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Banks to facilitate NFC based NEFT transfer

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For any NEFT transfer (via RBI clearance in India), paying person's bank need to know the payee's bank a/c details.

If these details can be supplied on the fly using NFC (or a QR code), we can make person-to-person money transactions very easily.


Scenario : Person "A" need to pay money to person "B"

Person A is using X bank's mobile APP. Person B is using Y bank's mobile APP. NFC:

1) Person A shall login to X bank's mobile APP. Person B login to Y bank's mobile APP.

2) Person A shall click "pay" which should prompt for Mobile Proximity (NFC exchange).

3) Both A & B touch their phones.

4) X app shall request Y app for all necessary details (like Name, Bank a/c #, IFSC code etc...) on NFC

5) After necessary info is exchanged, X app shall prompt A to enter the amount of money to transfer.

6) X app shall place a new NEFT transfer request.

7) payee is not remembered (forgotten).


QR code:

1) Person A shall login to X bank's mobile APP. Person B login to Y bank's mobile APP.

2) Person A shall click "pay" which should prompt for QR scan.

3) Y bank's app display QR code with all details.

4) A scans QR code on B's app diplay.

5) After necessary info is exchanged, X app shall prompt A to enter the amount of money to transfer.

6) X app shall place a new NEFT transfer request.

7) payee is not remembered (forgotten).  

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