[bisq-network/growth] Add Real-Time Gross Settlement (RTGS) as a payment method (popular banking payment method in India) (#237)

pazza notifications at github.com
Wed Feb 17 07:15:46 CET 2021


## Real-Time Gross Settlement (RTGS) 

References:

- [Real-Time Gross Settlement Wiki](https://en.wikipedia.org/wiki/Payment_and_settlement_systems_in_India#Real-time_gross_settlement)

### 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)
](https://github.com/bisq-network/growth/issues/236)

### 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.

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https://github.com/bisq-network/growth/issues/237
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