Mobile Money Identifier (MMID) – Interbank Fund Transfer & MMID

While there are various ways to transfer funds, one of the most common among them is IMPS. Using the IMPS mode of fund transfer, you can transfer funds from one bank account to another, immediately. IMPS transactions have a daily maximum limit of Rs. 1 Lakh and levy an additional service tax. Immediate payment service is a robust, real-time fund transfer option that offers 24*7 interbank fund transfer facility. IMPS offers instant transfer of funds within banks across the country, which is safe and economical for all the users.

However, to make an IMPS transaction, you must have the receiver’s mobile number and MMID (Mobile Money Identifier). In case you don’t have the receiver’s MMID, then you must have his/her bank account number, IFSC and Aadhaar number. MMID means Mobile Money Identifier, which is a 7-digit code that is issued by a bank to its customer in order to avail the mobile banking services. Each mobile banking account has a unique MMID allotted to the user by the bank itself.

Let’s now understand what Mobile Money Identifier (MMID) is, why it is important and how you can use it.

Understanding Mobile Money Identifier (MMID)

Listed below are the major features of MMID:

• Mobile Money Identifier, shortly-formed as MMID is a unique identifying number, consisting of 7 digits
• The first four digits of the MMID code is basically the distinct ID number of the bank offering the IMPS services
• MMID is used for interbank fund transfers while performing transactions through mobile banking
• Every individual account holder gets an MMID, which allows him/her to identify his/her particular bank account
• The MMID can further be linked to the account holder’s mobile number to perform fund transfers
• MMID is used to verify and secure the 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:

• Considering the fact that transactions performed via IMPS are performed in real-time through electronic means, it becomes all the more important to ensure their safety. To do so, the MMID code acts as a safety measure to keep IMPS transactions secure
• Additionally, if an account holder has linked his/her mobile number to his/her bank account, you can simply perform fund transfer transactions using your MMID; meaning that you won’t be required to share your bank account number of IFSC with the sender/receiver to send/receive money via IMPS

How to Generate MMID?

To generate your MMID, it is important to register yourself with the mobile banking platform of your bank. After ensuring this, you need to perform the following through each of these different ways to generate your MMID:

• Mobile Banking
  • Log in to your mobile banking application
  • Look out for the ‘Accounts’ option in the app
  • Click on ‘Generate MMID’ option
  • Your MMID will be generated and shared with you!

• Net Banking
  • Using your login credentials, log in to the official banking portal of your bank
  • Visit the home page on the portal and search for the ‘Generate MMID’ option
  • Enter the required information and verify your details as per the instructions shown
  • Upon successful verification of your details, your MMID will be generated and shared with you!

• Call
  • Simply, call your bank’s customer service number
  • Choose your preferred language and select the ‘Banking’ option
  • Talk to a customer support representative and request them to generate an MMID for your account
  • Upon sharing the required details, your MMID will be generated and sent to you on your registered mobile number within 24 hours

Note that every bank has a different procedure for the generation of MMID. However, the major ways to generate MMID remain the same for every bank. All you need to do is either log in to the mobile banking application, online portal or call your bank’s customer support staff to get your MMID generated.

How to Use MMID for Interbank Funds Transfer?

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

• Login to your mobile/internet banking account
• On the main page that appears, click on ‘Fund Transfer’ option
• Select ‘IMPS’ as your method of fund transfer
• Provide the beneficiary’s MMID and your MPIN to proceed
• Enter the amount that needs to be transferred
• Click on ‘Confirm’
• You might be asked to authenticate the transaction by submitting the OTP sent to your registered mobile number
• 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 some basic details like your name, mobile number and MMID with the sender
• Request the sender to follow the above instructions to send money to your bank account using MMID via IMPS
• Once the interbank fund transfer is completed successfully by the sender, you will receive an SMS notification from your bank

Points to Consider while performing IMPS transactions Using MMID

Consider the following points while performing MMID-enabled IMPS transactions-

• Both the sender and receiver must be registered for mobile banking with their respective banks
• It is mandatory to have the beneficiary’s MMID, mobile number, name and your own MPIN to send money via IMPS using MMID
• Similarly, in order to receive money, you must share your MMID, mobile number, name with the sender

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.

Also Read: What Is The Daily Transaction Limit of IMPS?

Wrapping it Up:

MMID (Mobile Money Identifier) is a 7-digit code that is issued by a bank to its customer in order to avail the mobile banking services. Each mobile banking account has a unique MMID allotted to the user by the bank itself. MMID code acts as a safety measure to keep IMPS transactions secure. To generate your MMID, all you need to do is either log in to the mobile banking application, online portal or call your bank’s customer support staff to get your MMID generated.