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WALLET FREQUENTLY ASKED QUESTIONS:


What is PhonePe? What payment options does PhonePe provide?

PhonePe is a new mobile payment solution. Our goal is to make digital payments so easy and safe that people never have to carry cash or cards again!

You can use PhonePe as a wallet or directly make transfers through your linked bank account using UPI. It's safe, easy and instant, you have to use it to believe it!


What is UPI? What is the advantage of UPI transfers over wallets?

"Unified Payment Interface" (UPI) is an instant payment system that allows you to transfer money directly from your bank account. The best part about UPI is that it allows you to make payments with a few clicks without the hassle of sharing bank a/c details or typing your card details, net banking password, OTP, etc.

There are many advantages of UPI. The main advantage is that you don't have to block your money by loading it into a wallet. Simply link your bank account and then you can make seamless payments without having to worry about topping up a wallet, wallet spend limits or not earning interest on your money. Makes sense to use UPI for direct bank transfer rather than the plethora of wallets, doesn't it?


How do I activate PhonePe wallet?

PhonePe wallet activation is currently available only on Android for mobile devices and via our website. As a part of the one-time activation process, you need to provide the following details:

a. Name

b. Email ID

c. Mobile Number (will be OTP verified, if not done so already)


Will my Wallet money ever expire?

Individual components under Wallet have different expiry rules.

Like, Gift Cards stored in your Wallet will have their own validity period. Similarly, PhonePe wallet is valid for 24 months from the time of activation or 24 months from the last transaction, whichever is later. PhonePe wallet expires once the validity period is over.


What are the limits, rules and restrictions that govern PhonePe wallet?

PhonePe wallet is governed by the Reserve Bank of India's Prepaid Instrument and Domestic Money Transfer Guidelines.

Simply put,

  • • At any point of time, the PhonePe wallet balance cannot exceed Rs.10,000.

  • • Any inflow of PhonePe wallet through refunds cannot exceed Rs.10,000 per month.

  • • Any transfers from PhonePe wallet to your bank account are restricted to Rs.5,000 per transaction and Rs.25,000 per month.


How does my PhonePe wallet get loaded? Can I top-up my wallet?

There are 4 main ways for cash to flow into your wallet:

1) Refunds - when you buy from affiliated merchants using your PhonePe wallet or by COD, they can refund back to your wallet.

2) Failed transactions- If paid through the wallet, the amount would come back to your wallet

3) Cashbacks - Any kind of cashback offered by PhonePe or merchant will show up in your wallet.

4) P2P transfers - If a friend sends money to you from his/her wallet, it will showup in your wallet.

Rather than topping up wallet and spending through that, which is a 2-step process, we provide an easier feature of linking your bank a/c and spending directly through it. This faster, easier, plus you don't lock money in wallets.


Can I transfer funds from PhonePe wallet? If yes, how much can be transferred?

Yes, you can transfer funds from PhonePe wallet to your bank account using the Bank Account Number and Branch IFSC Code. You can transfer a maximum of ₹5,000 in a single transaction and a maximum of ₹25,000 in a month.


Are there any charges for transferring PhonePe wallet to bank account?

Currently, as a part of our promotional offer, we are not charging for withdrawals to bank. However, such withdrawals might be charged in future about which, you will be duly notified.


Can I use an International phone number to activate PhonePe wallet?

No, currently PhonePe wallet is available only for domestic mobile numbers.


Can I transfer PhonePe wallet to my friend's Wallet?

You can transfer money from your wallet to your friend's wallet, but you cannot transfer the wallet ownership. That feature has not yet been activated.

You can also transfer Gift Cards to your friend's Wallet.


How safe is PhonePe?

Every transaction on PhonePe requires you to enter your M-PIN which is known only to you. You should not share this M-PIN. In addition, PhonePe has an app lock feature which hinders unauthorized access.

All transaction initiated over PhonePe are carried out over secure bank networks and all communications between PhonePe and banks are over encrypted channels.


I am trying to link my bank a/c for UPI txns but do not find my bank in the list.

PhonePe runs on the UPI payment platform which is currently supported by multiple banks. As of now only accounts from these banks can be linked with PhonePe to send and receive money.

If your bank is not on this list, you can still manually link your bank a/c by entering the a/c number and IFSC code. However this a/c can only be used to receive money, not send money.


What if I change my handset?

If you change your handset, you need to download the PhonePe app again, enter your app PIN and send SMS to verify your mobile number and your PhonePe account will be restored.


Can I continue using my PhonePe account if my mobile number changes?

If your mobile number changes you will first have to update your mobile number with your bank.

Then you have to enter your old mobile number and PhonePe password in your PhonePe app, verify your mobile number by sending an sms and your old PhonePe account will be restored.

For security reasons this account will be activated after 24 hours.


Purchasing on Flipkart using Wallet


How do I use Wallet to make a payment?

At the time of making a payment, you will be able to view the available balance in your Wallet and you can use it for the transaction. There might be some instances where the complete balance might not be sufficient for the purchase. The reasons for the same will be displayed.


What if my Wallet is not sufficient to make a transaction? Can I partially pay using Wallet?

Yes. You can redeem your Wallet for the purchase, and the remaining amount can be paid using any of the other payment options (For example: Credit/Debit Card, Net Banking). These will be displayed on the same page.

