Indian Mobile Money Identifier MMID www.deekpay.com

Meaning of MMID

The full name of MMID (i.e. Mobile Money Identifier) is Mobile Money Identification Number of India. It is a 7-digit number, usually a combination of a mobile phone number and a bank account number.MMID is a code that allows inter-bank transfers to be made through mobile banking platforms.The MMID service was first introduced in India in 2010 as one of the two commonly used methods of transferring money - real-time gross clearing (RTGS), and real-time cash transfer (RTGS).RTGS) fund transfers and national electronic fund transfers (NEFT) Services - Follow-up services.

When a user tries to make a mobile banking platform through IMPSWhen transferring money, you need to authenticate and secure the transaction with its unique MMID code. For a transfer to be successful, both the sender/remitter and the recipient/receiver must have an MMID. Users simply use their mobile phone and the MMID code to initiate the transfer. In addition, each bank account owned by the user will have a different MMID code and it is possible to link all MMID codes to a mobile phone number. To initiate a transfer using MMID, all that is required is the recipient's mobile number, account number and IFSC details.

How to get the MMID code

After explaining the meaning of MMID, let us understand how to get MMID code. To use IMPS, the user must have a valid bank account and activate the mobile banking service provided by the bank. The user is also required to provide the bank with his personal mobile phone number which will be retained in the bank's records called Registered Mobile Number or RMN.The user can activate this service by visiting the bank and submitting an application form. After registering the mobile phone number with the bank, the bank will issue a 7-digit unique MMID code to the subscriber, which the subscriber can use to initiate instant money transfers.

Why you need MMID

Many people across India do not have access to online banking facilities such as RTGS and NEFT for quick transfers. However, most people have mobile phones. Keeping this in mind, MMID was launched to extend the instant money transfer facility to those who do not have access to online banking. The sender and receiver do not even need a bank account number or IFSC code. All that is required is a phone number linked to a bank account to receive the transfer via MMID. Thus, MMID helps prevent financial fraud. It is easy to use and helps facilitate fast digital transfers. This valuable proposition is transforming banking.

How to generate MMID code

Typically, users can generate MMID codes in several different ways. The details are as follows:

Generate an MMID from the Welcome Pack you get when you sign up for Mobile Banking. Visit the bank and fill up the form to generate MMID. after registering the mobile number with the bank, the bank will give the user a 7 digit unique MMID code. If the bank provides SMS service, you can apply for it through SMS. Through phone banking. User needs to dial phone banking number. The customer service representative will assist the user in generating MMID and the user will receive the MMID on the registered mobile number within 24 hours. Login to personal account through internet banking and locate "Generate MMID" section. Enter all the necessary details and verify. User's MMID will be generated for the respective account. IMPS transfer option through mobile banking application. On successful registration, the user will receive a 7-digit MMID code on his/her registered mobile number.

How to transfer money using MMID codes

Follow the steps below to make a transfer using an MMID code.

Log in to the mobile banking application. Go to the Transfer section and click on the IMPS tab. Enter the recipient's mobile number and MMID code and initiate the transfer. Verify the transaction using OTP or PIN. After verifying the transaction, the money transfer will be debited from your account and credited to the beneficiary's account within seconds. Once the transaction is completed, both the user and the beneficiary will receive an SMS notification.

As mentioned earlier, users can add beneficiaries through the bank's official website and initiate instant transfers using IMPS. If the user has the beneficiary's MMID code and mobile number, transferring money through IMPS is very convenient.

concluding remarks

MMID has revolutionised the digital banking industry in the country by making fund transfers available to everyone in every corner of the country. It provides convenient banking services to bank account holders and has changed the way traditional banking works.