Difference between revisions of "IMPS"
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'''IMPS''' is a payment method added in Bisq v1.7.5. | '''IMPS''' is a payment method added in Bisq v1.7.5. | ||
| − | IMPS is | + | 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. IMPS is managed by the National Payments Corporation of India. This is an umbrella organization for operating retail payments and settlement systems in India. |
== Where can I find out more about IMPS? == | == Where can I find out more about IMPS? == | ||
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* [https://en.wikipedia.org/wiki/Immediate_Payment_Service Immediate Payment Service Wiki] | * [https://en.wikipedia.org/wiki/Immediate_Payment_Service Immediate Payment Service Wiki] | ||
| − | * youtube.com/watch?v=EbeStNuSetE IMPS video explainer] | + | * [https://youtube.com/watch?v=EbeStNuSetE IMPS video explainer] |
== What countries are available for IMPS? == | == What countries are available for IMPS? == | ||
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== What is the maximum trading duration for IMPS? == | == What is the maximum trading duration for IMPS? == | ||
| − | The maximum trade time is | + | The maximum trade time is 1 day. Generally IMPS transfers are instant. |
== What is the maximum BTC limit for an IMPS trade? == | == What is the maximum BTC limit for an IMPS trade? == | ||
| − | 0. | + | 0.125 BTC. |
== Is IMPS a payment method that can be signed? == | == Is IMPS a payment method that can be signed? == | ||
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== How do I set up a IMPS account? == | == How do I set up a IMPS account? == | ||
| − | Pretty much all bank accounts in India can make | + | Pretty much all bank accounts in India can make IMPS payments. |
== How do I add IMPS as a payment method in Bisq? == | == How do I add IMPS as a payment method in Bisq? == | ||
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Make sure all the details are correct when you add. | Make sure all the details are correct when you add. | ||
| + | |||
| + | {{Admonition_Warn|Please make sure to include your: | ||
| + | |||
| + | * Account owner full name | ||
| + | * Account number | ||
| + | * IFSC number | ||
| + | * These details should match your bank account that you will use for sending / receiving payments. | ||
| + | |||
| + | Please be aware there is a maximum of Rs. 200,000 that can be sent per transaction. If you are trading over this amount multiple transactions will be needed. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day. | ||
| + | |||
| + | Some banks have different limits for their customers.}} | ||
== How do I buy BTC with my IMPS account? == | == How do I buy BTC with my IMPS account? == | ||
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Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet. | Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet. | ||
| + | |||
| + | {{Admonition_Warn|Please send payment only to the account details provided in Bisq. | ||
| + | |||
| + | The maximum trade size is Rs. 200,000 per transaction. | ||
| + | |||
| + | If your trade is over Rs. 200,000 you will have to make multiple transfers. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day. | ||
| + | |||
| + | Please note some banks have different limits for their customers.}} | ||
== How do I sell BTC with my IMPS account? == | == How do I sell BTC with my IMPS account? == | ||
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# Take an offer to sell BTC on the INR market. | # Take an offer to sell BTC on the INR market. | ||
| − | When the offer is confirmed Bisq will provide with the BTC Buyer with your | + | When the offer is confirmed Bisq will provide with the BTC Buyer with your IMPS details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'. |
Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back. | Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back. | ||
| + | |||
| + | {{Admonition_Warn|If you intend to receive over Rs. 200,000 per trade you should expect the buyer to have to make multiple transfers. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day. | ||
| + | |||
| + | Please note some banks have different limits for their customers.}} | ||
== Are there any limits for me to be aware of when using my IMPS account? == | == Are there any limits for me to be aware of when using my IMPS account? == | ||
| − | == Are there any fees for me to be aware of when using my IMPS account? == | + | Maximum of 200,000 INR can be sent per transaction. |
| + | |||
| + | Maximum of 1,000,000 INR can be sent per day. | ||
| + | |||
| + | Minimum payment is 1 INR. | ||
| + | |||
| + | == Are there any fees for me to be aware of when using my IMPS account? == | ||
| + | |||
| + | Fee for IMPS are low between 5-15 INR per transaction. | ||
== How does dispute resolution when trading with IMPS? == | == How does dispute resolution when trading with IMPS? == | ||
| + | |||
| + | 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. | ||
If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame. | If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame. | ||
Latest revision as of 18:38, 16 June 2024
IMPS is a payment method added in Bisq v1.7.5.
