Tatkal Rupya represents the service offered through PaypointZ wallet. Pay Point India has already got the RBI approved ‘PaypointZ wallet’ which further facilitates IMPS and NEFT money transfer.
Tatkal Rupya logo symbolizes the immediate money transfer from wallet to bank account across India through its simple and secure transaction platform. The service can be further understood through minimum KYC and Full KYC where under Min KYC , customer can only transfer 10,000/- per month while with Full KYC, he can transfer Rs. 25000/- per month. Minimum KYC customer provides only name and mobile number while Full KYC customer has address and ID proof additionally. Single transaction can not exceed Rs 5000/- in this facility. IMPS transfer is instant while NEFT transfer take at least 2-3 days money to be credited in bank account. Through PaypointZ wallet, customer has to get his wallet created first before transferring the money, he then resister the beneficiary(whom he wants to send money) with his Bank account number, IFSC code and name. His transaction is secured with T-PIN generation before any transaction through wallet.
NEFT (National Electronic Fund Transfer) – Here money is transferred from PaypointZ wallet to the bank account across India in 2-4 hours
IMPS (Immediate Payment Service) – Here the money is transferred from PaypointZ wallet to the bank account across India instantaneously
Minimum KYC customer can send up to Rs. 10,000/- while Full KYC customer can send up to Rs. 25,000/- per month.
Tatkal Rupya IMPS :
- Between all listed banks and cooperative banks
- Time taken for transfer is Instant
- It is available 24 x 7 except National holidays
- Maximum Limit – Rs. 5000/- per transaction
- It is a service available in retail for ‘Prepaid Payment Instrument’ license holders
Tatkal Rupya NEFT :
- Between all nationalized banks and almost all leading cooperative bank
- Time taken for transfer is 3 to 4 hours
- Time of operation only on banking hours
- Only available on banking hours and day
In a Retailer Assisted IMPS Model, following is the process:
- Customer walks to the authorized Pay Point retailer
- He / She gives the amount to retailer for IMPS money transfer
- Retailer creates the PaypointZ wallet if customer is new
- If customer is existing, retailer enters customer’s mobile number only
- Customer (PaypointZ wallet holder) receives the T – PIN from Pay Point.
- Retailer enters the beneficiary details
- If beneficiary is existing, he selects the name of beneficiary
- Retailer enters the T – PIN
- Transaction is sent to Pay Point for processing
The entire process under IMPS transaction involves Pay Point India, ICICI Bank and NPCI (National Payment Corporation of India)
Important: As per the guidelines by RBI and NPCI, maximum amount of Rs. 5000/- can be transferred in a cycle using Wallet. If customer needs to send the money more than Rs. 5000/, he has to make two transactions – For Example – if a he has to send Rs. 6500/-, it will be split into two cycle, first for Rs. 5000/ and next for Rs. 1500/-