Introduction – Domestic Money Transfer
Money Transfer allows you to send money instantly 24 x 7 x 365 to any IMPS supported banks in India. Receiver will get the money credited into their bank account within 5 -10 seconds.
Start offering money transfer services through the very same “Wallet” and boost your outlet footfall and income.
How it Works
Domestic Money Transfer works exactly same as how Mobile Recharge works, only difference is that instead of mobile number you need to collect the beneficiary bank account number, IFSC Code and the amount which needs to be transferred from your walk in customers.
Enter the details into a simple web form and complete the transaction. The beneficiary account will be credited the amount within 5-10 seconds.
Our platform supports IMPS & NEFT transfer modes and the system automatically switches the transfer mode.
IMPS : Immediate Payment Service is an interbank electronic instant money transfer service which allows to send and receive money 24 x 7 x 365. The platform is powered by National Payment Corporation of India (NPCI) who settles the IMPS transactions in India on real time basis 24 x 7 x 365
NEFT : National Electronic Fund Transfer under RBI which settles NEFT transactions in India as batch wise and works only on working day and hours of RBI
Difference between IMPS & NEFT
|Maximum Limit Per Sender Per Transaction is Rs 5,000
||Maximum Limit Per Sender Per Transaction is Rs 25,000
|Maximum Limit Per Sender Per Month Rs 10,000 without KYC and with KYC Rs 25,000
||Maximum Limit Per Sender Per Month Rs 25,000 without KYC and with KYC Rs 50,000
|Payment Settles within 5-10 Seconds
||Payment is processing as batch wise and requires 2-8 hours to settle
|Payment can send 24 x 7 x 365
||Payment can be send only on working days and hours of RBI
|Supports only 67 Banks
||Supports all banks in India