Payments and Refunds

Payments

Provision of the Services being offered by Razorpay

Subject to these Terms of Use, Merchant Onboarding Policy, KYC Policy, Disputes and Grievance Redressal Policy and Privacy Policy (collectively, "POLICIES"), Razorpay offers the Services set forth in Schedule I herein.

Schedule I also contains descriptions and process flows of all Services that are offered to Users. These descriptions and process flows are set out in Part A to Part G in Schedule I.

Razorpay is constantly evolving in order to provide the best possible experience and information to its Users. You acknowledge and agree that the form and nature of the Services which Razorpay provides may change from time to time without any prior notice to you.

As part of this continuing process, you acknowledge and agree that Razorpay may stop (permanently or temporarily) providing the Services (or any features within the Services) to you or to Users generally at Razorpay's sole discretion, without any prior notice. You may stop using the Services at any point of time. You do not need to specifically inform Razorpay when you stop using the Services.

You acknowledge and agree that if Razorpay disables access to your account, you may be prevented from accessing the Services, your account details or any files or other content which is contained in your account, and Razorpay shall intimate you regarding the same.

Razorpay reserves the right to delete your User information stored in your account including but not limited to all or any personal information or any sensitive personal data or information ("SPDI") stored in your User account. Alternately, a User may notify us if they do not wish that we retain or use the personal information or SPDI by contacting the Grievance Officer (as provided below). However, in such a case, we may not be able to provide you some or all of our Services.

You acknowledge and agree that while Razorpay may not currently have set a fixed upper limit on the number of transmissions you may send or receive through the Services, such fixed upper limits may be set by Razorpay at any time, solely at Razorpay's discretion.

By using our Services you agree that Razorpay disclaims any liability or authenticity of any information that may have become outdated since the last time that particular piece of information was updated. Razorpay reserves the right to make changes and corrections to any part of the content of this Website at any time without any prior notice to you. Unless stated otherwise, all pictures and information contained on this Website are believed to be in the public domain as either promotional materials, publicity photos, photoshoot rejects or press media stock. Please contact the Grievance Officer by an e-mail if you are the copyright owner of any content on this Website and you think the use of the above material violates the terms of the applicable Copyright law in any manner. In your request, please indicate the exact URL of the webpage to enable us to locate the same. We will endeavor to address your concerns and take necessary steps, if required. Please note that all images displayed on the Website have been digitised by Razorpay. No other party is authorised to reproduce or republish these digital versions in any format whatsoever without the prior written permission of Razorpay.

Razorpay acknowledges and represents that it is and shall remain Payment Card Industry Data Security Standard ("PCI DSS") certified. Further, Razorpay shall maintain compliance with PCI DSS Standard or other comparable industry standards governing physical/ logical security cardholder data across Razorpay environment and ensure that the card holder's data is secured in accordance with the standards.

Compliance with anti-bribery and anti-corruption laws

User agrees and unconditionally undertakes to comply with all applicable commercial and public anti-bribery and anti-corruption laws (including but not limited to the provisions of Foreign Corrupt Practices Act, 1977, UK Bribery Act, 2010, Prevention of Corruption Act, 1988, Prevention of Money Laundering Act, 2002, Foreign Contribution (Regulation) Act, 2010, and any amendments thereto) which prohibit the User, its/ his/ her officials, representatives, agents or any other person associated with or acting on behalf of such User from giving, offering, promising to offer, receiving/ accepting or acting in any other manner so as to induce a payment, gift, hospitality or anything of value (either directly or indirectly) whether from within the country or from abroad to government officials, publics servants, regulatory bodies, judicial authorities, persons in positions of authority, elected or contesting electoral candidates, political parties or office bearers thereof or any other third party or person in order to obtain an improper commercial/business advantage of any kind. Government Officials include any government employee, candidate for public office, an employee of government - owned or government -- controlled companies, public international organisation and political parties. User also agrees not to give, offer, pay, promise or authorise to give or pay, directly or through any other person, anything of value to anybody for the purpose of inducing or rewarding any favourable action or influencing a decision in favour of the User. The User also unconditionally agrees and undertakes that it is compliant with and shall do/ undertake all acts necessary to continue to be compliant with the provisions of 'The Know Your Customer (KYC) / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) guidelines issued by the Department of Regulation', RBI, as amended from time to time.

