1 Peer To Peer Payments

This topic describes the functionalities and process involved in 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 New Payee option in the Transfer Money screen, 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.

Figure 1-1 Workflow- Transfer Money


Description of Figure 1-1 follows
Description of "Figure 1-1 Workflow- Transfer Money"

Figure 1-2 Workflow- Claim Money


Description of Figure 1-2 follows
Description of "Figure 1-2 Workflow- Claim Money"

Features Supported in the Application

The following features are available as part of Peer to Peer payments:
  • Transfer Money
    • To existing payees
    • To new payees

      Transfers to new payees can be initiated towards the payee’s email ID, mobile number, Facebook account, or Twitter handle.

  • Claim Money

Perform anyone of the following navigation to access the Transfer Money screen.

  • From Dashboard, click Payments widget, then click Transfer Money.
  • From Toggle menu, click Menu, then click Transfers & Bill Payments . Under Transfers & Bill Payments , then click Payments, and then click Payments and Transfers, and then click Transfer Money.
  • From Dashboard, click Payments widget, then click Manage Payees, and then click More Options, Under More Options, click Pay.

The Transfer Money screen appears.

  • Transfer Money
    This topic provides the systematic instructions for initiating fund transfers using email or mobile contact links.