MMID (Mobile Money Identifier) plays a vital role in facilitating seamless mobile banking transactions. If you're exploring convenient ways to send or receive money via your mobile phone, understanding what MMID is and how it functions, is essential.
Understanding MMID
MMID is a unique seven-digit number linked to your mobile banking account. It is assigned by your bank to enable quick and secure mobile transactions. The MMID number is specific to every customer and is used when transferring money through mobile banking, particularly via the Immediate Payment Service (IMPS).
Each bank account linked to your mobile phone receives a separate MMID code, ensuring that you can manage multiple accounts effortlessly.
Features of MMID
- Unique identifier: The MMID number is unique to each account holder and bank account, ensuring easy identification for mobile-based transactions.
- Linked to mobile numbers: MMID is directly linked to your registered mobile number, which simplifies the process of transferring or receiving money.
- Multi-account support: You can generate multiple MMIDs if you have multiple accounts with the same bank, enabling smoother management of finances across accounts.
- Used in IMPS transactions: MMID is primarily used for transferring funds via IMPS, which allows instant money transfers between accounts.
Importance of MMID in banking
- Instant transfers: With the help of MMID, you can send or receive money instantly without needing complex details such as account numbers or IFSCs.
- Secure transactions: MMID adds a layer of security to mobile banking transactions, ensuring that your details are protected.
- Convenience: Whether you are sending money to a friend or making a payment, MMID ensures a simple process using just your mobile phone.
How do you obtain your MMID number?
Wondering how to obtain your MMID number? Here's a step-by-step guide to help you generate it through different banking channels:
Generating your MMID number through net banking
- Log in to Axis Bank’s net banking portal.
- Navigate to the IMPS or MMID section under "Mobile Banking".
- Generate the MMID code for your account and note it down.
Get your MMID number using the mobile banking application
- Open Axis Bank’s mobile banking app.
- Select the IMPS / Transfer section and look for the MMID generation option.
- Follow the on-screen prompts to generate your MMID.
Obtaining MMID number through phone banking services
- Call Axis Bank’s customer service helpline.
- Request for your MMID over the phone.
- The executive will assist you in obtaining the MMID for your account.
Significance of the MMID number
The MMID number is crucial for making secure and instant mobile transactions. For instance, imagine you need to send money to a friend quickly. Instead of entering lengthy details like account number and IFSC, all you need is your friend’s mobile number and their MMID. With just these two details, you can complete an IMPS transfer in seconds.
MMID also enhances security. Since it's linked to your mobile number, it adds an extra layer of protection. If you manage multiple bank accounts, each one will have a unique MMID code, allowing you to handle transactions for different accounts easily.
Also Read: What is IMPS? - Meaning, advantages & more
Conclusion
By understanding what MMID is and its importance, you can take full advantage of its benefits, whether you need to make quick transfers or manage multiple accounts through mobile banking.
Secure your MMID today through Axis Bank's net banking, mobile banking app or phone banking service and experience seamless mobile banking.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
