PaySe™ - Customers Terms and Conditions
The terms and conditions (as may be amended from time to time) is a legal contract between you being, an individual customer, user, or beneficiary of PaySe™ Services/PaySe™ Platform (Hereinafter to be referred as "you/your/user/Customer") and Nucleus Software Exports Limited (hereinafter to be referred as "we/us/NSEL") having its registered office at 33-35, Thyagraj Nagar, New Delhi-110003 and its Corporate Office at A-39, Sector-62, Noida-201307.
PaySe™ is a semi-closed pre-paid payment Instrument issued and operated by NSEL under authorization received from the Reserve Bank of India (RBI).The purpose of these terms and conditions is to define the provision and use of / PaySe™ Services/ PaySe™ Platform. Use of PaySe™ Services/ PaySe™ Platform in any form is subject to your adherence with the terms and conditions set forth below including relevant policies.
The Customer on opening and using a PaySe™ Account through PaySe™ Card, PURSE Device , WebApp or any other mode or channel shall be deemed to have read, understood and accepted these terms and conditions. NSEL reserves the absolute right to withdraw/change/modify/suspend/cancel and/or alter these terms and conditions or portion thereof any time without further notice, and the Customer agrees to be bound by such amended/ altered terms and conditions by continuing to use the PaySe™ Platform. The updated terms will be posted on PaySe's website/application https://merapurse.payse.cash.
- "Charges" or "Service Charge" shall mean the charges which we may levy upon the Customer in consideration for delivering PaySe™ Services.
- "Conversion Point" shall mean a specially appointed agent who will convert physical cash into digital cash on the request of Customer by loading/ topping-up the Customer's PaySe™ Account.
- "Customer" means an Indian resident individual and has registered with us for availing PaySe™ Services and is competent to contract under the Indian laws.
- "Field executive" or "Sales executive" means individuals which are either on payroll of NSEL or third party agents specifically deployed to onboard NSEL Customers.
- "Know Your Customer" or "KYC" refers to the various norms, rules and laws issued by RBI and under Prevention of Money Laundering Act, 2002 and Prevention of Money Laundering Rules, 2005 as amended) from time to time under which we are required to identify and verify such identity of individuals registering as a Customers.
- "Merchant" or "Merchant Establishment" shall mean and include physical merchants and online merchants which have been authorized by us to accept payments made through PaySe™ Account.
- "Password" refers to an alphanumeric string required for authenticating the usage of PaySe™ services in online mode.
- "PaySe™ Account" refers to the semi-closed prepaid payment instrument issued and operated by us as an authorized entity under the Payments & Settlements Systems Act and applicable Regulations. This account may be operated by the Customer through a PURSE Device and/or offline (physical) card or, using PaySe™ website/mobile application, services of Conversion Point, etc. in accordance with the prescribed regulations and terms of this T&Cs. Post successful onboarding a Customer can request for the physical card/PURSE Device which will enable the Customer to perform offline transactions at registered merchant outlets/Conversion Points.
- "PaySe™ Card" refers to a physical card which carries NSEL's logo and other information provided to Customer for the purpose of availing services defined herein.
- "PaySe™ Platform" refers to any/all associated technology, devices, methods, applications, instruments etc. used in providing PaySe™ Services.
- "PaySe™ Services" refers to the services offered by NSEL in lieu of PaySe™ Account.
- "PIN" refers to a four digit numeric field used by the Customer for authenticating transactions using PaySe™ card in an offline mode.
- "PURSE Device" refers to a device which may be purchased by the Customer from NSEL, for holding the PaySe™ Account balances and initiating payments.
- "Transaction/s" means cash-in, purchase or payment for goods or services from merchant establishments/ Conversion Points, funds transfer and any other service added from time to time as permissible for a semi closed prepaid payment instrument. This will include all financial transactions conducted using the PaySe™ Account.
3. KYC Documentation and limits
- The Customer shall be provided with PaySe™ Services associated with a Low KYC Account and within limits/restrictions/requirements as prescribed by Applicable Law (currently upto Rs.10,000 per month). Services for Full KYC account will also be available to the Customer upon successful completion of prescribed KYC requirements (currently upto Rs.1,00,000/- at any point of time).
