Demystifying MMID (Mobile Money Identifier) How to Use It for IMPS Transfers

IMPS (Immediate Payment Service) is a real-time interbank electronic funds transfer system in India that allows quick and hassle-free daily P2A (person to account) fund transfers of up to ₹5 lakh (per transaction) and up to ₹10 lakh (daily transaction limit). P2A transfer happens when you don’t have the beneficiary’s MMID or Mobile Money Identifier number. Instead, you use the beneficiary’s bank account details and IFSC code. Adding account details can be a hassle for money. This is where P2P (person to person) IMPS service comes in. With IMPS (P2P) transfers, all you need to have is the beneficiary’s mobile number and Mobile Money Identifier (MMID) number.

But what exactly is MMID, and how can you use MMID for IMPS transfers? 

What is MMID?

MMID stands for Mobile Money Identifier. It is a unique 7-digit number assigned to customers by their banks upon registering for transferring money via mobile. With MMID, you can initiate Immediate Payment Service (IMPS) transfers without having to provide the recipient's bank account number and IFSC code.

Think of MMID as a virtual ID that allows you to identify yourself during Immediate Payment Service transactions. It eliminates the need for multiple details and simplifies the transfer process, making it faster and more convenient.

To generate your MMID, you need to register for mobile banking with your bank. Once registered, the bank will allocate a unique MMID linked to your account. Let's explore how you can use this MMID for IMPS transfers.

Using MMID for IMPS Transfers

To use MMID for IMPS transfers, follow these simple steps:

1. Open your banking app or access the mobile banking service provided by your bank.
2. Navigate to the 'Fund Transfer' or 'IMPS' section.
3. Select the option to transfer funds using MMID.
4. Enter the recipient's mobile number and MMID correctly.
5. Specify the transfer amount and verify all the details.
6. Confirm the transaction using your mobile banking credentials (PIN, password, or biometric authentication).
7. Once confirmed, the funds will be instantly transferred to the recipient's account.

How to Generate MMID?

The 7-digit Mobile Money Identifier (MMID) is created by the bank itself. The unique number is provided by the bank to its customers using mobile banking services of the concerned bank. You can generate MMID via Net Banking, Mobile Banking, Phone Banking, etc.

Benefits of Using MMID for IMPS Transfers

Using MMID for IMPS transfers offers several benefits:

1. Convenience: MMID make the process of transfer easy eliminating the need for multiple details, making transactions quicker and more convenient.
2. Security: Since MMID is linked to your bank account, only authorised users can initiate transactions using their unique MMIDs, ensuring enhanced security.
3. Instant Transfers: IMPS transfers using MMID are processed instantly in real-time, allowing recipients to receive funds immediately.
4. Availability: IMPS transfers can be initiated 24/7, including weekends and holidays, ensuring you can send money whenever you need to.

Example

Let's consider a real-life scenario where MMID proves to be extremely beneficial.

Rahul is travelling out of town and realises he forgot his wallet at home. He needs urgent funds to pay for his hotel room. Luckily, Rahul has his mobile phone and access to his banking app. With the help of MMID and Immediate Payment Service, Rahul can quickly transfer money from his account to the hotel's account without any hassle or delay. This saves him from any inconvenience and ensures a smooth stay.