If you are unclear about MMID meaning, note that it is a unique code number that can be used for fund transfer. This code consists of 7 digits that are a combination of your mobile number and bank account number. This code allows users to interbank transfers through the mobile banking platform. It was first brought into existence in 2010 as a successor to the RTGS and NEFT. An MMID will be assigned to each account holder, which will aid in the identification of a specific bank account. This code may be connected to the mobile number for all financial operations, primarily fund transfers.
When sending money via IMPS utilising their mobile banking systems, users must use their unique MMID code to validate and secure their transactions. For a successful fund transfer, both the sender and the beneficiary must have an MMID. All you need to start a fund transfer is your cell phone and the MMID code. In addition, each of your bank accounts will have its own MMID number, which you can associate with a single mobile phone number. To begin transfers using MMID, only the payee's cellphone and account numbers and the payee's IFSC information are necessary. MMID is a banking technique. Any account holder who does not have access to online banking can use this platform to send and receive money quickly.
Did you know?
Only one MMID code can be linked to a bank account. To transfer funds through this facility, both sender and beneficiary must have an MMID.
Also Read: What Does mPIN in UPI Mean?
Generation of MMID Code
Mobile Money Identifier is a very easy and simple way of banking. It provides a fantastic platform for individuals who do not have access to online banking to send and receive money without difficulty.
The different ways of generating MMID numbers are given below. These are -
- Phone Banking
- Net Banking
- Mobile Banking
The steps involved in the generation of MMID through Phone Banking are given below-
- Make a phone call to the bank's phone banking number.
- Choose your preferred language and banking method.
- For the remainder of the procedure, you will be assigned a customer service representative.
- Inquire with the customer support representative about the MMID generating service.
- An MMID will be delivered to the account holder's registered cellphone within 24 hours after the successful conversion.
The steps involved in the generation of MMID through Net Banking are as follows-
- Go to your bank's internet banking portal.
- Fill in your credentials to access your account.
- Go to the home page and click the 'Generate MMID' button.
- Fill in the required information and double-check that the identical MMID is generated for every account.
The steps involved in the generation of MMID through Mobile Banking are as follows-
- Go to your bank's mobile banking app and sign in.
- Go to the 'Account' tab.
- To continue, click the 'Generate MMID' tab.
- In a few minutes, an MMID will be created.
How to Obtain MMID Number
A consumer must have a bank account with the bank where they have enrolled for mobile banking services to use IMPS. If a customer's cellphone number is not already registered with their bank, they can go to a branch and fill out an application form to access this service.
You can also gain access to this service by downloading the form from the bank's website or logging into your net banking account. When a customer registers their mobile phone with their bank, they will receive a unique 7-digit MMID code that may be used for IMPS rapid financial transfers. The first four digits of this MMID code are the unique identification number of the bank from which the customer obtained IMPS service.
If a customer has multiple bank accounts, each account number will be assigned a unique MMID number by their bank. Because the customer's MMID number is a combination of their mobile number and bank account number, it is simple to determine which MMID code relates to which bank account.
An MMID code can be generated in a number of ways, with the procedure differing based on the bank. Certain banks generate the MMID code automatically when a customer registers their mobile number for mobile banking.
Banks also allow consumers to generate the MMID code via SMS or an online request via net banking.
Process for Using Mobile Money Identifier for the Transfer of Funds
For the transfer of funds through mobile money identifier, follow the procedure given below-
1. Download the mobile banking app.
2. After downloading, you need to log in to the fund transfer area and select the IMPS tab there.
3. Initiate the transfer by entering the beneficiary's cellphone number and MMID code.
4. The transaction must be validated through a pin or an OTP.
5. Within seconds of verifying the transaction, the funds will be deducted from your account and credited to the beneficiary's account. Once the transaction is complete, both you and the beneficiary will receive SMS alerts.
6. You can add beneficiaries and initiate IMPS quick money transfers via your bank's official website. Transferring payments via IMPS is really simple if you have the beneficiary's MMID code and cellphone number.
Advantages of MMID
Many people in various areas of the country lack access to net banking services such as RTGS and NEFT, which allow for rapid money transactions. However, the majority of people own cell phones. Keeping this in mind, MMID was created to provide rapid financial transfer services to those who do not have access to online banking. Senders and recipients do not even need to know their bank account numbers or IFSC codes. You can receive fund transfers via MMID if you have a phone number linked to your bank account. As a result, MMID aids in the prevention of financial fraud. It is simple to use and aids in the speed of digital transfers. This extremely effective yet surprisingly simple tool has revolutionised the banking industry.
MMID is a one-of-a-kind code that can be used to send money. This code is made up of 7 digits that combine your phone number and bank account number. Users can use this code to make interbank transfers using the mobile banking platform. It was established in 2010 as a replacement for the RTGS and NEFT systems. Both the sender and the beneficiary must have an MMID for a successful fund transfer. To initiate a financial transfer, all you need is your phone number and the MMID code. Mobile Money Identifier is a very straightforward and straightforward method of banking. It gives a terrific platform for people who do not have access to online banking to easily send and receive money. We hope the article gave you all the relevant information about the MMID code, including the MMID meaning, different ways of generating it, its uses and many advantages.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.