Before the emergence of electronic banking methods, the fund transfer process was quite cumbersome and tedious. Sometimes, it would take days for the money to be transferred from one account to another. With modernisation of the Indian banking system, the fund transfer process has become far easier. There are now fund transfer facilities such as National Electronic Fund Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Services (IMPS) and Unified Payments Interface (UPI) offered by Indian banks. One of the best and safest way to make transactions today is by using the IMPS MMID feature.
These services are managed by National Payments Corporation of India (NPCI). All these electronic fund transfer systems build upon the network of National Financial Switch (NFS). People can choose any of these services to transfer the amount from their account to others without any delay or hassles of waiting in queues.
What is IMPS?
Among all fund transfers, IMPS is the easiest and fastest way to transfer money. It is an immediate inter-bank fund transfer service that is available 24×7 and 365 days a year. A user can transfer the fund through internet banking or with mobile banking app. People can send or receive money via this service using their bank account number and IFSC (Indian Financial System Code) or registered mobile number and Mobile Money Identifier (MMID).
IMPS MMID:
Services such as IMPS are specifically helpful for people who do not have enough time for the transfer to take effect and need funds in another account immediately. Money can be transferred through IMPS instantly and easily. However, IMPS MMID is needed for this service. IMPS MMID is a 7-digit code provided by the participating bank to the customer registered for the bank’s IMPS mobile banking service. People can have multiple MMIDs linked with their single mobile number. IMPS MMID ensures that the amount you have transferred reaches the right person. The transfer will be cancelled automatically if any of the information, i.e. registered mobile number or MMID code, is incorrect.
Salient Features of MMID:
- MMID is a 7-digit code needed to avail IMPS facilities.
- It is a combination of a user’s bank account number and registered mobile number. Every bank account holds a unique MMID code.
- Multiple MMIDs can be linked with one registered mobile number.
- MMID codes can be requested from the bank by submitting a written request or user can generate the codes online.
Benefits of MMID Code:
There are various benefits associated with MMID code when it comes to money transfer through IMPS. Some benefits of this code are described below:
- If you have the MMID and the registered mobile number of the beneficiary, you do not have to add the beneficiary’s other details such as account number, account holder name, IFScode, branch address, etc. The 7-digit MMID code saves you from making unnecessary efforts.
- IMPS MMIDis an instant method of fund transfer. It takes just a few seconds for the fund transfer to be carried out from your account to the other person’s account.
- MMID codes make IMPS even more secured. If the user fills incorrect details for a beneficiary, the transfer will be cancelled automatically. Nonetheless, one should always take precautions such as a secured internet connection, and maintain the confidentiality of passwords and codes.
How to Generate MMID Codes?
Every bank follows different methods for MMID codes generation. Some common methods are explained below.
Visit Home Branch: An account holder who has activated his mobile banking can request for an MMID code for the primary account by visiting his bank’s home branch. The person who needs the MMID codes has to fill the application form and submit it to the bank executive.
Through ATM: Some Indian banks offer the facility to generate MMID codes through an ATM. For this, the users can visit the nearest ATM and send the MMID code request by following the below steps:
- Swipe your card
- Choose the Mobile Registration option
- Enter your ATM pin
- Select ‘SMS/Secure Code/IMPS’ option
- Enter your registered mobile number and confirm the process
Through SMS: Every bank has different SMS numbers for requesting MMID codes. For instance, State Bank of India (SBI) asks users to send the SMS to 9223440000. You just need to follow the right pattern to text for your MMID code. SBI account holders can request for MMID codes by sending ‘MMID SBI’ to 9223440000 from their registered mobile number.
Through Call: Some banks also provide their customers with the facility to generate MMID codes by calling on their customer care numbers. A user needs to call on his bank’s customer care number and choose the mobile banking option. After that, the user will be connected to the bank’s representative. They need to share some particulars with the representative. One this process is complete, they will send the MMID code through an SMS to the user’s registered mobile number.
Through Mobile Banking Apps: You can also generate the MMID code through your mobile banking app. You just need to log in to your mobile banking account and select the IMPS option. Once you click on the IMPS option, you will get more options including ‘Generate MMID’. Just click on that and you will get your MMID code.
Not every bank offers all the above options. Before doing anything, contact your bank and ask about the methods they provide to generate the MMID code or visit your bank’s official website to get complete details.