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Terms & Conditions

This document is an electronic record in terms of Information Technology Act, 2000, amendments thereof from time to time and the rules thereunder as applicable and the amended provisions pertaining to electronic records in various statutes as amended by the Information Technology Act, 2000. This electronic record is generated by a computer system and does not require any physical or digital signatures.

Welcome to paulpay Wallet. Your use of paulpay Wallet on our Website i.e. Https://paulpay.in or Mobile App i.e. Paul Pay(hereinafter collectively referred to as "Our Platform") is governed by the following terms and conditions (Terms) which are incorporated herein by way of reference. The Terms are effective upon acceptance of usage of our platform, and governs the relationship between the Users of this platform ("You", "Your", "Yours" or the "User" as the context may necessitate) and Paul Merchants Finance Private Limited , a Company incorporated and Registered under the Companies Act, 1956, having its Registered Office at Ground Floor, SCO 829-830,Sector 22-A,Chandigarh-160022 ("Company", "Us", "Our" or "We" as the context may necessitate).

Please read the terms and conditions carefully before registering, accessing or using the Services (defined below). These Terms and Conditions is a legal contract ("Agreement") between you and the Company. You agree and acknowledge that you have read the terms and conditions set forth below. If you do not agree to these terms and conditions or do not wish to be bound by these terms and conditions, you may not use the Services and/or immediately terminate the Services.

  1. The Company reserves the right to amend these terms and conditions at any time by posting an updated version at https://paulpay.in/ ("Paul Pay Site"). The updated version of the Terms shall take effect immediately upon posting. . It is your responsibility to review these Terms periodically for updates / changes. Your continued use of Paul Pay following the posting of changes will mean that You accept and agree to the revisions including additional Terms or removal of portions of these Terms, modifications etc. . As long as you comply with these Terms, We grant you a personal, non-exclusive, non-transferable, limited privilege to enter and avail the Services offered along with Paul Pay Wallet.
  2. You also accept and agree to be bound by paulpay Policies (including but not limited to Privacy Policy available on the paulpay website www.paulpay.in as amended from time to time.
  3. Paulpay Wallet:

    • "paulpay Wallet" a Semi Closed Prepaid Instrument refers to a Digital Wallet issued by Paul Merchants Finance Private Limited in accordance with the Certification of Authorisation granted by Reserve Bank of India.
    • Paulpay Wallet facilitates payments and services in connection with online transactions concluded on and through our Platform i.e. The paulpay App and website https://paulpay.in/, or any third party merchant app, website, physical store or any individual within the paulpay network.
    • You can make merchant payments, recharge/bill payments and other In-App category purchases by adding balance to the wallet using Credit/Debit Card, Netbanking or load Cash at participating outlets. We have partnered with multiple banks which follow the standard regulations and safety standards to enable this solution.
  4. Eligibility

    • You must be 18 years of age to use paulpay Wallet.
    • Children below 18 years can use paulpay Wallet under the guidance of an adult.
    • We reserve the right to terminate any account or your use of paulpay Wallet if any information provided by you is false, fictitious, inaccurate, not current or incomplete, with or without notice to you.
    • Our Services are currently available to customers with an active Indian mobile number, a smartphone
  5. Registration

    • In order to use the full spectrum of Our Services, You need to register on the paulpay App, Portal, or through our branches and agents’ location and provide us with accurate and complete information/KYC details/Documents. You are also required to keep your accounts and contact information complete and updated at all times. Any account found to contain incorrect and/or outdated information will Be suspended. The collection, verification, updation and maintenance of accurate information/KYC Details/Documents is a continuous process. The Company reserves the right to take steps to ensure compliance with all KYC requirements prescribed under any Law applicable to the Company.
    • Upon downloading the paulpay App, You have to necessarily allow permission to paulpay to send an SMS from Your smartphone to paulpay's Virtual mobile number, which allowspaulpay to verify your mobile number and register your device details against Your paulpay account. This is a mandatory security step, and you accept that paulpay has the sole right to not allow you to use Your paulpay app without the completion of this step.
  6. It is required for the customers to mandatorily register for SMS alerts /e-mail alerts, for electronic payment transactions
  7. It is your responsibility to provide your correct mobile number so that we can communicate with you via SMS. You understand and agree that if We send you an SMS but You do not receive it because Your mobile number on file is incorrect or out of date, blocked by your service provider, or you are otherwise unable to receive SMS, We shall be deemed to have provided the communication to You effectively. Please note that if you use a spam filter that blocks or re-routes smss from senders not listed in your contacts, you must ensure that paulpay smss are marked as trusted as 'not-spam', so that you will be able to view the Communications we send to you.
  8. Email Address it is your responsibility to keep your primary email address up to date so that we can communicate with you electronically. You understand and agree that if We send you an electronic communication but You do not receive it because Your primary email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, We shall be deemed to have provided the communication to You effectively. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add paulpay to your email address book so that you will be able to view the Communications we send to you. You can update your primary email address at any time by logging into the paulpay App.
  9. Device Information

