Add National Electronic Funds Transfer (NEFT) as a payment method (popular banking payment method in India)

[pazza83]

National Electronic Funds Transfer (NEFT)

References:

• National Electronic Funds Transfer Wiki

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.

NEFT is an electronic funds transfer system maintained by the Reserve Bank of India. NEFT enables bank customers in India to transfer funds for free between any two NEFT-enabled bank accounts.

Pretty much all bank accounts in India can make NEFT payments.

Also see: Add Real-Time Gross Settlement (RTGS) as a payment method (popular banking payment method in India)

Region

India

Currencies

INR

Chargeback risk

Low. Banks cannot reverse a NEFT payments without approval from the beneficiary. According the NEFT rules it is the responsibility of the sender to enter the correct beneficiary account number and other details while making payment.

Size of user base

Over 600 million adults in India have access to a bank account.

Data requirements

In order to make a payment or transfer funds through NEFT, you must have at least the following details about the beneficiary:

Name Account number (beneficiary's unique number) IFSC number (beneficiary's bank number)

Verification

TLSNotary

Duration

Transactions are processed and settled in batches, at the end of the day including weekends and holidays.

Trade time should be set to 24 hours.

Fees

Free to send and receive.

Fraud risk

Low

Payment amounts

Maximum amount limited to per transaction is Rs.50000 within India

Maximum of 50,000 INR can be sent per transaction. This is approximately $675 USD.

No minimum limit.

[pazza83]

NEFT has been scored for inclusion to Bisq:

Essential	Desirable	Definite No’s
Very low risk of chargeback	No risk of chargeback	< very low risk of chargeback
Way to verify the sender in the received payment	Way to verify the sender in the received payment and ability to enter a reference	No way to verify the sender in the received payment
Trade time less than one week	Instant payment	Trade time more than one week
Singular Fiat currency	Multi-currency	Not a payment method for fiat currency
Significant user base	Large user base	No significant user base
High usability	High usability and great user experience	< high amount usability
No KYC required for sending and receiving payments	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)	Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts	Very low risk of scam attempts	< low risk of scam attempts
Traders can provide evidence of payment / receipt	Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar	Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols	No minimum limits	Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC	Large payment limits up to 2 BTC	Maximum limit is less than 0.01 BTC
Likely to increase liquidity	Likely to increase liquidity and open markets for different countries and currencies	Likely to decrease liquidity
Low risk of mediation	Very low risk of mediation	< low risk of mediation
Low risk for traders from government agencies	No risk for traders from government agencies	< low risk for traders from government agencies
Fees should not be a barrier to trading	No fees for transactions	Fees will be a barrier to trading
Only minor changes needed to trade protocol	No changes needed to trade protocol	> Minor changes needed to trade protocol

Score: 23/32 Percentage: 71.86%

[pazza83]

National Electronic Funds Transfer (NEFT) - Proposed National Currency Payment Method

I am proposing that National Electronic Funds Transfer (NEFT) to be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how National Electronic Funds Transfer (NEFT) 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: National Electronic Funds Transfer (NEFT)

Required fields (eg)

Country: India Name Account number IFSC number

Signing required: No

Regions accepted: India

Currencies accepted: INR

Bisq Limits: eg 0.02 BTC

Trade window: 1 day

Any relevant information for mediators / arbitrators: No

Any relevant information for devs: Please set limit to 0.02 BTC

Any relevant information for users: No

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for NEFT, it should be straight forward to add (main difference is buy/sell limit should be set to 0.02 BTC):

[pazza83]

Information required for Bisq software strings:

Hi @jmacxx here is the information for the strings.

Let me know if you need anything else:

Special info about any of the inputs required for creating the payment account:

Please make sure to include your:

• Account owner full name
• Account number
• IFSC number

These details should match your bank account that you will use for sending / receiving payments.

Please be aware there is a maximum of Rs. 50,000 that can be sent per transaction. If you are trading over this amount multiple transactions will be needed.

Please note some banks have different limits for their customers.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the account details provided in Bisq.

The maximum trade size is Rs. 50,000 per transaction.

If your trade is over Rs. 50,000 you will have to make multiple transfers.

Please note some banks have different limits for their customers.

Special items to be aware about when receiving payments (for BTC Sellers):

If you intend to receive over Rs. 50,000 per trade you should expect the buyer to have to make multiple transfers.

Please note some banks have different limits for their customers.

[ghost]

Screenshots at https://gist.github.com/jmacxx/61df5ac79581bd4a6e8458a998762063#gistcomment-3902121

[pazza83]

wiki completed: https://bisq.wiki/NEFT