DMR
Domestic Money Transfer enables us to send money immediately to any IMPS supported banks in India24 x 7 x 365. And Receiver will get the money credited into their bank account just within 5 -8 seconds.
Domestic Money Transfer works exactly same as how Mobile Recharge works, the only difference is that instead of mobile number you need to collect the beneficiary bank account number, IFSC Code and the amount which needs to be transferred from your walk in customers.
It’s a Real time Solution using IMPS making instant money transfer, This Service can be availed via online, through Mobile app as well as through a simple SMS. It’s a boon to the unbanked masses of India, Its Connected Through IMPS & NEFT with Most 70+ Govt. And Private sector Banks for money transfer.
The features are Wallet to the bank (any) money transfer (using MMID), Wallet to the bank (any) (using IFSC & bank account number), Wallet to Wallet money transfer, any bank to Wallet.
Most of the people as per India’s population are still not connected with the bank, who are not able to avail the money transfer’s due to hectic and complicated Process to get opening of a Bank Account as it Involve KYC (Know Your Customer) Process.
By using this system they are able to transfer and receive funds From His Wallet to Any Bank Account, as well as Wallet to Wallet Money transfers.
The density of banks in rural or semi urban area is still very low as well for Migrants, Students, those who are away from home, Those who don’t wish to wait in Long Queue can send and receive money in few seconds.
Mode of Transfer:
Our platform supports IMPS & NEFT transfer modes and the system automatically switches the transfer mode.
IMPS: Immediate Payment Service is an interbank electronic instant money transfer service which allows sending and receiving money 24 x 7 x 365. The platform is powered by National Payment Corporation of India (NPCI) who settles the IMPS transactions in India on real time basis 24 x 7 x 365.
NEFT: National Electronic Fund Transfer under RBI which settles NEFT transactions in India as batch wise and works only on working day and hours of RBI
