Every now and then when you would have glanced on to your bank statement, you would have come across the word MMT and wondered what it does stand for. Well, no more would that be the case. Here, we would try to give you a complete insight of what MMT is and why it exists.
What is MMT?
MMT stands for MasterCard money transfer. When you pay your expenses through a MasterCard, you happen to generate an MMT code.
What is MasterCard?
MasterCard is a US-based company that is connected to various financial organizations, which helps it gather its revenue. In return, MasterCard provides a common platform for all banks to accept and send money from one bank to another.
In the absence of these cards, a customer using a card of one bank could have been able to transfer money to another person only if the other person holds a bank account in the same bank.
What do MMT transactions mean in Bank statement?
When you go on to pay your bills with a Master card, your bank statement reads something like this: MMT/Ref625614748754/30773828776. (random data, just for reference) in this code, the first 3 letters, i.e.
MMT stands for MasterCard money Transfer. In the next part, Ref stands for the reference number which is the same in the sender and the receiver’s account. The third and final number is the bank account details of the sender.
Advantages of MMT
The biggest advantages of having an MMT is that you would be able to claim a refund in case of multiple duplicate transactions from one account to another.
MMT also helps in connecting people having bank accounts in different banks. For example, with master card playing cupid among various banks, it allows transaction between two banks.
For example, let’s say a customer of HDFC bank sends money to a person who is having an Allahabad bank account. The same can be processed with ease and the transaction would take place in a few seconds due to MMT.
Is MasterCard Safe?
Yes, the short and simple answer to this is a big fat yes. But, then it comes with cautions., Make sure that you keep your MasterCard safe and secure and do not give away your OTP to anyone. There is no way one can replicate a transaction from your account unless you have provided them with any of the information that is stated above.
Mastercard Money Transfers is one of the most common ways of transferring money among millennials. The ease with which one can transfer money and also the safety that the cards brings along with it makes them the perfect choice for day to day use.
Also, millennials shy away from using cash. The Mastercards are also easy to carry around. All these, together makes MasterCard the choice for the future and thus, one surely can expect a lot more MMT transaction on the balance statement of their banks, in the years to come.