Introducing Yet Another Peer to Peer INR Deposit & Withdrawal Method

You can always get better. Nobody can stop you from getting better, and nobody can stop you from trying to make something right. — Roseanne Barr

We are thankful to our crypto community which gives us the strength to come out stronger than before every time we see a hurdle.

With this inspiration we are glad to introduce an obstruction free means to trade digital assets to millions of Indian traders, the way they always wanted it (via INR).

Let’s Keep It Simple

Allowing user to directly trade using INR would eliminate need to buy or convert to any other relatively stable coin (which are not stable against INR).

Your value of INR will not fluctuate. Here is how our flow helps :-

Best way to enter to crypto market

  1. For 70 INR you deposit, you get 70 INR in your Bitbns account.
  2. You need just a single trade thereafter to get cryptocurrency of your choice.

Best way to withdraw INR

  1. Sell your cryptocurrency and get INR at Bitbns.
  2. 70 INR on withdrawal gives 70 INR in your bank account.
  3. Fastest way to withdraw your hard earned money to your bank account.

This will not affect the trading system currently present on Bitbns. Trading will happen smoothly. You get your cryptocurrency in fraction of a second. Unlike traditional P2P exchanges across the globe, users do not have to depend on finding a buyer or seller, which is time consuming and can lead to losses while doing arbitrage.

How Peer to Peer Transaction works?

Let’s say you want to deposit INR to Bitbns wallet, and another user wants to withdraw INR from the wallet.

  1. How deposits will work on Bitbns
P2P Deposit Flow

I. A deposit request will be initiated by the user *.

  • Go to wallet and Select on “Deposit”.
  • Choose the method as Bank Transfer using UPI/IMPS
  • Enter the amount according to the new deposit structure as specified below. Click on “NEXT” to initiate a request.

II. Once a deposit request has been initiated, the user will get a list of peers to whom the transfers have to be done.

a) There will be maximum of 15 peer per single deposit with each field corresponding to a unique withdrawer.

b) Each request would show the following details:

  • Amount: INR value
  • Bank account: The bank account details of the withdrawer (UPI or IMPS) and the depositor has the option to select their method of transfer, i.e.UPI (preferred as it is instantaneous) or IMPS (can be used in case a depositors’ multiple bank account UPI limit has been crossed).
  • Validity Timeout: Fulfil the transaction within the specified time.
  • Submit Reference number: Depositor would have to input their reference number after a successful transaction.
  • Transaction Remarks/Comments: You will have to mention this transaction remarks/Comments while depositing the amount to the respective peer. This transaction remarks will help the withdrawer to identify your transaction incase of multiple deposit of same amount.
  • For example: For a 15K withdrawal, if the withdrawer is assigned with three peers of 5K each, but one of them does not deposit, in that case, these transaction remarks will help withdrawer to identify the peers who have deposited and can mark ‘Yes’ for the corresponding transactions.
  • Status: Confirmation status by withdrawer.

Note: A deposit can be fulfilled by either a single withdrawer or multiple withdrawers. We’ll make sure that the withdrawers won’t fall short.

2. How withdrawals will work on Bitbns

P2P Withdrawal Flow

I. A withdrawal request will be initiated by the user *.

  • Go to wallet and click on “Withdraw”.
  • Choose the method as Bank Transfer using UPI/IMPS
  • Enter the amount according to the new deposit structure as specified below.
  • Enter the OTP from google authenticator app. If you have not enabled 2FA. Please read this guide to enable 2FA
  • Enter the UPI ID or bank details if not already updated.
  • Click on “NEXT” to initiate a request.

II. Our system will find the depositor who will fulfil withdrawal request.

a) There will be maximum of 15 peer per single withdrawal with each field corresponding to a unique depositor.

b) Each request would show the details.

  • Amount: INR value
  • Status: “Allocating peer” if not allocated or shows pending withdrawal status until the allocated peer transfers the amount to your bank account.
  • Transfer Details & Confirmation Buttons: If depositor submits reference number, then it will show reference number along with transaction remarks/comments.
  • If successfully transferred, withdrawer should mark as ‘Yes’.
  • If the transaction is not successful, click on ‘No’. This would initiate a dispute between the peers to resolve it among themselves.

