What is Beneficiary MMID & How to Get: Meaning, Number, & Benefits

Beneficiary MMID: Definition, Usage, Advantages, and How to Generate

Immediate Payment Service or IMPS as the name suggests facilitates immediate fund transfer electronically. You can send money to any other bank account that has IMPS service. The best part of this service is that it works through day and night irrespective of the banking hours and holidays. Thus, most account holders prefer IMPS over RTGS or NEFT.

However, you need a beneficiary MMID code to perform IMPS transactions. Both the receiver's and sender's MMID code is required to process an IMPS transaction. Keep reading to know more about this identification code!

What is Beneficiary MMID and Why is it Required?

MMID is an abbreviated form of Mobile Money Identifier. It is a unique 7-digit code that facilitates interbank fund transfers. First four digits of this unique code represent the respective bank's ID number. This unique code helps keep your IMPS transactions secure.

Your bank will allot an MMID to your bank account for IMPS bank transfers. However, both the receiver and sender should have their respective MMID linked to the bank account for a successful transaction. Every bank account is linked to a single MMID code.

What are the Top Uses of MMID?

You can receive a beneficiary MMID for your bank account after applying for a registration of this code. Here are the uses of the same:

  •       Beneficiary MMID helps transfer money from your bank account to any other person’s bank account through online banking.
  •       No interbank fund transfer is possible without a valid MMID code of both the receiver and sender.
  •       You may have multiple bank accounts linked to the same mobile banking phone number. The same applies to MMID. You can operate multiple beneficiaries MMID from one single phone number by switching accounts from your mobile app whenever required.

What are the Advantages of MMID in IMPS Transactions?

The advancement of technology has brought everything under one roof. Now you can perform your banking transactions from the comfort of your home or without interrupting your work schedule. You no longer need to stand in long queues or confine your banking tasks as per the days when banks remain open.

However, all these could not have been possible without internet banking, MMID, etc., services. MMID has been a convenient way of transferring funds without any risk of security breaches. Here are some more advantages of the same:

  •       With MMID you can transfer funds from your account to another bank account without providing any detailed bank information. All you need for a seamless and faster transaction is the receiver’s beneficiary MMID and mobile number. Thus, transferring funds with MMID is extremely easy and it does not require bank account number or IFSC code to perform the transaction.
  •       MMID is required for IMPS fund transfers and this service is available at any time irrespective of the date and time. Unlike NEFT transfers you don’t need to limit your transaction as per banking hours or wait for the availability or approval of the bank before conducting a transaction. Beneficiary MMID helps facilitate your banking transactions as per your availability and convenience.
  •       Transferring funds using an MMID code is not only easy but also safe and secure. This is because it does not require any banking details like the account number or IFSC code of the sender or receiver. Thus, both parties can keep their personal information secured during the transaction procedure. This feature helps best when the receiver is a stranger such as a retailer and may feel unsafe sharing his/her bank details with you.

How to Get Beneficiary MMID Code?

You need to register with your respective bank’s mobile banking application to generate a beneficiary MMID code. Here are the steps to generate your MMID code in multiple ways:


  •       Call the toll-free customer service number of the bank where you are an account holder.
  •       Select a language as per your preference and choose the 'Banking' option.
  •       You will be connected to a customer care representative.
  •       Request the representative to generate your MMID code.
  •       Share the details as asked by the representative.
  •       Your MMID code will be generated within the next 24 hours and sent to your registered mobile number.

Mobile Banking

  •       First, you need to log in to the mobile banking app of your respective bank.
  •       Scroll for the ‘Accounts’ option and click on it.
  •       You need to click on ‘Generate MMID’.
  •       Once your MMID is generated it will be shared with you instantly.

Net Banking

  •       Enter your login details to sign into your bank’s official net banking portal.
  •       Browse for the ‘Generate MMID’ option on the portal’s home page.
  •       Provide the information asked and follow the instructions for verification.
  •       Once the provided information is verified, your beneficiary MMID will be generated.

These are the basic ways and sets of instructions followed by banks for MMID generation. However, the procedure may vary depending on the rules and regulations of each bank. So, you can get in touch with your bank for detailed information on how to get a beneficiary MMID code.

Final Word

IMPS transactions help in easier and faster fund transfers. However, to transfer money through an IMPS transaction you need to use the beneficiary MMID code allotted to your bank account number. Though the advent of online banking has made the MMID generation hassle-free, you can contact your bank anytime if you have not received the code yet.

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