Compliance with mandates of the OFAC

User undertakes that it shall, during the use of the Services, be in compliance with the mandates of OFAC and acknowledges that the User has not directly or indirectly lent, contributed or otherwise made available funds to any of its affiliates, joint venture partners or any other person or entity for the purpose of financing the activities of any person currently subject to the OFAC Specially Designated Nationals List (SDN), Consolidated Sanctions List and the Additional OFAC Sanctions List, as amended from time to time. For the purpose of this paragraph 7, OFAC means the Office of Foreign Assets Control constituted under the laws of the United States of America.

Fraudulent Transactions

Subject to paragraphs 14.2 and 14.3 below, if Razorpay is intimated, by the Acquiring Bank or a Card Payment Network, that a customer has reported an unauthorised debit of the customer's payment instrument ("FRAUDULENT TRANSACTION"), then Razorpay shall be entitled to suspend the settlement of the amount associated with the Fraudulent Transaction during the pendency of inquiries, investigations and resolution thereof by the Acquiring Bank or the Card Payment Network.

Subject to paragraph 14.3 below, if the Fraudulent Transaction results in a Chargeback, then the Chargeback shall be resolved in accordance with the provisions relating to Chargeback as set out under these Terms of Use.

If the amount in respect of a Fraudulent Transaction has already been settled to the User pursuant to these Terms of Use, any dispute arising in relation to the said Fraudulent Transaction, following settlement, shall be resolved in accordance with the RBI's notification RBI/DPSS/2019-20/174 DPSS.CO.PD.No.1810/02.14.008/2019-20, dated March 17, 2020, DBR.No.Leg.BC.78/09.07.005/2017-18, dated July 6, 2017 read with RBI's notification DBOD. LEG. BC 86/09.07.007/2001-02 dated April 8, 2002 and other notifications, circulars and guidelines issued by the RBI in this regard from time to time.

Card Association Rules

"CARD PAYMENT NETWORK RULES" refer to the written rules, regulations, releases, guidelines, processes, interpretations and other requirements (whether contractual or otherwise) imposed and adopted by the Card Payment Networks. These Card Payment Networks have infrastructure and processes to enable transaction authorisation. The Card Payment Networks require you to comply with all applicable guidelines, rules, and regulations formulated by them.

The Card Payment Networks reserve the right to amend their guidelines, rules and regulations. We may be required to amend modify or change these Terms of Use pursuant to amendments to the Card Payment Network Rules and such amendments, if any, shall be deemed to be binding on the Users with immediate effect.

You agree to fully comply with all programs, guidelines, requirements that may be published and/ or mandated by the Card Payment Networks. Notwithstanding our assistance in understanding the Card Payment Network Rules, you expressly acknowledge and agree that you are assuming the risk of compliance with all provisions of the Card Payment Network Rules, regardless of whether you are aware of or have access to those provisions. MasterCard, Visa and American Express make excerpts of their respective rules available on their internet sites.

In the event that your non-compliance of Card Payment Network Rules, results in any fines, penalties or other amounts being levied on or demanded of us by a Card Payment Network, then without prejudice to our other rights hereunder, you shall forthwith reimburse us in an amount equal to the fines, penalties or other amount so levied or demanded or spent by us in any manner in relation to such fines, penalties and levies. If you fail to comply with your obligations towards the Card Payment Networks, Razorpay may suspend settlement or suspend/ terminate the Services forthwith.

Settlements

In consideration of the Services rendered by us, you shall pay Razorpay a fee ("FEE"). Razorpay reserves the right to revise the Fee periodically and will intimate you of any such change within reasonable time. Razorpay reserves the right to levy additional fees on transactions undertaken through corporate cards. This additional fee shall at least be 1% (one percent) of transaction amount, over and above applicable credit card fees. On receipt of the payments in the nodal account, we will endeavour to instruct the nodal bank to transmit the payments payable to the seller, after deducting our Fee, from the nodal account to the seller's designated bank account, within 3 (three) bank working days (or such other period as may be prescribed by the Reserve Bank of India from time to time) from completion of transaction. Subject to any other provisions of these Terms of Use and completion of transaction, the seller acknowledges that we will settle the payments only upon actual receipt of payments in the nodal account and upon reconciliation of the payments by the Acquiring Banks, our payment gateway and the nodal bank. The seller will bear and be responsible and liable for the payment of all relevant taxes in relation to the payments made under these Terms of Use.

