*99# is a USSD (Unstructured Supplementary Service Data) based mobile banking service from NPCI that brings together diverse ecosystem partners such as Banks & TSPs (Telecom Service Providers).
*99# service, a customer can access financial services by dialing *99#
from his/her mobile registered with the bank. The service works across all
GSM service providers and handsets.
- *99# service was dedicated to the nation by the Honorable Prime Minister of India Shri Narendra Modi on 28th August 2014 as part of Pradhan Mantri Jan Dhan Yojana (PMJDY).
- *99# service uses IMPS channel which is an immediate fund transfer service; hence, it will not be possible to stop/cancel financial transaction after it has been initiated.
- The RBI guidelines for Mobile Banking Services has prescribed a ceiling of Rs. 5000 per transaction for financial transactions using *99# service.
Unstructured Supplementary Service Data (USSD):
- Unstructured Supplementary Service Data (USSD) is a technology unique to GSM (Global System for Mobile Communications) handsets.
- It is a capability built into the GSM standard to support transmitting information over the signalling channels of the GSM network.
- USSD provides session based communication, enabling a variety of applications.
- USSD technology, which was primarily used in the field of telecommunication, is going to make a significant impact in the field of banking services.
- Works without Internet
- Uses voice connectivity
- Accessible through a common code *99# across all TSPs
- No additional charges while roaming for using the service
- Works across all GSM service providers and mobile handsets
- Round the clock availability to customers (works even on holidays)
- No need to install any application on mobile handset to use the service
- Additional channel for banking services and key catalyst for financial inclusion
*99# service can be used by the customers for the following purposes:
c) Value Added Services (VAS)
A. Financial Services:
1. Send Money Using MMID – User can transfer fund using MMID and Mobile number of the Beneficiary.
2. Send Money Using IFSC - User can transfer fund using IFS Code and Account number of the Beneficiary.
The Indian Financial System Code (IFSC) is an 11 digit alphanumeric code that uniquely identifies a bank-branch participating in the two main electronic funds settlement systems in India i.e. Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems.
3. Send Money Using Aadhaar - User can transfer fund using Aadhaar number linked to the account of the Beneficiary.
B. Non- Financial Services:
- Account Balance – User can check available balance of the bank account linked to his/her mobile number.
- Mini Statement - User can generate mini account statement for the bank account linked to his/her mobile number.
- Show MMID – User can know their MMID which was allotted to him/her by bank during mobile banking registration.
- Generate MPIN - User can Generate or Set his/her MPIN. MPIN or Mobile PIN is like a password and used for authenticating financial transactions.
- Change MPIN - User can change his/her MPIN. MPIN or Mobile PIN is like a password and used for authenticating financial transactions. 5/11 Public.
- Generate OTP - User can generate One Time Password (OTP) which can be used for different transactions as a second factor of authentication.