Mobile Money Identifier (MMID) for Interbank Fund Transfer

Immediate Payment Service (IMPS) has gained popularity for its quick and hassle-free fund transfers. With IMPS, you can transfer funds between bank accounts instantly, round the clock, and up to a maximum daily limit of Rs. 1 Lakh. To make an IMPS transaction, you will need the recipient’s mobile number and their Mobile Money Identifier (MMID).

So, what exactly is MMID? Well, MMID is a 7-digit code issued by banks to their customers for mobile banking services. It acts as a unique identification number for each mobile banking account. This blog explains everything about MMID in detail and how can you use it.

Understanding Mobile Money Identifier (MMID)

Mobile Money Identifier (MMID) is a unique seven-digit number that is issued by banks in India to their customers who want to use mobile banking services. It acts as a unique identification number for a particular bank account and is used for making mobile payments and transferring funds through the National Payments Corporation of India’s (NPCI) Immediate Payment Service (IMPS). MMID eliminates the need to share sensitive bank account details during transactions and provides a convenient and secure way to carry out mobile banking transactions.

Features of MMID

• Mobile Money Identifier (MMID) is indeed a unique identifying number consisting of 7 digits.
• The first four digits of the MMID code represent the distinct ID number of the bank offering the IMPS services.
• MMID is used for interbank fund transfers when performing transactions through mobile banking.
• Every individual account holder is assigned an MMID, which allows them to identify their particular bank account.
• The MMID can be linked to the account holder’s mobile number to facilitate fund transfers.
• MMID is used to verify and secure transactions performed through the IMPS mode of fund transfer.

Importance of MMID in Banking

Let’s take a look at some of the factors that make MMID important – 

• MMID enables secure and instant interbank fund transfers through mobile banking.
• It simplifies the transaction process by providing a unique identifier for the recipient’s bank account.
• Users can transfer funds without the need for complex account details.
• MMID ensures quick transactions and adds an extra layer of security.
• It provides a unique identification number for each account holder.

How to Generate MMID?

The Mobile Money Identifier (MMID) is created by the bank itself. It is a unique seven-digit number issued by banks to customers who use mobile banking services. Customers do not create their own MMID, but rather, they can generate it through various methods provided by their bank, such as mobile banking apps, net banking, or phone banking.

How to Use MMID for Interbank Funds Transfer?

To transfer funds from one bank account to another via IMPS, you should follow these steps-

Step 1: Login to your mobile/internet banking account.

Step 2: On the main page, click on the ‘Fund Transfer’ option.

Step 3: Select ‘IMPS’ as your method of fund transfer.

Step 4: Provide the beneficiary’s MMID and your MPIN to proceed.

Step 5: Enter the amount that needs to be transferred.

Step 6: Click on ‘Confirm’.

Step 7: You might be asked to authenticate the transaction by submitting the OTP sent to your registered mobile number.

Step 8: Enter the OTP and complete the transaction.

The amount will be transferred to the receiver immediately and both, the receiver and the sender will be notified. Note that you will be asked to provide the beneficiary’s MMID only if you are transferring the funds via mobile banking. 

How to Receive Funds Using MMID?

If you wish to receive funds via IMPS using MMID, you need to do the following-

• Share your 7-digit MMID with the sender.
• The sender initiates a fund transfer using their mobile or internet banking.
• Funds are transferred to your bank account linked to the provided MMID.
• You receive a notification or SMS confirming the receipt of funds.
• Check your account balance or use the funds as needed.

Points to Consider While Performing IMPS Transactions Using MMID

• Ensure that you have the correct and valid MMID of the recipient before initiating the transaction.
• Double-check the amount you are transferring to avoid any errors.
• Safeguard your MPIN (Mobile Personal Identification Number) and do not share it with anyone.
• Verify the recipient’s MMID and bank account details to avoid sending funds to the wrong account.
• Keep your mobile banking app or internet banking login credentials secure and updated.
• Be cautious of any phishing attempts or fraudulent messages asking for your MMID or banking details.
• Always confirm the transaction details before proceeding and verify the OTP (One-Time Password) sent to your registered mobile number.
• Keep track of your transaction history and check your bank statements regularly to ensure accuracy.

How Much Does It Cost to Perform MMID-Enabled IMPS Transactions?

MPS charges have been revised from October 2020 as below-

You must note that IMPS charges vary from bank to bank and banks may also levy additional service tax over and above the above-mentioned charges.