MMID stands for Mobile Money Identifier.
It is a key identifying detail of a user who performs online transactions . It consists of 7 digits and is given to those customers who have registered with a bank for the services. Each customer has a unique MMID number, the number is formed in a special format, where out of seven the first 4 digits of the number are used to identify the bank of the user and the last 3 digits identify the account of the user.
With the mobile number of a person or with the MMID, a bank can identify the customer's account and can tell whether it is valid or not. Moreover, with the help of MMID, customer can operate multiple banks account on a single mobile number because each account has a different MMID number but they can have the same mobile number. It's not like anyone can not see your MMID number, rather than it is used to hide your personal and sensitive information.
We always use mobile numbers along with MMID, which helps in increasing the security of the transaction and reduce the rate of false transactions and errors.
Mobile Payment in India
In India, now we can pay online using our mobile phones, and it is a better and easy mode of giving money to another person. We can transfer money by using SMS, GPRS, or WAP applications . In India, these transfers of money are led by bank, so for a transaction, the user shall register with a bank.
On 22 nd November 2010, NPCI launched IMPS (Immediate Payment Services), which offers 24X7 hours of transferring money services, including all the recognized banks.
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