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Please read the terms and conditions carefully before registering, accessing, or using the PhonePe Pre-Paid Payment Instrument, herein referred as “PhonePe Wallet”. These terms and conditions, (herein referred as “Wallet T&Cs”) are a legal contract ("Agreement") between You and PhonePe Private Limited (“PhonePe”) having its registered office at Unit No.001, Ground Floor, Boston House, Suren Road, Off. Andheri-Kurla Road, Andheri (East) Mumbai – 400 093, India. 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.
These terms and conditions regulate the use of Semi Closed Prepaid Payment Instrument or such other services which may be added from time to time under the brand name “PhonePe Wallet” offered by PhonePe. PhonePe has been authorised in this regard by the Reserve Bank of India (RBI) in accordance with the provisions of the Payment and Settlements Act, 2007 and the regulations and directions issued by RBI from time to time.
By registering for PhonePe Wallet, You represent that you are -
- An Indian Resident having a valid PhonePe account.
- A natural or legal person above 18 years of age or older within the meaning of Indian Contract Act 1872.
- You can enter into a legally binding agreement.
- You are not barred or otherwise legally prohibited from accessing or using services of PhonePe or PhonePe Entities under the laws of India.
- You represent that you are currently not a Politically Exposed Person (“PEP”) as defined by RBI.
You shall not impersonate any person or entity, or falsely state your age or affiliation with any person or entity. PhonePe shall reserve the right to terminate your contract to use PhonePe Wallet in case of any incorrect representation of the conditions mentioned herein.
You agree and undertake to immediately notify PhonePe in circumstances where your PEP status changes, or you become related to a PEP. You should promptly notify PhonePe in writing to ensure that appropriate steps are taken in accordance with applicable laws andPhonePe’s policy. You further understand that as a PEP you will be subject to additional customer due diligence requirements as determined by the regulators. As a PEP you hereby agree to fully comply with all the aforesaid additional customer due diligence requirements as well as cooperate with PhonePe to complete all continuing compliance requirements applicable to a PEP as will be notified to you by PhonePe to ensure uninterrupted use of your PhonePe Wallet.
Issuance of PhonePe Wallet might be subject to additional due diligence, which may include but not limited to reviewing and validating the credential provided by You as part of the PhonePe Wallet application, internally or using other Business Partners / Service Providers, Sanctions Check as notified by regulators, Our risk management process and PhonePe shall have discretion and sole right to issue PhonePe Wallet to You. Hence, by merely sharing the required data may not entitle creation of Your PhonePe Wallet.
“PhonePe Wallet”; A semi-closed prepaid instrument issued by PhonePe as per the rules and procedures defined by Reserve Bank of India (“RBI”) and shall refer to Minimum details Prepaid Instrument and KYC Compliance Prepaid Instrument, unless specified.
“PhonePe”; PhonePe Private Limited is a Regulated Entity, authorized by RBI to issue semi-closed prepaid instruments under PSS Act 2007.
“RBI” means Reserve Bank of India
“Politically Exposed Persons” (PEPs); are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States/Governments, senior politicians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc.
"Merchant" shall mean any establishment and/or entity who accepts the PhonePe wallet as a payment method for online or offline purchase of goods and/or services. Similarly, the term "Buyer" shall refer to the person who purchases any of the goods or services provided online or offline by the Merchants and pays for such goods/ services through the PhonePe Wallet.
“PhonePe - Single Sign On (P-SSO)”; Is the login service of PhonePe provided to You, which is used to access all services provided in PhonePe application and participating platforms using your secure and unique credentials.
Application and Issuance of PhonePe Wallet
- As part of application, onboarding, or update of Your PhonePe Wallet, you might also be required to agree to the terms and conditions of third party, whose services are used as part of your application, for example, You might be required to accept UIDAI’s terms and conditions or terms and conditions of DigiLocker operated by Ministry if Electronics and IT or any other authority whom You authorise to share your data/information with Us.
- You shall be responsible for the documents/information and declarations provided to PhonePe about Yourself, Your residency and tax status, information about PEP and other material information including but not limited to Your KYC documents. PhonePe shall not be liable for incorrect documents/information and declarations and retains the right to refuse activation and right to deactivate of Your PhonePe Wallet and report such incident to Legal Enforcement Agencies (LEAs) and the regulator(s) as per extant directives.
- We may review the data/information provided by you and undertake appropriate due-diligence, including risk management before issuing PhonePe Wallet as per the extant regulatory directives issued by RBI or any other regulator, such as RBI’s Know Your Customer (“KYC”), Prevention of Money Laundering Act (“PMLA”), RBI’s directives on PPI issuance and operation and other directives that are notified by the regulator from time to time and applicable to PhonePe Wallet. We may also fetch data from other sources available in public or through our business partners or service providers which may pertain to You as part of due diligence and risk management.
- We may appoint associates or agents to collect Your KYC information/data as part of PhonePe Wallet application, upgrade or risk assessment.
