MMID Full Form - Mobile Money Identifier

The MMID can be expanded as Mobile Money Identifier. This can be activated by the bank with help of several ways including banking applications, net banking, and by directly contacting the bank in person. This piece provides a detailed description of the MMID or Mobile Money Identifier, how it works, and how one can make judicious use of the facility. 

What is the Full form of MMID?

MMID Full for is Mobile Money Identifier. This is a convenient payment facility, i.e. MMID means that it enables a payer to make transactions by merely using the mobile number of the beneficiary. This works because Mobile Money Identifier is a unique code that is assigned to an individual by a bank. However, both the sender and receiver of the funds are required to register their mobile number with their respective bank account and activate the Mobile Money Identifier.

How Does MMID Work?

MMID or Mobile Money Identifier is a 7-digit numeric security code that is assigned to each account number existing within a bank. They are unique to each user and can be used to directly authenticate bank details for transactions. The digits are typically considered to be a mix of one’s bank account number and mobile number. One has to integrate the mobile banking facility provided by their banks to effectuate their transactions via MMID code. 

How to Generate MMID

There are a few different ways in which one can generate their MMID security code. These can be done via the mobile banking facility available with a banking institution. Moreover, users can also generate their MMID via net banking and phone banking applications. Here is a detailed guide to generating MMID. 

Mobile Banking

One can resort to using the mobile banking facilities provided by their respective banks to generate an MMID. All one needs to do is log in to their bank’s mobile banking application. Further, in the profile section of the application, locate the generate MMID option. Users will be required to authenticate their banking details. The MMID in a bank will be generated post-verification. 

Net Banking

Another way to generate an MMID code is to use the internet banking facility of a bank. Here the customers will be required to go to the bank's official website wherein they can proceed to go to the bank’s net banking portal. Registration is imperative as users will require login credentials. Once the registration is completed, they can simply log in to their account, and navigate to the generated MMID option. The portal will ask the user to authenticate their banking details after which the MMID will be successfully generated. 

Phone Banking

Lastly, every bank has an extensive system of customer care call setup which can also be instrumental in MMID generation. One can simply call the bank’s official customer service number, and bypass the automated call with relevant numeric options for language selection and query terms. Get a service representative online and address the requirement. The request will be looked upon within a few hours to 1 or 2 business days. 

Alternatively, customers can also pay a visit to their nearest bank branch and fill out a request application form for the generation of their MMID. After verification of banking details and the registered mobile number, the bank agent will be liable to provide the customer with their unique 7-digit Mobile Money Identifier code.  

Why MMID is required?

The major reason to generate an MMID is to use it for easy and convenient transactions across banks. Here the prerequisite includes both parties, that is, the sender and the receiver of the money are required to have an MMID attached to their bank account. With the help of the MMID, the banking platform will automatically authenticate the users and enable transactions in real-time. The money is not only transferred to the beneficiary immediately but also bypasses the need to provide additional details such as IFSC Code or account number etc. Users will be able to send their required amount without any time barriers as well. Most importantly, MMID has an added security advantage as the authentication is premeditated. 

Features of Mobile Money Identifier (MMID)

Mobile Money Identifiers are a hassle-free instrument of transaction that was created as a standard for IMPS and RTGS transfer options. They come with an array of features that makes them a lucrative and trusted payment option. Here are a few features of the MMID facility that helps customers to send and receive money conveniently. 

• Fast process of payments.
• Minimal requirements of information when sending out money. 
• A secure banking network provides an easy solution to the tedious conventional method of payment.
• Transparency is intact with the usage of the MMID facility to make transfers.
• Users can adhere to using the facility anytime and anywhere in PAN India. 

The process to Transfer Funds using MMID - Mobile/Net Banking

The easy way to use an MMID to make transfers is by following the steps given below. 

• Go to the official website of the respective bank. Login to the internet banking portal. 
• Choose the fund transfer option which will additionally require one to select the specific mode of payment. They can choose IMPS, RTGS, or NEFT payment modes. 
• Select the appropriate transaction method. 
• Provide the MMID code of the beneficiary. 
• Enter the amount required. 
• After verification via OTP, the transaction will be completed in real-time. 

In case one is using the bank’s mobile application, the process is similar with a different interface. Logging in to the application is the only prerequisite. Furthermore, the fund transfer and authentication process will remain the same for mobile applications as well. 

Money Transfer through ATMs Using MMID

With the growing technology, users can also make use of an ATM machine to make their required fund transfers across banks by merely providing the MMID bank of the beneficiary. To use an ATM, follow the steps given below.

• Go to a nearby ATM. 
• Slide in the bank’s debit card
• From the menu options, select the fund transfer option, 
• Provide the MMID of the beneficiary and enter the amount payable. 
• OTP verification will be initiated after which one can successfully transfer the required amount to the beneficiary. 

How to Find / Retrieve MMID Number If Already Generated

There might be cases where one might forget their MMID codes. For such scenarios, there are easy ways to retrieve an already generated MMID for proceeding with transactions. Alternatively, one can re-generate their MMID by changing the code as well. Here is how one can find their MMID number if already been generated. 

1. The efficient way is to contact the banking customer relations agents via their toll-free contact number. This way, one can address their queries directly to a representative. The banking agent will guide the customer in either retrieving the MMID number or generating a new one.
2. Other than that, one will be required to log in to their net banking accounts, where they can view their MMID. The MMID will be sent via an SMS to the registered mobile number of the customer. 

How to Change My MMID Number?

There are a couple of ways in which one can change their MMID number. The efficient way is to contact the banking customer relations agents via their toll-free contact number. This way, one can address their queries directly to a representative. The banking agent will guide the customer in either retrieving the MMID number or generating a new one. Other than that, one will be required to log in to their net banking accounts, where they can view their MMID. The MMID will be sent via an SMS to the registered mobile number of the customer.