In this article, we’re explaining what MMID means in banking in India.
This is part of our free series on banking in India, covering topics like opening an NRI bank account and the basics of banking in the country.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- MMID Means in Banking
- What Is the Purpose of MMID?
- SMS Banking vs MMID Banking
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
MMID Means in Banking
MMID means “mobile money identifier” which is an electronic funds transfer method that allows for interbank transfers to be sent affordably and efficiently.
What Is the Purpose of MMID?
The purpose of MMID is to provide a fast, secure, and cost-effective money transfer service to banking customers in India. Sending money through an MMID transfer means that banking customers do not need to place a transfer in a branch, schedule transfers online, or even conduct time-consuming SMS transfers.
This is completed by using unique identifiers for each bank account, known as mobile money identifiers, which are then tied to the mobile telephone number as an additional layer of security.
Mobile Money Identifier (MMID) Functions
The specific functions of mobile money identifier (MMID) include the following:
- Unique identifier for bank customers
- Secure money transfer option
- Facilitating interbank transfers
- Real-time transaction processing
SMS Banking vs MMID Banking
The main difference between SMS banking and MMID banking is that SMS banking involves managing your bank account through text commands that are sent via SMS while MMID banking refers to sending transactions using the mobile money identifier (MMID) system.
Additionally, SMS banking is significantly less user-friendly than sending money through MMID. In most cases, SMS banking is reserved for individuals with basic touch-tone mobile phones while MMID banking typically requires smartphone access.
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Frequently Asked Questions
Below are a few of the most common questions we receive from people looking into the MMID means in banking. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Where Can You Get the MMID Number?
There are several places where you can get your MMID number. The first option is to register for mobile banking with your bank. You will first need to contact your bank either in person or over the phone and request that they give you the MMID.
What Is the Full Form of MMID?
The full form of MMID in banking is “mobile money identifier”. This refers to the unique identification number that is given to customers who register for mobile banking. In short, it is a more efficient way for account holders to send money between banks.
How Do I Send Money Through MMID?
To send money through MMID, you need the recipient’s MMID. If they, or you, do not already have an MMID, you will need to register for this number directly through the bank. Next, you can access your bank’s mobile banking application, navigate to “transfer funds”, and schedule the transfer.
How Do You Get Your MMID Number?
You can get your MMID number through your bank’s mobile banking application. To do so, you will first need to download the app. Next, follow the instructions to complete the registration process and obtain your MMID.
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