MMID Meaning

MMIDs are unique codes which you can use to quickly transfer money to a bank account. You do not need to enter a bank account number and IFSC code.
 

What details do you need to transfer money to someone's bank account? Until a few years ago, you needed the beneficiary's bank account number and IFSC code. But thanks to the intersection of banking and technology, sending money is a cakewalk. All you need is the beneficiary's seven-digit MMID. But what is MMID, and how does it work?

MMID meaning
 

MMID, an abbreviation for Mobile Money Identifier, is a 7-digit code issued by banks to their customers for seamless access to mobile banking services. This unique identifier allows individuals to perform secure and convenient transactions through their mobile devices. Each mobile banking account is assigned a distinct MMID by the respective bank. With MMID, users can enjoy the benefits of mobile banking, including fund transfers, bill payments, and more.

IMPS transactions
 

You can use MMID to send funds to another bank account through the Immediate Payment Service (IMPS). IMPS is most useful for customers who use their smartphones to send money.

To initiate an IMPS transaction, both the sender and the receiver should have MMIDs for their bank accounts. Like with NEFT and RTGS, you need to add the receiver as a beneficiary before sending money. For an IMPS transaction to be successful, both the sender's and receiver's MMID should be linked to their phone numbers. If you have multiple bank accounts, you can connect all their MMIDs to the same mobile number itself.

How to get your MMID?
 

There are some prerequisites to getting an MMID. First, you should have a registered mobile number with the bank, and mobile banking should be activated for your bank account. If the above two criteria are met, you can contact your bank for your MMID.

But for most bank accounts today, mobile banking is instantly activated, and MMID is registered immediately. IDFC FIRST Bank customers can get their MMID after logging into the mobile app. Besides fund transfer, the IDFC FIRST Bank mobile app also allows you to apply for loans and credit cards and pay bills.

Benefits of IMPS
 

IMPS is highly straightforward, but what are its other benefits? Let us look at some of them below.

Send and receive money instantly

With IMPS, there is no waiting time for completing the transaction. The beneficiary will receive the funds the moment you send them.

Send money anytime

You do not need to stay updated with bank accounts anymore. With IMPS, you can send funds any day, anytime.

Added security

Since the transaction is done through the bank's mobile app, the transaction is highly secure. It reduces the possibility of a scam or fraud.

Transparent and easy

With IMPS, information about all your transactions is stored to ensure minimal chance of a dispute. Furthermore, you will receive payment confirmations instantly.

Disadvantages of using IMPS
 

IMPS has a few disadvantages, too. Here are a few of them.

IMPS is limited to mobile phones

IMPS transactions using MMID are accessible through mobile phones only. It could make IMPS inaccessible for certain individuals, including the elderly.

IMPS has daily transaction limits

For most banks, there is a per-day limit of ₹2 lakh for IMPS. This can be an inconvenience if there is a large fund transfer.

IMPS attracts charges
 

According to the bank's policy, IMPS money transfers may attract charges for some banks.

Even with minor limitations, IMPS using MMID is one of the easiest and fastest ways to transfer money to another bank account. Moreover, it is available around the clock, making it convenient and accessible.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.