PhonePe issues semi-closed PPI wallets and Gift Instruments to PhonePe account holders. This section refers to the different categories of Semi-Closed Wallets issued by Us, is according to the regulatory directives issued by RBI Master Direction on Issuance and Operation of Prepaid Payment Instruments, dated October 11, 2017 (“PPI-MD”), and subsequent updates.
- Reloadable PPI
- Minimum Details Prepaid Instrument
PhonePe Wallets issued under this category are governed by Section 9.1(iii) of PPI-MD with the features and limitations mentioned herein.
- In order to avail this PhonePe Wallet, You shall have an active mobile number issued by Indian telecom service providers, Your shall provide a self-declaration of your Name and unique identity/identification number of any ‘mandatory document’ or ‘Officially Valid Document’ (“OVD”) listed in the Master Direction of KYC. PhonePe shall provide You list of acceptable documents as part of your application process.
- Your PhonePe Wallet is reloadable and issued in electronic form. Loading is permissible using Your Bank account and / or Credit Card permitted by the regulator from time to time and as per PhonePe’s internal policies.
- Loading limits shall apply to Your PhonePe Wallet, with a Monthly limit of Rs, 10,000/- and an annual limit (Financial Year) of Rs. 1,20,000/-. Further, Your PhonePe Wallet balance shall be limited to Rs. 10,000/- at any point in time and You may not be allowed to add funds in case Your PhonePe limits are triggered except in case of refunds on cancelled transactions, wherein the balance may be higher than the limit of Rs. 10,000/-.
- While You can use Your PhonePe Wallet for purchase of goods and services on merchants that accept PhonePe Wallet with a debit limit of Rs. 10,000/- per month, You cannot transfer Your PhonePe Wallet balance to any other PhonePe Wallet user not can withdraw the funds to a bank account or a credit card, except for any specific conditions specified by the regulator.
- PhonePe wallet is one of the payment options available to You while making payment to a Merchant / Merchant platform and We take no responsibility for the products purchased or services availed using the PhonePe wallet and any liability thereof is expressly disclaimed. User can pay directly from his/her PhonePe account linked bank account, if:
- The order value exceeds the available amount in the PhonePe Wallet; or
- The User has exceeded his/her limit for Purchases using the PhonePe Wallet.
- PhonePe shall communicate the features of PhonePe Wallet at the time of wallet issuance by SMS/e-mail/link to terms and conditions or any other means.
- You shall use your P-SSO to login and access Your PhonePe Wallet. We may ask/provide you additional security measures in order to access Your PhonePe Account.
- PhonePe also allows you an option to fix a cap on transactions that You want to perform on PhonePe Wallet, and You can change it with an additional factor or authorization at any point in time.
- The features and limits mentioned herein are subject to PhonePe’s internal risk assessment and We may reduce load and spend limits, apply cooling period on Your PhonePe Wallet after fresh loading of funds and restrict spending on certain merchants, restrict You to access Your PhonePe Wallet or report Your account to Legal Enforcement Agencies (“LEA”) or other regulators. You understand that We may or may not communicate the above action to you. This is part of our transactional risk management practice to keep Your PhonePe Wallets and ecosystem secure for our users and merchants.
- In case You had PhonePe Wallet prior to December 24, 2019, You consent you’re your PhonePe Wallets shall be migrated to this category as per the extant guidelines and You shall continue to use Your PhonePe Wallet with the above defined feature and limits. However, You may choose to opt-out of this category of PhonePe Wallet within 5 days from the migration notification from PhonePe. You may opt out via the PhonePe app by clicking on “Closing PhonePe Wallet'' within the help section on the PhonePe Wallet screen and following the next steps.
- In case You have an existing PhonePe Wallet in “Inactive” state, Your PhonePe Wallet will get migrated to this category of PhonePe Wallet upon activation of Your wallet account initiated by You and features and limits provided herein shall apply. This migration is expected to happen immediately at the time of activation
- In case You opt to close Your PhonePe Wallet and Your PhonePe Wallet has a stored value, We shall return the funds back to the source account from where the funds were loaded as part of Your PhonePe Wallet closure process.
- KYC Compliant Prepaid Instrument
- In order to avail this PhonePe Wallet, You shall have an active mobile number issued by Indian telecom service providers, and shall undergo KYC process as per the ‘Know Your Customer (KYC) / Anti-Money Laundering (AML) / Combating Financing of Terrorism (CFT) guidelines issued by the Department of Banking Regulation (DBR), RBI, in their “Master Direction – Know Your Customer (KYC) Directions” updated from time to time and process defined by PhonePe based on the regulatory directions.
- The KYC requirements are defined by the regulator(s) and are updated from time to time and may involve fetching Your KYC data from various sources permitted by the regulator. In such a case, You shall authorize PhonePe to fetch that data and agree to the terms and conditions of Your KYC service provider and it’s data sharing terms. For example, We may enable You to share Your KYC documents via the e-KYC process or Offline Aadhaar verification process of the UIDAI or You may share Your KYC data stored in Your DigiLocker, maintained by MeiTY with Us as part of the KYC process, and any other evolving and permissible source, subject to We enabling such provisions for KYC.
