(MMID) Mobile Money Identifier

When using the MMID function of mobile banking, the Mobile Money Identifier, commonly known as MMID, is a seven-digit unique identifier used for interbank transfers. Each account holder will be assigned an MMID, which will help identify a specific bank account. For all financial transactions, mainly fund transfers, this code can be linked to the cellphone number.
A fund transfer must be successful for both the sender (remitter) and the beneficiary/payee to have an MMID. The Immediate Payment System (IMPS) interface is how this system functions. Through the MMID feature, money can be sent and received using a mobile device via SMS.

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

MMID is a very practical banking method. It provides a reliable platform for people without access to net banking to send and receive money without any problems.
Three methods exist for creating an MMID:

Banking on mobile

Online Banking

Banking by phone

Creating an account for mobile banking

When signing up 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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