Internet banking has become a very quick and convenient means of conducting almost all financial transactions. In addition to using the bank website for financial transactions, most banks also have apps that help its user carry out financial transactions using their mobile phones. In order to avail mobile banking services, most banks have a number of procedures to ensure the security of its users.
Most banks offer IMPS (Interbank Mobile Payment Service) services which enable its customers to carry out financial transactions. Despite the fact that funds transfers can be carried out through NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement) using the beneficiary’s account number and bank IFSC code, these services have the disadvantage of not being functional 24/7.
Through the IMPS service, customers can make instant money transfers to any bank at any time.
If a customer wishes to avail the IMPS service, MMID (Mobile Money Identifier) and OTP (One time password) are mandatory.
When a customer registers for the mobile banking services offered by ICICI Bank, the bank issues a random seven digit-number with the account. This seven digit number is the MMID, and both parties—the individual receiving the funds and the individual transferring the fund—are required to have an MMID to carry out an IMPS funds transfer.
The OTP or One-Time Password is an additional security measure while transferring funds through mobile banking. The OTP is a temporary, time-sensitive password i.e. the password is only valid for a single internet bank transaction. The OTP is separate from the mobile banking credentials that one uses to log in to their account. The OTP is sent either to the customer’s registered mobile number or their email ID.
Obtaining the MMID through SMS
ICICI Bank Customers can obtain their MMID by sending an SMS to 9222208888. The SMS should be sent in the following format:
SMS MMID >space< to 9222208888
The SMS should be sent from the mobile number that is registered with the bank. If there is a change in the mobile number or if the number has not been registered, the customer would have to visit the branch of the bank where the account is held and update the details.
An alternative method to obtain the MMID is as follows:
- Dial *525#
- After the menu for ICICI Mobile Banking appears, press 5 to obtain the MMID
- To generate the MMID, the last 6 digits of the account number will have to be entered
- Once the details have been entered, the MMID will be displayed
Receiving the OTP
The OTP is used as an additional measure to authenticate a mobile banking transaction. To receive the OTP, the account holder should send IOTP followed by the last four digits of the debit card or credit card. Again, this SMS must be sent from the number that is registered with the bank.