For now, you cannot use Wallet for Cash On Delivery (COD) orders or on orders containing items from multiple sellers.


What happens when I return an item purchased using Wallet?

The money is refunded back to the original payment source.

  • • If Gift Cards were redeemed in the original transaction, then the same will be refunded to the respective Gift Cards.

  • • Similarly, the amount originally redeemed from your PhonePe wallet will be refunded as PhonePe wallet. If a bank transfer was made over UPI, it will be refunded back to your account.


Despite having balance, I am unable to use Wallet as a payment option for some of the purchases. What are the reasons for this?

When an order is placed with items from different sellers, Wallet might not be usable as a payment option. We are working on enabling this functionality soon.

 

PhonePe Terms & Conditions


Please read the terms and conditions carefully before registering, accessing or using the Services (defined below). The terms and conditions is a legal contract ("Agreement") between You and FX Mart Private Limited (FX Mart) having its registered office at SCF 13, First Floor, Block B, High Street Market, Royale Paam, Zirakpur-140603. 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 www.phonepe.com ("PhonePe Site"). The updated version of the Terms of Service shall take effect immediately upon posting. If you use our Services, you will be bound by this Agreement which may be amended from time to time.

Terms of Service

All the Services are offered by FX Mart under the brand name "PhonePe". The terms 'FX Mart' and 'PhonePe' have been used interchangeably. These terms of service should be read with PhonePe Privacy Policy (collectively "PhonePe Terms").

The rights, benefits, liabilities and obligations under the terms and conditions set forth below shall accrue to the benefit of FX Mart and are applicable to the use PhonePe services to make any type of transactions.

For the purpose of these PhonePe Terms, wherever the context so requires 'You/Your' or "User" shall mean any natural or legal person who has registered for Services and who has accepted these Terms of Services. The term "We", "Us", "Our" shall mean PhonePe and/or FX Mart. Further, the term "Merchant" shall include any establishment and/or entity who accepts the Services of PhonePe as a payment method to collect payment from their customers for the purchase(/s) of goods and/or services. Similarly, the term "Buyer" shall refer to the person who purchases any of the goods or services provided by the Merchants.

Services:

PhonePe is a payment solution which facilitates payments and acts as such by creating, hosting, maintaining and providing Services to you via the Internet. PhonePe provides its Services to customers through 'PhonePe' branded mobile payments app, which acts as a container for various payment instruments including but not limited to a mobile wallet and UPI payment. PhonePe provides its services to businesses by enabling them to accept payments and services from its customers for the products and/or services on their platform via PhonePe solution.

PhonePe facilitates payments and services in connection with online transactions for products or services concluded on and through the PhonePe App and website, or any third party merchant app, website, physical store or any individual both within and outside the PhonePe network.

By using the Services, you acknowledge and agree that PhonePe is not a bank and the Services should in no way be construed as the provision of banking services.

PhonePe offers its services in compliance with local laws and regulations.


PhonePe App comprises of the following payment instruments/services:

  • • PhonePe Wallet:
    "PhonePe Wallet" is a Semi-Closed Pre-paid Payment Instrument approved by the "Reserve Bank of India" vide Authorisation Number: 75/2014 dated August 22, 2014.

  • • PhonePe UPI:
    The Unified Payment Interface ("UPI") is a payment service platform ("Platform") developed by National Payments Corporation of India ("NPCI"), an umbrella organisation incorporated in 2008 and acting as the settlement/clearing house/regulatory agency for UPI services. The application software ("PhonePe App") connects the Platform in partnership/association with Yes Bank Limited ("YBL"), a bank licensed under the Banking Regulation Act, 1949.

Eligibility

PhonePe Services are currently available to customers with an active Indian mobile number, a smartphone and having a bank account in India.

PhonePe UPI payment is available only to people:

  • • with bank accounts in one of the UPI member banks

  • • who have provided the same mobile number to PhonePe (during registration) as the one registered with their respective bank

Registration

In order to use the full spectrum of PhonePe Services, You need to register on the PhonePe App and provide Us with accurate and complete information. 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.

You can also register with PhonePe from any third party merchant platform. But in such cases, PhonePe UPI service may not be enabled. You may have to download the PhonePe app to link your bank account and enable UPI transactions from PhonePe.


Contact information

Mobile Number

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, 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 SMSes from senders not listed in Your contacts, you must ensure that PhonePe SMSes are marked as trusted as 'not-spam', so that you will be able to view the Communications we send to you.
The mobile number provided by you should be the same as registered with your bank against your bank account, to enable UPI transactions from PhonePe app. PhonePe will not be liable for any such mismatch leading to your failure to access UPI transactions on PhonePe app.
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 PhonePe 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 PhonePe App. If Your email address becomes invalid such that electronic communications sent to you by Us is returned, We may deem your account to be inactive, and You will not be able to transact any activity using your PhonePe Account until We receive a valid, working primary email address from you.
Device Information
The device (smartphone) on which You download PhonePe 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 PhonePe account from a different device using the PhonePe app, You will be asked to allow PhonePe to send an SMS from the new device, after which the new device becomes the registered device.
You will not be able to access your PhonePe account or authorize UPI transactions using your previous device until you re-login and re-authorize yourself on that device.
Any Other information
We may ask for and store additional information to either extend more Services or even as additional requirement for continuing the existing Services or sub-services.

