Immediate Payment Service or IMPS is a popular money transfer method that allows you to instantly make secure and seamless money transfers. The IMPS method works like National Electronic Fund Transfer and Real-Time Gross Settlement. However, there is one difference between IMPS and the other money transfer mechanisms. You can also use the IMPS service to make money transfers on bank offs and holidays.

IMPS system is managed by the National Payment Corporation of India and the Reserve Bank of India. The main goal behind introducing IMPS was to ensure quick money transfers without security hassles. To ensure the maximum of this facility, IMPS was designed to be compatible with both Internet and Banking apps. To make money transfers via banking apps, you must have Mobile Money Identifier, MMID full form.  

What is MMID? It is a unique seven-digit code that allows you to transfer IMPS mobile portals. This code bank issues on your registered mobile number. The first four digits are generally the bank identifier code that is distinct for every bank. You need to enter your MMID code each time you make a transfer through IMPS on your phone. Moreover, both the sender and receiver must have an MMID code to successful fund transfer.

What are the key features?

24*7 operations: The best part of IMPS-MMID is that you can use this facility anytime. They are 24*7 operational. So, you need not wait to send money abroad or nearby.Security layers: With multiple transactions made on the go, the need to ensure the security of your transaction. Your MMID code acts as an added layer of authentication. Enter the MMID code to verify and secure every transaction you make through smartphones.Transactions simplified: MMID code has made money transfers simpler than ever. You only require the beneficiary's name and mobile number, and enter the amount you wish to transfer, and you are good to go. It is a secured way to transfer funds with zero hassles.

How to get the MMID code?

Now that you are clear about the MMID meaning and aware of its key features get started with IMPS-MMID transfers today. To get the MMID code, register with the desired Mobile Banking. Generally, most banks issue your MMID code with your Savings Account welcome kit. However, if you do not receive the MMID code, generate them using the following means:

Bank ATMSMSBy logging on Mobile or Internet Banking

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