Closed pazza83 closed 2 years ago
See similar payment method IMPS proposal here: #224
See similar payment method UPI proposal here: #225
PayTM has been scored for inclusion to Bisq:
Essential | Desirable | Definite No’s |
---|---|---|
Very low risk of chargeback | ||
Way to verify the sender in the received payment and ability to enter a reference | ||
Instant payment | ||
Singular Fiat currency | ||
Large user base | ||
High usability and great user experience | ||
No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required) | ||
Low risk of scam attempts | ||
Traders can provide evidence of payment / receipt | ||
No minimum limits | ||
Maximum limits equal to at least 0.01 BTC | ||
Likely to increase liquidity and open markets for different countries and currencies | ||
Low risk of mediation | ||
Low risk for traders from government agencies | ||
No fees for transactions | ||
No changes needed to trade protocol |
Score: 25/32 Percentage: 78.13%
I am proposing that PayTM be added as a national currency payment method.
@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how PayTM will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.
Date proposal being made: 01.05.21 Date feedback to be provided by: 01.05.21
Name of payment method: PayTM
Required fields:
Country: India Email or Phone number
Signing required: No
Regions accepted: India
Currencies accepted: INR
Bisq Limits: eg 0.05 BTC
Maximum amount per transaction is 100,000 INR
Trade window: 1 day
Any relevant information for mediators / arbitrators: No
Any relevant information for devs: Please set maximum limit to 0.05 BTC
Any relevant information for users: Maximum amount per transaction is 100,000 INR , payments above this will need to be sent as multiple transactions.
Screenshot of expected GUI: TBC
Here is the XD for PayTM, it should be straight forward to add (main difference is buy/sell limit should be set to 0.05 BTC):
Hi @jmacxx here is the information for the strings.
Let me know if you need anything else:
Please make sure to include your email or phone number that matches your email or phone number is your PayTM account.
When users set up a PayTM account with No KYC users are limited to:
If you intend to trade amount of over 5,000 per trade you will need to complete KYC with PayTM. With KYC users are limited to:
Users should also be aware of account limits. Trades above PayTM account limits will likely have to take place over more than one day, or, be cancelled.
Please send payment only to the email address or phone number provided.
If you intend to trade amount of over Rs. 5,000 per trade you will need to complete KYC with PayTM.
With No KYC Rs. 5,000 can be sent per transaction.
With KYC users Rs. 100,000 can be sent per transaction.
If you intend to trade amount of over Rs. 5,000 per trade you will need to complete KYC with PayTM. With KYC users are limited to:
Users should also be aware of account limits. As a maximum of Rs. 100,000 can be held in your PayTM wallet please make sure you transfer out your rupees regularly.
Wiki completed: https://bisq.wiki/PayTM
PayTM
References:
Why
India has the 5th largest economy in the world by GDP, yet Bisq does not have many options for people in India to trade. It would be good to give people in India more access to trading on Bisq.
Paytm is an Indian e-commerce payment system and financial technology company, based in India.
PayTM has around 350 million users. Users can send funds to each other via the PayTM wallet.
PayTM is already included on almost all other P2P cryto exchanges.
Region
India
Currencies
INR
Chargeback risk
Low.
PayTM payments cannot be reversed.
Size of user base
350 million users.
Data requirements
In order to make a payment or transfer funds through PayTM, you just need your recipients PayTM registered email or phone number. No other information is needed.
Verification
Payment is made on bank smart phone app. Screenshots / videos can be used for verification.
Duration
Payments are immediate. 24/7, 365 days a year.
Trade time should be set to 24 hours.
Fees
Free for personal use.
Fraud risk
Low
Payment amounts
With No KYC users are limited to
With KYC users are limited to
This means that for Bisq a KYC PayTM wallet will be practical for transactions. Users should also be aware of account limits.