Banking

What is MMID in Banking – Usage of MMID & MMID Meaning

What is MMID in Banking
Written by admin

What is MMID in Banking

There are a lot of things happening in the banking system these days where people are transferring money from wherever they want. If you know the IFSC code like fino0000001, and account number for transferring money, you can send money anywhere and take the money into the account. Additionally, you can transfer money using your UPI id. Today we are going to look at this article to find out how you can transfer money without knowing the UPI id, account number, and ifsc code of a person.

What is MMID in Banking

What is MMID in Banking

What is MMID in Banking

The full form of MMID is the Mobile Money Identifier. This is a seven-digit code. Each bank account has an MMID number. And each bank’s mmid number is different from another bank’s mmid number. This means that no mmid number matches another bank’s mmid number. This is a unique code.

If you have two accounts in the same bank, the mmid number of both accounts is different. mmid number This number is required when sending money via IMPS. The customer can transfer money very quickly through IMPS. All that is required is the account’s mmid number and mobile number.

READ ALSO -   What To Study For Banking Jobs and 6 best points for preparation

If your account is in more than one bank then you can create different MMID numbers from the same mobile number but now you may be wondering how to know which MMID number belongs to which bank? Guys, there is no need to worry as the initial four-digit bank has a unique identification number so that you can identify which MMID belongs to which bank account.

See Also – What is PCA in Banking and Best Key Points in 2022

Why MMID was needed?

Today we can easily transfer money to anyone’s account through RTGS (Real Time Gross Settlement) or NEFT (National Electronic Funds Transfer) using his account number and IFSC code but there are some limitations. Because this service is not completely successful Both NEFT and RTGS work only during bank opening hours but now they are also made available 24 hours. IMPS was brought in to fix this problem

See ALso – Why Investment Banking & what is investment banking – The Bank Pedia

To create an IMPS service, first of all, it was thought that why not make this service available only through mobile numbers because a mobile number is unique which means more than one person cannot have the same mobile number. And almost everyone has a mobile number added to their bank account by which the account details of that person can be easily identified. The most important purpose of creating this service was to transfer money to one’s account only through one’s mobile number without knowing one’s account number.

What is MMID in Banking

What is MMID in Banking

But this idea created a problem The problem is that if a user has two bank accounts and both bank accounts have the same mobile number added then it is very difficult to identify his account details. To solve this problem MMID was introduced in which the first four digits are your bank account number and then the last three digits are your mobile number.

READ ALSO -   What is PCA in Banking and Best Key Points in 2022

See ALso – Allahabad Bank Balance Check – Allahabad Bank Balance Enquiry by SMS, Net Banking

An MMID can only be used with one bank account You cannot have the same MMID of two bank accounts Anyone’s bank account can be easily identified using both mobile number and MMID and this is the service that made IMPS successful.

See Also – What is Green Banking and 7 best products of green bank.

How to get MMID?

As I mentioned above all bank accounts have their MMID but the bank does not tell you the MMID Number unless you ask your bank. You will get MMID only when you go to your bank branch and ask for MMID Generally, it is provided with a Mobile banking kit MPIN is also a part of this kit To get MMID and MPIN, first you need to activate your mobile banking.

What is MMID in Banking

What is MMID in Banking

How to register for Mobile Banking:

You can register mobile banking for your bank account in four ways Let me explain in what ways mobile banking can be registered?

  1. You can fill up the form to register for mobile banking by visiting your bank’s home branch MMID and MPIN will then be sent to your mobile or your communication address
  2. You can also generate MMID using Internet Banking i.e. through Internet banking you can register for mobile banking for your bank account.
  3. You can also use your bank’s mobile apps to generate MMID.
  4. You can also generate MMID through your ATM card For this you have to go to any ATM of your Bank and after that, you have to choose the Mobile Banking option Now you will get a confirmation message, and after confirmation, you can get MMID and MPIN via SMS
READ ALSO -   Banking and PSU Funds 4 Best Types of Strategies

See Also – What To Study For Banking Jobs and 6 best points for preparation

Conclusion

The full form of MMID is “Mobile Money Identifier” This is a seven-digit unique identification number in which the first four-digit number is the unique identification number of the bank which is offered for IMPS fund transfer. The main advantage of this is that account number and IFSC code are not required to transfer money through this service.

Hope you got all your answers regarding – What is MMID in Banking, I explained in this post What is MMID in Banking? Why is this important? I hope you liked this post. Please share this post with your friends and also if you have any questions related to this post, you can ask through the comment box.

FAQ. About What is MMID in Banking

How to change mobile number registered for MMID?

If you need to change the mobile number already registered for MMID, you must first deactivate this number. Only then can you combine the second number with MMID

What is the full name of MMID?

Mobile Money Identifier

What is the full name of IMPS?

Interbank Mobile Payment Service

What is the full name of NEFT?

National Electronic Fund Transfer

What is the full form of RTGS?

Real Time Gross Settlement

What is the full name of IFSC?

Indian Financial System Code

See ALso – How to Check Bank Balance using Aadhar Card Number

About the author

admin

Leave a Comment