What is IMPS and MMID in banking?
With mobiles becoming smarter, the ease of banking has been increased through various services like IMPS and MMID.
The below are the full forms and what they mean
- What is IMPS?Immediate Payment Service (IMPS) is an instant interbank electronic fund transfer service through mobile phones. It is also being extended through other channels such as ATM, Internet Banking, etc.
- What is MMID?Mobile Money Identification Number (MMID) is a seven digit number of which the first four digits are the unique identification number of the bank offering IMPS.