MMID - WE NEED TO KNOW

All You Need To Know About MMID

Sending or receiving money online is now not just limited to using your net banking facility but also permissible using your mobile phone. Banks are using the Interbank Mobile Payment Service, or IMPS, to facilitate fund transfers through mobile phones. With growing mobile penetration and usage, sending and receiving money using a mobile phone is helping many people financially with instant funds transfers. This facility is in addition to the regular National Electronic Fund Transfer (NEFT) facility available to you as an end user. All IMPS transfers use a seven-digit Mobile Money Identifier (MMID) code to facilitate financial transfers effectively.

Here is everything you need to know about Mobile Money Identifier (MMID) and how it helps in an instant money transfer using your phone.

An overview of IMPS and MMID

If you want to make a fund transfer online, you can either use the NEFT transaction system, which processes payments in batches from 9am to 7pm, or opt for an IMPS, an instant interbank electronic fund transfer service through mobile phones. IMPS is available on all days including Sundays and other public holidays. You do not have to wait for hourly clearances for your money transfers; all transfers are done instantly in real time. Receiving an inward transfer through IMPS is free for you as a recipient. It is no surprise that users are now tending to prefer IMPS to the traditional NEFT bank transfer to send and receive funds.

This service uses what is known as a Mobile Money Identification Number or MMID code to send and receive funds between various bank accounts. To send money to a recipient, all you need to know is the name of the recipient, his or her mobile number, and MMID code. You no longer need the IFSC code required to make NEFT transactions.  But note that both you and the receiver have to be registered for IMPS. You can also use your Aadhaar card for transferring funds through IMPS.

How to avail of IMPS

To avail of IMPS, you should have a bank account that is enrolled for mobile banking services with your concerned bank. If you have not registered your mobile number with your bank, you can visit your bank branch and submit the application form to avail of this service. The forms are also available for download at the banks' official websites or on the net banking website of your bank.

Once you register your mobile number with the concerned bank, they will issue you a unique seven-digit MMID code that you can use to for instant transfers using IMPS. The first four digits of the MMID code act as the unique identification number of the bank offering you IMPS.

If you have multiple bank accounts, your bank will allocate a unique MMID number for each bank account. Since your MMID number is a combination of your account number and mobile phone number, you can easily decipher which MMID code corresponds to which bank account.

There are various ways to generate your MMID code depending on the bank concerned. Some banks auto-generate your MMID code when you register your mobile number for mobile banking. Other banks allow you to generate your seven-digit MMID code over an SMS request or through an online request using your net banking account.

A quick snapshot of the Mobile Money Identifier Code

• MMID is a seven-digit code required to facilitate an instant money transfer using IMPS.
• MMID code is a combination of your mobile number and bank account number. Each of your bank accounts will have a unique MMID code.
• You do not need different mobile numbers to get multiple MMIDs linked for various bank accounts.
• MMID codes can be generated online or requested from your bank after the submission of a written request.

MMID enables a secure instant transfer of funds through your mobile phone. Nevertheless, always remember to take due security precautions, such as verifying account numbers and keeping your passwords and codes private, to get the best benefits.

Now that you know how this little code can make your life easier, go on and talk to your bank to register for it – if you haven't already, that is. And if you're looking a financial product like a loan or a Credit Card, how about trying BankBazaar?

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