MMID stands for Mobile Money Identifier. It is a seven digit code issued by the bank to its customer on registration for IMPS (instant interbank electronic transfer done through mobile phones). MMID is unique for each bank account.
The Remitter (customer who wants to send money) and the Beneficiary (customer who wants to receive the money) should have the MMID to do interbank funds transfer.
Why do I need MMID?
To do mobile banking it is necessary for the remitter as well as the beneficiary to have MMID provided by the bank. This helps to make the fund transfer safe and secure.
If the customer has more than one account the customer can have different MMID’s for his/her different accounts which are linked to the same mobile number. The MMID will be different for different accounts of the account holder.