- By Providing Your KYC documents and information required as part of the KYC process, may not entitle You to avail a PhonePe KYC Wallet, since the data provided by You shall be validated and reviewed as per the extant regulations and directives mentioned in point “a.” above before issuing PhonePe KYC Wallet. PhonePe Wallet under this category shall be issued only after completing the KYC process as mentioned above.
- Your PhonePe KYC Wallet is reloadable and issued in electronic form. Loading is permissible using Your Bank account and / or Credit Card permitted by the regulator from time to time and as per PhonePe’s internal policies.
- You will be able to load money in PhonePe KYC Wallet within the regulatory permissible limits or any limits applied on the basis our internal risk policies. The available balance in Your PhonePe KYC Wallet shall however not exceed INR 100,000/- (Rupees One Lakh) at any given point of time. Money can be topped-up through BHIM UPI, or a debit/credit card, or from refunds that might arise due to cancellations and returns of your transactions on PhonePe application or on Merchant Platforms.
- You can transfer funds from Your PhonePe KYC Wallet to any Bank account of a pre-registered beneficiary. In case of such pre-registered beneficiaries, the funds transfer limit shall not exceed Rs.1,00,000/- per month per beneficiary.
- PhonePe KYC Wallet can be used to purchase products and services online or offline on any Merchant platform. PhonePe KYC wallet can be used by selecting it as the payment mode at the time of payment. PhonePe currently does not permit money transfer between PhonePe KYC Wallets.
- PhonePe KYC wallet is one of the payment options available to You while making payment to a Merchant / Merchant platform and We take no responsibility for the products purchased using the PhonePe KYC wallet and any liability thereof is expressly disclaimed. User can pay directly from his/her PhonePe account linked bank, if:
- The order value exceeds the available amount in the PhonePe KYC Wallet; or
- The User has exceeded his/her limit for Purchases using the PhonePe KYC Wallet.
- PhonePe shall communicate the features of PhonePe KYC Wallet at the time of wallet issuance by SMS/e-mail/link to terms and conditions or any other means.
- You shall use your P-SSO to login and access Your PhonePe KYC Wallet. We may ask/provide you additional security measures in order to access Your PhonePe Account.
- PhonePe also allows you an option to fix a cap on transactions that You want to perform on PhonePe KYC Wallet and You can change it with an additional factor or authorization at any point in time. A default purchase limit is applied as follows –
- Per transaction / Per day / Per month – Rs. 1,00,000/-
- Per financial Year – Rs. 2,00,000/-
- You are permitted to withdraw the PhonePe KYC Wallet balance to Your bank account anytime. However, In all cases, the top-up amount shall be reversed only to the bank account linked to the PhonePe App and withdrawing funds in form of cash is not permitted on PhonePe KYC Wallet. The limits of fund transfer to Your own bank account authorized by Yourself is as below –
- Per transaction – Rs. 5,000/-
- Per Day / Per Month – Rs. 25,000/-
- Per Financial Year – Rs. 3,00,000/-
- You shall be careful while updating your bank accounts and adding beneficiaries as PhonePe shall not be liable for any incorrect details submitted by You on PhonePe Account / PhonePe KYC Wallet. You may also note that although you are permitted to add beneficiaries We have restricted the number of beneficiaries which can be added in the App as per our internal risk management program and You will receive an alert via SMS to Your registered mobile number when a new beneficiary is added.
- The features and limits mentioned herein are subject to PhonePe’s internal risk assessment and We may reduce load and spend limits, apply cooling period on Your PhonePe KYC Wallet after fresh loading of funds and restrict spending on certain merchants, restrict You to access Your PhonePe KYC Wallet or report Your account to LEAs or other regulators. You understand that We may or may not communicate the above action to you. This is part of our transactional risk management practice to keep Your PhonePe KYC Wallet and ecosystem secure for our users and merchants.
- You can close Your PhonePe KYC Wallet at any time by placing a request provided within Your PhonePe App or as per any other process specified by PhonePe. The outstanding balance at the time of closure shall be transferred to the Your bank account provided by You and/or to ‘back to source’ (payment source from where the PhonePe KYC Wallet was loaded). You hereby agree and understand that PhonePe shall be entitled to call for the relevant information/documents pertaining to Your bank account and/or ‘back to payment source’ instrument to which funds have to be transferred post closure of the PhonePe KYC Wallet.
PhonePe Wallets issued under this category are governed by Section 9.1(ii) of PPI-MD with the features and limitations mentioned herein. As permitted by PhonePe, You may also upgrade Your Minimum Details PhonePe Wallet into KYC Compliant PhonePe Wallet (“PhonePe KYC Wallet”) by providing requisite documentation as per the process defined by PhonePe. Non-Reloadable
- Gift Instrument (“eGV”)
eGV’s issued by PhonePe under this category are governed by Section 10.1 of PPI-MD with the features and limitations mentioned herein. As a PhonePe user, You may purchase/gift eGVs using your PhonePe Account. Alternatively, We may also gift You eGVs subject to Our Sole discretion.
