What is MMID in IMPS?

To obtain your Mobile Money Identifier (MMID), you need to be registered with the mobile banking platform of your bank. MMIDs’ can be generated and retrieved through the following platforms:

1. ATM
2. Text message (SMS)
3. Bank’s Mobile banking application
4. Bank’s Internet Banking website

Each bank has a different procedure to generate a mobile banking-registered user’s MMID through all of the above platforms. To generate your MMID through any of the above options, you need to go to your respective bank’s website or branch and understand which option suits you best. You may then choose any of the above alternatives you are comfortable with and generate or regenerate your MMID.

If you want to send someone money, the process of IMPS transfer using the beneficiary’s MMID is as follows:

1. Log into your bank’s mobile banking application.
2. In the Send Money/Fund Transfer tab, go to the IMPS option.
3. Enter Beneficiary mobile no., Amount and their Mobile Money Identifier (MMID). Beneficiary Name may also be required.
4. The application will then ask for your Mobile PIN (MPIN) to authenticate the transfer.
5. Once you verify your Mobile PIN (MPIN), the money will be transferred to the beneficiary.
6. The bank will then send you a confirmation text message mentioning the transaction no. This message about the transaction shall also be sent by the beneficiary’s bank to the beneficiary.

You can use this transaction no. while giving feedback/for queries and complaints.

Alternatively, if you want to receive money through IMPS using MMID, then follow the below process:

1. Provide your Mobile no., Name (as per bank records) and Mobile Money Identifier (MMID) to the payer.
2. Once the money transfer is successful, your bank will send you a text message with a receipt no.
3. Note down the receipt no. in case of queries/complaints.

Below listed are few of the features of MMID:

1. Through MMID you can use the Immediate Payment Service (IMPS) which is an instant, 24 by 7, safe and secure way to send and receive funds.
2. MMID is a unique 7 digit code where the first four digits are a bank identifier code.
3. MMID serves as an authentication step for IMPS transactions and thus plays a big role in making IMPS a safe and convenient way to transact.
4. All that is required to transfer funds through MMID-IMPS is beneficiary’s mobile no., beneficiary name and amount.
5. The IMPS fund transfer limit currently is Rupees 2 lakh per day and the minimum allowed transaction value in IMPS currently is Rupees 1. However, fund transfer limit for transactions using MMID might be as low as Rs. 10,000 per day. This limit varies with each bank.

Are there any pre-conditions to carry out MMID-enabled IMPS transactions?

To carry out MMID-enabled IMPS transactions you need to fulfil the following conditions:

1. Be registered for mobile banking with your bank.
2. Have beneficiary’s Mobile Money Identifier (MMID), beneficiary’s mobile no., beneficiary’s name and your MPIN (Mobile PIN) to send money.
3. Provide your Mobile Money Identifier (MMID), mobile no. and name as per bank records to receive money.

IMPS transactional charges vary from bank to bank. The minimum transactional charges for IMPS usually are Rupees 5 and maximum charges can go up to Rupees 15. Moreover, applicable tax will also be applied upon these charges. Furthermore, a bank may also levy an additional service tax over and above these charges.