You need not visit the bank branch these days to transfer money from one account to another. You can perform this function from the comfort of your home or anywhere worldwide. You need a fair understanding of digital modes of banking. Since technology is ruling the world, banking is not an exception.
MMID full form Mobile Money Identifier, falling under the umbrella of Mobile Banking. It is a seven-digit number allowing you to use Immediate Payment Service through SMS or mobile. This online fund transfer service launched in 2010 is a successor to National Electronic Fund Transfer and Real-Time Gross Settlement.
Working
You can transfer funds in real-time with IMPS. It is a significant feature to help you understand what is MMID. All you need is the participant’s account number and mobile number. It works within the blink of an eye. You can use this method to transfer funds to anyone holding a Bank Account with any bank through an internet connection, net banking, or Banking app.
MMID and IMPS
To use IMPS, you need to open a Savings Account online with the concerned bank. Visit the branch and submit the application for claiming the services. After registering your mobile number with the concerned bank branch, they issue a unique seven-digit MMID code for instant transfers.
Procedure
Firstly, you log in to the Banking app, visit the fund transfer section, and select IMPS. Enter the account, mobile number, and MMID code of the recipient to initiate the transfer. You need to verify the transaction through One Time Password or MPIN. The money gets debited directly from your Bank Account and credits to the receiver’s account within seconds.
Lastly, you receive an SMS from your bank with the transaction details. Keep the reference number handy. Online Banking has made lives easier and more convenient for all customers as you receive instant alerts, updates, and operations on your mobile device.
IMPS using SMS
Many places in India are without an internet connection or poor network reception. You can still use the IMPS facility using the SMS format. Keep a screenshot of it for use in dire circumstances. The format of the SMS differs marginally between banks, but these are the details to provide:
IMPS <Beneficiary Mobile No><Beneficiary MMID><Amount><MPIN>
Check your account balance by entering a few codes and details. It is necessary to keep these options open in case of an emergency. If the ATM is too far and your relative requires funds urgently, you can use your phone to transfer funds immediately by checking your balance and entering the beneficiary details.
Conclusion
Digitalisation offers many benefits, including transferring funds in real-time and tracking finances. Pay merchants directly from your Bank Account by scanning the QR codes and UPI payments.