Instant Payment (PAYRAKAM)

Instant Payments (DMT, BBPS, AEPS)

There are various scenarios where sending money to family, relatives, friends or others can be a daunting activity. Especially in semi-urban or rural areas where bank branches are far away, and many citizens do not have any smart phones to facilitate money transfer. Many citizens are still unbanked; therefore, it becomes difficult for them to send money to family or friends etc. MAXIMUS PAYRAKAM is the product which facilitates peer to peer money transfer and citizens can reply on this product for transferring funds.

This application facilitates fund transfer to account holders of banks listed in the app using payment services such as DMT, AEPS, BBPS, UPI Pay.

Domestic Money Transfer (DMT)

100% secured payment system to any individual with a bank account with multiple levels of authentication
Service available on all days including National and Bank holidays
RBI approved payment system
No hidden costs other than charges payable to agent
Send money to any branch of any bank

Aadhaar Enabled Payment System (AEPS)

Financial and non-financial transactions using Aadhaar data linked to bank accounts
Withdrawal of money from any bank
Card-less transaction using only biometric authentication
Fast and secured transaction
Biometric based authentication system

Bharat Bill Payment Services (BBPS)

Convenient and time saving option for bill payments
Payment for electricity, gas, water tax, telephone, mobile, DTH using card/biometric authentication and also by cash
Reliable system with high level of security
Instantaneous payment confirmation
Standardized dispute management system to handle customer grievances

Benefits to Channel Partners

Work as authorized channel partner of Scheduled Commercial Bank
Earn commission on every transaction done through the Agent
Get more walk-in customers
Cross sell other products/ services
Verify transaction details on desktop connected to internet and also data enabled mobile
Ensure customer satisfaction by communicating directly with the remitter
Play an important part in digital banking system of the nation
Help those who are not used to filling forms in banks or do not know to use digital banking facilities for using digital banking services
Flexible work hours and working days as decided by the partner
India goes Digital - Be a part of it and help build Digital India!

Key features of PayRakam

Send money from remitter to beneficiary across any city in India using digital banking facility
Easy and fast registration of remitter and beneficiary of all banks
Secured registration of beneficiary through One-Time-Password on remitter’s mobile number
Option for verifying beneficiary account number and IFSC code
Immediate notification to remitter on completion of successful transaction
Quick refund processing for unsuccessful transactions
Card-less money withdrawal without visiting branch of the bank or ATM from Aadhaar linked bank accounts
Offers easy access, convenience and any time transfer of funds including national and bank holidays
Anytime-anywhere bill payment system to multiple service providers
Immediate confirmation on payment to service providers