peer to peer payments

Peer to Peer (P2P) transaction enables the retail user to initiate a payment towards the payee’s contact ID, namely, email ID, mobile number, Facebook ID, and Twitter handle. The user can simply select the contact ID through which the payment is to be made. This feature eliminates the need to know the recipient’s account and bank details, thus simplifying the payment process by a great deal.

After selecting the ‘Transfer Money > New Payee’ option, the user is expected to select the mode through which the payment is to be initiated. After specifying the contact details, the user has to simply enter the payment details, that is, the amount and the source account. The user can then proceed to review and confirm the payment. Once the payment is confirmed, the system creates a link and posts it as a message to the payee’s email ID / mobile number / Facebook Messenger / Twitter handler (through which the payment is initiated). The payee can then claim the amount by clicking on the link which takes him/her to the Claim Money page of the bank. A security code is displayed on the payment confirmation page, which the initiator of the payment must share with the payee so as to enable him/her to claim the amount paid.

Workflow- Transfer Money

Workflow Transfer Money

Workflow- Claim Money

Workflow Claim Money

Features Supported in the Application

The following features are available as part of Peer to Peer payments:

You are here How to reach here:

Dashboard > Payments widget > Transfer Money
OR
Toggle menu > Payments > Payments and Transfers > Transfer Money
OR
Dashboard > Payments widget > Manage Payees & Billers > More Options > Pay