- Purchase: eGVs can only be purchased in denominations upto Rs. 10,000/-. PhonePe may cap the maximum amount of eGV based on Our internal risk management program. You may purchase eGV using, Debit Card, Credit Card or any other instrument permitted by RBI and provided by PhonePe. eGVs cannot be purchased using PhonePe Wallet (including PhonePe KYC Wallet) or another eGV balance. Usually Gift Cards are delivered instantly. But sometimes due to system issues, the delivery can be delayed by up-to 24 hours. In case the eGV is not delivered within this timeframe, You are requested to report the issue with us immediately for us to resolve the issue. eGVs might be offered with a purchase limit or a minimum purchase value depending on Our internal policies.
- Limitation: eGVs, including any unused eGV balances, expire one year from the date of issuance. eGVs cannot be reloaded, resold, transferred for value or redeemed for cash. Unused eGV balances on Your PhonePe Account may not be transferred to another PhonePe account, but eGVs purchased by You but unclaimed by You or to whom You have gifted the eGV, can be claimed by another PhonePe account. No interest will be payable by PhonePe on any eGV or eGV balance.
- Redemption: eGV may only be redeemed toward transactions on eligible merchants on PhonePe platform. Purchase amount is deducted from the user's eGV balance. Any unused eGV balance will remain associated with the user's PhonePe Account and applied to purchases in order of earliest expiration date. If a purchase exceeds the user's eGV balance, the remaining amount must be paid with any of the other available instruments.
- You agree and understand that eGVs are a Pre-Paid Payment Instrument subjected to regulations by RBI and PhonePe might be required to share KYC details of the purchaser/ redeemer of the eGV and/or any other information with relation to the purchase of the eGV and/or transaction or associated transactions on PhonePe account undertaken using the eGV with RBI or such statutory authorities. We may also contact the purchaser/redeemer of the eGV including You for any such information.
- eGV are issued to You and the eGV is shared at Your discretion for redemption at PhonePe. PhonePe is not responsible if eGV is lost, stolen, destroyed or used without permission. PhonePe will have the right to close customer accounts and take payment from alternative forms of payment if a fraudulently obtained eGV is redeemed and/or used to make purchases on PhonePe platform. PhonePe risk management program shall cover both the purchases of eGVs and redemption on PhonePe platform. Transactions that are deemed suspicious by our risk management program (including anti-fraud rules/policies) may be disallowed by PhonePe. PhonePe reserves the right to cancel fraudulently obtained / purchased eGVs and put restrictions on suspicious accounts as deemed appropriate by our risk management programs.
- eGVs might also be issued to You as an incentive or reward as part of PhonePe Rewards Program and We reserve the sole right and discretion to award such rewards to You in form of cashbacks.
1. Rewards Program
- PhonePe reserves the right to provide rewards to its users as per internal policies as decided by PhonePe from time to time.
- For cashback rewards, PhonePe terms and conditions applicable to PhonePe Account and usage will continue to apply.
- PhonePe reserves the right to pull back rewards from a user's account (pre or post redemption) in case of suspicious or fraudulent activities as detected by PhonePe from time to time without any notice/intimation.
- Scratch cards standing unclaimed will be forfeited post 1 year of granting of the scratch card to the user or by any other period specified by PhonePe at the time of issuance.
- The reward is not guaranteed in any manner whatsoever.
- If You are rewarded, the reward amount shall be credited to your PhonePe Wallet or may be provided to You as per the specific terms of such offer.
- This offer is not available in the state of Tamil Nadu (owing to the Tamil Nadu Prize Scheme (Prohibition) Act 1979) and other states wherever prohibited by law.
- Your participation in any offer constitutes Your understanding and agreement to the complete terms and conditions associated with each offer.
2. Limit and limitations
- The eGVs shall be valid for 1 year and is subject to a maximum limit of Rs.10,000 per gift voucher. PhonePe reserves the right to extend the validity period of your vouchers at its discretion.
- PhonePe reserves the right to impose additional amount limits within the overall applicable limit.
- PhonePe reserves the right to award offers and related benefits as per internal policy decided by PhonePe from time to time.
- In case of any cancellations, the cashback given on the transaction will continue to remain as eGV and non-withdrawable to your bank account. This can continue to be used on PhonePe platforms.
- Refunded amount less of cashback will be credited back to the source of funds used while making payment.
- Cashback eGVs can be used for permitted transactions on PhonePe App and for making payments on PhonePe partner platforms/stores.
- Cashback eGV cannot be withdrawn to any linked bank account or transferred to other customers.
- You can earn up to maximum INR 9,999 per financial year (i.e. 1 April to 31 March) across all offers disbursed on PhonePe.
