Add PayTM as a payment method (popular mobile payment service in India)

[pazza83]

PayTM

References:

• PayTM website
• PayTM video explainer
• PayTM wallet blog post
• PayTM Wiki

Why

India has the 5th largest economy in the world by GDP, yet Bisq does not have many options for people in India to trade. It would be good to give people in India more access to trading on Bisq.

Paytm is an Indian e-commerce payment system and financial technology company, based in India.

PayTM has around 350 million users. Users can send funds to each other via the PayTM wallet.

PayTM is already included on almost all other P2P cryto exchanges.

Region

India

Currencies

INR

Chargeback risk

Low.

PayTM payments cannot be reversed.

Size of user base

350 million users.

Data requirements

In order to make a payment or transfer funds through PayTM, you just need your recipients PayTM registered email or phone number. No other information is needed.

Verification

Payment is made on bank smart phone app. Screenshots / videos can be used for verification.

Duration

Payments are immediate. 24/7, 365 days a year.

Trade time should be set to 24 hours.

Fees

Free for personal use.

Fraud risk

Low

Payment amounts

With No KYC users are limited to

• Maximum of 5,000 INR can be sent per transaction. This is approximately $67.5 USD.
• Maximum of 10,000 INR can be held in someone's PayTM wallet . This is approximately $135 USD.

With KYC users are limited to

• Maximum of 100,000 INR can be sent per transaction. This is approximately $1,350 USD.
• Maximum of 100,000 INR can be held in someone's PayTM wallet . This is approximately $1,350 USD.

This means that for Bisq a KYC PayTM wallet will be practical for transactions. Users should also be aware of account limits.

[pazza83]

See similar payment method IMPS proposal here: #224

[pazza83]

See similar payment method UPI proposal here: #225

[pazza83]

PayTM has been scored for inclusion to Bisq:

Essential	Desirable	Definite No’s
Very low risk of chargeback	No risk of chargeback	< very low risk of chargeback
Way to verify the sender in the received payment	Way to verify the sender in the received payment and ability to enter a reference	No way to verify the sender in the received payment
Trade time less than one week	Instant payment	Trade time more than one week
Singular Fiat currency	Multi-currency	Not a payment method for fiat currency
Significant user base	Large user base	No significant user base
High usability	High usability and great user experience	< high amount usability
No KYC required for sending and receiving payments	No KYC required for sending and receiving payments, allows users to trade with upmost privacy. Minimal identifying information as possible (no names, email, phone etc required)	Some KYC required (proof of address, ID, selfie) for sending and receiving payments
Low risk of scam attempts	Very low risk of scam attempts	< low risk of scam attempts
Traders can provide evidence of payment / receipt	Traders can provide evidence of payment / receipt and Verification of payment can be made using PageSigner or similar	Traders will be unable to provide evidence of payment / receipt
Minimum limit at least equal to at least account limits protocols	No minimum limits	Minimum limit not able to achieve account limits protocols
Maximum limits equal to at least 0.01 BTC	Large payment limits up to 2 BTC	Maximum limit is less than 0.01 BTC
Likely to increase liquidity	Likely to increase liquidity and open markets for different countries and currencies	Likely to decrease liquidity
Low risk of mediation	Very low risk of mediation	< low risk of mediation
Low risk for traders from government agencies	No risk for traders from government agencies	< low risk for traders from government agencies
Fees should not be a barrier to trading	No fees for transactions	Fees will be a barrier to trading
Only minor changes needed to trade protocol	No changes needed to trade protocol	> Minor changes needed to trade protocol

Score: 25/32
Percentage: 78.13%

[pazza83]

PayTM - Proposed National Currency Payment Method

I am proposing that PayTM be added as a national currency payment method.

@refund-agent2, @huey735, @leo816 please let me know if you have any questions as to how PayTM will be mediated / arbitrated. If you have any objection please let me know by 31 May 2021.

Date proposal being made: 01.05.21
Date feedback to be provided by: 01.05.21

Name of payment method: PayTM

Required fields:

Country: India
Email or Phone number

Signing required: No

Regions accepted: India

Currencies accepted: INR

Bisq Limits: eg 0.05 BTC

Maximum amount per transaction is 100,000 INR

Trade window: 1 day

Any relevant information for mediators / arbitrators: No

Any relevant information for devs: Please set maximum limit to 0.05 BTC

Any relevant information for users: Maximum amount per transaction is 100,000 INR , payments above this will need to be sent as multiple transactions.

Screenshot of expected GUI: TBC

[pazza83]

Here is the XD for PayTM, it should be straight forward to add (main difference is buy/sell limit should be set to 0.05 BTC):

[pazza83]

Information required for Bisq software strings:

Hi @jmacxx here is the information for the strings.

Let me know if you need anything else:

Special info about any of the inputs required for creating the payment account:

Please make sure to include your email or phone number that matches your email or phone number is your PayTM account.

When users set up a PayTM account with No KYC users are limited to:

• Maximum of Rs. 5,000 can be sent per transaction.
• Maximum of Rs. 10,000 can be held in someone's PayTM wallet.

If you intend to trade amount of over 5,000 per trade you will need to complete KYC with PayTM. With KYC users are limited to:

• Maximum of Rs. 100,000 can be sent per transaction.
• Maximum of Rs. 100,000 can be held in someone's PayTM wallet ..

Users should also be aware of account limits. Trades above PayTM account limits will likely have to take place over more than one day, or, be cancelled.

Special items to be aware about when sending payments (for BTC Buyers):

Please send payment only to the email address or phone number provided.

If you intend to trade amount of over Rs. 5,000 per trade you will need to complete KYC with PayTM.

With No KYC Rs. 5,000 can be sent per transaction.

With KYC users Rs. 100,000 can be sent per transaction.

Special items to be aware about when receiving payments (for BTC Sellers):

If you intend to trade amount of over Rs. 5,000 per trade you will need to complete KYC with PayTM. With KYC users are limited to:

• Maximum of Rs. 100,000 can be sent per transaction.
• Maximum of Rs. 100,000 can be held in your PayTM wallet .

Users should also be aware of account limits. As a maximum of Rs. 100,000 can be held in your PayTM wallet please make sure you transfer out your rupees regularly.

[ghost]

Screenshots at https://gist.github.com/jmacxx/2bcf95607373c821990e82bdcfa2c3fd#gistcomment-3902128

[pazza83]

Wiki completed: https://bisq.wiki/PayTM