5 smart things to know about mobile money identifier

MMID is a seven-digit number, issued by banks for effecting financial transactions through the user’s mobile phone.
1. Mobile Money Identifier ( MMID ) is a seven-digit number, issued by banks for effecting financial transactions through the user's mobile phone .
2. The user's mobile number MMID are uniquely linked with his bank account number, and is one of the key inputs to facilitate fund transfer.

3. Both the remitter and the beneficiary are required to have their MMIDs to effect a fund transfer through the mobile phone.

4. A unique MMID and mobile number combination helps in identifying the beneficiary's details. Multiple MMIDs can be linked to same mobile number.

5. To receive an MMID, the user is required to approach his bank and follow the necessary procedure for obtaining the number.
Source : ET wealth