Peer to Peer (P2P) payments is a mechanism through which the user can transfer funds from his bank account to another individual's account via the digital medium i.e. Internet or a mobile device.
Payments are categorized on the basis of transfer i.e. to an account within the bank or outside the bank. If the transfer is to an account within the bank it is an internal transfer. A transfer to an account outside the bank is called a domestic transfer.
This categorization takes places when a customer saves the payee bank account details during payee maintenance. The customer is provided a single ‘Transfer Money’ screen from which to initiate both internal and domestic payments.
Workflow- Transfer Money
Workflow- Claim Money
Features Supported in the Application
The following features are available as part of Peer to Peer payments:
- Transfer Money<![CDATA[]]>
- To existing payees
- To new payees
Transfers to new payees can be initiated using the payee’s email id or mobile number - Claim Money<![CDATA[]]>
How to reach here:
Dashboard > Payments Widget > Transfer Money
OR
Toggle Menu > Payments > Transfer Money > New Payee
OR
Dashboard > Payments Widget > Manage Payees & Billers > More Options > Pay/ View Edit