    • The device (smartphone) on which You download paulpay App and use during registration, shall become Your registered device and it's details shall be stored by us. The moment you log into your paulpay account from a different device using the paulpay app, you will be asked to allow paulpay to send an SMS from the new device, after which the new device becomes the registered device.
  10. In case of any unauthorized use of your account or your user id and password, please contact us at our customer services E-mail Address care@paulfincap.com or call us at 1800 137 1333
  11. Privacy

    • We collect, hold, use and transfer your personal data inaccordance with Our Privacy Policy. By agreeing to the Terms ofService, You hereby agree to Our Privacy Policy, which may be updated by us from time to time. You understand and agree that,to the extent permitted by applicable law, any data provided byyou in connection with the Services may be shared with our affiliates or partners
    • Paul Pay shall ensure preservation of records and confidentiality of customer information in our possession. Please refer to the link below for https://paulpay.in/privacypolicy .
  12. User Responsibilities

    • Beneficial Owner
      • You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.
    • Username and Password
      • You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.
      • A set of username and password is unique to your use of the Service and you shall not share, assign or permit the use of your username and password to any other persons. You acknowledge that sharing of your username and password with other persons (collectively, "multiple use") may cause irreparable harm to paulpay. You shall indemnify paulpay against any loss or damage suffered by paulpay as a result of such multiple use. You undertake tonotify paulpay immediately of any unauthorized use of your username or password or any other breach of security. You agree that paulpay shall not be liable for anyloss or damage arising from your failure to comply with this section.
    • Take necessary precautions to ensure that the computer deviceor other device accessing paulpay during transactions is guarded from all unauthorized access
    • You shall be solely responsible for:
      • Maintaining the confidentiality of Your paulpay username, password and OTP
      • Maintaining the confidentiality of any credentials or/and information using which, one can impersonate you
      • All transactions and activities that occur under your username and password
      • All consequences of use or misuse of your username and password
      • Sharing any of the above credentials with anyone including anyone claiming-from or from bank, paulpay etc.
    • You are advised to notify the paulpay of any unauthorized electronic payment transaction at the earliest . Please note that the longer the time taken to notify paulpay, higher will be the risk of loss to the customer.
  13. Wallet User Obligations

    • You must ensure the availability of sufficient funds before executing any transaction from your Account.
    • You shall intimate us about change in your address, if any, in writing along with such proof of address as per the KYC documents
    • Your paulpay wallet might be a trusted instrument with certain merchants after validating your identity, in such cases misuse of wallet because of auto-authentication on same device because oflost/theft/misuse of device or information will be solely User's responsibility.
    • You hereby agree to permit the paulpay Wallet to store the Registration information in their databases and are permitted to disclose it if required to do so by Applicable Law, in good faith believing that such preservation or disclosure is permitted by Applicable Law, or as reasonably necessary to (i) comply withlegal process or (ii) enforce these Terms.
  15. Operational Issues:
    • Every effort is made to keep the website up and running smoothly. However, paulpay takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to operational issues beyond control of paulpay.
    • The Company will issue Full KYC Account upon submission of your KYC documents at the time of registration or on a later date.
    • You may note that withdrawing cash from Wallet is not allowed. Any outstanding credit in an active Wallet must be utilized only for purchase of goods / services
    • The wallet limits are in accordance with RBI guidelines as applicable from time to time.
    • Paulpay Wallet is available for use in India only and cannot be used for cross border transactions.
    • Paulpay wallet shall not be used as gift instruments.
    • The Paulpay wallets are reloadable in nature and issued only in electronic form.
    • The electronic loading / reloading of ppis shall be by debit to abank account, by credit and debit cards, cash and shall be in INR only.
    • The use of a wallet for cross border transactions shall not be permitted.
    • The Minimum KYC wallets shall be converted into Full KYC compliant semi-closed wallets within a period of 24 months from the date of issue of wallet, failing which no further credit shall be allowed in such wallet . However, the wallet holder shall be allowed to use the balance available in the wallet.
    • Paulpay wallets shall be used only for purchase of goods and services. Funds transfer from such ppis to bank accounts and also to ppis of same / other issuers shall not be permitted.
    • Paulpay shall be responsible for addressing all customer service aspects related to all ppis (including co-branded ppis) issued by them
    • Subject to guidelines/notifications issued by any competent authority, laws, order or court from time to time these limitations may be reviewed and modified at the discretion of the Company without prior intimation to the Customer.
    • The Company reserves the right to amend, modify, change,and/or terminate (collectively "Changes") the Terms, the Site(https://paulpay.in) and Related Applications, at any time in its sole discretion. It is your responsibility to keep yourself updated and to check them periodically for any new changes or modifications. Your continued use of the Services shall be deemed as your acceptance of any such Changes.