- The list of documents which may be provided by the Customer as a proof of address (POA) and proof of identity (POI) ,any one, for a full KYC account, as mentioned below:
- Aadhaar Card/ Letter issued by UIDAI for the same
- PAN Card (This will be treated only as a POI and the Customer will be required to provide another document mentioned in the list as POA)
- Driver's License
- Voter's ID Card
- Job Card issued by MNREGA
- We reserve the right to discontinue service or reject applications for PaySe™ Account at any time if there are discrepancies in the information and/or documentation provided by the Customer.
- Any information provided to NSEL for securing PaySe™ Services shall vest with NSEL, and may be used by NSEL, for any purpose consistent with any applicable law or regulation, at its discretion. We may further request the existing Customers / beneficiaries of the Purse Device/ card to submit additional KYC documents for the purpose of ongoing monitoring and Customer due diligence.
- The amount that can be transacted in the PaySe™ Account is governed by Applicable Laws including rules, regulations and guidelines laid down by RBI which include monthly limits, transaction limits and balance limits on the PaySe™ Account. Subject to any change in Applicable Law including guidelines/notifications issued by RBI from time to time the limitations stated hereunder may be reviewed and modified at the discretion of NSEL without prior intimation to the Customer.
- The per transaction limit for Bank Transfers and Funds Transfers to other PaySe™ Account is Rs. 5,000/- per transaction and the monthly limit of Funds Transfers to Bank or PaySe™ Account is Rs. 25,000/- (for a Low KYC PaySe™ Account, this limit will be restricted to Rs. 10,000). These limits may be revised from time to time, in accordance with prevailing RBI guidelines.
- The prescribed account limits may be revised by NSEL in accordance with the instructions of the regulator at any given point in time. Any change in such limits will be intimated to the Customer through such terms and conditions or any other mode as communicated by NSEL/regulator from time to time.
4. Customer Obligations
- Where the PaySe™ Card is being used to access PaySe™ Account, loss of PaySe™ Card or any known/suspected fraudulent transaction must be reported to us by the Customer immediately. Such complaint can be reported at the Customer care email id PaySeSupport@nucleussoftware.com, We reserve the right to restrict transaction on such account, in order to prevent any unauthorized usage of the PaySe™ account.
- In case of failed transactions, Customer shall report NSEL immediately about the same. NSEL, on receipt of such complain, within a period of two (2) months, shall verify the failed transaction and take corrective steps accordingly.
- We will not be liable for any transactions conducted prior to intimation to the call center about the loss of PaySe™ Card and fraudulent transaction as stated above. Customer may be required to prove such alleged loss or fraudulent transaction.
- Under no circumstances should the Customer share his/her Password/PIN with anyone, including any NSEL official or CP of NSEL/PaySe™ . The disclosure of the Password/PIN to a third party shall be at the sole risk and consequences of the Customer, and we shall not be liable in any way for any loss suffered by the Customer.
- The Customer shall not use NSEL Services for any purpose that might be construed as contrary or repugnant to any applicable law or for any purpose that is contrary to NSEL's policy or terms and conditions detailed herein
- For full KYC Customers, in case of any change in the information/documents provided to NSEL at the time of onboarding, the Customer is liable to intimate NSEL regarding the same and provide adequate documents as proof for the same.
5. Fees and Charges
Customer shall pay the Service Charges prescribed by NSEL in the form and manner prescribed for such payment. NSEL may at its discretion, change, amend, increase, or reduce the Service Charges without prior intimation to the Customer.
PaySe™ reserves the right to levy charges or charge a commission upon any amounts loaded upon Your PaySe™ Account or any amounts spent/utilized by customer using PaySe™ Account. The current charges (which may be changed in future at our sole discretion and after giving due notice) are as follows:
|Loading Money into PaySe™ online account (Cash-in)||NIL|
|Loading money into PaySe™ offline account (Withdraw)||NIL|
|Payment to merchants||NIL|
|Transfer to bank account||(Bank charges will apply)|
|PaySe™ account to account transfer||NIL|
6. Validity, Forfeiture, Suspension/ Discontinuation of PaySe™ Service
- A Customer will be able to use the PaySe™ Account for indefinite period subject to the following conditions:
- Where the PaySe™ Account of a Customer is inactive for a period of six (6) months, the Customer will be given a notice period of 1 month to utilize any unused funds in the account.
