Mobile Money Identifier is a ________ digit code issued by banks to their customers.
seven
Let's understand what the Mobile Money Identifier (MMID) is and how many digits it contains.
Understanding Mobile Money Identifier (MMID)
The Mobile Money Identifier (MMID) is a unique code that is used in mobile banking transactions, specifically for services like IMPS (Immediate Payment Service).
- It links your mobile number to your specific bank account.
- When you want to send money using IMPS to someone's mobile number, you typically need their mobile number and their MMID.
- Similarly, to receive money via IMPS using your mobile number, the sender needs your mobile number and your MMID.
Number of Digits in MMID
The Mobile Money Identifier (MMID) is a fixed-length code issued by the bank to its customers for each account linked to their mobile number for IMPS.
The MMID consists of seven digits.
Therefore, when you are asked for your MMID or someone else's MMID for an IMPS transaction, you are dealing with a 7-digit number.
This seven-digit code helps the bank system correctly identify the beneficiary's account linked to the mobile number, especially if one mobile number is linked to multiple accounts.
Key Features of MMID
- It is seven digits long.
- It is issued by your bank.
- It is essential for sending or receiving money via IMPS using a mobile number.
- Each account linked for IMPS with a mobile number might have a different MMID.
Important Questions from Mobile Banking
Which of the following are objectives of Immediate Payment Service (IMPS)?
A. To enable bank clients to use mobile instruments as a channel for accessing their bank accounts and remit funds
B. To build the foundation for a full range of mobile based banking services.
C. To sub-serve the goal of Reserve Bank of India (RBI) in digital payments.
D. To make payments simpler with the mobile number of the baneficiary
E. To restrain a nation-wide payment system facilitating one-to-one funds transfer
Choose the most appropriate answer from the option given below:
Which three of the following types of cyber attacks may occur in the process of mobile banking?
a) Backdoor attack
b) Front door attack
c) Denial of service attack
d) Direct access attack
Choose the correct option from those given below:
The minimum capital requirement for a life insurance company in India is :
Universal banks that function as investment banks in India are regulated by :
Which of the following refers to default-risk intermediation?
