Add K-Net for KWD

[m52go]

Payment methods are evaluated very carefully before being added to Bisq. Poorly integrating a payment method, or integrating a payment method that's not a good fit for Bisq's trading protocol, can be costly mistakes for Bisq's users and dispute resolution mechanisms.

As a result, we request that you add responses to the following questions so that we can better consider your suggestion.

Please answer to the best of your ability. The more thorough you can be, the more you'll help us out, and the quicker your suggestion can be evaluated and implemented.

Why

Why would Bisq benefit from adding this payment method? Is is popular in a particular region? More convenient? More safe?

Put in touch with a contact on the ground (@baro0k; h/t @wiz) interested in bootstrapping a market there. baro0k has offered to help with adding this payment method and bootstrapping usage in Kuwait with marketing.

Region

In which areas of the world can this payment method be used?

Kuwait

Currencies

What currencies is this payment method for?

KWD

Chargeback risk

How easy is it to cancel a payment once it's made? This is the most important characteristic of a payment method.

Chargebacks are not supposed to be possible; @baro0k says payments using K-Net are like wire transfers.

Size of user base

Do you know how many people use this payment method?

TBD

Data requirements

What information must a user provide to a counterparty to accept a payment?

TBD

Verification

How can payments be verified? Examples: TLSNotary is typically used for electronic payments, and receipt scans are typically used for money orders.

TBD

Duration

How long do payments take? Please provide a range, as the advertised best-case scenario rarely accounts for edge cases.

TBD

Fees

Does it cost anything to make a transfer using this payment method? If so, how much?

TBD

Fraud risk

How easy or difficult is fraud with this payment method?

TBD

Payment amounts

What is the minimum or maximum amount you can send with this payment method?

TBD

[pazza83]

Hi @m52go thanks for proposing K-Net. I have added it to my project for proposed payment methods

Great to hear @baro0k is keen to promote this and help develop and implement this. @baro0k are you able to provide more info about how K-Net is being used in Kuwait?

[baro0k]

excuse me for being late to answer your question @pazza83 K-net gateway is a local payment provider we use it to pay as links in between our bank accounts and it's easy to transfer a payment link via email, sms or WhatsApp since it's a almost in every phone around Kuwait. the payments can't sent back via bank or provider can't cancel the payment since he approved to pay the link. so there is no refund in the link payment. which I explained to @m52go I'll leave a direct link to K-net official website and let me know anything you need me to find or answer from my side I'll be happy to help as well.

Do you know how many people use this payment method?

Processing around 5,000,000 transactions per month as the mentioned in the official website.

Data requirements

What information must a user provide to a counterparty to accept a payment?

the amount of money and the name of the receiver there is a part would be free to answer "the reason of this transaction"

Verification

How can payments be verified? Examples: TLSNotary is typically used for electronic payments, and receipt scans are typically used for money orders.

you can verified payments as service or family support.

Duration

How long do payments take? Please provide a range, as the advertised best-case scenario rarely accounts for edge cases.

les than few seconds.

Fees

Does it cost anything to make a transfer using this payment method? If so, how much?

paying via K-net link is free for local transactions

Fraud risk

How easy or difficult is fraud with this payment method?

if you payed the link there is no way to get your money back, unless you move to court and trying to proof that and in Kuwaiti laws until now the court can't judge any thing under the bitcoin.

Payment amounts

What is the minimum or maximum amount you can send with this payment method?

minimum not sure but I guess it's as low as 3USD 1KWD maximum as a daily payments would be 3000 KWD (10000USD) you can divid them to 10 transactions per day and your maximum monthly limit is 30K USD 10000KWD and it's changeable for sure depends on your account.

let me know if there is more you want to know and I'll try to find out

[pazza83]

Hi @baro0k thanks for all the useful information sounds like a promising payment method.

Please can you tell me a little more with regards verification.

If someone wanted to prove that they sent the payment by K-Net how would they do this?

[pazza83]

Hi @baro0k just a chase up for comments on the above questions. If you have the answers please let me know.

Many thanks

[baro0k]

Hi @baro0k thanks for all the useful information sounds like a promising payment method.

Please can you tell me a little more with regards verification.

If someone wanted to prove that they sent the payment by K-Net how would they do this?

Sorry @pazza83 didn't notice that was a month ago

let me explain it : let's says am gonna sell you some BTC and you'll pay me via K-net, I'll create a link and send it to you the link will have a payment code (QMSD1) this code use to track and confirm the payment has been received or rejected. let's says I received your money and didn't release the BTC you can provide that you pay me by using the transaction code we just mention above "payment QMSD1"

Hopes that can help you let me knows if there is anything else I can help with.

Regards

[pazza83]

Hi @baro0k

That is great. Thanks for letting me know. Is K-Net used on an App or through a website or both?

[baro0k]

Hi @baro0k

That is great. Thanks for letting me know. Is K-Net used on an App or through a website or both?

You can use K-net through websites and mobile apps.