Mobile Money Identifier also known as MMID is a 7-digit unique number that allows the user for Immediate Payment Service (IMPS) and the MMID is given by the bank upon registration. Customer can make payment using IMPS through their registered mobile phone or via SMS from the same. Now, let’s understand that how does MMID works? A customer or a remitter who wants to send money and the beneficiary or the customer who will receive the funds, both are supposed to have MMID for carrying out any interbank fund transfer using mobile number. Basically, the MMID number is used when a customer wants to send or receive money through IMPS method. All the bank accounts of one particular bank have one MMID. The MMID is unique to all the bank accounts. Same mobile number can be linked to different MMIDs.
MMID feature is commonly used when one is looking to transfer funds through IMPS by using their mobile number. Now, let’s have an idea about what IMPS is? IMPS or Immediate Payment Service is a type of online fund transfer service offered by the banks to their customers. This service was launched in 2010 as a successor to RTGS i.e. Real Time Gross Settlement and NEFT i.e. National Electronic Fund Transfer. A customer can transfer fund real-time with IMPS. In order to carry out this type of fund transfer, customer just needs a mobile and account number. The most common method to transfer fund through IMPS is using one’s bank account and IFSC details. IMPS can be used to transfer funds to any person who hold a bank account with any bank.
Process to get MMID:
In order to use IMPS a customer should have a bank account which he/she has enrolled for mobile banking services with the respective bank. If the customer has not registered the mobile number with their bank they can visit the bank’s branch and submit the application form in order to avail this service. One can also download the form from the bank’s website or else can log into their net banking and avail this service. Once the customer register his/her mobile number with their bank, it will issue them a 7-digit unique MMID code that can used for immediate transfer of funds using IMPS. The first 4 digits of this code is the unique identification number of the bank from where the customer has got their IMPS service.
In case if the customer has multiple bank accounts then their bank will give them a unique MMID number for each of their bank account numbers. As the MMID number of the customer is a combination of their mobile number and bank account number, so one can easily differentiate regarding which MMID code is related to which bank account. There are multiple ways to generate a MMID code, the process actually depends upon the concerned bank. There are banks which automatically generate the MMID code when the customer registers their mobile number for mobile banking. There are also some banks which allows a customer to generate the 7-digit MMID code over SMS request or either through online request using net banking.
Why MMID is required?
Nowadays, a customer can transfer money to any other customer’s account using account number and IFSC code through RTGS and NEFT features. But both these methods of transaction has a limitation that they do not function 24/7, hence a customer cannot carry out the transaction any time they wish. To overcome this situation IMPS method of payment was launched. It was actually thought that no two person can have the same contact number, so this concept can be used for successful transitioning of MMID. A mobile number can be used to identify a person, as well as his account number, as mobile number of the customers are usually registered with the bank. Therefore, the transfer of money is possible even without knowing the bank account number of the customer. But this concept had a problem as to how would the system identify the exact account number since one mobile number was registered with many accounts. To overcome this issue MMID concept came into existence. MMID can be used with only one bank account as a customer will not have same MMID with more than two banks account. So, if a customer is using his/her mobile number along with MMID they can get to know the exact account. MMID has made IMPS a successful mobile banking platform.
Process to Transfer Fund using MMID:
The combination of MMID code along with mobile number is actually the replacement of account number and IFSC code of the payee. If a customer knows the MMID code and contact number, they can easily transfer the funds. Basically, MMID code is used if a customer wants to transfer funds using IMPS platform. So let us see how we can carry out fund transfer using MMID.
The steps for these transactions are as follows:
- First the customer has to log in to the mobile banking app.
- Then they need to go to the fund transfer section and select IMPS tab.
- After this the customer is required to enter the account number along with mobile and MMID code of the beneficiary and then initiate the fund transfer process.
- Then the customer has to verify the transaction using an OTP or mPIN.
- Once the transaction has been verified the money will be debited from the customer’s account and transferred to the beneficiary’s account immediately in a few seconds.
- Once the transaction is successful the customer would receive an SMS from the bank with the details of the transaction. The customer should note the reference number with themselves in case,if error has occurred in the money transfer process.
- If there is no Internet connectivity then also the customer can use IMPS service via
- The customer can add the beneficiary and follow the format of sending money present on the bank’s official
Thus, we can see that with IMPS becoming popular, it is surely going to replace RTGS and NEFT in near future. Transfer of funds through IMPS is more convenient and easy as a customer just requires MMID code and mobile number.