Note: A withdrawal can be fulfilled by either a single depositor or multiple depositors. We’ll make sure that the depositors won’t fall short.

FAQ on Peer to Peer Transfer:

  1. Which payment method can I use to deposit INR?
  • You can deposit via UPI and IMPS. The withdrawer will have to associate their UPI ID and Bank account details to which they would like to receive the funds.

2. Is it ok to keep my UPI ID same as my mobile number?

  • We recommend our user to use a customised UPI ID other than the mobile number to protect their privacy. Every UPI based app has such an option.

3. How do I customise my UPI ID?

  • Here are some videos that can guide you to customise your UPI id:
PhonePe UPI Id
BHIM APP

4. Is there any Withdrawal/Deposit Structure to be followed?

  • Minimum withdrawal/deposit will be Rs 1000
  • A user can request the maximum of Rs. 1,00,000 per withdrawal and with a daily limit of Rs. 5 Lakh.
  • Withdrawal upto 10,000 has to be in multiples of 1,000
  • Withdrawal above Rs 10,000 has to be in multiples of 10,000.

So, If you want to withdraw Rs 57,000, then you will have to request two withdrawal requests, one with Rs. 50,000 and another as Rs. 7,000.

5. How would disputes be resolved ?

  • In case a particular transaction is in a dispute, the users will have an option to chat and submit proofs for their transactions and settle among themselves. If still not solved, either of them can escalate it to us, and each of them would be asked to do a live screen share of their bank statements.

6. When can a user raise a dispute?

A user can raise dispute under the following situations:

  • When a receiver hasn’t yet acknowledged the payment from the depositor.
  • The receiver denied the transaction even after the depositor transferred the correct amount.
  • The depositor either submitted a false reference code or sent a wrong amount.

7. How long does it take to deposit/withdraw INR?

We recommend UPI/ IMPS payment mode, as they are faster.

UPI Payment:

  • Failed or pending transactions: Although UPI transfers are instant, there are certain times when the transaction fails or stay pending. For such cases the UPI confirmation may take upto 3 days. Such disputes can be raised only after 3 days.
  • For confirmed transactions: If any one of the party denies the transaction, a user can raise a dispute, which will be then taken care by our customer experience & support team.

For IMPS:

  • Failed or pending transaction: Failure rate is very low in IMPS while the user can request the bank in case the failure happens.
  • For confirmed transaction: If the any one of the party denies the transaction, a user can raise a dispute. Which will be then taken care by our customer experience & support team.

10. Things to keep in mind for peer to peer transaction

  • Submit reference code of a transaction as soon as possible.
  • Confirm the transaction as soon as possible.
  • Failing to do the above will affect your P2P ratings which would make it harder to get good peers in the future. A rating less than 3 would bar you from this model.

11. Following are the cases where Bitbns will not be held liable:

  • If you send excess amount to the peer.
  • If you send wrong amount.
  • If you send it to a wrong account or wrong peer.

Note: Bitbns will never ask you to deposit funds to any other account, to facilitate your transactions.

Our peer-to-peer match for INR transaction will be prioritised based on how you complete the transaction cycles. Dispute and “things to keep in mind” section mentioned above — along with a few internal factors — will be considered seriously to evaluate the user’s P2P rating.

Do’s and Don’t for peer to peer transaction

Do’s:

  • Recommended: Use UPI payment method for instant transaction
  • Submit reference number of a transaction as soon as possible to avoid getting poor rating for deposits.
  • Confirm the transaction as soon as possible to avoid getting poor rating for withdrawal.
  • Maintain positive & humble tone while chatting with a user during discussion

Don’ts

  • Only Transaction Remarks given to you has to be added. Don’t use crypto, bitcoin (even drugs…duh!) or any related terms in remarks or comment section of bank transfer to avoid banning your bank account.
  • Don’t use abusive language in chat. Be polite. It will be monitored and rated accordingly.

Tips: It’s better to keep funds in your Bitbns wallet in case you want to buy something immediately.

Happy Trading!