1 Acceptance & Regulatory Framework
Welcome to ReffersPay FinCorp ("ReffersPay", "Company", "We", "Us", or "Our"). These Master Terms and Conditions of Service ("Terms") constitute a legally binding agreement between ReffersPay FinCorp Private Limited and you ("User", "Merchant", "Business Correspondent Agent", "BC Point", "Distributor", or "Customer") regarding your access to and utilization of the ReffersPay web portal, mobile applications, APIs, POS Soundboxes, and auxiliary digital payment networks.
By registering for an account, accessing our portal, deploying a POS Soundbox terminal, executing an Aadhaar-enabled Payment System (AePS) transaction, or using any associated payment rails, you irrevocably agree to comply with and be bound by these Terms, along with our Privacy Policy, Refund Policy, and Grievance Redressal Policy.
Statutory Jurisdiction: These Terms are promulgated in conformity with the Information Technology Act, 2000, the Payment and Settlement Systems Act, 2007 (PSSA), Reserve Bank of India (RBI) Master Directions, NPCI Procedural Guidelines, and the Consumer Protection (E-Commerce) Rules, 2020.
2 Definitions & Scope of FinCorp Services
- "AePS" refers to the Aadhaar-enabled Payment System operated by the National Payments Corporation of India (NPCI) allowing biometric cash withdrawal, balance inquiry, mini statement, and Aadhaar Pay via registered Sponsor Banks.
- "BBPS" refers to the Bharat Bill Payment System interoperable ecosystem for recurring bill collections (electricity, water, gas, DTH, telecom, municipal taxes, loan EMIs).
- "DMT" signifies Domestic Money Transfer routed over Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT) settlement infrastructure under RBI PPI Guidelines.
- "Retailer / BC Agent" represents a verified merchant entity appointed as an authorized touchpoint under Sponsor Bank business correspondent mandates to deliver assisted financial inclusion services.
- "POS Soundbox" refers to IoT audio alert devices supplied by ReffersPay for instant acoustic verification of QR code and card transactions.
3 Retailer Onboarding, Verification & KYC Mandate
Prior to terminal activation or transaction processing, every Merchant/Retailer must complete mandatory Video KYC (V-KYC) or physical verification in compliance with the RBI Master Direction - Know Your Customer (KYC) Direction, 2016 and Prevention of Money Laundering Act (PMLA), 2002.
4 AePS & Aadhaar Biometric Guidelines
ReffersPay enables retailers to operate as Business Correspondent (BC) customer service points. Retailers agree to adhere to strict operational standards:
Zero-Tolerance Biometric Mandate:
- Never clone, save, duplicate, or capture customer fingerprint or biometric impressions in any form. All biometric capture MUST strictly use UIDAI L0/L1 Registered Device (RD) Service.
- Never demand or accept any customer cash withdrawal fee over and above the transaction amount. Charging customers unauthorized surcharges is a criminal offense under NPCI guidelines and results in immediate terminal blacklisting and FIR registration.
- Always dispense the exact cash amount instantaneously upon successful debit confirmation.
- Maintain an auditable physical transaction register recording Date, Time, Customer Name, Aadhaar last 4 digits, RRN, Amount, and Customer Signature.
5 BBPS & Domestic Money Transfer (DMT) Protocols
All Bharat Bill Payment System transactions are processed via central NPCI BBPS operating units. In the event of bill payment delays, the Biller validation timeline dictates reconciliation (typically within 2 hours to T+2 business days).
For DMT remittances, sender mobile number validation through OTP is mandatory per RBI PPI Master Directions. Monthly remittance limits per non-KYC remitter are capped at ₹25,000 per month or as revised by RBI circulars from time to time.
6 Commission Slabs, Payouts, Fees & Taxes
ReffersPay credits retailer and distributor commissions in real-time to the merchant virtual wallet upon successful transaction settlement.
| Service Category | Standard Commission / Fee | Settlement Window | Tax Deductions |
|---|---|---|---|
| AePS Cash Withdrawal | Up to ₹13.50 per Txn | Real-time instant (T+0) | TDS under Section 194H (5%) |
| BBPS Bill Payments | Up to 0.40% or slab incentive | Instant wallet credit | GST @ 18% as applicable |
| DMT Remittance | Standard customer surcharge | Instant IMPS confirmation | TDS where threshold exceeds |
7 4G Soundbox & POS Hardware Obligations
IoT hardware soundboxes and micro-ATM terminals deployed to merchants remain the property of ReffersPay FinCorp or its licensed equipment partners unless purchased outright.
- The merchant shall not disassemble, tamper with firmware, insert unauthorized SIM cards, or alter hardware serial identifiers.
- Monthly cloud connectivity and 4G SIM rental fees, if applicable under specific hardware plans, will be automatically debited from the merchant settlement wallet.
- Hardware defects are governed by the warranty provisions outlined in our Hardware Return Policy.
8 Prohibited Activities & Anti-Fraud Zero-Tolerance
Users agree not to engage in or facilitate any of the following prohibited behaviors:
9 Data Security & Intellectual Property
All software, source code, logos, trademarks, and user interfaces associated with ReffersPay are the sole proprietary property of ReffersPay FinCorp Private Limited. Merchants are granted a revocable, non-exclusive license to use the terminal software solely for legitimate transaction facilitation.
All payment processing data is localized exclusively within Indian territory in compliance with RBI Directive DPSS.CO.OD.No.2785/06.08.005/2017-18. Detailed data handling policies are set forth in our Privacy Policy.
10 Limitation of Liability & Indemnification
To the maximum extent permitted by applicable Indian law, ReffersPay FinCorp shall not be liable for any indirect, incidental, consequential, or punitive damages resulting from network downtime caused by NPCI, telecom outages, sponsor bank core banking system failures, or force majeure events.
The Merchant agrees to defend, indemnify, and hold harmless ReffersPay, its directors, employees, and partner sponsor banks from and against any claims, fines, chargebacks, or legal actions arising out of merchant negligence, fraudulent transactions, or violation of statutory guidelines.
11 Account Termination & Suspension
ReffersPay reserves the unconditioned right to immediately suspend, restrict, or terminate any merchant account without prior notice in cases of: (a) fraudulent or suspicious transactional velocity; (b) failure to complete mandatory periodic re-KYC; (c) directive from law enforcement agencies, cyber crime cells, or RBI; or (d) abusive behavior toward customer support representatives.
12 Governing Law, Jurisdiction & Dispute Resolution
These Terms shall be construed, interpreted, and governed in all respects in accordance with the laws of the Republic of India.
Any dispute, controversy, or claim arising out of or relating to these Terms shall first be referred to our Grievance Redressal Officer. In the event mutual resolution is not reached within thirty (30) business days, disputes shall be submitted to the exclusive jurisdiction of the competent courts situated in New Delhi, India.
Have Questions Regarding Our Terms?
Our compliance and legal team is available to assist you.