IWT also offer mobile recharge software with Domestic money transfer system. Money Transfer allows you to send money instantly throughout India to any IMPS supported banks in India for 24 x 7 x 365 to any. Receiver will get the money credited into their bank account within 5 -10 seconds.
Domestic Money Transfer
How It Works?
There are two methods to transfer funds in domestic money transfer system, IMPS and NEFT. IWT’s Domestic money transfer software supports both methods of money transfer.
- It involves Sender (Person willing to send money) and Receiver (Person to whom money needs to be sent)
- A medium to Facilitate Transfer of Money – IWT Smart outlet (The Smart Shop/Ease Ticket) Outlets
|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
||Payment can be send only on working days and hours of RBI
|Supports only IMPS supported banks.
||Supports all banks in India
Salient Features – Money Transfer, Any Time Any Where
- Reserve Bank of India approved payment system
- Great Opportunity for retailers with Small Investment
- High margins & incentives
- Safe & Secure Platform powered by Pay Pointz Wallet
- Transfer Money into any Bank Account
- Any customer with a Mobile phone can avail this service
- Easy application & enrollment process for retailers
- IMPS – Instant Money Transfer Service also available
Requirements For Sending Money
- Sender shall have a valid mobile number (Non KYC)
- Sender needs a valid ID Proof for higher sending limit (KYC Customer)
- Receiver shall have a bank account in any bank at any city in India
- Sender does not require bank account. He pays in cash at IWT’s registered Outlets
- Sender shall know the Bank account number and IFSC code details of Receiver
Process Involve In Domestic Money Transfer
First Time Registration (Sender/Receiver)
- Sender walks into any nearby DMR outlets
- Provide basic details for online Registration/IWT Wallet Creation
- Receives SMS confirmation upon registration along with Wallet details and activation pin (OTP)
- Shares the pin with IWT-DMR Operators and upon validating, sender accounts get registered and activated
- Recharge the Wallet by paying Cash to Retailer, which will be used for money transfer
- Then Sender needs to provide details of Receiver in the same fashion as sender registration process and upon activation, he is ready to send money to Receiver
- DMR outlet operator select registered receiver under Sender’s Receivers list and chooses the payment mode
- (IMPS/NEFT) and enters the amount to be sent.
- Confirmation through SMS to Sender upon payment
- Receipt printed and Given to Sender
- Outlets near Factories, Industrial Areas
- Outlets near Labour camps/Residence
- Outlets near religious place – Mosque, Temple
- Outlets near Taxi Stands
- Outlets next to all PSU Banks – SBI, Punjab National, Union Bank etc..
- Outlets near Vegetable market or Mundi
- All international Remittance Service providers – Western Union, UAE X-change etc.
Domestic Money Transfer Guidelines From RBI
Tatkal Money Transfer, Instant Money Transfer, Domestic Money Transfer, IMPS Fund Transfer API