    • The use of paulpay wallet for PPI will be allowed in strict adherence to RBI KYC policy. Subject to guidelines/notifications issued by RBI from time to time these terms may be reviewed and modified at the discretion of the Company without prior intimation to you.
    • The wallet is issued to you on account of the minimum KYC wallet, you have to complete the KYC to get full access to the service and experience
    • "KYC" stands for Know Your Customer and refers to the various norms, rules, laws and statutes issued by Reserve Bank of India from time to time under which the Company is required to take personal identification details from the Customer to verify their identity at the time of Registration for Paul Pay Wallet and/ or ona later date, for continuation of the services of the paulpay Wallet.
    • We reserve the right to discontinue Services/ reject applications for paulpay Wallet at any time if there are discrepancies ininformation and/or documentation provided by you.
    • Any information provided to us with the intention of securing paulpay Wallet shall vest with us, and may be used, for any purpose consistent with any applicable law or regulation, at its discretion.
    • If the particulars provided by you in the KYC documents do not match with the details entered against your Wallet Account, your paulpay Wallet shall be suspended until the time you furnish correct details.

    • You shall pay the service charges prescribed by the Company in the form and manner prescribed for such payment. Currently there are no charges applied whereas in case it is applied in future, it shall be communicated to the customers in advance.
    • The Company may at its discretion, change, amend, increase, orreduce the Service Charges without prior intimation to the customer.
    • Any value in your paulpay Wallet that is utilized towards making payments for any transaction shall be automatically debited from your paulpay Wallet.
    • We do not endorse, promote, or warrant any goods and/orservices that might be availed or proposed to be availed using paulpay Wallet.
    • We reserve the right to levy charges upon any amount loaded upon your paulpay Wallet or any amounts spent by you using paulpay Wallet.
    • The Company reserves the right to set off any balance in your wallet in order to recover funds for transactions processed as per your request.
  19. Validity

    • Your paulpay wallet shall be valid for a period of 12 months from the date of activation or from the time of the last wallet load whichever is later.
    • In the event the wallet is inactive or not used by the customer for a continuous period of 12 months as per clause 19.1, forfeiture will be done in compliance with RBI guidelines. The Company will intimate the customer thru SMS/ email 45 days prior deactivating or suspension of the wallet. All PPI holders can either re-activate the wallet after the due diligence or reclaim their amount in their bank accounts by sending an email to our customer services email address i.e. Care@paulfincap.com.
    • All PPI holders can reclaim their balance amount from the date of forfeiture or self-closure of the wallet, to their bank accounts.This process of reclaim will include a written request from PPIholder along with registered details and submission of ID document.

    • You specifically agree that in order to facilitate the provision of paulpay Wallet, it may be required to disclose any information orparticulars pertaining to you to any authority, statutory or otherwise. Privacy of communication is subject to the terms of the certificate of authorization granted by the Reserve Bank of India and Reserve Bank of India notifications/directives etc.

    • We, or Our licensors, own all right, title and interest, including, but not limited to all copyright, trademark, patent, trade secret or other proprietary rights ("IP rights"), in and to the site, the platform, the usage data. You shall not reproduce, distribute, transmit, modify, create derivative works, display, perform or otherwise use the Site, the platform or any of the IP rights, or attempt to reverse engineer, decompile, disassemble, or derive the source code for the platform or use the platform or Site to create a competing product. Paulpay Wallet is owned by Paul Merchants Finance Pvt Ltd. Unauthorized use is strictly prohibited. All rights are expressly reserved to Paul Merchants Finance Pvt Ltd.

    • We make no warranty, express or implied, with respect to the Site and Related Applications and Services offered. We expressly disclaim the implied warranties of non-infringement, merchantability, and fitness for any particular purpose. We provide the Site and Related Applications and any other technology and Services on the Site on an "as is", "where is", "with all faults" basis. We do not warrant that the Site or Related Applications and any products or Services shown or described on the Site or Related Applications, or other technology and services will be uninterrupted, error-free, available or operational at any particular time, or that any known defects will be corrected. We disclaim any liability for any information that may have become outdated since the last time the particular piece of information was updated. We reserve the right to make changes and corrections to any part of the content of this website at any time without prior notice.

