Due to the current restriction of using Banking services by RBI on Crypto Exchanges, our users have faced difficulties in trading seamlessly with INR on PocketBits. That stops today!


We are excited to announce the revival of INR transactions through our 
Peer to Peer transaction system on PocketBits.


 How this peer-to-peer payment system works is actually pretty straightforward:


Let's say a PocketBits user wishes to deposit INR into their Wallet and another user wishes to withdraw INR from their Wallet. Our matching engine links these two users (Peers) and the banking transaction takes place between them. 


 Technically the Depositor is sending funds to the Withdrawer who already has an INR balance on PocketBits and wishes to take it out through their Bank Account. Once the Depositor sends the funds and the Withdrawer checks their bank account for the deposits and releases the trade, the Depositor gets the amount as INR balance on PocketBits.


 

How does it work?


Depositing INR to your Wallet


1) Go to your INR Wallet and click on Deposit INR


2) Enter the amount you wish to Deposit and if desired add a bonus amount from 0.1% to 5% for faster deposits (Bonus is optional) For more details on Bonus Click Here.


3) Click on Submit Deposit Request
 (Requests under ₹10,000 can only be in multiples of ₹1,000 while requests between ₹10,000 and ₹5,00,000 can only be in multiples of ₹5,000.)


4) Once the request is initiated, it will be added to an INR transaction table and you will be matched with withdrawers in a way that ensures the least number of matching peers so that the transaction can be completed with as few bank transfers as possible.

Note: Requests with added bonus will be matched first to ensure maximum benefits to the users.


5) As soon as your request is matched, you will be notified via email and you will get a list of users to whom the transfers have to be done. You can chat with the matched users throughout the transaction process, i.e. until the transaction is complete. 


Each request would show the following details:


- Amount: INR value

- Bank account: The bank account details of the withdrawer (UPI or IMPS) and the depositor has the option to select their method of transfer, i.e.UPI (preferred as it is instantaneous) or IMPS.

- Time Limit: Fulfil the transaction within the specified time.

- Transaction Reference number: Depositor would have to input their reference number after a successful transaction.

- Transaction Remarks/Comments: You will have to mention this transaction remarks/Comments while depositing the amount to the respective user. This transaction remarks will help the withdrawer to identify your transaction in case of multiple deposits of the same amount.

E.g: If the withdrawer is assigned with multiple Users of 5K each, but one of them has not sent the payment yet, in that case, these transaction remarks will help withdrawer to identify the users who have deposited and can mark confirm that they have received the amount.


6) For every matching user, click on Make Payment to see the banking information (UPI and IMPS) for that user. After making the payment to the user, you will need to provide the reference number of the Transaction and click on Mark As Paid.
(The time limit for making the payment is 1 hour. An option to extend by another half an hour will be available 30 minutes after user matching. Please use the time extension option only when needed.)


7) The withdrawer will then be notified about your payment and will be required to confirm the same. If the withdrawer doesn’t confirm in the next 30 minutes, you will be given an option to raise a Dispute against the withdrawer by submitting a valid proof of payment and our Dispute resolution team will help you in communicating with the withdrawer.


8) Not paying within the time limit will lead to the expiry of your request and you will be matched with another user.


9)As soon as the withdrawer confirms the payment or the dispute is settled in your favour, the INR will be available on your PocketBits INR Wallet for trading.



Withdrawing INR from your Wallet


1) Go to your INR Wallet and click on Withdraw INR


2) Enter the amount you wish to Withdraw and if desired add a bonus amount from 0.1% to 5% for faster Withdrawals (Bonus is optional) For more details on Bonus; Click Here.


3) Select a Bank Account or UPI ID in which you wish to receive the INR (Multiple Bank accounts and UPI ID's can be added to your Profile from the Update Bank Accounts section in INR Wallet.)


4) Click on Submit Withdrawal Request
 (Requests under ₹10,000 can only be in multiples of ₹1,000 while requests between ₹10,000 and ₹5,00,000 can only be in multiples of ₹5,000.)


5) Once the request is initiated, it will be added to an INR transaction table and you will be matched with depositors in a way that ensures the least number of matching peers so that the transaction can be completed with as few bank transfers as possible.
 Note: Requests with added bonus will be matched first to ensure maximum benefits to the users.


6) As soon as your request is matched, you will be notified via email and you will get a list of users who will make the deposit to your bank account. You can chat with the matched users throughout the transaction process, i.e. until the transaction is complete. 
 (The depositors will be given an hour to make the deposit with an optional extension time of 30 minutes )


Each request would show the following details:


- Amount: INR value

- Status: “Matching Request” if not allocated or shows pending withdrawal status until the allocated peer transfers the amount to your bank account.

- Transfer Details & Confirmation Buttons: If depositor submits reference number, then it will show reference number along with transaction remarks/comments.


7) You will be notified via email and SMS as soon as the depositors complete the payment.


8) In case the payment is not received in the next half an hour, you can raise a Dispute against a depositor by submitting a valid proof of not receiving any payment and our Dispute resolution team will help you in communicating with the depositor.



 




 


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