BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mobile Money Identifier (MMID) is a seven-digit number, issued by banks for effecting financial
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The user’s mobile number MMID are uniquely linked with his bank account number, and is one of the
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Both the remitter and the beneficiary are required to have their MMIDs to effect a fund transfer through
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A unique MMID and mobile number combination helps in identifying the beneficiary’s details. A single
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Detailed explanation-1: -MMID (Mobile Money Identifier) is a 7-digit code that is issued by a bank to its customer in order to avail the mobile banking services. Each mobile banking account has a unique MMID allotted to the user by the bank itself.
Detailed explanation-2: -MMID is an acronym for mobile money identifier. It is a seven-digit unique code assigned to a bank account. It was introduced as a successor to standard money transfer methods like NEFT and RTGS in 2010.
Detailed explanation-3: -Mobile Money Identifier, which is also abbreviated as MMID, is a seven digit unique number that is used for interbank transfer during mobile banking using the MMID feature. Each account holder will have an MMID and this will help in the identification of a particular bank account.