- Post completion of aforesaid period, the Customer's PaySe™ Account will be suspended and the Customer will be provided an additional grace period of one (1) month for claiming the unused funds
- The PaySe™ Account is valid for 6 months from the (i) date of issuance/activation; or (ii) last financial transaction conducted by the Customer, whichever is later. Any unutilized balance remaining in the PaySe™ Account after the date of expiry will stand forfeited, at the discretion of NSEL. In such an event NSEL shall give 30 (thirty) days' notice to the Customer in accordance with the RBI Guidelines before termination of PaySe™ wallet account and forfeiture of balance.
- In case of death of the Customer, the legal heir shall be bound by the polices of NSEL. The legal heir shall submit necessary documents and information with NSEL as requested for processing the legal heirs claim.
- We reserve the right to terminate Customer's PaySe™ Account at any time if we have reason to believe that the Customer's PaySe™ Account is being used by any person who is not eligible, or not in compliance with the terms and conditions detailed herein . The PaySe™ Account balance in all such cases would be forfeited.
- We reserve the right to modify, terminate or suspend any/all PaySe™ Platform related services to the Customer at any time without prior notice due to any changes in internal policy or due to RBI Regulations or other applicable laws.
- PaySe™ Services will be discontinued/ suspended or closed in cases of:
- Potential fraud, sabotage, willful destruction, threat to national security or any other force majeure reasons etc.;
- If the relevant scheme is being wound-up or is directed by the RBI or any other Regulatory/Statutory Authority to be discontinued;
- In case of occurrence of transactions which may be construed as dubious or undesirable;
- Any other scenario as prescribed by RBI from time to time.
- We reserve the right to freeze the operations of such accounts, and/or close the accounts and /or report them to the appropriate authorities.
- Prior to such suspension/discontinuation of the PaySe™ services, the Customer, at the sole discretion of NSEL or as may be prescribed by the regulator, shall be provided with the ability to utilize and / or transfer the balance funds in the PaySe™ Account.
7. Intellectual Property Rights and Confidentiality
- Both NSEL and the Customer shall keep in confidence any information received by either of them irrespective of the business or the matters concerning the other and shall not disclose the same to any third party, save and except to any State or Central Government or to any of their agencies and / or any other concerned legal and other competent authorities on specific demand or under a general/contractual obligation.
- The Customer specifically agree that in order to facilitate the provision of PaySe™ Services, NSEL may be required to disclose any information or particulars pertaining to the Customer to any regulatory and statutory authority.
- NSEL has and shall continue to have sole and exclusive rights to any and all trade-marks, trade names, trade secrets, design, processes, know-how, copyrights, patents and other intellectual property rights and related rights to the services/product provided to Customer. Customer agrees not to use any logo, trademark or other propriety information of NSEL or PaySe™ Platform for any purpose except as granted herein.
8. General Terms and Conditions
- Personal Data Protection
- Limitation of Liability
Any demographic/ personal information, such as such as name, address, contact details (mobile or email address), proof of identity and proof of address, e.g. Aadhaar card that NSEL may collect from Customer, will be used only to provide agreed upon services. Customer data is saved securely in database and back up of database is also encrypted. NSEL will not sell, share or rent collected information to any third party or use Customer's email address/mobile number for unsolicited emails and or/ SMS. Any emails and/or SMS sent by NSEL will only be in connection with the provision of agreed services. NSEL reserves the right to communicate Customer's personal information to any third party that makes a legally-complaint request for its disclosure.
NSEL, at its sole discretion, with or without reason, and without any financial liability, may suspend or terminate PaySe™ Services and/or any other services/product under PaySe™ Platform in entirety or part thereof. You agree that such termination may be effected without prior notice to you, and you also agree that NSEL will not be liable, in any manner, to you or any third party for any such termination or interruption. Upon termination, you agree to immediately stop using the PaySe™ Services/PaySe™ Platform.
In no event will NSEL be liable for any loss of profits, loss of use, business interruption, and cost of cover or indirect, special, incidental or consequential damages of any kind in connection with or arising out of the furnishing, performance or use of the services performed hereunder. NSEL's maximum aggregate liability (whether in contract or under any other form or liability) for damages or loss, howsoever arising or caused, whether or not arising from NSEL's negligence, shall in no event be greater than the amount of INR 500/-(Five Hundred Only).
