What is MMID Meaning in Banking | MMID Full Form | Mobile Money Identifier Code | How Can I Get the MMID Number
MMID is an abbreviation for Mobile Money Identifier. With MMID, you may send money to anyone in the world using only your phone and the beneficiary’s information. Only one MMID Code can be linked to your bank account. To transfer payments through this facility, both the sender and the beneficiary must have an MMID. To use this service, you must first enroll in mobile banking with your bank.
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Mobile Money Identifier is the full form of MMID. It’s a seven-digit number that’s usually a combination of your phone number and your bank account number. it is a code that permits mobile banking users to make interbank transfers. This service was originally introduced in India in 2010 as a replacement for two widely utilized transfer methods: Real-Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT).
Users must utilize their unique Mobile Money Identifier Code to validate and safeguard their transactions when transferring money via IMPS using their mobile banking platforms. Both the sender/remitter and the beneficiary/payee must have an MMID for a successful fund transfer to take place. Only your cell phone and the MMID code are required to initiate a fund transfer. Furthermore, each of your bank accounts will have its own Mobile Money Identifier number, which you can link to a single mobile phone number. Only the payee’s mobile and account numbers, as well as the payee’s IFSC details, are required to initiate transfers using Mobile Money Identifier.
How Can I Get the MMID Number?
Now that we’ve established what MMID stands for, let’s look at how to obtain a Mobile Money Identifier number. To utilize IMPS, you must have a valid bank account with your bank’s mobile banking services activated. You must also furnish the bank with your mobile phone number, which is known as the registered mobile number or RMN and is kept on file in their records. To activate this service, go to your bank and fill out an application form. Your bank will offer you a 7-digit unique Mobile Money Identifier code once you register your mobile number with them, which you can use to conduct fast financial transfers.
What is the Purpose of MMID?
Many people in different sections of the country lack access to net banking services such as RTGS and NEFT, which allow for rapid money transactions. The majority of people, on the other hand, have cell phones. With this in mind, MMID was created to provide rapid financial transfer services to those who do not have access to online banking. Bank account numbers or IFSC codes are not required for senders and receivers. You can receive fund transfers by MMID if you have a phone number linked to your bank account. As a result, MMID aids in the prevention of financial fraud. It’s simple to use and aids in speedy digital transfers. Banking has been altered as a result of this highly significant proposition.
How can I Generate MMID?
You should be aware of how to generate your Mobile Money Identifier code in addition to knowing what Mobile Money Identifier is. You may usually create the code in a variety of methods. They are as follows:
- You can create an MMID using the welcome package you receive when you sign up for mobile banking.
- You can get your Mobile Money Identifier by going to your bank and filling out a form. Your bank will provide you a 7-digit unique MMID code once you register your mobile number with them.
- If your bank provides this service, you can request it via SMS.
- Through phone banking: You must dial the telephone banking number.
- You will be assisted in generating your MMID by a customer service agent. Within 24 hours, you will receive your MMID on your registered cellphone number.
- By going into your net banking account and looking for the ‘Generate MMID’ option. Fill in all of the required information and double-check it. For the respective account, your MMID will be produced.
- Using the IMPS fund transfer option in your mobile banking app. After successfully registering, a 7-digit MMID code will be issued to your registered cellphone number.
Send Money using Mobile Money Identifier
To use Mobile Money Identifier for fund transfers, follow these instructions.
- Open the mobile banking app and log in.
- Select the IMPS tab from the fund transfer section.
- Start the transfer by entering the beneficiary’s cellphone number and Mobile Money Identifier code.
- Use an OTP or PIN to confirm the transaction.
The money will be deducted from your account and credited to the beneficiary account within seconds after the transaction has been verified. Once the transaction is complete, both you and the beneficiary will receive SMS alerts.
As previously noted, you can use your bank’s official website to add beneficiaries and initiate quick money transfers using IMPS. If you have the beneficiary’s Mobile Money Identifier code and cellphone number, transferring payments via IMPS is a breeze.
When a user registers for mobile banking, the program generates the MMID code automatically. Furthermore, the ‘Know your MMID’ feature makes it simple for the consumer to locate the Mobile Money Identifier.
The Reserve Bank of India has set this restriction, which is detailed in the Mobile Payment Guidelines provided to banks. The consumer is allowed to transact up to 50,000/- per day (total for all transactions) through a downloadable application.
Each account with mobile banking activated receives a Mobile Money Identifier (MMID) from the bank. As a result, the consumer can use this Mobile Money Identifier code to select an account.