There are several methods of money transfer among users today, and one of the most common ones that exist today is IMPS. Moreover, IMPS has been a growing method of money transfer on a daily basis. But, in order to make a successful IMPS transaction, the user will have to have MMID or Mobile money identifier attached to the receiver's mobile. If there is no MMID, the user will have to have the account number, IFSC Code, and Aadhaar number. Therefore, MMID is essential.
MMID stands for Mobile Money Identifier. It is a seven-digit unique number that is often a combination of your mobile phone number and bank account number. MMID is a code that permits interbank transfers to be made via the mobile banking platform. The service was 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).
When consumers attempt to transfer money via IMPS using their mobile banking platforms, they must utilize their unique MMID code to validate and protect their transactions. Both the sender/remitter and the beneficiary/payee must have an MMID for the fund transfer to be successful.
Only your cell phone and the MMID code are required to initiate a fund transfer. In addition, each bank account you own will have a unique MMID number, which you can link to a single mobile phone number. To begin transfers using MMID, you only need the payee's mobile and account numbers, as well as the IFSC code.
Many people in various parts of the country do not have access to net banking services such as RTGS, which allows for quick money transfers. The majority of people, however, own cell phones. Keeping this in mind, MMID was established to provide quick financial transfer services to those without access to online banking.
The sender and the recipients do not even need to know their IFSC codes or bank account details. You can receive fund transfers through the code if you have a cell number associated with your bank account. As a result, MMID contributes to the prevention of financial fraud. It is simple to use and speeds up digital transfers. This incredibly valuable proposal has radically changed the banking industry.
Mobile Money Identifier is a very basic and straightforward way to bank. It gives an excellent platform for people who don't have access to online banking to send and receive money easily. The many methods for creating MMID numbers are listed below. These are as follows:
The following are the stages involved in the production of MMID via Mobile Banking:
Step 1: Sign in to your bank's mobile banking app.
Step 2: Navigate to the 'Account' tab.
Step 3: To proceed, select the 'Generate MMID' option.
Step 4: An MMID will be generated in a matter of minutes.
The steps involved in generating the code using Phone Banking are as follows:
Step 1: Call the phone banking number provided by the bank.
Step 2: Select your favourite banking language and method.
Step 3: You will be allocated a customer service agent for the remainder of the operation.
Step 4: Inquire about the MMID-generating service with a customer service agent.
Step 5: After the successful conversion, an MMID will be given to the account holder's registered mobile within 24 hours.
The following are the stages required in generating MMID using Net Banking:
Step 1: Navigate to your bank's Internet banking site.
Step 2: To gain access to your account, enter your login information.
Step 3: Navigate to the home page and select the 'Generate MMID' option.
Step 4: Fill in the relevant information and double-check that each account receives the same MMID.
The combination of the MMID code and cell phone number serves as a replacement for the payee's account number and IFSC code. Customers that know the MMID code and contact number can easily transfer cash. In general, MMID codes are used when a customer wishes to transfer funds via the IMPS platform. So, let us examine how we can transfer funds utilizing MMID.
The following are the steps for these transactions:
Step 1: The customer must first log in to the mobile banking app.
Step 2: They must then navigate to the fund transfer area and choose the IMPS tab.
Step 3: Following that, the customer must enter the beneficiary's account number, mobile number, and code before initiating the fund transfer process.
Step 4: The customer must then verify the transaction with an OTP or mPIN.
Step 5: After the transaction has been validated, the funds will be deducted from the customer's account and sent to the beneficiary's account in a matter of seconds.
Step 6: If the transaction is successful, the consumer will receive an SMS from the bank with the transaction details. If a mistake occurs during the money transfer process, the customer should keep the reference number.
Step 7: If the consumer does not have Internet access, he or she can still use the IMPS service.
Step 8: The consumer can add the beneficiary and follow the protocol for sending money that is available on the bank's official website.