This API is used to disburse fund from Nowpay wallets accounts to bank account using Bank account number and IFSC code.
India has a huge number of people who do not have smartphones and bank accounts. For banking services such as sending money, they usually end up having to visit bank branches. Unfortunately, many of them live in areas that do not have bank branches nearby.
What if you could help them by providing them banking services at your shop? The most commonly used banking service is direct money transfer, also known as money remittance. Nowpay gives you this feature to turn your own shop into a bank. Customers who do not have bank accounts but still want to transfer money using cash can visit your shop. You can take the cash and transfer digital money to the bank account specified by them. Easy and effective!
Money Transfer is one of the services most in demand today in India. Large segments of the population still do not have access to basic banking services. The density of banks in rural or semi-urban areas is still very low. To address this opportunity, Nowpay has aggregated major Banks & wallets under a single API platform to enable our Channel Partner's retail networks to service the money remittance requirements of customers.