Sellers receive the amount (minus Razorpay's Fee) in their bank account within T+3 bank working days where T is defined as the date of intimation of the completion of the transaction. Razorpay shall be entitled to charge on the Fee, taxes applicable from time to time ("APPLICABLE TAXES"). It is agreed that any statutory variations in Applicable Taxes during the subsistence of this Agreement shall be borne by the User. Monthly invoices shall be raised by us in respect of the Fees charged for transactions processed during such month. Any reasonable dispute in respect of an amount (or a portion thereof) mentioned in an invoice must be communicated by the User via notice ("INVOICE DISPUTE NOTICE") within a reasonable period of time but no later than thirty (30) calendar days from the date of the invoice. Razorpay shall use good faith efforts to reconcile any reasonably disputed amounts within reasonable time from the receipt of the Invoice Dispute Notice.

In respect of invoices received by the Client, it is agreed that if the User pays over applicable taxes under the Indian Income Tax laws and furnishes to us the TRACES certificate in respect of such taxes paid, then we shall reimburse to the User, on a quarterly basis, the amount in respect of such taxes paid.

Once a payment is authenticated by payment service providers, money shall be moved to the escrow account and the first settlement shall be initiated only after all required documents (in hard copies) are received by Razorpay.

All risks associated with the delivery of the goods or service will solely be that of the seller and not of Razorpay. Also, all disputes regarding quality, merchantability, non-delivery, delay in delivery or otherwise will be directly between the seller and the buyer without making Razorpay and/ or the payment service providers, a party to such disputes.

Further, Razorpay also reserves the right to close, suspend, limit or put on hold the User's access to the account with Razorpay and/ or the funds available therein, including settlements pertaining to the User under inter alia the following scenarios:

  • If such User's KYC credentials are found to be ingenuine or fake;

  • If the User makes incorrect or untrue disclosure of the nature of its business, resulting in a merchant category code violation;

  • For violation of any of the provisions of these "Terms of Use";

  • For violation of any of the provisions of any other agreement that the User has entered into or might enter into with Razorpay; and

  • For violation of any of the applicable laws by such User.

Such right to close, suspend, limit or put on hold the User's access to the account with Razorpay shall continue till such time that such User submits genuine KYC documents or credentials to the satisfaction of the relevant authorities as per the extant rules, regulations or guidelines with regard to KYC, as well as to the satisfaction of Razorpay without prejudice to any other legal remedy that Razorpay is entitled to prefer as per applicable law.

Transaction Disputes

Transactions may be disputed anytime within up to 120 (one hundred twenty) days, from the date of transaction by a buyer, as per the Card Payment Network Rules. Disputes resolved in favour of a buyer may result in reversal of payment to such buyer ("CHARGEBACK"). In the event of rejection/ suspension of payments to the seller, chargebacks, refunds and/or any other dispute relating to the transactions contemplated under these Terms of Use ("DISPUTED TRANSACTION"), on any grounds whatsoever, we will forthwith notify the seller of the same.

 

On such notification the seller will conduct an internal review of such matter and will, within 5 (five) working days from receipt of notification, respond to us in writing either:

  • Requesting us to refund Refund Request the payment received by the seller in respect of such Disputed Transaction Refund Monies; or

  • Providing us with a statement explaining how the Disputed Transaction is not warranted, together with all documentary evidence in support of contesting such Disputed Transaction.

All refunds shall be made to the original method of payment. In the event that the seller provides a Refund Request to us or fails to contest such Disputed Transaction within the aforesaid 5 (five) working days or contests Disputed Transaction without providing supporting documentation to us, payment service providers, Card Payment Network and/ or issuing institution's satisfaction, we will be entitled to recover the Refund Monies from credits subsequently made to the escrow account with respect to payments made by the seller's buyers.