General Terms and Conditions
- Your login credentials are personal to you and You should ensure keeping Your login credentials are safe and secure. You are responsible for security of your PhonePe Wallet and PhonePe eGV and shall take all steps to keep the details secure including the devices that You may use to access Your PhonePe Account. Further, You shall not disclose Your account access credential to anyone in any form whether verbally, writing or record it in any other form. In case You divulge such details in error or due to negligence, You shall immediately report the activity to PhonePe. However, PhonePe shall not be liable for any unauthorized transaction performed by any third party with Your secure account access credentials.
- We may monitor Your transaction(s) for probable high-risk/fraud transactions. Basis our continuous transaction monitoring, We may place a hold on the Transaction, block or reject transaction and may also temporarily block you PhonePe Wallet or eGV or Account and ask You for more information on You and Your funding source before releasing / reinstating Your account/transaction. You shall also note that, Your account could also be temporarily or permanently blocked basis abuse against any employee, company, or incorrect declaration by any customer or merchant and We shall not be liable for any loss caused to You due to this while we investigate Your account.
- You agree and understand that the PhonePe, based on its internal policies, regulatory and statutory guidelines may report transactions to appropriate authorities in case such transaction is classified as suspicious or fraudulent and We shall not be made liable for any loss caused to You for such obligatory reporting by Us, even if any such transaction is found to be regular and lawful at a later stage.
- While executing any transaction, You must ensure the availability of sufficient funds On Your PhonePe Wallet / eGV or other sources of funds that You use to execute any transaction.
- You understand that the services offered by PhonePe on PhonePe application use internet connection, service providers apart from PhonePe application to successfully execute Your transactions and We shall not be take any responsible on any liability arising from including but not limited to any loss or interruption of the Services or the unavailability of Services due to a mobile or internet not supporting, non-responsiveness Merchant websites or applications.
- You understand that the information that You share for availing services might be shared with third parties inter alia, to facilitate the provision of the Services and in such case, data policies of service providers shall also apply to such transactions and You are required to update Yourself of their policies and You acknowledge that You understand that PhonePe would not have any control on data sharing and use in such case.
- You further agree and acknowledge that Your bank/financial institution may access fee(s) or charge(s) against such transactions and PhonePe shall not be liable to acknowledge or refund such fee(s) charges and shall be borne You in all circumstances.
- Funds loaded into Your PhonePe Wallet or eGV and spent on PhonePe application or partner merchants for services offered by them are conducted over the internet and involve multiple stakeholders not limited to You Bank, Service Providers, Internet services, telecom operator etc. You understand that transaction confirmations and acknowledgements may not always reflect service delivery due to the possibility of failures at multiple points. In such cases, PhonePe is not liable for any loss caused due to inefficiencies / process failures at other such stakeholders and PhonePe shall credit the funds or recover the funds from You in such cases and shall apply appropriate limits/orders on Your PhonePe Wallet / eGV or Account accordingly at its own discretion and can take appropriate legal actions to collect the amount due, to the extent allowed by Applicable Law.
- You can view Your PhonePe Wallet and eGV transaction in Your PhonePe app and can also review transactions for at least 6 (six) months.
- All categories of PhonePe Wallets and eGVs are non-transferable in nature, except the ones that are unclaimed and No interest is payable on the outstanding Wallet balances.
- Your account is secured and any transaction that is processed on Your PhonePe Wallet / eGV shall be authorized by You explicitly or processed via RBI notified debit mandates authorised by You on Your PhonePe Wallet and permitted by PhonePe.
- While You can purchase multiple eGVs as permitted by PhonePe from time to time. Any suspected violation of this condition shall constitute grounds for suspension of Your access to Your PhonePe Wallet / eGVs or PhonePe account.
- While, the continued availability of the PhonePe Wallet shall be subject to the requirements under law, regulations or directions connected to Semi-closed prepaid payment instruments, PhonePe reserves the right to suspend/discontinue the Wallet at any time, for any cause, including, but not limited, to the following-
- For any suspected violation of the rules, regulations, orders, directions, notifications issued by RBI from time to time or for any violation of any PhonePe Terms;
- any suspected discrepancy in Your particular(s), KYC documentation or information provided by the You; or
- to combat potential fraud, sabotage, willful destruction, threat to national security or for any other force majeure event; or
- PhonePe in its sole opinion and discretion believes that cessation/ suspension of Your PhonePe Wallet is necessary for any other legitimate purpose.
- You agree that, upon any closure or winding up of the Prepaid Payment Instrument as notified by the regulator or due to any other circumstances provided under law, You may redeem the outstanding balance in Your PhonePe Wallet/eGV or transfer the same to any prepaid payment instrument or bank account held/maintained by you with any third party with in such time as may be determined by PhonePe, failing which, PhonePe may transfer the balance in Your Prepaid Payment Account to Your another prepaid payment instrument issued by such entity having authorisation from RBI and with which PhonePe has made appropriate arrangements.
