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Terms of Use of PhonePe Wallet

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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.

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.

We may amend the terms and conditions at any time by posting an updated version at PhonePe website(s) and PhonePe App(s). The updated version of the Terms of Service shall take effect immediately upon posting. It is Your responsibility to review these Terms of Use periodically for updates / changes or while using PhonePe Wallet. Your continued use of PhonePe Wallet 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 of Use, We grant You a personal, non-exclusive, non-transferable, limited privilege to enter and avail the Services.

Wallet

Introduction

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 proceeding to use the PhonePe Wallet, you (“User”/ “you”/ “your”) signify your consent to be bound by these “Wallet T&Cs” in addition to agreeing to the General PhonePe Terms and Conditions(“General ToU”) and PhonePe “Privacy Policy”. By use of PhonePe Wallet, you shall be contracting with PhonePe and these Wallet T&Cs referenced herein will constitute Your binding obligations with PhonePe.

Eligibility

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 have the right, authority, and capability to enter into this agreement abiding by all the provisions of the PhonePe“General ToU” and “Privacy Policy”.
  • 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.

Definitions

“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.
“terms of use or terms and conditions” are interchangeably used in this document and shall have the same meaning.

Application and Issuance of PhonePe Wallet

  • We may collect documents and information pertaining to You as part of Your application to avail PhonePe Wallet as a service as part of PhonePe offering shall be subject to PhonePe’s Privacy Policy. Such information collected might also be subject to PhonePe’s internal policies, regulatory directives and notifications, including but not limited to procedures defined by such organisations.
  • 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 Wallets

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:
      1. The order value exceeds the available amount in the PhonePe Wallet; or
      2. 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
      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.
      • 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 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:
        1. The order value exceeds the available amount in the PhonePe KYC Wallet; or
        2. 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 –
        1. Per transaction / Per day / Per month – Rs. 1,00,000/-
        2. 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 –
        1. Per transaction – Rs. 5,000/-
        2. Per Day / Per Month – Rs. 25,000/-
        3. 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.
  • 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 n