Terms of Use of Payment Instruments/Services

By agreeing to this Agreement you hereby agree to the PhonePe Terms of Use for its services, which may be updated by PhonePe from time to time. All transactions concluded by users using PhonePe on the PhonePe platform or the platform of any of its affiliates and partners, or any third party platform, which can accept payments and services from PhonePe users, will be in accordance with the PhonePe Terms of Use.

  • i) PhonePe Wallet- Terms of Use

  • ii) PhonePe UPI Payment- Terms of Use

Privacy

We collect, hold, use and transfer Your personal data in accordance with Our Privacy Policy. By agreeing to the Terms of Service, 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 by You in connection with the Services may be shared with Our affiliates or partners. Please refer to the link below for detailed terms and conditions on Our Privacy Policy.

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.

  • 1. 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 PhonePe. You shall indemnify PhonePe against any loss or damage suffered by PhonePe as a result of such multiple use. You undertake to notify PhonePe immediately of any unauthorized use of your username or password or any other breach of security. You agree that PhonePe shall not be liable for any loss or damage arising from your failure to comply with this section.

  • 2. You shall be solely responsible for:

    • i. maintaining the confidentiality of Your PhonePe username and password

    • ii. maintaining the confidentiality of Your Bank account MPIN and OTP messages

    • iii. maintaining the confidentiality of any credentials or/and information using which, one can impersonate you

    • iv. all transactions and activities that occur under your username and password

    • v. all consequences of use or misuse of your username and password

    • vi. never sharing any of the above credentials with anyone including anyone claiming-from or from bank, PhonePe/ FXmart,etc.

  • 3. If you are a business entity, you agree that all officers, employees, agents, representatives and others having access to the username and/or password have been duly authorized by you to use the Services on your behalf and to legally bind you. You shall be responsible for all actions by current and former officers, employees, agents, representatives and others, regardless of whether authorized by you, that access the Services using the business' user name and password.


You must be the beneficial owner of the Account, and conduct business only on behalf of yourself.

Wallet User Obligations

  • 1. You must ensure the availability of sufficient funds before executing any transaction from your Account.

  • 2. If you have submitted KYC documents to us, You shall intimate us about change in your address, if any, in writing along with such proof of address as per the KYC documents.

  • 3. Your PhonePe 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 of lost/theft/misuse of device or information will be solely User's responsibility.


UPI User Obligationss

  • 1. You must ensure the availability of sufficient funds in the bank account before executing any transaction from your Account.

  • 2. You acknowledge, represent and warrant that the MPIN generated by the You, at any time, that is either before/at the time of linking Your account with PhonePe UPI or regenerated anytime thereafter, provides access to the fund transfer through your linked bank a/c and that You are the sole and exclusive owner, and the only authorized user of the MPIN. You accept sole responsibility for use, confidentiality and protection of the MPIN as well as for the Services availed through the use of MPIN. The MPIN is issued and verified by the Bank and is neither stored nor accessed by FX Mart. The User grants express authority to FX Mart for carrying out instructions authenticated by such MPIN. The User unconditionally undertakes to have MPIN of such number of digits as may be notified by Bank from time to time and to ensure that the same is kept confidential. If the User forgets the MPIN, then the User may regenerate the MPIN from his PhonePe App.

  • 3. You authorize FX Mart to forward to your bank, your request to debit your linked bank account when You link your account with PhonePe App. You are solely responsible for complying with any terms set by your bank or with respect to your account, including any fee terms, such as non-sufficient fund or overdraft fee terms.


Other Responsibilities

  • 1. You shall promptly inform us for any unauthorized usage of your account, lost/stolen/misplaced/ device or account details, and any other circumstances which may lead to unauthorized usage of your account. The responsibility of any transaction prior to intimation, will solely be on the registered User.

  • 2. 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.

  • 3. In case any amount is transferred erroneously by the You to any Merchant or any other person , PhonePe shall not be liable to refund such amount to You any circumstances.

  • 4. 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.

  • 5. In the event of any dispute, PhonePe records shall be binding as the conclusive evidence of the transactions carried out through use of PhonePe Services.

  • 6. PhonePe shall send all customer communications by SMS and/or email and they shall be deemed to have been received by You after they have been submitted for delivery to the SMS/email service providers.

  • 7. You agree to receive all commercial message including transactional messages from PhonePe/Merchant.

  • 8. You will use the Services in good faith and in compliance with all applicable laws and regulations.

  • 9. The information and material you provide in connection with the use of the Services is true, lawful and accurate, and is not false, misleading or deceptive.

  • 10. You should 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 through the Services or otherwise arising from online transactions.

  • 11. You shall not use PhonePe Services for any purpose that might be construed as contrary or repugnant to any applicable law, regulation, guideline, judicial dicta, Terms of Use or for any purpose that might negatively prejudice the goodwill of PhonePe.

  • 12. You shall ensure that the PhonePe Services are not used for Transactions in foreign currency. PhonePe services are issued & shall be valid only in India and shall be used at Merchants only in India.


