In today’s advanced technological world, there are many ways to transfer money. The Immediate Payment Service is among the most common ones existing today. Furthermore, it has been a rising method of transferring money regularly. But, to make a transaction through Immediate Payment Service successful, you must have MMID attached to the receiver’s mobile. Without a Mobile Money Identifier, the user must have a bank account number, Indian Financial System Code, and Aadhaar Number. Hence, a Mobile Money Identifier is vital. The article will cover what a Mobile Money Identifier is, its features, why it is vital, and how to use it. Scroll down and continue with your reading task to learn more about MMID!
What is a Mobile Money Identifier?
MMID is the acronym for Mobile Money Identifier. It is a seven-digit number, which is a sequence of your mobile number and your bank account number. It is a code permitting interbank transactions to be made with the help of a mobile banking platform. It was introduced in India in 2010 as a substitute for other transfer modes like Real-Time Gross Settlement and NEFT.
When you try to transfer money with the help of the Immediate Payment Service utilising your mobile banking platforms, you must use your unique Money Mobile Identifier code to authenticate and secure your transactions. You and the person to whom you are transferring money must have the Mobile Money Identifier for the transaction to be successful.
Your mobile phone and the Mobile Money Identifier code are needed to initiate a fund transfer. Additionally, every bank account you own should have a unique Mobile Money Identifier number, which you can connect to your cell phone. You only require the payee’s phone and account numbers and the IFSC Code to begin transferring funds through MMID.
Features of Mobile Money Identifier
A few primary features of Mobile Money Identifier are as follows:-
- Mobile Money Identifier consists of seven unique digits.
- The first four digits of the Mobile Money Identifier code is the distinct identification number of the banking institution that offers the Immediate Payment Service.
- Mobile Money Identifier is utilised for interbank fund transfers when performing transactions with the help of mobile banking.
- All account holders having individual accounts are eligible for an MMID, allowing you to identify your respective bank accounts.
- Mobile Money Identifier can be connected to your phone number for financial transactions.
- Mobile Money Identifier is utilised to authenticate and increase the security of transactions performed via the Immediate Payment Service.
Significance of Mobile Money Identifier
Several people in different regions of India are yet to have access to Internet Banking services like the Real-Time Gross Settlement, allowing for prompt money transfers. A majority of people have mobile phones. MMID was launched to furnish swift monetary transfer services to people who are yet to have access to Internet Banking.
To transfer money through a Mobile Money Identifier, you do not need to know the IFSC Code or bank account information of the person you send funds to. You can send and get funds via the code if your phone number is linked to your bank account. Therefore, the Mobile Money Identifier results in the prevention of monetary funds. It is effortless to use, increases the speed of digital transfers, and has gradually changed the banking sector.
Here are two factors that make MMID significant:-
- Since transactions that took place through the Immediate Payment Service occurred via digital modes, it became necessary to assure the safety of financial transactions. The Mobile Money Identifier code serves as a security means to keep transactions made via IMPS secure.
- Suppose you have linked your mobile number with your bank account. In that case, you can transfer money utilising your Mobile Money Transfer, meaning you do not need to share your bank account number or Indian Financial System Code with the other person to send or get money through Immediate Payment Service.
Steps to Generate Mobile Money Identifier
MMID is a basic and simple way of banking. It provides a great platform for people who need access to Internet Banking to send and get money easily. The numerous ways to create Mobile Money Identifier numbers are as follows:-
Mobile Banking
Here are the steps involved in creating a Mobile Money Identifier through Mobile Banking:-
- Log into the mobile banking app of your bank.
- Select the Account section.
- Click the Generate MMID option.
- A Mobile Money Identifier will be created within a few minutes.
Phone Banking
Here are the steps involved in generating a Mobile Money Identifier via Phone Banking:-
- Dial your bank’s phone banking number.
- Choose your preferred banking method and language.
- The bank will allot a customer service agent to proceed with generating MMID.
- Enquire about the Mobile Money Identifier Service with the customer service agent allotted by your bank.
- After successfully completing the required processes, you will receive your Mobile Money Identifier on your registered phone number.
Internet Banking
Here are the steps involved in creating a Mobile Money Identifier with the help of Internet Banking:-
- Visit the official Internet Banking site of your bank.
- Enter your login details to get access your account.
- Go to the home page of your bank’s official portal.
- Click Generate MMID.
- Fill in the required information and cross-check that every bank account gets the same Mobile Money Identifier Code.
Conclusion
It is necessary to note that as a customer, you must not share your Mobile Money Identifier or MMID with anyone. Sharing your Mobile Money Identifier implies that you are disclosing the details of your bank account for deceitful transactions and unauthorised access to your bank account. It is also vital to keep in mind to update your contact information with your bank if you change your mobile number. Now that you know about Mobile Money Identifiers or MMID, you should take advantage of it. As an outcome, the government at the central level has eased the process of transferring money. In digital banking, MMID codes have transformed the landscape, letting everyone transfer money. It made banking activities more convenient and changed how they were done previously.