What is MMID in Banking?

16 January, 2024

Technological advancements have significantly enhanced the banking industry over the past few years. One such example of this phenomenon was the introduction of Mobile Money Identifier (MMID), which is a unique code through which you can seamlessly transfer funds to bank accounts either through Mobile Banking or NetBanking.

Imagine being a busy professional juggling multiple tasks and responsibilities, where time is of the essence. You don't want to be bothered with the hassle of entering various recipient details or adding beneficiaries before transferring money to others. What you need is a seamless and quick solution for transferring funds to other bank accounts, and that's where MMID comes in to help. All you need to have is your’s and the recipient's MMID numbers to initiate IMPS transactions. Read on to learn more about what role MMID serves in banking.

What is MMID?

MMID, also known as Mobile Money Identifier, is a 7-digit code used as a unique identifier for customers to make instant interbank transfers through mobile devices and NetBanking services. MMID facilitates Immediate Payment Service (IMPS) fund transfers without the need to add beneficiaries and wait for the same to be vetted by your bank.

In each MMID, the first four digits are the unique identification number of the bank offering IMPS money transfers. Banks allocate a distinct MMID number to their customers, which is linked to their bank accounts and registered mobile numbers.

What is IMPS?

IMPS or Immediate Payment Service is an interbank, electronic money transfer service. It enables instant and real-time money transfers between banks. With IMPS, you can transfer money from your bank account to your beneficiaries’ accounts within seconds. IMPS becomes an even more convenient option to transfer money when combined with MMID. You can use your MMID, along with the recipient’s MMID and mobile number, to instantly and securely transfer funds using your mobile phone.

How to obtain your MMID number?

Acquiring an MMID enables you to make instant fund transfers through IMPS. You can generate your MMID number in multiple ways. Following are the steps to easily acquire your MMID:

1. Generating your MMID number through NetBanking
   
   

1. Login to the HDFC Bank NetBanking portal using your credentials.

2. Navigate to the ‘Request Section’ available in the left menu.

3. Click on 'Generate MMID’.

4. Enter your details and confirm the same.

5. Receive your generated MMID.

2. Get your MMID number using Mobile Banking application
   
   

1. Launch the mobile banking application.

2. Navigate to the accounts section.

3. Tap on ‘Generate MMID.’

3. Obtaining MMID number through Phone banking services
   
   

1. Visit https://www.hdfcbank.com/personal/useful-links/important-messages/phonebanking-numbers to get the PhoneBanking number of your region.

2. Make a phone call to the designated PhoneBanking number.

3. Select your preferred language.

4. Choose 1 for banking services.

5. Select 6 to talk to our representative to register for IMPS and MMID generation.

6. Once your request for IMPS registration and MMID generation is confirmed, you will receive your details over the next few working days.
   
   

What are the benefits of MMID?

MMID enables swift fund transfers. Its significance lies in the following key aspects:

• Instant Fund Transfers
  
  Through MMID, you can transfer funds instantaneously to any bank account, even if it is outside your own banking network. With 24x7 service availability, you do not need to schedule your fund transfers as per the banking hours.
  
  

• Enhanced security
  
  MMID offers an added layer of security to money transfers. Since it is linked to your mobile number and account, only verified users can initiate transfers through Mobile Banking or NetBanking services.
  
  

• Convenience
  
  You can execute money transfers in an instant with MMID by avoiding the hassle of providing lengthy bank details during each transaction. All you need is the beneficiary’s mobile number linked with bank account and MMID to transfer the funds.
  
  

How to initiate IMPS transfers with MMID?

To make IMPS transfers with MMID follow these steps:

1. Send money through IMPS from NetBanking option – Give H3

1. Visit HDFC Bank NetBanking website.

2. Login to your account using your credentials such as Customer ID and Password.

3. Click on ‘Fund Transfers.’

4. Next, select the IMPS fund transfer option.

5. Enter the details including MMID and proceed to initiate the transaction.

6. Receive the transaction details and fund transfer confirmation.

2. IMPS money transfer using Mobile Banking services
   
   

1. Login to the Mobile Banking application on your device.

2. Navigate to the ‘Pay’ and select ‘Money Transfer Tab.’

3. Tap on ‘Transfer money to anyone, anywhere.’

4. Choose your payee from your existing list, or select “Transfer using MMID.’

5. Proceed to complete the transfers. Enter the required details such as amount, remarks, beneficiary MMID and mobile number.

Your fund transfer request will be initiated instantly, following which you will receive confirmation of your transaction.

Things to consider before making IMPS transactions using MMID

MMID offers convenience and speed, but it is essential to consider certain factors to ensure safety. Here are some points to keep in mind:

• Verifying recipient’s details
  
  Always check the recipient’s MMID or mobile number to see that it belongs to the intended recipient. This will help you avoid transferring your funds to the wrong account.
  
  

• Ensure the recipient’s MMID registration
  
  Ensure that the recipient has linked their mobile number with the respective bank account and has a valid MMID number provided by the recipient’s bank.
  
  

• Secure your MMID and Mobile Banking credentials
  
  Keep your MMID number and Mobile Banking passwords to yourself. Never share them with anyone and avoid storing this information where it is easily accessible, such as on your mobile device or on any other digital platform.
  
  

• Double-check the amount
  
  Before confirming the transaction, always verify the amount you wish to transfer to avoid any errors or disputes.
  
  

• Transaction confirmations
  
  After every transaction completion, check your transaction history to ensure that the amount has been debited to your account and credited to the recipient’s account. If possible, verify with the recipient whether they have received the money or not.
  
  

Wrapping up
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While using MMID for IMPS transactions is an efficient way to transfer funds, it is important to stay attentive and cautious when conducting such transactions. Always follow the precautions outlined. It will not only protect your finances but also enhance your confidence in using mobile banking services effectively.

Apply for an HDFC Bank Savings Account and enjoy the seamless experience of fund transfers.

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.