The Untold Story of Digital Transactions

(What is MMID – Money Transfer through MMID)

Money Transfer through MMID (Mobile Money Identifier) in not a new concept in the world of Digital Transactions but it is rarely used by the Account holders to transfer fund, as well as to receive fund. In comparison to various modes of Fund Transfer viz.

IMPS, NEFT, RTGS, UPI, etc, the fund transfer transaction using MMID is more secured because it

can be performed without disclosing/sharing Account Number and IFS Code. Apart from this,

it is error-free type of transaction which reduces the risk of doing wrong transactions as there

is no probability of Manual Mistake related to entry of Beneficiary Details during the process

of Transaction. Even if wrong data of beneficiary gets entered during the transaction,

There is no chance of transfer of fund to wrong account number/ wrong beneficiary through MMID.

Bank Account of any Individual has the following elements-

  1. Account Number
  2. Customer Id/CIF
  3. 11-Digits IFS Code – ALPHA-NUMBERIC (The last 5-Digits represent Branch Code)
  4. Mobile Number linked with Account Number and seeded with Customer Id/CIF (Registered Mobile Number)
  5. MMID

Presently, Inter-Bank and Intra-Bank Fund Transfer from one account to another account has been enabled in various Digital Platforms. To encourage digital transaction, banks are providing Internet Banking (INB) facility to their customers on Top-Priority to improve the quality of services. Now any account holders equipped with Internet Banking Facility in their account can send money, OR transfer fund to the account of their relatives, friends etc. Generally, in order to perform OFFUS Fund Transfer, IMPS Mode is being used for instant credit to beneficiary account. This OFFUS IMPS Mode of Fund Transfer can be performed in two ways:

  1. By Using the Account Number of Beneficiary and IFS Code of the Branch where the beneficiary has the account.
  2. By using Registered Mobile Number and MMID of the beneficiary’s account only (without disclosing/sharing Account Number and IFS Code)


However, it has come to observation several times that due to incorrect entry of either

Account Number, or IFS Code or both due to various reason, Fund gets transferred to

wrong Account Number or Wrong Beneficiary, If a successful transaction gets occurred against the same.

Such type of wrong transaction cannot occur in case of IMPS fund transfer done by using Registered Mobile Number and MMID of the customer account, Even if wrongly entered during the transaction process. In such a case Failed Transaction will occur and amount of transactions, If debited (rare case) will be refunded to the account of the users within the working hours set as per bank’s norms.

Actually, Combination of Registered Mobile Number and MMID of the customer’s account is always Unique. MMID is a 7-digit number (all numeric), the First 3-Digit of it represents Bank and last 4-Digit represents the account of the customer. If IMPS Mode of Fund Transfer is performed using registered Mobile Number and MMID of the Beneficiary Account then there is no requirement to disclose Account Number and IFS Code of the beneficiary account. Hence this mode of IMPS Fund Transfer makes it unique and it is more reliable and secured. One can generate, cancel and regenerate MMID using INB portal or Mobile App provided by the respective bank. Apart from this, the account holder of any bank can also visit their respective branch to receive MMID against their account.

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