Unified Payment Interface (UPI) is a mobile based payment system which allows transferring money in real time 24x7. The USP of UPI is that funds are transferred without entering your card/bank account details, the net banking password, and even the CVV number.
National Electronic Funds Transfer (NEFT) has been the most common way of transferring funds till date. However, you can use NEFT only in those banks which are NEFT-enabled.
Immediate Payment Service (IMPS) is a mobile payment program which enables the customers to transfer funds from their smartphones. For an IMPS transaction, you need the same details as NEFT (account number, bank holders name, and IFSC code) but the payment is made instantly.
MMID stands for Mobile Money Identifier, and it is a 7-digit number. Once a user has registered their MMID with their bank, you can use that MMID to transfer funds through IMPS. While UPI, NEFT and IMPS are a way to transfer money, MMID is a special identification id which makes it poss
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