Prohibitions

You shall not:

  • 1. use the Services 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).

  • 2. 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 persons digital signatures or perform any other fraudulent activity.

  • 3. post or transmit any message, image or data which is pornographic in nature.

  • 4. purchase anything (products or services) using fraudulent funds

  • 5. use the Services in a manner that may result in complaints, disputes, imposition of fines, penalties, chargebacks or any other liability to PhonePe.

  • 6. use PhonePe services for money laundering, tax evasion or any other illegal activities.

Consent to Electronic Communications and Transactions

By registering with Us, you consent to conduct transactions and receive communications, notices and information from us electronically, whether sent by e-mail or other electronic means. Electronic communications shall be deemed to have been received by you when We send the electronic communication to the email address/mobile number that as per our records, or when We post the electronic communication on the website. The requirements for such electronic transactions and communications following: you must have access to the Internet, mobile web, applications and a valid e-mail address. You can withdraw your consent at any time by contacting Us, but We reserve the right to terminate your Account upon such withdrawal. Withdrawal of your consent will not affect the legal validity and enforceability of any notice, statement or disclosure previously received electronically. You agree to notify us promptly if your email address, phone number or other contact information changes by updating your account information or contacting us.

Anti-Money Laundering Policy

PhonePe strongly condemns and prohibits the prevention of money laundering and any activity that facilitates money laundering or financing of terrorist or criminal activities. At PhonePe the directors, officers, employees and any other individuals or organisations associated with PhonePe are supposed to adhere to the applicable law.

Erroneous Transaction


Unauthorized Transactions
An unauthorized transaction occurs when a payment is made from your account that you did not authorize. For example, if someone makes a transaction from your account using a stolen password, an unauthorized transaction has occurred. If you provide access to your account to a third party (by disclosing your login or/and MPIN information or any other information) and they conduct transactions without your knowledge or permission, you are responsible for any resultant use. The liability of any misuse is solely Yours, until you report the issue PhonePe.
In the event of an unauthorized transaction in your account, you should immediately notify PhonePe if you believe:

  • 1. there has been an Unauthorized Transaction or unauthorized access to your account;

  • 2. there is an error in your account history statement (you can access your account history statement by logging into your app and go to transaction history section;

  • 3. your PhonePe username and password and/or bank account MPIN has been compromised;

  • 4. your device with the PhonePe App has been lost, stolen or deactivated;


For unauthorized transactions or errors in your Account, notify us by Calling on 080-46467777 or by sending an email to support@phonepe.com
PhonePe Errors
We will rectify any error that we discover. If the error results in your receipt of less than the correct amount to which you are entitled, PhonePe may credit your account for the difference. If the error results in your receipt of more than the correct amount to which you are entitled, PhonePe may debit the extra funds from your account.
User Errors
If you erroneously send a payment to the wrong party, or send a payment for the wrong amount (for instance a typographical error at your end) your only recourse will be to contact the party to whom you have sent the payment and ask them to refund the amount. PhonePe will not reimburse you or reverse a payment that you have erroneously made.
No Refunds
All payments on PhonePe for mobile/DTH recharge, Bill Pay, P2P transfers are final. Such transactions cannot be refunded/ returned or cancelled once initiated.

Indemnification

You agree to indemnify and hold PhonePe, its affiliates, employees, directors, officers, agents and representatives and to hold them harmless, from any and all losses, damages, actions, claims and liabilities (including legal costs on a full indemnity basis) which may arise, directly or indirectly, from your use or misuse of the Services or from your breach of the Terms of use of the Services. PhonePe reserves the right, at your expense, to assume the exclusive defense and control of any matter for which you are required to indemnify PhonePe including right to settle, and you agree to co-operate with PhonePe defense and settlement of these claims. PhonePe shall use reasonable efforts to notify You of any claim, action or proceeding brought by a third party that is subject to the aforesaid indemnification.

Amendment

We will send notice of any change to You that involves an increase in fees or liability for You ("Material Change"), to the registered email address, and that Material Change will be effective 15 days from the earlier of posting it to our Website or otherwise communicating it to You. You will be deemed to accept any Material Change if you use the Website or Services after the 15-day notice period. We may make Material Changes without prior notice if immediate changes are necessary for security reasons.
FX Mart may suspend and/or terminate your PhonePe wallet anytime with or without prior notice due to any change in rules, regulations and laws by the relevant government authorities/regulators. In addition, your bank may suspend/ terminate UPI services at anytime with or without prior notice, PhonePe will not be responsible for such service outages.

Intellectual Property Rights

Intellectual Property Rights for the purpose of this Terms of Use shall always mean and include copyrights whether registered or not, patents including rights of filing patents, trademarks, trade names, trade dresses, house marks, collective marks, associate marks and the right to register them, designs both industrial and layout, geographical indicators, moral rights, broadcasting rights, displaying rights, distribution rights, selling rights, abridged rights, translating rights, reproducing rights, performing rights, communicating rights, adapting rights, circulating rights, protected rights, joint rights, reciprocating rights, infringement rights. All those Intellectual Property rights arising as a result of domain names, internet or any other right available under applicable law shall vest in the domain of FX Mart as the owner of such domain name. The Parties hereto agree and confirm that no part of any Intellectual Property rights mentioned hereinabove is transferred in the name of User and any intellectual property rights arising as a result of these presents shall also be in the absolute ownership, possession and Our control or control of its licensors, as the case may be.

