Funds transfer can be done with a click these days using either a Net Banking facility or through a mobile application. IMPS is a popular online payment method for funds transfer. With MMID, you can access the IMPS Service through a mobile application of the respective bank. To know more about MMID full Form and its application, go through the article.
MMID is the seven-digit code generated by the bank that enables individuals to perform funds transfers only without the need for sensitive information like the bank account details and the IFSC Code. MMID Full form is Mobile Money Identifier and is an essential requirement for transfer of funds through IMPS using a mobile application of the desired bank.
Additional Info: Also Check Difference Between NEFT, RTGS & IMPS
Three modes are enabled to generate MMID, and you can choose the one that is convenient for you.
Additional Info: Also check NEFT
MMID can be used to access IMPS for funds transfer either by using the mobile application of the respective bank or by sending SMS. In both cases, the funds will be credited to the beneficiary's account immediately upon completion of the process.
You can also transfer funds through the SMS service of the respective bank using MMID. You should send an SMS in the prescribed format. The format may differ from bank to bank. However, the general format will be
IMPS <Beneficiary MMID><Beneficiary Mobile No><Amount><MPIN>
Additional Info: Also check RTGS Full Form
MMID is crucial if you have to access the IMPS service for funds transfer using the mobile application. MMID resolved the confusion of singling out a bank account from the multiple accounts linked to a mobile number. No two bank accounts will be given the same MMID. So it is adequate to know the beneficiary's mobile number, MMID and the amount to transfer funds through IMPS using MMID in a mobile application. With the awareness of MMID Full Form and the ways to generate MMID, you can go ahead generate the MMID and use the mobile application of your bank to transfer funds in a jiffy, and that too round the clock.
On completion of the mobile banking registration process, MMID will be sent to your registered mobile number via SMS.
There are many individuals who even today visit the bank to transfer funds to other bank accounts. The reason being they are not able to access online payment methods like NEFT and RTGS as they do not have access to net banking facilities. But they do have a mobile phone. Funds transfer through IMPS using a mobile platform is possible only if you have an MMID or, in other words, if you have registered for mobile banking.
Though the mobile number is linked to multiple accounts, the sender can pick the account that has to be debited using MMID. Though multiple accounts are linked to a mobile number, every bank account has a distinct MMID.
There is no minimum amount stipulated for funds transfer through IMPS. However, a maximum of Rs. 50000/- for all transactions. If the funds' transfer using MMID is through SMS, then the per transaction maximum limit will be Rs. 5000/-
You should be very cautious while entering the mobile number of the beneficiary while performing funds transfer through IMPS using MMID, as the funds will not be recredited automatically to the sender's account in case of a failed transaction. The amount has to be refunded by the beneficiary alone, which becomes very complicated.