The customer has to register for IMPS through the bank where he holds an account. He needs to register his mobile number through which transactions will be carried out with the bank. Upon registration, customers are given a unique Mobile Money Identifier (MMID). MMID is a unique 7 digit random number issued to the customer upon registration with IMPS.
The remitter needs to know two things before remitting funds to the beneficiary's account:
1. Beneficiary's mobile number
2. His MMID
This two point check list also helps prevent the risk of wrong credit. This is because the payment process will not be successful till the time both numbers are correctly entered. Also every user is provided with a user ID and Mobile Personal Identification Number (MPIN).
A customer can assign more than 1 bank account to the same mobile number for availing IMPS. Each account will be allotted a unique MMID.
Steps of fund transfer:
1. The remitter instructs his bank for money to be transferred from his mobile number which has been registered for IMPS.
2. He clarifies the amount to be transferred, the beneficiary's mobile number as well as his MMID.
3. The remitting bank debits the remitter's account with the instructed amount and transfers the information to NPCI.