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Customers will likely be able to transfer up to ₹5 lakh between bank accounts without adding beneficiary details using the Immediate Payment Service (IMPS) from February 1, 2024. While the conventional method of IMPS payment involves details such as the recipient's bank account number, bank name, and IFSC code, the second approach requires the recipient's mobile number and a mobile money identifier (MMID).
The new IMPS rule may popularise the MMID method.
MMID is a unique seven-digit number issued by banks for mobile banking access. It streamlines the person-to-person payment method, requiring only the recipient's mobile number and MMID.
To conduct an IMPS transaction using MMID, one must have the receiver’s mobile number and MMID. In cases where the MMID is unavailable, the sender can use the traditional approach with the recipient's bank account number, IFSC, and Aadhaar number.
This unique identifier holds several key features:
As transactions via IMPS occur in real-time through electronic means, the MMID acts as a safety measure, ensuring the security of transactions.
Additionally, if an account holder links their mobile number to their bank account, fund transfers using MMID eliminate the need to share bank account numbers or IFSC with the sender or receiver.
Generating an MMID varies slightly between banks.
Users can generate their MMID through mobile banking applications, net banking portals, or by calling their bank's customer service.
Regardless of the method, the MMID is typically generated within 24 hours.
To transfer funds using MMID:
To receive funds using MMID:
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