Penny Drop API
Penny Drop is used for validating the account number for a beneficiary. This API fetches the beneficiary’s account details which can be used to validate the name of the account holder. This Penny Drop provides IMPS as mode of payment.
List of APIs
| Sl. No. | Name | Description |
| 1 |
Penny Drop API (Financial/Non-Financial Bank) |
In this case, the concept of financial and non-financial banksis applied. 1. If the account validation is done through a financial bank, the beneficiary will receive INR 1. 2. If it is done through a non-financial bank, only the service charge will be deducted from the wallet, and the beneficiary will not receive any amount after validation. |
| 2 | Standard Penny Drop API | In the standard penny drop, the user can only perform a penny drop. When a user initiates a penny drop (account validation), INR 1 will be deducted from the remitter's bank account and credited to the beneficiary. This applies to both financial and non-financial banks. For all transactions, regardless of the bank type, the beneficiary will receive INR 1. |