Refund and cancellation
- All payments made through PhonePe Wallet/eGV for mobile/ DTH recharge, bill pay, P2P transfers or any other payment processed by You on PhonePe Platform or Merchant partners accepting PhonePe Wallet (including eGVs) as a payment option shall be final and PhonePe shall not be responsible for any error and omission by You or Merchant partners. Such transactions cannot be refunded, returned or cancelled once initiated.
- If you erroneously processed a payment to the unintended merchant or processed a payment for the wrong amount (for instance a typographical error at your end) Your only recourse will be to contact the merchant directly to whom you have made the payment and ask them to refund the amount. PhonePe shall not be able to handle such disputes, not can We reimburse you or reverse a payment that you have erroneously made.
- In case We receive a refund for a transaction which You have processed earlier, we would refund the funds back to the source, including PhonePe Wallet/eGV unless specified or directed by your otherwise.
- In case of any cancellations, the cashback (in form of eGV) given on the transaction will continue to remain as eGV and is non-withdrawable to your bank account. This can continue to be used on PhonePe Platforms for eligible transactions.
- Further, in case of cancellation of a transaction, refunded amount less of cashback (credited in form of eGV) will be credited back to the source of funds used while making payment.
Fees and Charges
- PhonePe Wallet (including PhonePe KYC Wallet) or eGVs issued by PhonePe to PhonePe Account users is not subject to any membership fee. PhonePe does not charge You any fee for creating an Account or use of Services unless specified explicitly.
- A convenience fee may be charged for certain Bill Pay transactions to your PhonePe Wallet which may range from INR 0.50 to INR 100. You shall be notified before any such charge is added to Your transaction.
- PhonePe reserves the right to change its fee(s) policy from time to time. We may at its sole discretion introduce new services and modify some or all the existing services offered and may introduce fees for the new/existing services offered or amend/introduce fees for existing services. Changes to the fee(s) policy shall automatically become effective immediately and would be notified via changes to these terms and conditions.
Operational Validity & Forfeiture
- Your PhonePe Wallet shall be valid as per the regulatory directives issued by RBI from time to time and permitted by PhonePe. Currently Your PhonePe Wallet is valid unless surrendered or cancelled or forfeited. However, eGVs (including unused eGV balances) issued shall have a minimum validity period of 12 (twelve) months from the date of last loading/reloading of the Wallet and PhonePe may extend the validity period for such tenures as PhonePe may in its discretion determine. PhonePe may also terminate the Wallet at its discretion or on account of Your breach of these Terms or on account of a directive received from the RB or from any other legal enforcement agencies.
- In the event that Your PhonePe Wallet / eGV is due for expiry on the grounds as set out herein, PhonePe shall caution You of such impending expiry at least 45 (forty-five) days prior to the date of expiry by sending a communication in this regard via e-mail/Phone/notification or any other method of communication which is permissible. In the event that there is an outstanding balance in Your PhonePe Wallet subsequent to the expiry, you may at any time subsequent to the expiry of the Wallet make a request to PhonePe to initiate a refund of the outstanding Wallet Account balance and the aforesaid balance will be transferred to a bank account that you had either linked to Your PhonePe Wallet Account previously or the bank account details you have provided to PhonePe at the time of raising the request for refund. However, eGVs cannot be refunded to bank account and shall be reinstated for further use at the sole discretion of PhonePe. PhonePe further reserves the right to move your PhonePe Wallet to Debit Only Mode if You are involved in any suspicious transaction and/or any transaction in gross violation of the rules and regulations issued by the Reserve Bank of India (“RBI”), governing the use of Pre Paid Payment Instruments including but not limited to rules and regulations under Prevention of Money Laundering Act, 2002 and any amendments thereto. In such an event, PhonePe may report the matter to RBI and may also freeze your PhonePe Wallet until the receipt of findings, and clear report from RBI in this regard.
- In case Your PhonePe Wallet or has no transaction within the last 12 months, Your PhonePe Wallet shall be flagged as inactive wallet and You can operate Your wallet only after completing appropriate due-diligence process defined by PhonePe from time to time. Your PhonePe Wallet balance shall be maintained securely with us and any pending refunds will still be credited to Your PhonePe Wallet and shall continue to receive all communications from us, including promotional communications. However, You would not be able to use Your wallet for any transactions including loading of Your PhonePe Wallet without undergoing such due-diligence.
Suspension/Discontinuation of services
- In case You want to close Your PhonePe Wallet, as a one time option, Your funds would be allowed to be refunded back to the PhonePe Wallet load source for minimum details PhonePe Wallet. However, for PhonePe KYC Wallet, You can transfer the funds back to Your Pre-designated own bank account.
- You agree and acknowledge that there can be certain risk-based scenarios when Your PhonePe Wallet may not be immediately closed but suspended and then eventually closed.
- You further understand that once Your PhonePe Wallet is closed, We would not be able to reinstate Your PhonePe Wallet and may sometimes not allow You to create a new wallet as per regulatory directives or based on our internal policies.
- You also understand that we are also obligated to retain Your data and information even after discontinuation of Your PhonePe Wallet for record retention.
