The fund transfer through the mobile is possible since last 5 years. Before digital wallet and Unified Payment interface, there was a payment method which worked on mobile. The ICICI Bank has sent me a mailer about this. Initially, I tried it because of the curiosity. But the MPIN and MMID intimidated me. I could not go through this method of money transfer because of the long process.
I was already using net banking. It has been very smooth to me. But, after the currency ban, there is much talk about the cashless transaction. UPI, USSD and mobile banking have become the talk of the town. It made me curious about the every type of cashless transactions. Finally, I decoded the MMID of mobile banking. Now I also know the method of money transfer using MMID and mobile number. I would also tell you why money transfer through the MMID become very useful.
Also Read: Digital Payments in India
What is MMID
Mobile Money Identifier or MMID is a 7 digit number of a bank customer. This number is used when you try to send or receive money using the IMPS method. Every bank account has only one MMID. This MMID would be unique to the bank account. Along with the mobile number, MMID identifies a bank account. Different MMID’s can be linked to same Mobile Number.
Today we can transfer money to any account using the bank account number and IFSC through the NEFT and RTGS. But these two methods of money transfer has the limitation. The NEFT and RTGS doesn’t work round the clock. To overcome this problem the IMPS was devised.
It was thought that a mobile number can’t be shared with more than one person. No two person can have the saem mobile number. Hence, this number can be used to identify a person and his bank account. Banks generally keep the mobile number of their customers. It would make the money transfer possible without knowing bank account number.
But, this idea had a problem. One mobile number can be linked to many accounts. How would the system know the exact account number? To deal with this hurdle, the concept of MMID came. An MMID can be used only by one bank account. You can’t have same MMID with two bank accounts.
Now, when we use a mobile number and MMID both, we get to know the exact account. This combination has made the IMPS a successful mobile banking platform. The UPI is also based on this IMPS platform.
How To Get MMID
Now We know that each account can have an MMID. But banks don’t tell you MMID automatically. It gives only when you ask for MMID. Generally, It is given along with the mobile banking kit. The MPIN is also part of this kit. To get the MMID and MPIN, you have to activate the mobile banking.
You should know MMID to get money through mobile banking while MPIN is necessary to transfer money through the mobile. To get an MMID, you should be registered for mobile banking.
Registration for Mobile banking
Normally there are four ways of mobile banking registration.
- You can visit the bank branch and fill the form of mobile banking. You would get the MMID and MPIN at your mobile or communication address.
- You can also go the bank ATM and opt for mobile banking. After the confirmation, you get the SMS containing MMID and MPIN.
- You can also use the mobile app of the bank to generate the new MMID.
- You can also use the internet banking facility of the bank to generate MMID.
These are the common ways of getting MMID. However, I am presenting the specific method of getting MMID from SBI and ICICI Bank.
How To get MMID from SBI
- The SBI customers get MMID with the welcome kit.
- Customers can also get MMID by visiting branch and filling form.
- SBI customers can generate MMID through the SBI anywhere app. Go to IMPS- Generate MMID.
- Customers not registered for Mobile Banking Service can register their mobile number at SBI ATM to get MMID for the primary account linked to the ATM card:
Swipe your Debit Card > Select Mobile Registration> enter ATM PIN > Select SMS /Secure Code / IMPS > enter your mobile number > Confirm.
- Customers not having ATM card / Customers having more than one account, can visit their Branch and apply for MMID, by filling up a form.
7 digit MMID number will be sent to you over SMS on the mobile number used for registration.
How To Get MMID from ICICI Bank
The ICICI Bank has these three ways to get MMID.
- iMobile Application
•Go to iMobile on your mobile phone >> Go to smart keys and services >> account services >> show MMID >> Your 7-digit MMID will be displayed.
•Dial *525# >> ICICI Bank Mobile Banking menu will appear. Enter 7 for More Services >> Enter 4 for Generate MMID >> Enter the last 4 digits of the account number for which MMID needs to be generated >> Your 7-digit MMID will be displayed.
sms MMID [space] [last 4 digits of your account number] to 9222208888 >> You will receive an sms carrying your 7-digit MMID for the bank account.
How To Use MMID for Fund Transfer
The combination of mobile number and MMID is the replacement of account number and IFSC code of the payee. If you know the MMID and mobile number of the pay you don’t need anything else to transfer the money. The MMID is used when we go through the IMPS platform of fund transfer. The other two platforms are NEFT and RTGS.
The IMPS mode of fund transfer works on net banking, mobile applications and USSD service of GSM phones. It means you can input MMID when you transfer money through the mobile app, USSD, and net banking. You would get the option of MMID. Note, you should go through the IMPS to use the MMID. The UPI system is also based on IMPS. However, it uses the virtual payment address in place of MMID and mobile number. It is considered as the most advanced method of payment. Besides this, Now you can also pay to a person only by entering his/her Aadhaar number. It is called as the Aadhaar Enabled payment system.
Also Read: Aadhaar Payment App, The swipe machine killer
So, You have seen that banking is changing swiftly and we should adopt the new system to enjoy the comfort.