Money Remittance Service
Domestic Money Remittance Service

Payworld India has partnered with YES Bank Ltd. (YBL) to offer money remittance services to the customers through its retailers. Payworld India is YBL’s Business Correspondent (BC) and all its retailers who offer these services are called Business Correspondent Agents (BCAs).

These BCAs assist the senders in making domestic remittances to beneficiaries’ bank accounts situated anywhere in India. Money transfer is done the retailer on behalf of the sender.  This model is used only for domestic remittances across India.
Each sender is registered and his/her mobile number serves as a unique identifier.


Below is a brief synopsis of the services:


Working mechanism of the services:

  • The domestic money remittance model is available to all the retailers of Payworld who are desirous of availing this service. The retailer is required to fill in an application form and submit copies of his/her ID proof documents along with the application. The documents are then forwarded to YBL; where a thorough scanning and scrutiny of the retailer and his/her business are carried out. If found satisfactory; YBL approves the application and then the retailer comes a Business Correspondent Agent (BCA) of YBL through Payworld. He/she then carries out the remittance transactions of the senders using Payworld’s retail application.

  • The domestic money remittances are facilitated through two modes of transfers. One mode is the IMPS IFSC mode. Here, the money is credited in the end beneficiaries’ accounts in 3 seconds flat. This mode is available all through the clock that is, it is available 24 X 7. The mode works on all Sunday, bank holidays and national holidays. This method is possible to be used only for banks which are IMPS IFSC enabled. The system facilitates the transfer using the IFSC code of the beneficiaries’ accounts. Presently, only 44 banks are using this facility.

    The second method is the NEFT mode. Here, the transactions are processed in batches and the processing is done from 9 AM in the morning to 7 PM in the evening (Monday to Friday) and from 9 AM in the morning to 1 PM in the afternoon (on Saturdays). No processing is done on Sundays and on bank holidays. It takes upto a maximum of 4 hours for the money to be credited in the beneficiaries’ accounts during processing times.
  • Every sender has to be registered on the system to be able to transfer money. The sender is required to pay registration charges to the BCA for availing this service. Once the registration is done; it holds good for a lifetime. A registered sender can transmit money via any approved BCA.

  • The sender can transfer money to upto 10 beneficiaries’ bank accounts. The maximum limit of money that can be sent in a month is RS. 2 lacs (for non YES bank accounts) and Rs. 10 lacs (for YES bank accounts). The sender needs to get his/her KYC documents approved in order to avail of higher limits for sending.

What are the benefits of using this mode of remittance for the BCAs?

  • The BCA is able to avail the advantages of an entirely new revenue stream and source.

  • Greater reach to more and more numbers of customers. If the BCA is able to explain well to the customers the merits of using these services; the clientele will increase manifold.

What are the benefits of using this mode of remittance for the senders?

  • The sender is able to derive the benefit of extended hours. He/she can transmit money as per convenience. The senders are not required to stand in long queues of the banks’ extension counters. The money transfer is initiated whenever the sender visits the BCA’s premises. The money is deposited in the beneficiary’s account as per the mode of remittance chosen.

  • The transaction is totally secure. The sender receives an SMS when the transaction is initiated and also when the money is deposited in the beneficiary’s account. Even if the transaction fails, the customer receives an SMS with a verification code. The sender is required to contact the BCA through whom the transaction is initiated with the verification code. As the sender is in complete know how of the entire process through SMS.

The retailers (existing and prospective) can approach us on for any enquiries.




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