[bisq-network/growth] Add Immediate Payment Service (IMPS) as a payment method (popular mobile payment service in India) (#224)

[pazza]

## Immediate Payment Service (IMPS)

References:

- [Immediate Payment Service Wiki](https://en.wikipedia.org/wiki/Immediate_Payment_Service)
- [IMPS video explainer](https://www.youtube.com/watch?v=EbeStNuSetE)

### 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.

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. It is the Indian mobile equivalent of SEPA / Faster Payments. 

IMPS is managed by the National Payments Corporation of India. This is an umbrella organization for operating retail payments and settlement systems in India.

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India.

IMPS is already included on almost all other P2P cryto exchanges.


### Region

India

### Currencies

INR

### Chargeback risk

Low.

Banks cannot reverse an IMPS payment, unless they have an approval from the beneficiary. According the IMPS 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

300 million people in India have access to a bank account and smart phone that can be registered for IMPS. 200 miliion transactions are sent a month.

### Data requirements

In order to make a payment or transfer funds through IMPS, you must have at least one of the following details about the beneficiary:

Mobile number
Mobile Money Identifier (MMID) - 7 digit number linking the user's mobile to their bank account

### Verification

Payment is made on bank smart phone app. Screenshots / videos can be used for verification.

SMS messages are also sent to payer and payee to confirm payment.

### Duration

Payments are immediate. 24/7, 365 days a year.

Trade time should be set to 24 hours.

### Fees

Low between 5-15 INR ~ $0.07 - 0.21 USD per transaction.

### Fraud risk

Low

### Payment amounts

Maximum of 200,000 INR can be sent per transaction. This is approximately $2,700 USD.

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

Minimum payment is 1 INR ~ $0.01 USD



-- 
You are receiving this because you are subscribed to this thread.
Reply to this email directly or view it on GitHub:
https://github.com/bisq-network/growth/issues/224
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.bisq.network/pipermail/bisq-github/attachments/20210123/9c5b0434/attachment-0001.htm>