Trademark, Copyright and Restriction

All material on this site, including images, illustrations, audio clips, and video clips, are protected by copyrights, trademarks, and other intellectual property rights. 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. Any use for which You receive any remuneration, whether in money or otherwise, is a commercial use for the purposes of this clause.

Limitation of Liability

IN NO EVENT SHALL PHONEPE OR ITS AFFILIATED COMPANIES, SUBSIDIARIES, OFFICERS, DIRECTORS, EMPLOYEES OR ANY RELATED PARTY BE LIABLE FOR ANY SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES OR ANY LOSS OF REVENUE OR PROFITS ARISING UNDER OR RELATING TO THESE TERM OF USE. TO THE 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) WHATSOEVER WILL AT ALL TIMES BE LIMITED TO INR ONE HUNDRED (INR 100).

Suspension or Breakdown of Systems

If You are unable to use the Services as a result of improper operation of the systems due to any of the following reasons, You agree you will not hold PhonePe and our affiliates liable for:

  • a. System suspension which has been announced by PhonePe in advance through any mode of communication;

  • b. Failure in data transmission due to breakdown in the telecommunications equipment and systems;

  • c. Failure in system operations due to breakdown resulting from typhoon, earthquake, tsunami, flood, electricity blackout, war, terrorist attack, and other force majeure events which are beyond our reasonable control; or

  • d. The Services are interrupted or delayed due to hacking, authority, website upgrade, banks, and other reasons.

Dispute Resolution; Governing Law; Jurisdiction

Dispute Resolution
If any dispute or difference of any kind whatsoever shall arise between the parties in connection with or arising out of the us of the Services (whether before or after the termination or breach of this Agreement) the concerned representatives of the parties shall promptly and in good faith negotiate with a view to an amicable resolution and settlement of the dispute.

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.

Jurisdiction

Subject to the above clause, the Courts of Bangalore, Karnataka, alone shall have the jurisdiction to try and adjudicate all suits, legal proceedings, etc. arising out of this Agreement.

Governing Law
This Agreement and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with this Agreement, including the construction, validity, performance or termination thereunder, shall be governed by and construed in accordance with the laws of the Republic of India.

Disclaimer

  • 1. You agree that all risks arising from online transactions will be borne by You.

  • 2. PhonePe and third party partners make no warranty, express or implied regarding the quality of Services including but not limited to: i) the Services will meet your requirements; II) the Services will be uninterrupted, timely or error free; or III) any products, information or material obtained by You in connection with the services will meet Your requirements.

  • 3. Except as expressly provided herein and to the full extent permitted by law, the Services are provided "as is", "as available" and "with all faults". All such warranties, representations, conditions, undertakings and terms, whether express or implied, are hereby excluded. It is Your responsibility to evaluate the accuracy, completeness and usefulness of the Services and other information provided by PhonePe or generally available. We do not authorise anyone to make any warranty on our behalf and You should not rely on any such statement.

  • 4. 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.

  • 5. If you have a dispute with other parties, you release PhonePe (and our affiliates and officers, directors, agents, and employees thereof) from claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes.

General Provisions

  • 1. If any provision of this Agreement is held to be invalid or otherwise unenforceable, then that provision shall be deleted and the remaining provisions shall remain valid and enforceable.

  • 2. Headings are for convenience purposes only and in no way define, limit, construe or describe the scope or extent of such section.

  • 3. Any failure by PhonePe to exercise any of our rights under this Agreement shall not constitute a waiver of such right or a waiver with respect to subsequent or similar breach. A waiver shall be effective only if made in writing.

  • 4. 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 of 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,

  • 5. If there is any conflict between the English version and another language version of this Agreement, the English version shall prevail.

Terms of Use of PhonePe Wallet

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.

These terms and conditions regulate the use of Semi Closed pre-paid Payment Instrument or such other services which may be added from time to time under the brand name "PhonePe Wallet" (hereinafter referred to as "PhonePe/PhonePe Services") offered by FX Mart Private Limited a company incorporated under the Companies Act, 1956 with its registered office at SCF 13, First Floor, Block B, High Street Market, Royale Paam, Zirakpur-140603, India (hereinafter referred to as "FX Mart"). FX Mart has been authorised in this regard by the Reserve Bank of India under Authorisation number: 75/2014 dated August 22, 2014.

Your use of the PhonePe Services and related tools are governed by the following terms and conditions ("Terms of Use") which are incorporated herein by way of reference. For the purpose of these Terms of Use, wherever the context so requires 'You/Your' or "User" shall mean any natural or legal person who has registered for PhonePe Wallet and who has accepted these Terms of Use. The term "We", "Us", "Our" shall mean FX Mart Private Limited. Further, the term "Merchant" shall include 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.

If You transact using the PhonePe wallet on PhonePe app or any Merchant Website/ Merchant Platform, these conditions will be applicable. By mere use of the PhonePe wallet, You shall be contracting with FX Mart and these terms and conditions including the policies constitute Your binding obligations, with FX Mart.

