6.1 Supported Payment Methods
All payment methods available on CryptoBazaar for INR transactions and when to use each one.
§UPI (Unified Payments Interface)
UPI is the most popular and recommended payment method on CryptoBazaar. It enables instant bank-to-bank transfers using a UPI ID or by scanning a QR code. Transactions settle within seconds and are generally irreversible, making UPI the safest option for P2P trading.
UPI supports transaction limits that vary by bank, typically ranging from 1 lakh to 2 lakh INR per transaction. For amounts within these limits, UPI provides the fastest and most convenient trading experience.
Popular UPI apps include Google Pay, PhonePe, Paytm, and direct bank UPI apps. Any UPI-enabled bank account can be used for CryptoBazaar trades.
§IMPS (Immediate Payment Service)
IMPS allows instant fund transfers up to 5 lakh INR per transaction. Unlike NEFT, IMPS is available 24/7 including holidays. Transfers typically reflect within minutes.
IMPS is a good choice for amounts that exceed UPI transaction limits but still require instant settlement. You will need the recipient's bank account number and IFSC code to initiate an IMPS transfer.
As with all payment methods, ensure the transfer is made from your own verified bank account. Third-party IMPS transfers are not accepted on CryptoBazaar.
§NEFT and RTGS
NEFT (National Electronic Funds Transfer) processes transactions in batches throughout the day. While NEFT is now available 24/7, there can be slight delays in processing depending on your bank and the time of transaction.
RTGS (Real Time Gross Settlement) is designed for large-value transactions, typically 2 lakh INR and above. RTGS settles in real-time during banking hours.
Both NEFT and RTGS are reliable but slower than UPI or IMPS. If you choose these methods, communicate the expected settlement time to your trading partner to avoid unnecessary disputes.
§Choosing the Right Payment Method
For trades up to 1 lakh INR, UPI is the best choice. It provides instant confirmation, is easy to verify, and offers strong finality.
For trades between 1 lakh and 5 lakh INR, consider IMPS for instant settlement or UPI if your bank supports higher limits.
For trades above 5 lakh INR, RTGS provides real-time settlement during banking hours. NEFT is an alternative for any amount but may have processing delays.
Regardless of the payment method, always verify the payment in your bank account before releasing escrow. The method only affects speed and limits, not the fundamental verification process.
STILL NEED HELP?
Our support team is available 24/7 for urgent disputes or verification issues.