    • You expressly understand and agree that your use of the services is at your sole risk and that the Services are provided "as is" and "as available". In particular, paulpay Wallet, its subsidiaries and affiliates, and its licensors do not represent or warrant to you that:
      • Your use of the Services will meet Your requirements,
      • Your use of the Services will be uninterrupted, timely,secure or free from error,
      • Any information obtained by You as a result of Your use of the services will be accurate or reliable, and
      • That defects in the operation or functionality of any software provided to you as part of the Services will be corrected.
    • You acknowledge that the Company is a facilitator for Mobile recharges and other Services and is not liable for any 3rd party products available on the Site and other Related Applications with respect to rates, quality, and all other instances. You expressly agree that use of the Services and the Site and Related Applications is at your sole risk and you shall not hold the Company liable for any discrepancy in the third party products. It is your responsibility to evaluate the accuracy, completeness and usefulness of all opinions, advice, services, merchandise and other information provided through the site or on the internet generally.

    • You agree to indemnify, defend and hold the Company and/or related parties harmless from any and all claims, losses, damages, and liabilities, costs and expenses, including and without limitation legal fees and expenses, arising out of or related to your use or misuse of the paulpay Wallet, any violation of these Terms, or any breach of the representations, warranties, and covenants made by you.
  25. Limitation of liability

    • Notwithstanding anything to the contrary contained herein, neither paul merchants finance (p) ltd., nor its affiliated companies, subsidiaries, officers, directors, employees or any related party shall have any liability to users or to any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under or relating to these terms, the site or the offerings, even if any of said parties had been advised of, knew of, or should have known of the possibility of such damages. To the maximum extent permitted by law, our maximum aggregate liability to you for any causes whatsoever, and regardless of the form of action (whether liability arises due to negligence or other tort, breach of contract, violation of statute, misrepresentation or for any other reason), will at all times be limited to the transaction value.
    • The aggregate liability of Paul Merchants Finance (P) Ltd for any liability in case of unauthorized / fraudulent transactions involving us shall be limited to the transaction value subject to such unauthorized/fraudulent transaction is solely attributable to paulpay. Limitation of customer liability in respect of unauthorized electronic payment transactions involving ppis will be determined as per RBI Circular no DPSS.CO.PD.No.1417/02.14.006/2018-19 dated 4th Jan 2019.
  26. Refund policy

    • All sales are final with no refund or exchange permitted. You are responsible for the information you provide for purchase and all charges that result from those purchases. Paulpay Wallet is not responsible for any purchase with incorrect information.
    • Refund process shall hold valid in case of following cases
      • If in a transaction performed by you on the Site, money has been charged to your card or bank account and a recharge is not delivered within two hours of your completion of the transaction then you may inform us by sending an email to our customer services email address i.e. Care@paulfincap.com. Paulpay Wallet shall investigate the incident and if it is found that money was charged to your Wallet, card or bank account without delivery of respective services then you will be refunded the money within 7 working days from the date of receipt of your email. All refunds will be credited to your paulpay Wallet account.
      • The holders of ppis shall be permitted to redeem the outstanding balance in the PPI, if for any reason the scheme is being wound-up or is directed by RBI to be discontinued.
    • Refunds in case of failed / returned / rejected / cancelled transactions using any other payment instrument shall not be credited to PPI.
    • All logs related to returns / refunds etc shall be maintained and monitored at database with reason of failure, date, amount, etc.

    • The Terms will be governed by and construed in accordance with the laws of India. You agree that any legal action or proceedings arising out of these Terms may be brought exclusively in the competent courts or tribunals having jurisdiction in Chandigarh, India and irrevocably submit themselves to the jurisdiction of such courts or tribunals. Paul Merchants Finance (P) ltd. May elect to resolve any controversy or claim arising out of or relating to these Terms or Site and related application by binding arbitration in accordance with the provisions of the Indian Arbitration & Conciliation Act, 1996. Any such controversy or claim shall be arbitrated on an individual basis and shall not be consolidated in any arbitration with any claim or controversy of any other party. The arbitration shall be conducted in Chandigarh, India and judgment on the arbitration award may be entered in any court having jurisdiction thereof. The language of Arbitration will be English. "For any dispute in interpretation, English version shall prevail."