We reserve the right, at Our sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time without any prior written notice to You. It is Your responsibility to review these Terms of Use periodically for updates / changes. 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.

USING PHONEPE WALLET INDICATES YOUR AGREEMENT TO ALL THE TERMS AND CONDITIONS UNDER THESE TERMS OF USE, SO PLEASE READ THE TERMS OF USE CAREFULLY BEFORE PROCEEDING. By impliedly or expressly accepting these Terms of Use, You also accept and agree to be bound by PhonePe Policies (including but not limited to Privacy Policy as amended from time to time.


Your Account and Registration Obligations

  • 1. You shall be able to register by:

    • a. creating a PhonePe account at any Merchant platform ("Merchant Account") and activating Your PhonePe wallet by providing the required details, authorizing yourself by an OTP verification and agreeing to the PhonePe Terms & Conditions.

    • b. creating a PhonePe account at any Merchant platform ("Merchant Account") and activating Your PhonePe wallet by providing the required details, authorizing yourself by an OTP verification and agreeing to the PhonePe Terms & Conditions.

  • 2. "KYC" stands for Know your Customer and refers to the various norms, rules, laws and statutes issued by the RBI from time to time under which FX Mart is required to procure personal identification details from You before any Services can be delivered. Know your Customer (KYC) documents may be asked for by the Merchant (on behalf of FX Mart) from You at the time of activation and/ or on a later date, for availing and / or continuation of PhonePe Wallet. FX Mart/Merchant shall not be responsible for wrong details being entered by the User.

  • 3. In the event the beneficiary/KYC details provided are found to be incorrect/ insufficient, FX Mart retains the right to cancel Your account. FX Mart retains the right to share the details of the transaction undertaken using the Account and the end beneficiary/ KYC details with RBI, as per statutory guidelines issued from time to time.

  • 4. Since the User's mobile number is treated as the primary identifier for the User, for activation of PhonePe wallet, the mobile number of the User will be verified by sending a one-time password (OTP) to the User's mobile phone via SMS. Only after the User successfully enters the OTP sent to his/her mobile number and accepts the Terms & Conditions, PhonePe wallet will be activated on the Merchant platform or on the PhonePe app. In case of Users who have an existing OTP verified Merchant Account, OTP verification may not be required.

  • 5. If You change the phone number registered with Your Account/Merchant Account, you can link the new number after OTP verification and by entering your old mobile number and password. Your PhonePe Account will be disabled for 24 hours for security reasons, after which you can use it and access your old account history.

  • 6. Please note that You can activate Your PhonePe wallet only with a mobile number of the Indian Telecom Provider and Users of mobile numbers of international telecom providers shall not be eligible for activation of PhonePe wallet.

  • 7. You agree that if You provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the this Terms of Use, We shall have the right to indefinitely suspend or terminate or block access to Your Account.

  • 8. We shall ensure that all your confidential data pertaining to your money transactions, bank account details and all other sensitive personal information are protected and kept confidential by employing best available protection standards, which are more fully set out in our Privacy Policy

  • 9. If the particulars provided by you in the KYC documents do not match with the details mentioned while activating Your Account, then We shall have the right to forfeit the balance amount in your PhonePe wallet.

  • 10. PhonePe wallet is not transferable.

  • 11. You can operate only one PhonePe wallet at any given point of time. Any violation of this condition shall amount to suspension/discontinuation of all your accounts.

Loading/Topping-up of PhonePe wallet:

  • 1. PhonePe wallet can be loaded or topped-up by transfer of money from another PhonePe wallet user, or from refunds/cashbacks that might arise due to cancellations and returns of Your transactions at third party partner Merchant Platforms or by FX Mart. PhonePe wallet will be displayed as an option on the order return/cancellation screen for all such refunds on the Merchant Platforms. PhonePe has the sole discretion to not allow Refunds into the PhonePe wallet for purchases made through any particular payment method.

  • 2. PhonePe wallet shall at no time exceed INR 10,000/- through top-ups/loads.

Purchases through PhonePe wallet

  • 1. PhonePe wallet can be used to purchase products and services online or offline on any Merchant platform. PhonePe wallet can be used by selecting it as the payment mode at the time of payment.

  • 2. PhonePe wallet is one of the payment options available to the Users on Merchant platform and We assume no responsibility for the products purchased using PhonePe wallet and any liability thereof is expressly disclaimed.

  • 3. User can pay directly from his/her PhonePe account linked bank, if:

    • a. the order value exceeds the available amount in the PhonePe wallet

    • b. the User has exceeded his/her limit for Purchases using the wallet, as per the RBI rules

Withdrawals from PhonePe wallet

  • 1. The User will be allowed to withdraw his/her PhonePe wallet balance to his/her bank a/c anytime. In all cases, the top-up amount shall be reversed only to the bank account linked to the PhonePe app.

  • 2. Withdrawing money from PhonePe wallet in the form of cash is not allowed. However, user can link his/her bank account to PhonePe app and transfer money from PhonePe wallet to the bank account anytime, subject to limits issued by RBI.

  • 3. The User shall be solely responsible for providing the updated and correct details of his/her bank details.

Wallet limits issued by the RBI


Requirements and Limits for PhonePe wallet

Refunds/Wallet Balance (Max.)