Unauthorized transactions and Grievance Redressal
- PhonePe shares transaction alerts in the form of SMS or email against debit to Your PhonePe Wallet/eGV. In case You observe any transaction on Your account which is not processed with Your consent/ authorization, You should immediately report such transaction to Us via the emergency 24x7 contact number/email/ forms as made available to You by PhonePe.
- Once You report a transaction as unauthorized, We may also temporarily suspend Your PhonePe Wallet/eGV while we review Your claim. As We investigate the claim, we shall keep funds claimed under dispute and shall credit the same to Your PhonePe Wallet/eGV in case the investigation outcome is in Your favor.
- In case the unauthorized transaction is processed due to any contributory fraud / negligence / deficiency on the part of PhonePe, We would refund the funds to Your PhonePe Wallet / eGV.
- In cases where the loss is due to Your negligence, such as where You might have shared the payment credentials, You shall bear the entire loss until You report such unauthorised transaction US. You shall not be made liable for any further loss on Your PhonePe Wallet / eGV after You have reported the unauthorised transaction to Us.
- You shall note that in case of any third party breach which is not caused due to the deficiency at Your end, neither at Our end, buy a third party, You shall report such unauthorized transaction within 3 (three) days, failing which Your liability on such transaction would be (a) Transaction value or ₹ 10,000/- per transaction, whichever is lower, in case You report such transaction within four to seven days or (b) liability as defined by ourBoard approved policy.
- In case We are not able to complete our investigation within 90 (ninety) days, We shall refund the funds to Your PhonePe Wallet or eGV as per the RBI directives and Our policies.
- PhonePe communicates all terms and conditions governing Your PhonePe Wallet / eGVs through SMS/links/notification/any other mode of communication, details of charges and fees, expiry period of Your PhonePe Wallet/PPI, and nodal officer retails at the time of issuing Your PhonePe Wallet/eGV and is available for Your review at all times on Our website and mobile application.
- In case Your report any complaint / grievance, We would review Your concern and will try to resolve Your complaint / grievance within 48 (forty eight) hours, but not later than 30 (thirty) days from the date of receipt of Your complaint / grievance. You may refer to ourGrievance Policy for further details.
- You are allowed to use Your PhonePe Wallet / eGV for permitted merchant partners and permitted purposes within the overall transactional limit(s) applicable to Your PhonePe Wallet / eGV . However, in order to secure Your account and safeguard Your transactions, we may monitor Your transaction and account activity for identify risks and We may decide to put in place limits/restrictions/suspension on Your PhonePe Wallet/eGV taking into account the risk perception that we may generate basis our monitoring and risk management practices.
- In order to review Your account, You understand and authorize Us to review Your PhonePe Account, including but not limited to services offered on Your PhonePe mobile application.
- You also acknowledge that We would need to block/suspend/limit/restrict usage of Your PhonePe Account for any anomalies that we may observe in Your PhonePe Account for any of the services provided in PhonePe Application.
Prohibited use of PPI, user conduct and responsibilities
- You shall not impersonate any person or entity, falsely claim or otherwise misrepresent an affiliation with any person or entity, or access the accounts of others without permission, forge another person’s digital signatures or perform any other fraudulent activity.
- You shall not use the Wallet to defraud PhonePe, our affiliates or other members or users, or engage in other unlawful activities (including without limitation dealing in products or services prohibited by law).
- You shall not purchase anything (products or services) using fraudulent funds and shall not use the Wallet for money laundering, tax evasion or any other illegal activities.
- You shall not use the PhonePe Wallet/eGV balances in a manner that may result in complaints, disputes, imposition of fines, penalties, chargebacks or any other liability to PhonePe;
- You shall apply appropriate due-diligence while transacting using Your PhonePe Wallet/eGV as in case any amount is transferred erroneously by You to any Merchant or any other person, PhonePe shall not be liable to refund such amount to You under any circumstances.
- Any web-link on the website to a third-party site is not an endorsement of that web-link. By using or browsing any such other web-link, you shall be subject to the terms and conditions in each such web-link and You should review such terms and conditions before using such website/application.
- PhonePe shall send all customer communications by SMS/ email/ notification or any other communicating mode and they shall be deemed to have been received by You after they have been submitted for delivery to the SMS/email service providers. You are required to review all such communication and report back to Us in case of any concern or query.
- You agree to receive all transactional and promotional messages from PhonePe/ PhonePe merchant partners. However, in case You do not want to receive promotional messages, You shall Opt-Out from by expressing Your consent on the Opt-Out option provided as part of such emails or via any other medium made available to You by PhonePe.
- You shall use the Wallet in good faith and in compliance with all applicable laws and regulations and be solely responsible for payment of any taxes, duties or other governmental levies or any financial charges that may be imposed on any products or services purchased or supplied by a merchant or otherwise arising from transactions.
- You shall ensure that the PhonePe Wallet is not used for Transactions in foreign currency. PhonePe Wallet is issued & shall be valid only in India and shall be used at Merchant located in India only.
