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Title : What is MMT?
link : What is MMT?
What is MMT?
What is MMT?What is MMT? - Hello Friend Accounting Methods, In the article you read this time with the title What is MMT?, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article bank, Article banking, Article finance, We write this you can understand. Alright, good read.
Title : What is MMT?
link : What is MMT?
What is MMT?
MMT means MasterCard money transfer. If you use your mastercard for paying the money to merchant or your supplier online or through ATM, your bank statement will show MMT code.
For example, I paid through my mastercard. I will receive following code and detail of my supplier's bank account
MMT/Ref625614271754/30773820816
First is MMT. It means, I have transferred through mastercard. Second is common code which will show the reference and will same in the bank statement of supplier also. Third is the bank account no. of supplier.
One of the great benefit of Reference no. in MMT code, it will be helpful for refund to customer if there is duplicate transaction. For example, I have received RS. 10,000 and I am checking same reference no. of my customer's MMT with my given reference no. So, I am refunding the money. In the bank statement of supplier it will show as IMPS. It means immediate payment service which is connected with mastercards. See my screenshot.
mastercard is a separate networking usa company and different financial organisation is connected with it. For example, one bank ICICI has connected with mastercard. If a customer of ICICI bank wants to pay through MMT to the customer of SBI which is also connected with mastercard, it will be very easy to transfer from ICICI bank to SBI through MMT.
For example, I paid through my mastercard. I will receive following code and detail of my supplier's bank account
MMT/Ref625614271754/30773820816
First is MMT. It means, I have transferred through mastercard. Second is common code which will show the reference and will same in the bank statement of supplier also. Third is the bank account no. of supplier.
One of the great benefit of Reference no. in MMT code, it will be helpful for refund to customer if there is duplicate transaction. For example, I have received RS. 10,000 and I am checking same reference no. of my customer's MMT with my given reference no. So, I am refunding the money. In the bank statement of supplier it will show as IMPS. It means immediate payment service which is connected with mastercards. See my screenshot.
mastercard is a separate networking usa company and different financial organisation is connected with it. For example, one bank ICICI has connected with mastercard. If a customer of ICICI bank wants to pay through MMT to the customer of SBI which is also connected with mastercard, it will be very easy to transfer from ICICI bank to SBI through MMT.
Thus Article What is MMT?
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