person to use the services of a bank from a smart phone that lies in his hand. Let us take a look at the all services of a digital payment service of a bank.

What options are available to a person to transfer money?

Usually, the most common services that are utilized by a person for making a payment to another party are NEFT, RTGS and IMPS. Among these, IMPS service is generally considered to be more convenient and suitable for an average bank account holder. Let us take a look at the features of such services which make them attractive for a customer:

1. The services of online transactions are available at the convenience of your home which means that you no longer have to stand in a queue to deposit some money to someone else’s account.
2. The ease of digital transactions materializes majorly when a customer is able to transact for the same even on a holiday or at any time during the day.

The true essence of IMPS service

IMPS is expanded as Immediate Payment Service. True to its meaning, this service makes it possible for a customer to transfer a sum of money into the account of another person, at any time of the day and even on a holiday. Under this system, funds can be transferred to the account of another bank holder in a matter of few seconds. This makes IMPS one of the most favored digital transaction methods in India. However in order to make use of the service securely using your mobile number, you need to own a MMID code. This is true not only for the sender of the money but also for the receiver of the money. It is important for a customer to own a MMID Code if he intends to make a transfer of money from his account to another. Similarly, it is important for the receiver of the money to own a MMID if he has to receive the money from the sender. A MMID code is a seven digit code that is provided by the bank upon request. You can request MMID Canara Bank by sending a SMS after typing CANGEMMID and type the user ID and MPIN and send it to 5607060. Upon sending such request, a customer will be able to receive the MMID code, which can be used to send and receive money from another person who holds a bank account.

Why should one go for an IMPS service?

The IMPS system of digital transactions offers a vast array of benefits to the customers. Using this method to transfer sum of money, a customer stands to draw many benefits. Let us take a look at some of the benefits that accrue to the customer through IMPS digital transaction methods.

1. IMPS is a relatively quick and instant method of making payments to another party. This means that funds can practically be transferred in real time.
2. IMPS service is available all round the clock. This means that one can make use of the service at all times of the day, which is why, even if the customer wants to transfer money at night, he/she can do it without any hassles.
3. IMPS service can be availed even on the day of a holiday.

With minimum restrictions on the transaction size and limit, it is possible to utilize IMPS service in a holistic manner. It changes the traditional way of doing banking.