In the event that we are unable to recover the Refund Monies as aforesaid, due to the amounts credited to the escrow account being lower than the Refund Monies, Razorpay shall be entitled to recover such Refund Monies (or any part thereof) from the User by (i) raising a debit note in respect of such monies; and/ or (ii) setting-off the remaining Refund Monies against the future payables to the seller and refund the same to the respective buyers. The seller will be liable to make payment of the Refund Monies or part thereof which has not been recovered by us forthwith. It is hereby agreed and acknowledged by the parties that the Fees charged by us in respect of the Disputed Transaction will not be refunded or repaid by us to the seller, buyer or any other person. Further, the Chargeback will be provided within 1 (one) week of the transaction and maximum amount of the Chargeback payable by Razorpay to the buyer will be the value of the transaction only.

Governing Law, Settlement of Disputes and Jurisdiction

These Terms of Use and any dispute or claim arising under it will be governed by and construed in accordance with the laws of India. The Users agree that any legal action or proceedings arising out of these Terms of Use or in connection with these Terms of Use may be brought EXCLUSIVELY in the competent courts/ tribunals having jurisdiction in Bengaluru, India and the Users irrevocably submit themselves to the jurisdiction of such courts/ tribunals.

Technical Issues & Delivery Policy

In case of any technical issues, please raise a support ticket from your service dashboard or by emailing us at <contact@razorpay.comto let us know of the same. We endeavour to deliver Service to you within 15 (fifteen) working days of bank approval, failing which you can terminate a transaction related to Service at any time and get a full refund.

Refund Policy

By accessing and using MobiKwik, YOU accept and agree to the terms, conditions and rules without limitation and or qualification.

We reserve the right to modify the terms at any time without giving YOU any prior notice. Your use of MobiKwik following any such modification constitutes your agreement to follow and be bound by the terms as modified. Any additional terms and conditions, disclaimers, privacy policies and other policies applicable in general and/ or to specific areas of this website, MobiKwik or to a particular service are also considered as terms.

MobiKwik does not at any point of time during any transaction between the USER and merchant/ vendor and or service provider take the ownership of any of the products/services provided by the merchant. Nor does MobiKwik at any point asserts any rights or claims over the products/services offered by the merchant to the USER. The cancellation/refund, if any, will be governed as per the terms and conditions of the aggregator or of the merchant/vendor. MobiKwik has no role in governing refund/cancellation charges. MobiKwik, will not be responsible for refund/cancellation including any charges arising therefrom.

In the event, YOU erroneously send a payment to a wrong party or have sent a payment for a wrong amount, MobiKwik shall have no liability in this regard and your only recourse will be to contact such third party to whom such payment was sent and seek a refund (if any). MobiKwik will not refund or reverse a payment erroneously made by YOU.

All sales of prepaid recharge on the MobiKwik platform are final with no refund or exchange permitted. YOU are responsible for the mobile number or dth account number for which YOU purchased the prepaid recharge and all charges that result from those purchases. YOU are also responsible for the information relating to data card and similar recharge services and all charges that result from those purchases. MobiKwik is not responsible for any purchase of prepaid recharge for an incorrect mobile number or dth account number or incorrect data card information and or similar services.

MobiKwik disclaims any accountability, legal, losses/damages or else, that might arise because of the act, omission or otherwise of any USER on its website/mobile application or caused by the same. USER/YOU expressly admit that MobiKwik is only a payment facilitator & intermediary, and as such, stands indemnified from any accountability that might arise because of the same. YOU (USER) moreover acknowledge that visiting/using MobiKwik website/mobile application is an implicit reception/confirmation of this disclaimer on your part.

