[bisq-network/growth] Add National Electronic Funds Transfer (NEFT) as a payment method (popular banking payment method in India) (#236)

pazza notifications at github.com
Wed Feb 17 06:59:20 CET 2021


## National Electronic Funds Transfer (NEFT)

References:

- [National Electronic Funds Transfer Wiki](https://en.wikipedia.org/wiki/National_Electronic_Funds_Transfer)

### 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.


### 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.

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