Transaction Payout

Payout Methods

The payout methods available to an SMP is dependent upon the destination corridor. Currently, the system supports the following payout methods:

Bank Deposits

In this method, the transaction amount is directly deposited into the recipient’s bank account as per the details provided by the user. The user is required to provide the following set of information for bank deposits along with the necessary recipient information:

· Name of bank of recipient;

· Name of branch in which the account is located;

· Account number of the Recipient;

The user should be careful to provide accurate information regarding the bank account of the recipient in case of a bank deposit. Any mismatch shall result in failure of payout, and in some cases, may also result in the amount being paid out to a wrong recipient.

Cash Pickup

In this method, the recipient shall receive the transaction amount in cash from an authorized payout location. The payout location may be defined by the user at the time of creation of a transaction, or could be chosen by the recipient as per their convenience. The user shall be provided a unique reference number which needs to be presented by the recipient at the cash payout location in order to authorize the disbursement of cash. The recipient must submit a copy of their ID for receiving the cash amount, however, the documents and information required may depend upon the payout agent.

Wallet payout:

The transaction will be delivered in the recipient’s wallet. The payout may be subject to transaction limits for the wallets as defined by respective wallet service providers. Such limits will be defined in the Customer Identification Program of the SMP. These transaction limits shall be independent of the transaction limits specified in the Customer Identification Program of the SMP. If the transaction payout fails because of the transaction limit of the wallet, they may be repushed after 24 hours after communicating with the users.

Payout Process

As SMP prefunds payout of any transaction initiated in the system, the payout process of any transaction is required to be initiated by SMP. For this purpose, SMP is required to request delivery of the transaction so the payout process can be initiated. Through the payout process, a transaction passes through a number of delivery statuses as follows:

Pending

After a transaction is created, the delivery status will be “Pending”.

Hold

If payout of a transaction is held for any compliance reason, the delivery status of the transaction will be on “Hold”. Besides this, a transaction may also be put on hold if the wallet specified for the payout of the transaction is also not verified in the system. In such cases, the transaction shall be released once the wallet is verified.

Delivery Requested

The delivery status of the transaction will be “Delivery Requested” after the delivery has been requested by SMP.

The delivery status of the transaction will be “Delivery Authorized” after the transaction has been verified for all compliance purposes and is ready to be paid out to the recipient. SMP or the payout partners can payout transactions after the delivery status is moved to “Delivery Authorized”.

Delivered

The delivery status of the transaction must be moved to “Delivered” by payout partner once payout of the transaction has been completed.

Delivery Failed

If the transaction fails to be paid out for any reason, the status must be moved to “Delivery Failed” by payout partner.

Payout Timelines

After the payout of a transaction has been authorized, the timeline for completion of a payout shall be as per the timeline specified by the payout partner for the destination corridor. The payouts may be further delayed in case there are any technical or compliance issues at the payout partner’s end.