Purchases (Max.)

Withdrawal (Max.)

Monthly

Rs. 10,000

Rs. 20,000

Rs. 25,000

Per Transaction

Rs. 10,000

Rs. 10,000

Rs. 5,000

Charges

Membership is free for Users. FX Mart does not charge its Users any fee for creating an Account or use of Services. FX Mart reserves the right to change its fee policy from time to time. In particular, FX Mart may at its sole discretion introduce new services and modify some or all of the existing services offered on the website. In such an event, We reserve the right to introduce fees for the new services offered or amend/introduce fees for existing services, as the case may be. Changes to the fee policy shall be posted on the website and such changes shall automatically become effective immediately after they are posted on the website. Unless otherwise stated, all fees shall be quoted in Indian Rupees.

Validity & Forfeiture Policy

  • 1. Your PhonePe wallet Account will be valid for 24 months from the time of activation or 24 months from the time of the last transaction whichever is later. Please note that FX Mart reserves the right to terminate Your PhonePe wallet Account in case of violation of any policy or Terms of Use and in such event, any balance in Your PhonePe wallet Account shall be credited back to Your bank account linked to the PhonePe app. or any rule/policy issued by the RBI or Government of India or any other concerned body. In such an event, FX Mart shall report the matter to the concerned body and may freeze your PhonePe wallet until given a clearance by the concerned body.

  • 2. FX Mart further reserves the right to suspend Your PhonePe wallet 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, FX Mart shall report the matter to RBI and shall also freeze your PhonePe wallet account until the receipt of findings and clear report from RBI in this regard.

  • 3. FX Mart shall caution You during the sixty (60) days period prior to the expiry of the validity period of the PhonePe wallet by way of sending SMS, e- mail, post etc.

Terms of Use of PhonePe UPI

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.

These terms and conditions regulate the payments under the Unified Payment Interface ("UPI"), a payment service platform ("Platform") developed by National Payments Corporation of India ("NPCI"), an umbrella organisation incorporated in 2008 and acting as the settlement/clearing house/regulatory agency for UPI services. The application software ("PhonePe App") which connects the Platform is being offered by FX Mart Private Limited a company incorporated under the Companies Act, 1956 with its registered office at SCF 13, First Floor, Block B, High Street Market, Royale Paam, Zirakpur-140603, India (hereinafter referred to as "FX Mart") in partnership/association with Yes Bank Limited ("YBL"), a bank licensed under the Banking Regulation Act, 1949. The UPI services ("Services") are being offered under the brand "PhonePe".

Your use of the PhonePe UPI and related tools are governed by the following terms and conditions ("Terms of Use") which are incorporated herein by way of reference. For the purpose of these Terms of Use, wherever the context so requires 'You/Your' or "User" shall mean any natural or legal person who has registered for PhonePe Services, linked his/her bank account for UPI payments and who has accepted these Terms of Use. The term "We", "Us", "Our" shall mean FX Mart Private Limited. Further, the term "Merchant" shall include any establishment and/or entity who accepts the UPI payments through PhonePe App ("PhonePe UPI") 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.

If You transact using the PhonePe App or any Merchant Website/ Merchant Platform, these conditions will be applicable. By mere use of the PhonePe App, You shall be contracting with FX Mart and these terms and conditions including the policies constitute Your binding obligations, with FX Mart.

We reserve the right, at Our sole discretion, to change, modify, add or remove portions of these Terms of Use, at any time without any prior written notice to You. It is Your responsibility to review these Terms of Use periodically for updates / changes. Your continued use of PhonePe App 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.

USING PHONEPE APP INDICATES YOUR AGREEMENT TO ALL THE TERMS AND CONDITIONS UNDER THESE TERMS OF USE, SO PLEASE READ THE TERMS OF USE CAREFULLY BEFORE PROCEEDING. By impliedly or expressly accepting these Terms of Use, You also accept and agree to be bound by PhonePe Policies (including but not limited to Privacy Policy available on the PhonePe website www.phonepe.com as amended from time to time.

About UPI

The Unified Payments Interface (UPI) is a payment platform built by NPCI (National Payments Corporation of India) that allows instant online payments between the bank accounts of any two parties'. UPI offers an architecture and a set of standard API specifications to facilitate these online payments. It aims to simplify and provide a single interface across all NPCI systems besides creating interoperability and superior customer experience.

PhonePe UPI facilitates payments inter-se between customers - customers and customers - merchants respectively.

Your Account and Registration Obligations

  • 1. To enable UPI payments, the user first needs to have a PhonePe account. User can register and create a PhonePe account by:

    • a. Downloading the PhonePe App and registering himself/herself. Or,

    • b. Registering with PhonePe from a third party partner platform.

  • 2. User has to necessarily install the PhonePe App on his/her smartphone to be able to register and transact using PhonePe UPI.

  • 3. Thereafter, You will be able to register for UPI payments by:

    • a. Selecting your bank:

      • i. You first need to select the bank from amongst the list of UPI-member banks as shown in the App. The list comprises of all the banks connected to the UPI Platform of NPCI.

