April 26, 2023

What is MMID in Bank and How to Find: Meaning and Full Form

Mobile Money Identifier

Mobile Money Identifier (MMID) is a unique seven-digit number issued by banks to customers who use mobile banking services. It is used in conjunction with a mobile number to facilitate transactions through the Immediate Payment Service (IMPS) offered by the National Payments Corporation of India (NPCI). Now, MMID full form should not confuse you.
MMIDs are issued by banks to customers who have registered for mobile banking services and have a savings or current account with the bank. The customer can then generate the MMID through their mobile banking app or by visiting the bank.

What are mobile banking services?

Mobile banking services allow customers to access their bank accounts and conduct financial transactions using a smartphone or tablet. These services typically include the ability to check account balances, transfer money, pay bills, and deposit checks.
One of the main advantages of mobile banking is ease. Instead of having to visit a physical bank branch or ATM, customers can conduct transactions from anywhere at any time. This can be particularly useful for individuals who have busy schedules or who live in remote areas.
Mobile banking services are also generally considered to be more secure than traditional banking methods. Banks typically use advanced security measures, such as encryption and two-factor authentication, to protect customers' personal and financial information.
Additionally, many mobile banking apps offer additional features, such as budgeting tools and financial planning resources. These can help customers better manage their money and make informed financial decisions.
Another advantage of mobile banking is that it allows customers to stay updated on their account activity and transactions, without having to wait for account statement to arrive or check their account balance on a regular basis. Mobile Money Identifier (MMID) gives users a better control on their finances and also helps them stay on top of any suspicious activity on their account.

How Mobile Money Identifier (MMID) came into being?

The Mobile Money Identifier (MMID) was first introduced by the Reserve Bank of India (RBI) in 2010 as a way to authenticate transactions conducted through mobile banking. The idea behind the MMID was to provide customers with a simple and secure way to conduct transactions using their mobile phone.
Before the introduction of the MMID, mobile banking in India was conducted using a system of virtual accounts. Customers would need to remember a long string of numbers and letters in order to conduct transactions. The MMID system simplified the process by replacing these virtual accounts with a single, easy-to-remember number.
The MMID was initially rolled out to a small group of customers as a pilot project, but it quickly gained popularity. By 2011, several major banks and NBFCs had adopted the MMID system, and it became widely used throughout the country.
The MMID system has played a major role in the growth of mobile banking in India. It has made transactions more convenient for customers and has increased the security of mobile banking. The MMID system also helped to promote financial inclusion by making mobile banking accessible to a wider range of customers, including those who were previously unbanked.
In recent years, the MMID system has been further enhanced with the introduction of new features such as the ability to generate One Time Passwords (OTP) for secure transactions and the ability to link multiple accounts to a single MMID. Today, the MMID system remains an important component of mobile banking in India and continues to evolve to meet the changing needs of customers.

How to obtain a MMID and what is MMID

MMID means Mobile Money Identifier. The process of obtaining an MMID is quite simple. Customers of banks and NBFCs that offer mobile banking services can apply for an MMID through their bank's mobile banking app or website. The customer will need to provide their mobile number and other personal details, such as their name and address. Once the application is submitted, the bank will verify the information and issue the MMID. The MMID is linked to the customer's account, and transactions can be conducted using the MMID and mobile number. Customers can use their MMID to conduct transactions such as transferring money, paying bills, and checking account balances.

How is a MMID used

MMIDs are used to facilitate transactions through the IMPS, which is a real-time inter-bank electronic fund transfer service that allows customers to transfer money from one bank account to another bank account instantly. To make a transaction, the customer needs to provide their mobile number and the MMID of the beneficiary. The money is transferred instantly and the customer receives a confirmation message with a transaction ID.

Advantages of Mobile Money Identifier (MMID)

  • The introduction of MMID was an important step in the development of mobile banking in India. It has made it easier for customers to conduct transactions and has increased the security of mobile banking. The MMID system is widely used in India and has helped to promote financial inclusion by making mobile banking accessible to a wider range of customers.
  • One of the main advantages of using MMIDs is the convenience and ease of use. Transactions can be made instantly, without the need for account numbers or IFSC codes. This makes it particularly useful for small value transactions.
  • Another advantage of MMIDs is the security. Transactions are authenticated by a one-time password (OTP) sent to the customer's mobile number, which ensures that only the customer can authorize the transaction.
It is important to note that, as a customer you should never share your MMID with anyone or even disclose it to any unknown person. Sharing your MMID means that you can exposing your bank account for fraudulent transactions and unauthorized access to your bank account. It is also important to remember to update your mobile number with your bank if you change it.

Never miss a trading opportunity with Margin Trading Facility

Enjoy 2X leverage on over 900+ stocks

Upstox Margin Trading Facility
Apple Logo
Downloadlogo
iOS App
Google Play Logo
Downloadlogo
Android App

RELATED ARTICLES

ATM Cash Withdrawal Limits of India's Top Banks

As an individual, it's essential to have access to cash when you need it. One way to do this is through ATMs, which allow you to withdraw money from your bank account anytime, day or night. However, there are limits to how much cash you can withdraw from an ATM in a single transaction or within a certain timeframe. These limits vary from bank to bank and can affect your ability to access the cash you need. In this blog post, we'll be comparing the ATM cash withdrawal limits of some of India's top banks. By the end of this post, you'll better understand ATM cash withdrawal limits.

What is Bank Statement - How to Get Bank Statement Online & Download

- Would you like to know your account opening and closing balance amount, say at the end of every month? - Would you like to know the details of all your financial transactions such as deposits, withdrawals, transfers, service charges, etc? - Would you also like to know and keep a tab on any unauthorized transactions, besides keeping a closer watch on your expenses? - Would you also like to know if there have been any uncashed cheques or if you have made any payments twice to the same entity or whether there are discrepancies in your opening and closing balance? Welcome to the concept of a Bank statement, issued by banks to all its account holders at periodic intervals across various channels such as mail, email, SMS etc. It is a simple, yet profound way of recording every transaction not only helps you in managing your finances, it also lets you locate the red flags. Akin to the traditional bahi khata, the book reflects your transaction details, both cash inflows, and cash outflows, over a period of time. This kind of record keeping is super helpful as you know your book balance at the end of the day, you are aware of all transfers, and withdrawals and you also know the details of deposits and payments that have been made. So basically, your book tells you from where your money has come and where the money has gone/ spent. All financial entities typically maintain records of all their customers for at least a period of five years.

Andhra Bank Balance Enquiry Phone Number & How to Check it Online

Balance enquiry is one of the most frequently used banking services. To provide simple and convenient banking services to customers by leveraging technology, Andhra Bank launched a missed call facility on the Andhra Bank balance enquiry number. This facility is available 24X7 and is free of cost. However, there are other ways with which you can check the account balance. For more details, read on.

HDFC Bank DD (Demand Draft) Charges for Savings, Salary, & Current Accounts

Demand Draft is a transactional method. These are relatively similar to cheques, except bank issues them in response to a specific request and are payable to any particular person. DDs are merely payment orders that one bank sends to another to pay a certain party. Demand drafts from HDFC Bank are typically payable at a specific location or branch of a bank. Learn about HDFC DD charges and more in the sections below.