MMID Full Form in Banking is Mobile Money Identifier. MMID is a unique seven-digit number issued by banks to their customers for mobile banking transactions. It is specifically used for fund transfers through Immediate Payment Service (IMPS), enabling secure and efficient money transfers using mobile devices.
Key Features of MMID:
- Unique Identifier: Each bank account has a distinct MMID linked to the mobile number.
- For IMPS Transfers: MMID is used alongside the recipient’s mobile number for seamless IMPS transactions.
- Ease of Use: MMID eliminates the need to remember account numbers or IFSC codes for small transfers.
How MMID Works:
- To transfer funds via IMPS, the sender needs the recipient’s mobile number and MMID.
- The system matches the mobile number and MMID to ensure the funds are sent to the correct account.
- It is fast, secure, and available 24/7.
Benefits of MMID:
- Convenience: Simplifies fund transfers by using mobile numbers instead of lengthy account details.
- Secure Transactions: Transactions are encrypted, reducing the risk of fraud.
- Availability: Allows fund transfers anytime, even during holidays or non-banking hours.
How to Get an MMID:
Customers can request an MMID from their bank via mobile banking apps, SMS, or by visiting a branch. It is linked directly to the account and mobile number registered with the bank.