Once you’ve registered your phone and the account number to which you want to receive funds, the bank will issue you an MMID number. An MMID Code and your mobile number are required for IMPS transfers. Let’s get into the details.
The MMID, or Mobile Money Identifier, is a seven-digit number issued by the bank to the customer upon registration for the Immediate Payment Service (IMPS). To make a payment via IMPS, customers can either use their registered cellphone number or send an SMS from the same.
Using the mobile banking platform, you can send money between banks using the MMID code. The MMID service was originally introduced in India in 2010 as a replacement for the RTGS and NEFT services, which were two of the most popular methods of transferring funds in the country at the time.
Let’s take a closer look at how MMID actually works. Firstly, both the sender and the recipient must have a Mobile Money Identifier before an interbank fund transfer (NEFT/RTGS), including a mobile number, can be completed.
When a consumer uses the Immediate Payment Service to send or receive money, they must have their MMID number handy. For every bank account, there is only one MMID number. Dissimilar MMIDs can be linked to the same mobile number.
Online money transfer service Immediate Payment Service (IMPS) is supplied by any bank to its customers. As of 2010, IMPS has been in operation. With IMPS, a consumer can send money in real-time. In order to send money via IMPS, the most common method is to use a bank account number and an IFSC code. It is possible to use IMPS to transfer money from any bank account to any bank account holder.
Net banking services like RTGS and NEFT, which allow for rapid money transactions, are not available to many people across the country. However, the vast majority of individuals own smartphones.
People who do not have online banking can still benefit from this because of the introduction of MMID. There is no need for bank account numbers or IFSC codes for both senders and receivers. MMID can be used to receive money transfers if you have a mobile number associated with your bank account.
Thus, the MMID helps to avoid financial fraud. It’s simple to use, and it speeds up digital data transmissions. Banking has undergone a radical change as a result of this value proposition.
You should also know how to generate your MMID code, in addition to knowing what MMID is. There are a variety of ways to go about writing the code. The following are their names:
MMID is a very user-friendly technique for bank transactions. For people who don’t have access to digital banking, it’s a great way to send and receive money.
There are three ways to create an MMID:
1. Mobile Banking
2. Internet/Net Banking
3. Phone Banking
Having established the significance of MMID, the next step is to discover how to obtain an MMID number. An active mobile banking service from your financial institution is required to use IMPS. As part of the process, you’ll need to give the bank your phone number, known as the “registered mobile number,” or RMN.
To make use of this service, go to your bank and fill out an application. To conduct an instant fund transfer, you’ll need to provide your bank with your phone number and receive a seven-digit MMID code.
To use MMID for money transfers, follow these instructions:
Step 1: Begin by logging in to your mobile banking application.
Step 2: Tap on the IMPS tab under the fund transfer area.
Step 3: Start the transfer by entering the recipient’s mobile number and MMID code.
Step 4: Use an OTP or PIN to authenticate the transaction.
Step 5: The money will be deducted from your bank and credited to the recipient’s account as soon as the transaction is verified. Once the transaction is complete, an SMS will be sent to both you and the recipient.
Your bank’s official website can be used to add beneficiaries and initiate IMPS transfers, as previously stated. It’s easy to transfer money via IMPS if you have the recipient’s MMID code and cell phone number.
Now that you’ve learned the meaning and applications of MMID, you may easily take advantage of this service. The federal government has simplified money transfers as a result of MMID.
When it comes to digital banking, MMID codes have reshaped the landscape, allowing everyone in the country to transfer money. It has made banking more convenient for customers and altered the way it was done in the past.
Ans: To obtain the MMID for a certain account, send an SMS to 9223440000 with the text ‘MMID account number.’ Your Band MMID number can be found by sending an SMS to 9223440000 with “MMID” in the subject line. If you have an account, you can get your MMID number by filling out an application at your local branch.
Ans: P2P cash transfers currently need the Remitter customer to use the Beneficiary Mobile Number and MMID to transfer funds. To use IMPS, both the remitter and the recipient must register their mobile numbers with their corresponding bank accounts and obtain MMIDs.
Ans: IMPS services are provided 24 hours a day, seven days a week, even on public and bank holidays and bank off days. The IMPS mobile platform can be used to transfer money to any recipient simply by supplying the recipient’s mobile phone number and the Mobile Money Identifier (MMI). Bank account nos.
Ans: It takes only a few business days for a bank or a non-bank service such as Wise, previously known as TransferWise, to send money across state lines. You’ll need the routing number, account number, recipient’s name, and maybe the recipient’s address for a domestic wire transfer.
Ans: The maximum amount you can transfer with IMPS is limited to Rs. 2 lakhs. The benefits of RTGS and NEFT combine in IMPS, making it an ideal fund transfer method. You can send as little as you want, whenever you want, and you’ll get an instant response.
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This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.