Dial *99# for Mobile Banking through Immediate Payment Service (IMPS)

Dial *99# for availing the financial and non-financial banking services like fund transfer, balance enquiry, etc. of Mobile Banking through Immediate Payment Service (IMPS):

Dial *99# for Mobile Banking through IMPSImmediate Payment Service (IMPS) has been an efficient tool in the direction of inter-bank mobile fund transfer. Under the IMPS umbrella, National Payment Corporation of India (NPCI) has launched numerous products. Fund transfer through IFSC, Internet Banking, ATM, and Mobile Phone are a few among those.

Till now, owing to the requirement of the internet and smartphone, digital banking had a limited reach. But *99# has brought about a revolution in mobile banking. It is a 4-digit code that helps you access your bank account and transfer funds instantly and safely. It falls under the purview of IMPS wherein funds are transferred in real time. It brings together the banks and telecom service provider under the National Unified USSD Platform (NUUP).

By just pressing *99# from your basic mobile phone, you can avail banking services. The interesting fact is that it neither requires an internet connection nor a smartphone. *99# can run on basic GSM handsets. It has expanded its reach to the rural areas and among individuals who are lesser tech-savvy.

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Essential Requisites for using *99#

MPIN is the core requirement for conducting fund transfer via *99#. You should have an MPIN issued from your bank. For that, firstly visit the home branch of your bank and get your mobile number registered. Then, fill up the required form to complete the mobile banking registration formalities. Your bank will immediately activate your account for Mobile Banking Service. Afterwards, you will receive MPIN over SMS.

If your mobile number is already registered, then you need not visit the bank. Simply get your MPIN over your cell phone.

Mobile Money Identification Number (MMID) is the core requirement for receiving funds over *99#. It is a seven digit number issued by the bank. Its first four digits happen to be the unique ID of your bank. To receive money under IMPS, get your MMID from your bank and share it with the sender.

If your mobile number is already registered, then you may get your MPIN over your cell phone.

Services available under *99#

*99# offers a variety of financial and non-financial services as shown in the table below:

Services available under *99#

Financial Services

1. Fund Transfer (P2P) – In this, you may transfer funds using Mobile Number & MMID of the Beneficiary.

2. Fund Transfer (P2A) – In this, you may transfer funds using IFSC and Account Number of the Beneficiary.

3. Fund Transfer (P2U) – In this, you may conduct a fund transfer using Aadhaar Number of the Beneficiary.

Non- Financial Services

1. Balance Enquiry – This feature allows you to check available balance in the bank account that is linked to your mobile number.

2. Mini Statement – You can even generate a mini account statement for the bank account linked to your mobile number using *99#.

3. Know MMID* (Mobile Money Identifier) – It allows you to know your MMID that is allotted to you by the bank at the time of mobile banking registration.

4. Generate MPIN – You can also generate your MPIN using the *99# platform without actually visiting the bank branch. MPIN acts like a password during authentication of financial transactions online.

5. Change MPIN – This feature permit you to change your MPIN directly from your mobile phone.

6. Generate OTP – One Time Password (OTP) is extensively used as a second factor of authentication in a variety of e-commerce transactions. With the help of *99#, you can generate OTP on the go.

Before using the services, you need to generate MPIN using the following steps:

Steps to generate MPIN

1. Dial *99# from your registered mobile number.
2. Enter your bank’s 3 letters short name or first 4 letters of IFSC. Click “Send”.
3. Enter option 7 (MPIN). Click “Send.”
4. Enter option 1 (to generate MPIN) and Click “Send.”
5. Enter last 6 digits of your Debit Card number along with the expiry date. Both the numbers should be separated by single space.
6. Enter your new MPIN and then re-enter new MPIN. Make sure both the numbers are separated by single space. For e.g. if your new MPIN is 1234, then you need to enter 1234 1234.

Before receiving money, you need to generate MMID using the following steps:

Steps to generate MMID

1. Dial *99# from your Mobile handset.
2. Welcome screen appears. Enter 3 letters the short name of your bank or first 4 letters of IFSC. Click, “Submit.”
3. Upon submission of valid IFS Code or short name, a menu appears. It contains different options of available services enabled for your bank.
4. Enter 6 to Know Your MMID. Click “Submit”.
5. A confirmation screen appears which shows the MMID linked to your account.

Also read: All you need to know about Mobile Wallets & Payment Banks

How to conduct P2P fund transfer funds

*99# allows you to transfer funds by using MMID and Mobile number of the Beneficiary. The steps involved in the transaction for the same is as follows:

How to conduct fund transfer using *99#

1. Dial *99# from your Mobile handset.
2. Welcome screen appears. Enter 3 letters the short name of your bank or first 4 letters of IFSC. Click, “Submit.”
3. Upon submission of valid IFS Code or short name, a menu appears. It contains various types of services enabled for your bank.
4. Enter 3 for “Fund Transfer using MMID” and submit.
5. Enter Beneficiary Mobile number and click “Send”.
6. Enter Beneficiary’s MMID and click “Send”.
7. Enter Amount and Remarks (Optional) and click “Send”.
8. Enter MPIN and last 4 digits of your account number (Optional).
9. A confirmation screen appears which shows the success response.

Things to Remember while conducting transactions over *99#

1. To avail mobile banking service under *99#, make sure to register your mobile number with your respective bank.

2. Sometimes there may be a technical error or a declined request. Your transaction may not get completed due to network/connectivity issues at Telecom Service Provider or Bank’s end. Hence, before initiating any transaction bring your phone in network range.

3. In case you enter wrong information like IFS Code, Account number, MPIN; the transaction will get declined.

4. You need to keep all the information i.e. Mobile no., MMID, Aadhaar number, IFS Code, Account number of the beneficiary and MPIN handy before initiating the transaction.

5. IMPS is an immediate fund transfer service. Once you launch the payment request, you cannot stop or cancel the payment.

6. You need to intimate the bank in case you change your mobile number.

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Final Words

With *99# on your mobile phone, you can quickly go cashless. You can avoid the transaction charges that were levied on debit card transactions. This demonetization season, use *99# to pay the smarter and cheaper way.

1 thought on “Dial *99# for Mobile Banking through Immediate Payment Service (IMPS)”

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