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

[pazza83]

Real-Time Gross Settlement (RTGS)

References:

• Real-Time Gross Settlement 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.

RTGS is an electronic funds transfer system maintained by the Reserve Bank of India. RTGS payment enable immediate and large remittances (minimum of 200,000 INR ~$2,700 USD) by banking customers in India to transfer funds for between any two RTGS -enabled bank accounts.

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

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

Region

India

Currencies

INR

Chargeback risk

Low. Banks cannot reverse a RTGS payments without approval from the beneficiary. According the RTGS 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 RTGS, 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 in real time. Settlement is immediate.

Trade time should be set to 24 hours.

Fees

Low, banks charge different fees but generally 25-50 rupees (~$0.35-0.70 USD)

Fraud risk

Low

Payment amounts

Minimum amount per transaction is Rs.200,000 (~$2,700)

Maximum of 1,000,000 INR can be sent per day. This is approximately $13,500 USD.

[pazza83]

RTGS 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: 20/32 Percentage: 62.5%

[pazza83]

Real-Time Gross Settlement (RTGS) - Proposed National Currency Payment Method

I am proposing that Real-Time Gross Settlement (RTGS) 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 Real-Time Gross Settlement (RTGS) 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: Real-Time Gross Settlement (RTGS)

Required fields (eg)

Country: India Name Account number IFSC number

Signing required: No

Regions accepted: India

Currencies accepted: INR

Bisq Limits: eg 0.05-0.25 BTC

Minimum amount per transaction is Rs.200,000 (~$2,700)

Maximum of 1,000,000 INR can be sent per day. This is approximately $13,500 USD.

Trade window: 1 day

Any relevant information for mediators / arbitrators: No

Any relevant information for devs: Please set minimum limit to 0.02 BTC, maximum limit to 0.25 BTC

Any relevant information for users: No

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for RTGS.

This one is a little different in terns of limits.

Please can MIN buy/sell limit should be set to 0.02 BTC, and a MAX buy/sell limit should be set to 0.25 BTC:

[ghost]

Please set minimum limit to 0.02 BTC

We currently do not have a way to specify a minimum limit per payment method. Is the extra complication really necessary? It might be better to handle that with a soft rule (in the rules/text popup).

[pazza83]

Hi @jmacxx soft rule sounds good. I will make sure the limit is specified in both the wiki and popups. I will complete them this weekend.

[m52go]

Curious, what's the reason for preferring the 0.02 BTC minimum?

Also is RTGS being prioritized over UPI?

[pazza83]

RTGS has a min transaction amount of Rs.200,000 (~$2,700).

I assume it is hard to fix a number, as BTC needs to be the constant.

I can explain in the wiki / pop-ups that the trade needs to be a min of Rs.200,000. If the trade is taken for less then Rs.200,000 than either the trade would get cancelled or both traders would have to agree on another payment method.

Also is RTGS being prioritized over UPI?

It would be great to add all the payment methods together and then they can be promoted at once to bitcoin users of India. @jmacxx do you think that would be possible?

[timkfor69]

Has this been tested?
Is this worth it? And is this legit?

Let me know im interested!!

And have any other ideas hit me up... Thanks 👍

[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:

RTGS is for payments of large trades of Rs. 200,000 or over.

When setting up your RTGS 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 minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI).

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

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

Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI).

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

Please be aware there is a minimum trade amount of Rs. 200,000 that can be sent per transaction. If you are trading under this amount either the trade would get cancelled or both traders would have to agree on another payment method (eg IMPS or UPI).

[ghost]

Screenshots at https://gist.github.com/jmacxx/0dab93fb6dcda158dd930c0ed4120290#gistcomment-3902123

[pazza83]

Wiki completed https://bisq.wiki/RTGS