You agree to indemnify and hold NSEL, its affiliates, employees, directors, officers, agents and its representatives harmless, from any and all losses, damages, actions, claims and liabilities (including legal costs) which may arise, directly or indirectly, from your use or misuse of the PaySe™ Services/PaySe™ Platform or from your breach of terms and conditions contained herein. NSEL, at your expense, may defend and settle any matter for which you are required to indemnify NSEL. NSEL shall use reasonable efforts to notify you regarding aforesaid claim, action or proceeding brought by a third party.
SERVICES AND/OR PRODUCT PROVIDED BY NSEL PURSUANT TO THESE TERMS AND CONDITIONS IS MADE AVAILABLE TO THE YOU ON AN "AS IS" BASIS AND NSEL HEREBY DISCLAIMS AND YOU EXPRESSLY WAIVES ANY AND ALL IMPLIED WARRANTIES (STATUTORY OR OTHERWISE), INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
- A Customer is permitted to maintain only one PaySe™ Account. Such account cannot be transferred. Any suspected non-compliance with this requirement can result into suspension /discontinuation of any/ all PaySe™ services.
- PaySe™ Services can only be used for specific purposes such as fund transfers, merchant payments etc. or any other services made permissible by the regulator from time to time. Cash withdrawal and fund transfers to wallets/other platform issued by other entities is not permitted.
- Any dispute or complaint (including the discrepancy of transacted amount) against any merchant establishment, for which payment has been made through PaySe™ Account, must be directly resolved by the Customer with the concerned merchant establishment. NSEL is only an instrument for processing the payment and shall not be responsible or liable for any deficiency in goods and /or services purchased using PaySe™ services.
- The Customer shall not use the PaySe™ Services for any illegal, unlawful, unauthorized, immoral or fraudulent purpose.
- The Customer shall not assign or transfer in any other manner the use of the PaySe™ Account or card to any other person/entity, even temporarily.
- NSEL or any of its agents shall not be held responsible or liable for loss of the Customer related information and/or instruments of payments or any delay in the receipt when sent by mail or courier or by any other means.
- NSEL shall not be responsible for any civil, criminal or any other liabilities incurred by the Customers due to the misuse of the PaySe™ Services provided by it.
- NSEL reserves the right to seek / verify contact information provided by the Customer to NSEL in any manner without notice or intimation. The Customer shall be solely responsible for any errors or omissions in the details provided for provisioning/de-provisioning of the user address for availing of the PaySe™ Services.
- These terms and conditions are subject to the RBI's Master Circular - Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India dated July 01, 2016 and rules framed thereunder and any statutory modification on re-enactment for the time being in force and any Government/RBI regulations issued from time to time.
- In the event of any of these terms and conditions becoming invalid, illegal or unenforceable in any respect under the law, such invalidity, illegality or un-enforceability shall not, in any manner, affect or impair other terms and conditions but this agreement shall be construed as if such an invalid or illegal or unenforceable terms and conditions had never been contained herein.
- In addition to other remedies we may have at law or in equity, we reserve the right to report suspected fraudulent or illegal activity to appropriate law enforcement authorities.
- All disputes pertaining to PaySe™ Platform will be resolved by NSEL at its sole discretion. Decision of NSEL in this regard shall be final and binding on Customer.
- In all respects these terms and conditions shall be governed by the substantive laws of India without regard to conflict of law principles. Also, the Courts at New Delhi alone shall have jurisdiction over any dispute which arises pursuant terms and conditions contained herein.
- These terms and conditions are the complete and exclusive statements of the agreement between the Customer and NSEL. It supersedes all the understandings or other prior agreements, whether oral or written, and all representations or other communications between the Customer and NSEL.
9. Customer Grievance Policy
- Redressal mechanism for grievances raised by customers Escalation Matrix & Contact information Level 1
- The Customer can contact 9582191818 or PaySeSupport@nucleussoftware.com, for any queries/grievances with respect to PaySe™ Services and its functioning.
- Information can also be attained from the FAQ page on our website https://merapurse.payse.cash/FAQ. Level 2
- If the customer's issue is not resolved even after contacting the above mentioned modes or if the customer is not satisfied with the response, he/she can reach out to Grievance Redressal Officer at the following: Grievance Officer, Nucleus Software Exports Limited, A-39, Sector-62, Noida-201307 or Write us at NodalOfficerPaySe@nucleussoftware.com