MMID full form in Banking is Mobile Money Identifier, which is a seven digit distinctive number. MMID is given by the bank in which users register and enable the user for IMPS or Immediate Payment Service. Customers can pay using payment service via SMS or registered mobile phone. Moreover, bank customers can link their bank account to only one single MMID code. To avail of this facility, you need to apply for mobile banking services with your respective bank.
Benefits of MMID
In various parts of India, there is no net banking facility to transfer money instantly, be it NEFT or RTGS. Due to this reason, MMID was come into the limelight to extend immediate fund transfer facilities for those who don’t have a straightforward approach to internet banking. Best of all, receivers and senders don’t need IFSC codes or bank account numbers. A linked phone number with a bank account is enough to receive money transfers through MMID. The most significant benefit of MMID is to prevent financial fraud while helping facilitate fast digital transfers.
How to get an MMID number?
For getting an MMID, you should have a registered phone number with the bank. In addition, make sure the mobile baking is activated for your bank account. Once both requirements are fulfilled, you can ask your bank for MMID.