- You agree and understand that when you acquire goods or any other services from a Merchant platform through PhonePe Services, we are not a party to the contract between you and the Merchant. We do not endorse any advertiser or Merchant linked to its website or app. Furthermore, we are under no obligation to monitor the Merchant's service used by you; the Merchant alone will be responsible for all obligations under the contract including (without limitation) warranties or guarantees. Any dispute with or complaint against any Merchant must be directly resolved by the User with the Merchant. It is clarified that We shall not be responsible or liable for any deficiency in goods and/or services purchased using PhonePe Services. You are instructed to satisfy yourself regarding the quality, quantity and fitness of any good and/or service before purchasing the same.
- PhonePe may communicate with you on the contact information or PhonePe applications that you may have provided to Us during the course of your engagement, including but not limited to signup, transacting or availing any third party products or services on PhonePe Platform.
- We will send you communication alerts via emails or SMS or push notifications or via other progressive technology. You also agree that there can be disruption in communications due to factors that are not under Our control, including but not limited to Your Phone being switched off, incorrect email address, network interruptions. You agree not to hold PhonePe liable for non-delivery for any alert or any loss suffered by you due to delay, distortion or failure of communication.
- You further acknowledge that you are responsible for the contact details shared with Us and shall update us on any change on your contact details. You authorise Us to contact you and communicate with you for any PhonePe Service or Offer(s). We may usethird party service providersto send alerts or communicate with you. You authorise PhonePe and PhonePe Entities to override the DND settings to reach out to you over calls, SMS, emails and any other mode of communication.
- Any disputes against Your PhonePe Wallet usage and operation shall be notified to Us within 30 days, beyond which, We shall not be held liable for any such claim/event. However, when a dispute is received from You, We shall identify Your dispute by a unique tracking reference and acknowledge the same.
- Any disputes not resolved amicably, shall be referred to the governing laws within the republic of India and jurisdictions mentioned in governing law / jurisdiction section below.
Indemnification & Limitation of Liability
- Financial and non-financial transactions performed by You on PhonePe Platform is always processed by You or under Your exclusive authorization.
- In no event will PhonePe be liable for any indirect, consequential, incidental, special or punitive damages, including without limitation damages for loss of profits or revenues, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether in contract, negligence, tort or otherwise, arising from the use of or inability to use the Services, however caused and whether arising in contract, tort, negligence, warranty or otherwise, exceed the amount paid by You for using the Services giving rise to the cause of action or Rupees One Hundred (Rs. 100) whichever is less.
Intellectual Property Rights
- All material on this site, including images, illustrations, audio clips, and video clips, are protected by copyrights, trademarks, and other intellectual property rights of PhonePe, PhonePe Entities or Business Partners. Material on Website is solely for Your personal, non-commercial use. You must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by email or other electronic means and whether directly or indirectly and You must not assist any other person to do so. Without the prior written consent of the owner, modification of the materials, use of the materials on any other platform or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited.
Governing law / Jurisdictions
- If any dispute or difference of any kind whatsoever shall arise between the parties in connection with or arising out of or in connection with your use of the PhonePe Wallet, you and PhonePe’s designated employee or representative shall promptly and in good faith negotiate with a view to arriving at an amicable resolution and settlement of the dispute or difference.
- In the event no amicable resolution or settlement is reached within a period of thirty (30) days, such dispute or difference shall be referred to a mutually acceptance single arbitrator or, upon the failure of the parties to agree upon a single arbitrator, within a period of ten (10) days, each party shall appoint one arbitrator each and the two appointed arbitrators shall appoint the third arbitrator who shall act as the presiding arbitrator under the provisions of the Indian Arbitration and Conciliation Act, 1996. The arbitration proceedings shall be held at Bangalore.
- The existence of any dispute or difference or the initiation or continuance of the arbitration proceedings shall not postpone or delay the performance by the parties of their respective obligations under this Agreement. It is agreed that the arbitrators shall also determine and make an award as to the costs of the arbitration proceedings. Notwithstanding anything contained herein, the parties shall have a right to institute legal proceedings to prevent any continuing breach and to seek an injunctive or any other specific relief.
- Subject to and without prejudice to the amicable settlement and arbitration clauses contained above, the courts in Bengaluru, Karnataka shall have exclusive jurisdiction to try and adjudicate all matters arising in connection with your use of the Wallet or other matters covered herein.
- PhonePe shall have the right to assign this Agreement (including all of our rights, titles, benefits, interests, and obligations and duties in this Agreement) to any of our affiliates and to any successor in interest. PhonePe may delegate certain PhonePe rights and responsibilities under this Agreement to independent contractors or other third parties. You may not assign, in whole or part, this Agreement to any person or entity without our prior written consent which may be withheld at our sole discretion.
- A Force Majeure Event shall mean any event that is beyond the reasonable control of the PhonePe and shall include but not limited to war, riots, fire, flood, acts of God, explosion, st