Customer Management Policy

As part of customer protection framework PaulPay shall specify Terms and conditions, Customer Grievance Management Policy, FAQ on its website

  1. Customer Liability and Risks
    • The aggregate liability of PaulPay for any liability in case of unauthorized / fraudulent transactions involving us shall be limited to the transaction value subject to such unauthorized/fraudulent transaction is solely attributable to PaulPay as per following :
    Customer liability in case of unauthorized electronic payment transactions through a PPI
    S.No. Particular Maximum Liability of Customer
    (a) Contributory fraud / negligence / deficiency on the part of PaulPay, including PPI-MTS issuer (irrespective of whether or not the transaction is reported by the customer) Zero
    (b) Third party breach where the deficiency lies neither with PaulPay nor with the customer but lies elsewhere in the system, and the customer notifies PaulPay regarding the unauthorized payment transaction. The per transaction customer liability in such cases will depend on the number of days lapsed between the receipt of transaction communication by the customer from PaulPay and the reporting of unauthorized transaction by the customer to PaulPay -
    i. Within three days# Zero
    ii. Within four to seven days# Transaction value or ₹10,000/- per transaction, whichever is lower
    iii. Beyond seven days# The customer resolution decision shall be taken on a case to case basis by the nodal officer
    (c) In cases where the loss is due to negligence by a customer, such as where he / she has shared the payment credentials, the customer will bear the entire loss until he / she reports the unauthorized transaction to PaulPay. Any loss occurring after the reporting of the unauthorized transaction shall be borne by PaulPay
    (d) PaulPay may also, at their discretion, decide to waive off any customer liability in case of unauthorized electronic payment transactions even in cases of customer negligence.
  2. Fraud Reporting – Direct 24x7 mechanism
    • Each transaction alert message reporting should have a link for reporting the unauthorized transaction.
    • PaulPay shall provide customers with 24x7 access via website / email for reporting unauthorised transactions that have taken place and / or loss or theft of the PPI.
    • Wallet customers would be provided with a direct link for lodging complaints, with the specific option to report unauthorized electronic payment transactions at the home page of its website in case the customer is being defrauded.
    • It shall be ensured that immediate response is sent to the customers acknowledging the complaint along with the registered complaint number.
    • On receipt of the report of an unauthorised payment transaction from the customer, PaulPay shall take immediate action to prevent further unauthorised payment transactions in the wallet.
    • Burden of proof

      PaulPay shall provide sufficient evidence in the event to prove customer liability in case of unauthorised electronic payment transactions.

  3. Reversal timeline for zero liability / limited liability of a customer
    • On being notified by the customer, PaulPay shall credit (notional reversal) the amount involved in the unauthorised electronic payment transaction to the customer’s PPI within 10 days from the date of such notification by the customer (without waiting for settlement of insurance claim, if any), even if such reversal breaches the maximum permissible limit applicable to that type / category of PPI. The credit shall be value-dated to be as of the date of the unauthorised transaction.
    • PaulPay shall ensure that a complaint is resolved and liability of the customer, if any, is established in maximum 90 days from the date of receipt of the complaint and the customer is compensated as per provisions of paragraph “Customer Liability and Risks” above. In case the PaulPay is unable to resolve the complaint or determine the customer liability, if any, within 90 days, the amount as prescribed in paragraph “Customer Liability and Risks” shall be paid to the customer, irrespective of whether the negligence is on the part of customer or otherwise.
  4. Creation of awareness on the risk and responsibilities
    • Customers shall be educated about the risks and responsibilities through FAQ and sms.
  5. Customer Grievance
    • PaulPay shall ensure that the customer Grievance policy document aims at communicating the various mechanisms available for the customers to reach out to PaulPay, and its service guarantees and timelines by which PaulPay shall try and ensure resolution to its customer concerns.
    • Level 1 ,Level 2 and nodal officer for complaint resolutions shall be defined with Turnaround times.
    • All complaints shall be resolved maximum 30 days
  6. Permissible transaction limits for wallets
    • Minimum KYC wallets
      • The amount transferred through such PaulPay PPI wallet during any month shall not exceed Rs.10,000/.
      • The total amount transferred through such PaulPay PPI wallet during the financial year shall not exceed Rs.1,00,000/-.
      • The wallet balance at any point of time in such PaulPay wallets shall not exceed Rs.10,000/-
      • The total amount debited from such PPIs during any given month shall not exceed Rs. 10,000/-.
    • Full KYC wallets
      • The cash loading in such wallets shall not exceed Rs 50000 per month.
      • The wallet balance at any point of time in such PaulPay wallets shall not exceed Rs.1,00,000/-
    • The PPI holder may at their discretion set fund transfer limits on their wallet by contacting the customer care. The customer care after due verification process shall implement the transfer limits within 48 working hours. The customer shall be informed of the transfer limit set by call or SMS or mail.
    • The number wallet transaction per day shall be limited to 100 per day.