Mobile Money Identifier (MMID)

An MMID (Mobile Money Identifier) code can be generated through mobile banking, phone banking, or internet banking. It is a unique seven-digit number linked to a bank account and registered mobile number, enabling secure transactions through the Immediate Payment Service (IMPS). The process varies depending on the banking method used, and once generated, the MMID is sent via SMS to the registered mobile number. 

How to Generate an MMID Using Mobile Banking?

Mobile banking is one of the most convenient ways to generate an MMID, as it allows account holders to complete the process instantly through a smartphone. Banks provide mobile banking applications that offer various digital banking services, including MMID generation. The steps to obtain an MMID using mobile banking are as follows: 

Step 1: Download and open the bank’s official mobile banking application on a smartphone. The app must be registered and linked to the bank account. 

Step 2: Log in using the required credentials, such as User ID and MPIN, to access the account dashboard. 

Step 3: Navigate to the Account or IMPS section in the menu, where MMID-related services are available. 

Step 4: Select the option Generate MMID to proceed with the request. 

Step 5: The system will generate the MMID automatically within seconds. A confirmation message containing the MMID will be sent to the registered mobile number. 

How to Generate an MMID Using Phone Banking?

Phone banking is a suitable option for individuals who do not have access to mobile or internet banking but still want to generate an MMID remotely. By contacting the bank’s phone banking or customer care service, the MMID can be requested and processed by a representative. The procedure for generating an MMID through phone banking includes the following steps: 

Step 1: Dial the official phone banking or customer care number provided by the bank. The number is usually available on the bank’s website, passbook, or account documents. 

Step 2: Choose the preferred language from the available options and follow the instructions provided by the Interactive Voice Response (IVR) system. 

Step 3: Request assistance from a customer service representative, who will guide through the process. 

Step 4: Provide the necessary details, such as the bank account number and other verification information and request the generation of an MMID for the account. 

Step 5: After processing the request, the MMID will be generated. A confirmation SMS containing the MMID will be sent to the registered mobile number within twenty-four hours. 

How to Generate an MMID Using Internet Banking?

Internet banking offers another convenient way to generate an MMID, allowing account holders to complete the process online through the bank’s official website. This method is ideal for those who prefer managing their banking transactions through a desktop or laptop rather than a mobile app. The steps involved in generating an MMID using internet banking are as follows: 

Step 1: Visit the official internet banking website of the bank. Ensure that the website is secure and authentic by checking the URL and HTTPS encryption. 

Step 2: Log in using the User ID and Password associated with the bank account. Some banks may require additional authentication, such as an OTP (One-Time Password) sent to the registered mobile number. 

Step 3: Navigate to the IMPS or Fund Transfers section in the banking portal. Some banks may have a separate section specifically for MMID services. 

Step 4: Click on Generate MMID and enter the required details, such as the account number or linked mobile number.  

Step 5: Verify the information provided and confirm the request for MMID generation. 

Step 6: The system will process the request, and the MMID will be generated. A confirmation SMS containing the MMID will be sent to the registered mobile number. 

How to Transfer Funds Using MMID via IMPS

IMPS (Immediate Payment Service) is a quick and secure method for transferring money using MMID (Mobile Money Identifier). Instead of using account numbers and IFSC codes, IMPS uses MMID and the recipient's mobile number, simplifying the process. Here’s how to transfer funds using MMID via IMPS. 

Step 1: Log into Your Mobile Banking App Open your bank’s mobile app and enter your login credentials. Once logged in, access the IMPS option under 'Fund Transfer.' 

Step 2: Select IMPS for Fund Transfer Navigate to the 'Fund Transfer' section and choose IMPS for instant, real-time transfers. 

Step 3: Enter the Beneficiary’s MMID and Mobile Number Instead of account numbers, enter the recipient’s MMID and mobile number. Ensure the details are correct to avoid errors. 

Step 4: Authenticate the Transaction To complete the transaction, authenticate it by entering an OTP sent to your registered mobile number or using your mPIN. 

Step 5: Confirm and Complete the Transaction Once authenticated, the funds are immediately deducted from your account and transferred to the beneficiary’s account in seconds. 

Step 6: Receive SMS Confirmation After the transaction is complete, you will receive an SMS confirming the transfer details, including the transaction amount and reference number. 

Step 7: Use IMPS Without Internet Access IMPS also works without an internet connection through USSD services. You can transfer funds by dialing a simple code if you don’t have access to the internet. 