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. IMPS is managed by the National Payments Corporation of India. This is an umbrella organization for operating retail payments and settlement systems in India.
Contents
- 1 Where can I find out more about IMPS?
- 2 What countries are available for IMPS?
- 3 What currencies are available for IMPS?
- 4 What is the maximum trading duration for IMPS?
- 5 What is the maximum BTC limit for an IMPS trade?
- 6 Is IMPS a payment method that can be signed?
- 7 How do I set up a IMPS account?
- 8 How do I add IMPS as a payment method in Bisq?
- 9 How do I buy BTC with my IMPS account?
- 10 How do I sell BTC with my IMPS account?
- 11 Are there any limits for me to be aware of when using my IMPS account?
- 12 Are there any fees for me to be aware of when using my IMPS account?
- 13 How does dispute resolution when trading with IMPS?
Where can I find out more about IMPS?
Here is a list of IMPS resources:
What countries are available for IMPS?
IMPS is available users in India.
What currencies are available for IMPS?
IMPS supports INR currency.
What is the maximum trading duration for IMPS?
The maximum trade time is 1 day. Generally IMPS transfers are instant.
What is the maximum BTC limit for an IMPS trade?
0.125 BTC.
Is IMPS a payment method that can be signed?
No, IMPS accounts do not require signing.
How do I set up a IMPS account?
Pretty much all bank accounts in India can make IMPS payments.
How do I add IMPS as a payment method in Bisq?
It is easy to add your IMPS account to Bisq.
- Go to the top menu in Bisq and select Account.
- Then select National Currency Accounts.
- Click add new account
- Select IMPS
- Complete the details
- Choose to use a custom account name this helps makes it easier for you to manage multiple payment methods in Bisq (this will be visible only to you, for example: IMPS - INR - Aam Aadmi)
- Click save new account
If you have more than one IMPS account you wish to add to Bisq you can create different accounts for each.
Make sure all the details are correct when you add.
 |
Please make sure to include your:
Please be aware there is a maximum of Rs. 200,000 that can be sent per transaction. If you are trading over this amount multiple transactions will be needed. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day. Some banks have different limits for their customers. |
How do I buy BTC with my IMPS account?
You can buy BTC with IMPS on Bisq in 2 waysː
- Make an offer to buy BTC on the INR market.
- Take an offer to buy BTC on the INR market.
When the offer is confirmed Bisq will provide you with the BTC Sellers IMPS details for you to complete the payment. You should send payment immediately and confirm you have done so in Bisq by clicking 'payment started'.
If you have the option to include a payment reference please leave it blank. If your bank requires one, please just use your name that matches your bank account.
Once the BTC Seller receives your payment they will confirm in Bisq and your security deposit and your purchased trade amount will be available in your wallet.
|
Please send payment only to the account details provided in Bisq.
The maximum trade size is Rs. 200,000 per transaction. If your trade is over Rs. 200,000 you will have to make multiple transfers. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day. Please note some banks have different limits for their customers. |
How do I sell BTC with my IMPS account?
You can sell BTC with IMPS on Bisq in 2 waysː
- Make an offer to sell BTC on the INR market.
- Take an offer to sell BTC on the INR market.
When the offer is confirmed Bisq will provide with the BTC Buyer with your IMPS details for you to complete the payment. They should send payment at their first opportunity and confirm they have done so in Bisq by clicking 'payment started'.
Once you receive payment from the BTC Buyer you should confirm payment has been received in Bisq. One you have done this the BTC Buyer will receive their funds and you will receive your security deposit back.
|
If you intend to receive over Rs. 200,000 per trade you should expect the buyer to have to make multiple transfers. However be aware their is a maximum limit of Rs. 1,000,000 that can be sent per day.
Please note some banks have different limits for their customers. |
Are there any limits for me to be aware of when using my IMPS account?
Maximum of 200,000 INR can be sent per transaction.
Maximum of 1,000,000 INR can be sent per day.
Minimum payment is 1 INR.
Are there any fees for me to be aware of when using my IMPS account?
Fee for IMPS are low between 5-15 INR per transaction.
How does dispute resolution when trading with IMPS?
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.
If a dispute occurs the mediator may ask the buyer to send them information showing that they made the payment of the correct amount to the BTC Seller within the correct time frame.
The mediator may ask the seller to send them information to prove their account details are correct, or in the case of the BTC Buyer making a payment late, or of the wrong amount.
For more information see dispute resolution.
