(MMID) Mobile Money Identifier
What justifies the need for MMID?
The National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS) net banking services, which allow for immediate money transfers, are not always properly accessible to consumers in India. This is the rationale behind the introduction of MMID, which aims to maximise fast money transfer capabilities even for users of internet banking. Receivers and senders using MMID do not require an IFSC code or bank account number. You can quickly receive money with MMID if your phone number is connected to your bank account.
Why Use MMID and How to Create
- Banking on mobile
- Online Banking
- Banking by phone
Banking on mobile
- Log in to the mobile banking app of your bank.
- Pick 'Account' from the menu.
- Continue by selecting the "Generate MMID" tab.
Online Banking
- Enter your login information in the bank's online banking interface to log in.
- Go to the main page and select "Generate MMID" from the menu.
- Enter the relevant information and check it.
- MMID for the relevant account will be produced.
Banking by phone
- Contact the bank by phone banking.
- Select your language and banking option.
- Contact customer care and ask for the MMID generation.
- MMID will be delivered to the account holder's registered cellphone number in a 24-hour window.
Creating an account for mobile banking
- Use the mobile app to download it and start the registration process.
- Register for mobile banking at the nearby ATM.
- To activate mobile banking, contact customer care.
- Request the activation of mobile banking services when you visit the bank.
How to Transfer Funds Using MMID
- Using the relevant app, sign in to mobile banking.
- Pick ‘Funds Transfer’ from the menu.
- Select IMPS
- Enter the recipient’s or beneficiary’s cellphone number, MMID, and the amount to be transferred, then double-check the information.
FAQs about the Mobile Money Identifier (MMID)
MMID stands for Mobile Money Identifier. It’s a 7-digit number that enables mobile banking transactions.
You can obtain an MMID through your bank branch or mobile banking app.
Yes, MMID is linked to your mobile number.
No, MMID cannot be used at ATMs; it is specifically for mobile banking.
The validity period of an MMID is typically for a specified duration, as indicated on your MMID card issued by the bank.
Yes, you can share your MMID with others to receive money from them.
You can check your bank balance by dialing *99# from your registered mobile number.
If you forget your MMID, you should contact your bank branch to obtain it again.
No, MMID is not required for UPI transactions; you use a UPI ID for those.
Yes, you can obtain a new MMID if you change your mobile number, through your bank.
MMID is specific to individual bank accounts, while IFSC and account numbers are unique for each bank and account.
The maximum limit for MMID-based transactions varies from one bank to another; you should check with your bank for specific limits.
Yes, MMID transactions are secure as they require a PIN for validation.
No, one MMID is typically associated with a single bank account.
Usually, obtaining an MMID is free, but this can vary from bank to bank. You can inquire about any associated fees at your bank branch.
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