Koinex Upgrade 1.2.0: Payments simplified!
Introducing near real-time and real-time deposits to INR Wallet
[NOTE: Please read the entire blog to understand all the major changes. Skipping a part may result in unexpected troubles later on while trading on Koinex]
The market is volatile; the prices are climbing; the thrill is peaking. What stops you from grabbing the opportunity? Low INR Wallet balance!
At Koinex, we follow a user-driven development methodology. All our updates, upgrades, new feature developments and platform improvements are prioritized based on what our users want most. Keeping you satisfied is our most important objective.
Near real-time deposits to INR Wallet
We are proud to be India’s first digital assets exchange to introduce near real-time deposits to your INR Wallet. Trading seamlessly has a new definition with our latest system upgrade.
No extra time lag. No more deposit requests. Ever.
Every user on Koinex will be allotted a unique account number which will act as the personal INR deposit destination. With IMPS transactions, users can expect the deposits to be credited to their INR Wallets as soon as their bank clears their transaction and the money is credited to our bank account (unless the banking network is clogged, under maintenance or facing technical issues). This will usually take less than 30 minutes with almost 100% certainty.
For NEFT/RTGS transactions, the banking system usually takes 3–5 bank working hours to clear the transaction. Even though the bank debits your account for the indicated amount, the money is received by us only after 3–5 bank working hours. Again, the deposits will be credited to the INR Wallets as soon as we receive the money.
Clean game, fair name.
Not just this, the latest system upgrade ensures one more very important thing. All money deposited to Koinex INR Wallets will only come from the linked bank accounts of the users. In line with our Anti Money Laundering Policy, deposits will now be entertained only from the linked bank accounts of the users. If money is sent to Koinex via a bank account other than the one linked to Koinex Account, the deposit will be rejected automatically and a refund will be initiated to the source account. No exceptions, no one-time requests, no doubts.
One step, that’s all
Users will no longer need to submit deposit requests (or support tickets). Transferring money to your Koinex INR Wallet means making the transfer from your bank account. No second step required. As soon as you make the transfer and it is cleared successfully from your bank, it will reflect within no time on your Koinex INR Wallet.
Special Instructions for Kotak Bank customers
While the step is just the same for bank account holders of all other banks, the steps required for Kotak Bank customers is different. Kotak-to-Kotak intra-bank transfers are a little different with our new system upgrade (reasons are beyond our control).
Kotak customers are required to follow the following steps to complete their deposit to Koinex INR Wallet:
- From the Kotak Bank netbanking portal, go to “More” and click on “eTAX”.
2. Go to “Special Transactions”, enter the details of your newly allotted unique account number just like a usual transaction and complete your transfer.
Strict Caution
We would like to issue a strict word of caution to our users here. For various reasons, our previous Axis Bank current account is no longer supported on Koinex. As a result, we request all our users to stop transferring money according to the previous bank account details (Axis Bank current account) and use only the newly allotted unique account numbers.
Henceforth, money deposited to the Axis Bank account will NOT be credited to the Koinex INR Wallet. If you have added our previous Axis Bank current account as a beneficiary, we request you to delete/ ignore the same and make use of the unique account number only.
Real-time deposits to INR Wallet
Other than the above mentioned bundle of additions and improvements, we are also introducing a Payment Gateway for real-time or instant deposits.
Payment Gateway: You requested, we delivered.
The current version of the gateway will support Netbanking as the method of payment. Two clicks to get your money transferred to Koinex INR Wallet, it’s that easy. However, users will have to bear the gateway charges (a small cost for instant service).
Final Words
We have revamped the entire INR deposits process to provide the smoothest possible experience in trading. In this endeavour, we are happy to receive support from Razorpay, who have helped us in making this a possibility. We are excited to roll out the much awaited upgrade, and we would like to thank you for showing your trust, love and support to Koinex. It’s you who have made it possible for us to constantly keep setting the bar higher up and deliver. More delights are on their way, and the coming few weeks will be full of surprises.
Stay tuned. Happy trading on Koinex!
Near real-time and real-time INR deposits will go live on Koinex on September 27, 2017 at 02.00 AM.