Step 8: Save Beneficiaries for Future Transfers To speed up future transactions, save your beneficiary’s details in your mobile app. This allows you to quickly transfer funds without re-entering the details. 

How to Use MMID for Interbank Funds Transfer?

Follow the steps mentioned below to make fund transfer via IMPS:

1. Log into your mobile or internet banking account using your credentials

1. Click on ‘Fund Transfer’ option

1. Select ‘IMPS’

1. To proceed, provide the MMID of the beneficiary and MPIN

1. Enter the amount that to be transferred

1. Click on ‘Confirm’

1. Submit the OTP (One Time Password) received on your registered mobile number to authenticate and complete the transaction

What are the Benefits of MMID?

MMID enables seamless and secure fund transfers along with other mobile banking services. Here are some more advantages of MMID:

1. Provides 24x7 services, thereby enabling fund transfer even after banking hours.

1. Allows instant fund transfer even outside banking networks.

1. Ensures enhanced security by allowing fund transfers through Mobile Banking or NetBanking by verified users only.

1. Linked to your bank account and mobile number, thereby adding an extra layer of security to transactions.

1. Does not require entering bank details every time while making a fund transfer.

1. MMID linked to bank account and registered mobile number of beneficiaries are required to complete fund transfer.

Features of MMID

The features of MMID are listed below:

1. Mobile Money Identifier (MMID) is a seven-digit unique identifying number issued by the bank.

1. It is used for interbank fund transfers through mobile banking.

1. The specific ID of the bank providing IMPS services is represented through the first four digits of MMID.

1. To identify the bank account number of each account holder, they are assigned with unique MMID.

1. It helps in verifying and securing transactions made through IMPS.

1. For easy fund transfer, MMID is linked to the bank account number of the beneficiaries.

Fees Required to Perform MMID-Enabled IMPS Transactions

The charges on IMPS transaction are given in the table below:

Common Errors in MMID Transactions

• Incorrect MMID or mobile number → Always double-check both fields before confirming a transaction.
• Using MMID of a closed or inactive account → Use MMID of the active and correct bank account only.
• Bank not supporting MMID transfers → Ensure both sender’s and receiver’s banks support IMPS with MMID.
• Daily transfer limits exceeded → Know your bank’s IMPS transfer limits and keep transactions within bounds.
• Network/SMS failure during SMS-based MMID transactions → Use mobile apps or internet banking as more stable alternatives.

Significance of MMID in Banking

MMID is vital for making fund transfers and is also used in other banking services. The importance of MMID is listed below:

1. Allows secure and instant interbank fund transfers

1. Enables fast and secure transactions

1. Enables fund transfer without entering account details every time

1. Simplifies transactions for the recipient’s bank account.

Why is MMID Required?

People in many parts of India lack appropriate access to net banking services like Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT), which allow for instantaneous money transfers. For this reason, MMID was established in order to optimise the instantaneous money transfer capabilities available to individuals who own internet banking capabilities. Senders and recipients in MMID do not require bank account numbers or IFSC codes. You can effortlessly receive money with MMID if your bank account and phone number are connected.

How to Register for Mobile Banking to Obtain MMID

Follow the below steps in order to register for mobile banking:

Step 1: Download the mobile app and initiate the registration process.

Step 2: Visit the nearest ATM and register for mobile banking.

Step 3: Call customer care and activate mobile banking.

Step 4: Visit the bank and request activation of mobile banking services.

How to Receive Funds Using MMID?

To receive fund via IMPS, follow the steps given below:

1. Provide your seven-digit MMID to the sender

1. The fund transfer can be initiated by the sender using the mobile or internet banking

1. The amount will be transferred to the bank account linked to the MMID

1. The recipient will receive a notification or SMS confirming the receipt of fund

Points to Remember While Performing IMPS Transactions Using MMID

You must remember the points given below while making a transaction via IMPS:

1. Before starting the transaction, ensure that the recipient's MMID is correct and valid

1. To avoid mistake, double-check the amount to be transfered

1. Never share your MPIN with anyone

1. Verify the bank account details and MMID or recipient before making a fund transfer

1. Update your mobile banking or internet banking login credentials

1. Never respond to fraudulent messages requesting your MMID or banking details

1. Before proceeding with transaction, confirm transaction details and verify the OTP sent to your registered mobile number

1. Keep a track of your transaction history and review bank statements regularly