Money Transfer API allows us to send money right away 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.
Money Transfer works precisely same as how Mobile Recharge works, only difference is that instead of mobile number you require to gather 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 with 70+ Banks and Through NEFT 170+ banks for money transfer"
The features are Wallet to bank (any) money transfer (using MMID), Wallet to 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 bank, who are not able to avail the money transfer’s due to hectic and complicated Process to get opening of Bank Account as it Involve KYC (Know Your Customer) Process. By using money transfer 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.