YOU are requested to go through the merchant/vendor provided terms and conditions on their website and or platform. MobiKwik is not responsible for your inability to access such terms and conditions or for any loss resulting from such terms and conditions or lack thereof. YOU agree and acknowledge that the actual contract for sale is directly between YOU and the merchant/vendor. MobiKwik does not control or prevent changes in the published details and descriptions of websites/apps operated by the aggregator or the merchant/vendor and is not responsible for any content therein. MobiKwik has no control over the existence, quality, safety or legality of items displayed; the accuracy of the aggregator’s content or listings; the ability of the aggregator and merchant/vendor to sell items or provide services. MobiKwik does not at any point of time during any transaction between YOU and aggregator/merchant/vendor, take the ownership of any of the listing, bookings or services offered by the aggregator/merchant/vendor. Nor does MobiKwik at any point asserts any rights or claims over the same offered by the aggregator/merchant/vendor to YOU. The aggregator or the merchant/vendor is solely responsible for the content/listings/bookings made available by it through the MobiKwik platform and YOU should contact the respective aggregator or merchant/vendor directly. For more information, we request YOU to contact the vendor/merchant/ service provider in order to get further clarifications and confirmation or the same can be confirmed on their websites as well.

MobiKwik is not a warrantor of the content/listings/bookings/services being offered on MobiKwik by various aggregators or merchant/vendors. YOU understand that any issue or disputes regarding the warranty, guarantee, quality, and service will be addressed as per the terms and conditions of the aggregator or the merchant/vendors, and YOU agree to handle such issues and disputes directly between YOU and the aggregator or merchant/vendor.

MobiKwik is not responsible for any warranty, guarantee, post sale claims, genuineness of listings/bookings, content, products and services. MobiKwik will not be liable for any claims including but not limited to any misrepresentation by the aggregator or the merchant/vendor in its content/listings/bookings.

Notwithstanding anything contrary contained herein, the service, the interface and api work, and their respective information, pricing and data, and availability are subject at any time and from time to time to human, mechanical , typographic, or other errors, oversights, mistakes, limitations, delays, service interruptions, including, without limitation, as may be due in whole or in part to, related to or arising out of (i) computer hardware and software, telecommunication and operating systems, databases, or business processes and procedures, other problems inherent in, or which may be associated with, the use of the internet and electronic communications including, without limitation, force majeure event , government / regulatory actions, orders, notifications etc. And / or and acts and omissions of third parties etc.

Any amount transferred erroneously or for any reason by the USER shall not be refunded to the USER in any circumstances.

The USER understands and agrees that MobiKwik is not a party to the contract between the USER and the merchant establishment. MobiKwik does not endorse any advertiser or merchant linked to its website. Furthermore, MobiKwik is under no obligation to monitor the merchant establishment's service/products used by the USER. The merchant establishment alone will be responsible for all obligations under the contract including (without limitation) warranties or guarantees. Any dispute with or complaint against any merchant establishment must be directly resolved by the USER with the merchant establishment. It is clarified that MobiKwik shall not be responsible or liable for any deficiency in goods and/or services purchased using MobiKwik wallet.

Any payment made erroneously by the USER to any merchant establishment or any erroneous transfer to any person shall not be refunded to the USER by MobiKwik in any circumstances.

Any web-link on the platform to a third party site is not an endorsement of that web-link. By using or browsing any such other web-link, the USER shall be subject to the terms and conditions in relation to that web-link.

In the event of any dispute (defined below), MobiKwik records shall be binding as the conclusive evidence of the transactions carried out through use of the wallet.

MobiKwik will not be responsible for recovering the money in case the account holder initiates fund transfer to an unintended or incorrect account.

These following terms and conditions shall be applicable to the provision of any fund transfer and fund collection facility provided / facilitated by MobiKwik. The USER shall provide correct beneficiary details to MobiKwik at the time of availing the said facility. The USER shall be solely responsible for entering wrong beneficiary details like incorrect virtual payment address or incorrect mobile number or account no or ifsc code, due to which the fund are transferred to an incorrect beneficiary. The USER agrees that the payment order shall become irrevocable when it is executed by MobiKwik.

The USER is responsible for the accuracy and authenticity of the instructions provided to MobiKwik and the same, if is in the form and manner prescribed by MobiKwik, shall be considered to be sufficient to operate the said facility. MobiKwik shall not be required to independently verify the instructions. MobiKwik has no liability if it does not or is unable to stop or prevent the implementation of any payment order issued by the USER. Once a payment order is issued by the USER the same cannot be subsequently revoked by the USER.

All instructions, requests, directives, orders, directions, entered by the USER, are based upon the USER’s decisions and are the sole responsibility of the USER.

Refunds (if any) will be credited to your MobiKwik wallet account.