Indian Bank MMID (Mobile Money Identifier)

The digital era is the indication of the advance array of services and products that can be used by people to manage their lives in a seamless manner. If we consider technology and advancement, it brings us to the subject of the banking system, where the innovative advancement has made greater progress than can be imagined. The newer methods that have been put in place by banks for transferring money has allowed customers to send and receive money in a safe and secure manner. Let us get to know more about these payment methods.

How can an individual 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 all-round the year, mostly at all times of the day. IMPS is available 24 x 7 while NEFT and RTGS can be used in restricted working hours. This means that a customer no longer has to stand in a queue to deposit some money on his account, or to withdraw such money from his account or to make a payment to another party.
2. Customers can now make use of banking services at the comfort of their home. No longer do they need to step out of their house to deposit money, withdraw money or to transfer money.
3. The ease of digital transactions materializes majorly when a customer is able to transact for the same even on a holiday or at night.

What is the requirement for IMPS service?

With IMPS, a customer can transfer funds to the account of another person, who holds a bank account, whether with the same bank or another, almost instantly. Since IMPS service is available round the clock, a customer can make a transfer of money to another account at any time of the day, and even on a holiday.

What is IMPS service of Indian Bank and how is MMID connected to it

IMPS also known as Immediate Payment Service, is a method of exchanging funds instantly. IMPS can be carried out through a mobile phone, on which, the banking application of Indian bank has been installed. IMPS hold a major value because it allows a bank account holder to exchange funds on an instant basis.

What are the steps for receiving money through Indian Bank MMID

One needs to follow the following steps if he wishes to receive an amount of money through transfer using IMPS service:

1. First, the customer needs to register his mobile number with his bank account at Indian bank.
2. At the next step, he can receive Indian bank MMID on request.
3. Whenever the customer needs to receive any money from another person, he needs to share his mobile number and MMID code with such sender, in order to receive the money.
4. After sharing such information, customer shall be able to ask the sender to remit the money to his account.
5. An SMS confirmation shall be given to the person on successful completion of the transaction, which would confirm that the transfer of money has taken place.

An MMID Indian bank code 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, in this case, Indian bank. An MMID code allows a user to make transfer of funds. In order to facilitate transfer of funds through the process of IMPS, one needs a MMID code, which can be obtained through various methods.

Through a service such as IMPS, a customer can instantly make a transfer of money to another account. The benefits of such service outweigh any disadvantages that digital banking systems may have to offer. Thus, IMPS is the new age banking system that is largely beneficial to the customer in more than one way!