Digital transactions have been an option for people for long and have often been viewed as a form of luxury. However, ever since the note ban, they have been the saviour of most of the people who do not want to visit the bank often. Conducting digital transactions has at least allowed people to pay and receive money for day to day transactions without much inconvenience. Therefore, many sources of digital transactions have emerged and become popular ever since the demonetisation.
Using MMID Code in mobile banking is one of the many ways in which a transaction can be conducted with ease.
What is MMID Code?
MMID Code is short for Mobile Money Identifier. It is usually a 7-digit number that is allotted to a customer holding a bank account. Whenever a user makes an attempt to send or receive money using IMPS method of payments using the mobile number, this code is brought into use. Any given bank account can be linked to a single MMID Code. Although a number of MMID Codes can be linked to a single mobile number but a given code will trace back to a single mobile number and bank account number.
What is the use of MMID code?
In present times, many payment methods have become quite popular. NEFT and RTGS have been the talk of online payment transactions. However, they have their share of limitations, which keeps a bank user from availing those services during certain days and hours. For this reason, the concept of IMPS was introduced for conducting online digital transactions. Since a mobile number can be traced back to a single user only, it was taken as the base for providing such service. The MMID and the mobile number would enable conducting such transactions through IMPS but without sharing the bank account number of an account holder.
However, since a mobile number could be linked to a number of bank accounts, the concept of MMID Code was introduced. The code can be linked only to a single bank account and hence, it becomes a unique identifying feature.
How can one get an MMID code?
Every bank account holder is entitled to a unique MMID Code. However, no bank would provide such code on its own to a bank account holder. A user has to seek it from the bank in order to make use of the IMPS service. Generally, a bank account holder can get his MMID Code through his mobile banking kit itself when he opts for the service. However, one would need to activate mobile banking using his account number and mobile number for this purpose. An MMID code is used to receive a payment of money through mobile banking whereas an MPIN is used to make a payment to another bank account holder using mobile banking.
Various banks have a different procedure to allow users to get their MMID Code. The standard procedure followed by most banks allows a user to get his code in one of the following ways:
- MMID code can be availed through welcome kit when registering for mobile banking.
- MMID code can be availed by visitinga branch and filling out form for the same.
- Itcan also be generated through mobile banking application. Simply log in to your mobile banking application of whichever bank you hold an account with. Navigate to the fund transfer tab and click on the option of IMPS. There would be an option by the name of ‘Using MMID.’ Over here, you will be required to fill in the details of the beneficiary, beneficiary’s MMID code, the amount to be transferred and remarks, after which user can get confirmation SMS for a successful transaction.
- A 7 digit MMID code shall be sent to the registered mobile number of the user after successful registration.
How can one make use of MMID code for making a fund transfer?
When transferring money using IMPS service, the customer’s account number and IFSC are replaced with the account holder’s mobile number and MMID Code. These are the only two pieces of information that one requires to make a transfer using IMPS service. Fund transfers through IMPS can be done through mobile banking application, desktop or smartphones.
What are the benefits of MMID Code?
In the present times of digital transactions, people are feeling more open about making use of online payment mechanisms. Online payment mechanisms have given rise to the use of payment mechanisms such as NEFT, RTGS, and IMPS. However, since NEFT and RTGS come with their share of limitations, people desist from making use of these mechanisms as IMPS is way more useful and convenient in such matter.
The major benefit of MMID Code lies in the fact that it can be used easily by any bank account holder to transfer funds instantly. An MMID code facilitates the whole infrastructure of IMPS payments, which makes it very easy to transfer instant funds. The simple fact that one can transfer a sum of money at any given instant, which can be received by another party at the same instant, is a valuable feature that attracts every person.
Moreover, MMID Code saves a bank account holder from the hassle of sharing his bank account number and IFSC code with an unknown person, which helps in avoiding fraud and cheating.
MMID code has presented a highly valuable proposition in the world of digital transactions, which makes it possible for a bank account holder to transfer funds. It saves a lot of effort and hassle for bank account holders and has changed the way that conventional banking is carried out.