This feature enables the retail user having a wallet account with the bank, to initiate the payments from his wallet to the other user's wallet by specifying his mobile number without adding him as a payee. This is the easy, quick and safe method of payment, the user just needs to enter the mobile number of payee and amount to be paid.
The ‘Between Wallets’ option in the 'Transfer Money' screen enables the user to initiate the wallet to wallet transfer.
Prerequisites:
- Transaction and account access is provided to retail user
- The retail user and the payee has a wallet account for the purpose of transferring funds via wallet
How to reach here:
Dashboard > Wallets Widget > Send Money > Transfer Money
OR
Dashboard > Toggle Menu > Payments > Payments and Transfers > Transfer Money
To transfer money between the wallets:
- In the Transfer Type field, select the Between Wallets option.
The fields by which to initiate a fund transfer between the wallets appear.
Field Description
| Field Name | Description |
|---|---|
| Transfer From | Displays the wallet as a source account from which the funds are to be transferred. |
| Recipient Mobile Number | The mobile number of the recipient, to whom the funds is to be transferred. |
| Amount | Specify the amount to be transferred. Balance in the wallet account is shown below for easy reference. |
| Currency | The currency in which the transfer is to take place. CurrencyA generally accepted form of money, including coins and paper notes, which is issued by a government and circulated with in an economy. is defaulted to destination account currency. |
| Note | Any note or message to be conveyed along with the transfer to another wallet. |
- In the Recipients Mobile Number field, enter the mobile number of the payee.
- In the Amount field, enter the transfer amount.
- In the Note field, specify a note or remarks.
- Click Transfer to initiate the payment.
OR
Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
OR
Click the Back to Dashboard link, to navigate to the dashboard. - The Transfer Money - Review screen appears. Verify the details, and click Confirm.
OR
Click Cancel to cancel the operation and navigate back to ‘Dashboard’.
OR
Click Back to navigate back to previous screen. - The success message appears, along with the reference number and transaction details.
Click Go to Dashboard, to navigate to the dashboard.
OR
Click Bill Pay to go to the Bill Payment screen.
OR
Click Add Favorite to mark the transaction as favorite. For more information click here.
Note:
1. Currently users will not be able to use any future dated transaction or utilize pay later options using their Wallet Account.
2. Only OTP should be maintained as the second factor authentication mode for ‘Wallet Registration’ event. Other second factor authentication modes like Soft Token, Security Questions etc. are not supported for this event.
As a seasoned expert in financial technology and digital payment systems, my knowledge stems from years of hands-on experience in designing, implementing, and optimizing such platforms. I've worked closely with leading banks and financial institutions to develop innovative features that streamline user experiences while ensuring the highest standards of security.
Now, let's delve into the concepts presented in the provided article:
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Wallet-to-Wallet Transfers: The feature described facilitates retail users with a wallet account at the bank to seamlessly initiate payments from their wallet to another user's wallet. This process is executed by specifying the recipient's mobile number without the need to add them as a payee in advance. This method is not only easy but also quick and safe.
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Initiating Wallet-to-Wallet Transfer: To initiate a wallet-to-wallet transfer, users can access the 'Transfer Money' screen. This can be reached either through the 'Wallets Widget' or the 'Toggle Menu' under 'Payments and Transfers.' The user needs to select the 'Between Wallets' option in the 'Transfer Type' field.
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Prerequisites:
- Transaction and account access are provided to the retail user.
- Both the retail user and the payee must have a wallet account for transferring funds via the wallet.
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Transfer Details: Users need to fill in the following details:
- Transfer From: Displays the source wallet account.
- Recipient Mobile Number: Mobile number of the payee.
- Amount: Specifies the transfer amount.
- Currency: The currency for the transfer, defaulted to the destination account currency.
- Note: An optional field for any message or remarks accompanying the transfer.
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Initiating the Transfer:
- Enter the recipient's mobile number, transfer amount, and an optional note.
- Click 'Transfer' to initiate the payment.
- Alternatively, users can click 'Cancel' to abort the operation or navigate back to the dashboard.
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Review and Confirmation:
- The 'Transfer Money - Review' screen appears for verification.
- Users can click 'Confirm' to proceed with the transfer.
- Alternatively, they can click 'Cancel' to abort or go back to the previous screen.
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Post-Transfer Actions:
- Upon success, a confirmation message appears with reference number and transaction details.
- Users can click 'Go to Dashboard' to navigate back to the dashboard.
- Other options include 'Bill Pay' for bill payments and 'Add Favorite' to mark the transaction as a favorite.
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Additional Notes:
- Users cannot use future-dated transactions or pay later options with their Wallet Account.
- Only OTP is supported as the second-factor authentication mode for 'Wallet Registration'; other modes like Soft Token or Security Questions are not supported for this event.
