Sunday, June 30, 2013

How to get the MMID for the Mobile Money transfer; How to start the IMPS service for Mobile Money transfer

National Payment Corporation of India had started the Interbank Mobile Payment Service (IMPS).Interbank Mobile Payment Service or IMPS are an instant interbank electronic fund transfer service that can be done through the mobile phones.

IMPS helps the customers in accessing their bank accounts and remitting the funds through the mobile.

Mobile Money Identifier or MMID is a 7-digit random number issued by the customer's bank upon registration. Remitter (the customer who wants to send the money) and Beneficiary (a customer who wants to get or receive the money) should have their MMID for the interbank transfer of funds.

For IMPS service customer should get their MMID through their bank and should use their registered Mobile Number for the transfer or use of the funds.

How to generate or get MMID through SMS

Process flow of the IMPS or Interbank Mobile Payment Service

1. Remitter sends the instruction from a registered mobile number through their bank through providing application or SMS.

2 Remitting bank verify the details of the remitter and debits the amount from their. This transaction is sent through the remitting bank to the National Payment Corporation of India or NPCI.

3. The transaction is sent by NPCI to the beneficiary bank. Beneficiary Bank verifies the details their beneficiary customer and credits the beneficiary account and sends confirmation to NPCI and also sends an SMS to the beneficiary customer for informing about the credit of his account.

4. NPCI sends the transaction status to the remitting bank which informs the transaction status to the Remitter.

5. Remitting bank will send an SMS for confirmation of the transaction to the remitting customer.

Presently there is a limit for the IMPS transaction of 50,000 per day.Charges for the IMPS transactions are decided by the individual banks.

IMPS made the sending and receiving of the money easy -

Process for Sending Money through IMPS

1. You need to register yourself with your bank for the mobile banking service.
2. Now, get your MMID and MPIN for the IMPS transaction from your Bank.
3. Either you need to download and activate the mobile banking application provided by your bank to your mobile phone or you need to initiate the IMPS transaction using the SMS syntax and the number provided by your bank.
4. Get the beneficiary account holder's Mobile number and MMID.
5. Now, You can send money to the beneficiary account holder's by selecting the menu options in the provided mobile banking application.
6. After successful transaction, You can check the confirmation SMS for the debit to your account and credit to the beneficiary account.

Process for Receiving Money through IMPS

1. You need to register yourself with your bank for the mobile banking service.
2. Now, get your MMID for the IMPS transaction from your Bank.
3. For receiving money, share the Mobile number and the MMID with the remitter.
4. Now, You can ask the remitter to transfer money on your Mobile number and MMID.
5. After successful transfer of money, You can check the credit confirmation SMS to your account from the remitter.

Currently most of the banks are providing the service of IMPS transaction. You can verify your Bank if they are providing the IMPS service using this link.

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Manish Rai

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I am Manish Rai an IT Professional, I started the at the beginning of 2013.My goal is to establish as a information portal that will help every individual(s) to get the information related to their day by day activities and use this information for the good purpose. I love to share my knowledge with the people. Follow me on Facebook | Google+ | Twitter


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