MMID full form in banking is Mobile Money Identifier. It is a unique 7-digit number issued by banks to customers for making fund transfers using the IMPS (Immediate Payment Service). MMID allows users to send and receive money instantly through mobile banking without needing full bank details like account number or IFSC code.
What Is MMID in Banking?
A Mobile Money Identifier (MMID) is linked to a customer’s bank account and registered mobile number.
When a customer initiates an IMPS transfer using mobile banking, both the sender and receiver use their mobile numbers along with their MMID to complete the transaction securely.
Each bank account has its own MMID, and customers with multiple accounts can generate separate MMIDs for each one.
How MMID Works
1. Registration of Mobile Number
The customer must register their mobile number with the bank to enable mobile banking.
2. Generation of MMID
The bank issues a unique 7-digit MMID for each account. It can be generated through SMS, mobile banking apps, or by visiting the branch.
3. IMPS Transaction Initiation
To transfer money, the sender enters the receiver’s mobile number and MMID.
IMPS verifies the details and processes the transfer instantly.
4. Instant Credit
Funds are credited in real time to the receiver’s bank account linked to their MMID.
Benefits of MMID
• Quick and Easy Transfers
No need to enter long account numbers or IFSC codes—just mobile number and MMID.
• High Security
MMID-enabled transfers are encrypted and processed through IMPS, ensuring safe transactions.
• Multiple Account Support
Customers can generate multiple MMIDs for different accounts within the same or different banks.
• 24×7 Availability
IMPS and MMID-based transfers work round the clock, including weekends and holidays.
MMID vs UPI
While MMID is used for IMPS mobile banking transfers, UPI uses a UPI ID or mobile number for seamless transactions.
UPI is more user-friendly, but MMID still remains a secure and reliable method for mobile-based IMPS transfers.
Conclusion
The Mobile Money Identifier (MMID) is an important feature in mobile banking, enabling fast, secure, and convenient IMPS fund transfers. With easy generation and instant processing, MMID continues to support India’s move towards efficient digital banking.