What Is MMID
Instant Payments. Anytime, anywhere.
IMPS (Interbank Mobile Payment Service) allows customers to make instant, 24×7, interbank payments to individuals, or merchants / enterprises via mobile phone. Read more about IMPS here http://www.npci.org.in/aboutimps.aspx
Mobile Money Identifier (MMID) is a seven digit random number issued by the bank upon registration. Remitter (customer who wants to send money) and Beneficiary (customer who wants to receive the money) should have this MMID for doing this interbank funds transfer.
Interbank Mobile Payment Service (IMPS)
Currently majority of interbank mobile fund transfer transactions are channelised through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system.
In the above context, NPCI has carried out a pilot on mobile payment system initially with 4 member banks viz State Bank of India, Bank of India, Union Bank of India and ICICI Bank in August 2010. Yes Bank, Axis Bank and HDFC Bank have joined this pilot in month of September, October and November 2010 respectively. Interbank Mobile Payment Service (IMPS) public launch happened on 22nd November 2010 by Smt. Shyamala Gopinath, DG RBI at Mumbai and this service is now available to the Indian public.
IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones. IMPS facilitate customers to use mobile instruments as a channel for accessing their bank accounts and put high interbank fund transfers in a secured manner with immediate confirmation features.
This facility is provided by NPCI through its existing NFS switch.
The eligible criteria for the Banks who can participate in IMPS is that the Bank should have approval from RBI for Mobile Banking Service.
Live Members Banks For IMPS