      • ii. If the name of Your bank does not appear in the list, you can still add your bank by providing the bank account number and the IFSC code. You will not be able to make UPI payments from Your bank account. However, You can still use Your bank account for the following two purposes:

        • • Receiving funds from others into Your bank account;

        • • Withdrawing Your PhonePe wallet money into Your bank account.

    • b. If you have selected a bank from the UPI-member list, Your mobile number will be OTP (One Time Password) verified by the UPI-member bank. Please note that your mobile number, should be registered with Your bank. If Your mobile number is not registered, then Your OTP verification will fail. You will not be able to avail the UPI Service unless You first register your mobile number with the Bank.

    • c. Once Your mobile number is verified by OTP, Your bank will share the masked bank account numbers against the registered mobile number. You need to select the bank account which You wish to link with PhonePe App. Currently, You can link only one bank account to PhonePe App for availing the Services.

    • d. The selected bank account can be linked with PhonePe App in the following manner:

      • i. If You already have the 4-6 digit MPIN (Mobile Personal Identification Number) for Your bank account, then You need to simply select the "Link" option and continue.

        • • If you do not remember the MPIN, you can click on "forgot MPIN" and set a new one by providing the Debit card number linked with Your bank account and the Expiry date of the Card. Your mobile number will be OTP verified by Your bank. If the verification is successful, you will be taken to the NPCI page, to set a new MPIN. After setting the MPIN, you will be taken back to the PhonePe App screen, where you have to click on "Link" and then continue.

        • • You can Reset your MPIN by clicking on "Reset MPIN". You can then set a new MPIN by providing the old and new MPINs.

      • ii. If You have never set the MPIN before, then you will see a "Set MPIN" option. Please click on the link and set the MPIN by providing the Debit card number linked with Your bank account and the Expiry date of the Card. Your mobile number will be OTP verified by Your bank. If the verification is successful, You will be taken to the NPCI page, to set a new MPIN. After setting the MPIN, you will be taken back to the PhonePe App screen, where you have to click on "Link" and then continue.

      • iii. You need to authorize every UPI payment transaction by providing the MPIN.

  • 4. "KYC" stands for Know your Customer and refers to the various norms, rules, laws and statutes issued by RBI from time to time under which FX Mart is required to procure personal identification details from You before any Services can be delivered. Know your Customer (KYC) documents may be asked for by the Merchant (on behalf of FX Mart) from You at the time of activation and/ or on a later date, for availing and / or continuation of Services. FX Mart/Merchant shall not be responsible for wrong details being entered by the User.

  • 5. In the event the beneficiary/KYC details provided are found to be incorrect/ insufficient, FX Mart retains the right to block Your PhonePe account. FX Mart retains the right to share the details of the transaction undertaken using the PhonePe Account and the end beneficiary/ KYC details with RBI, as per statutory guidelines issued from time to time.

  • 6. You are solely responsible for linking Your correct bank account.

  • 7. Since Your mobile number is treated as the primary identifier, Your mobile number needs to be updated with the bank linked to PhonePe App in case of any changes.

  • 8. If You change the mobile number registered with Your PhonePe Account, You will have to re-register your new mobile number with PhonePe. To re-enable the Service, you need to register your new mobile number with your bank as well.

  • 9. You agree that if You provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the this Terms of Use, We shall have the right to indefinitely suspend or terminate or block access to Your Account.

  • 10. We shall ensure that all your confidential data pertaining to your money transactions, bank account details, and all other sensitive personal information are protected and kept confidential by employing best available protection standards, which are more fully set out in our Privacy Policy.

  • 11. You are solely responsible to keep Your OTP, MPIN and bank account related details confidential. Sharing such information with others may lead to unauthorized usage, for which FX Mart shall not be responsible.

Transactions through PhonePe UPI

  • 1. PhonePe UPI can be used for Person to Person money transfers or to purchase products and services online or offline on any Merchant platform.

  • 2. The MPIN needs to be entered on Your mobile to authorize every PhonePe UPI payment. You need to ensure that You are connected to the internet at the time of making any transaction.

  • 3. PhonePe UPI is one of the payment options available to the Users on various Merchant platforms and We assume no responsibility for the products purchased using PhonePe UPI and any liability thereof is expressly disclaimed.

  • 4. You can also transact by PhonePe UPI, if:

    • a. the purchase value exceeds the available amount in the PhonePe wallet.

    • b. You have exceeded Your limit for Purchases using the wallet, as per the RBI rules.

    However, such split payments may not be allowed for certain type of transactions at the sole discretion of FX Mart.

UPI limits issued by NPCI


Requirements and Limits for PhonePe UPI

Transaction Limit

Monthly

None

Per Transaction

Rs. 1 lakh

Charges

Membership is free for Users. FX Mart does not charge its Users any fee for creating an Account or use of Services. FX Mart reserves the right to change its fee policy from time to time. In particular, FX Mart may at its sole discretion introduce new services and modify some or all of the existing services offered on the website. In such an event, We reserve the right to introduce fees for the new services offered or amend/introduce fees for existing services, as the case may be. Changes to the fee policy shall be posted on the website/app and such changes shall automatically become effective immediately after they are posted. Unless otherwise stated, all fees shall be quoted in Indian Rupees.

Your bank may charge you a nominal transaction fee for UPI transfers- please check with your bank for any such charges.

PAYMENT METHOD

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