Jupiter Prepaid Payment Instrument (PPI) Terms and Conditions

Definitions and Interpretations:

• PPI: Prepaid Payment Instrument, including wallets or cards, issued by APSPL.
• Issuer: Amica Payment Services Private Limited, authorized by the RBI to issue PPIs with COA: 192/2024.
• KYC: Know Your Customer norms as mandated by the RBI from time to time.

Types of PPIs Issued:

APSPL may issue different types of Prepaid Payment Instruments (PPIs), which may be introduced in phases or limited based on its own discrition. Only PPIs shown on the Jupiter app or otherwise communicated as available are eligible for use by customers. The following types of PPIs may be introduced, as determined by APSPL:

• Small PPIs: Limited to a monthly transaction cap of ₹10,000 and valid for a period of one year, after which KYC updates are required to continue use.
• Full-KYC PPIs (Wallets and Cards): Enhanced service options for customers who complete KYC requirements, including Video KYC (V-CIP) or other RBI-approved non-face-to-face methods with Enhanced Due Diligence. Full-KYC PPIs offer higher transaction limits and broader usability. Non-face-to-face onboarded accounts will be categorized as high risk and subject to enhanced monitoring until verification is completed via Video KYC or face-to-face methods.

Customers may only access and use those PPIs displayed on the Jupiter app as available and active. APSPL reserves the right to modify, introduce, or discontinue any PPI type at its discretion. In the event of discontinuation, APSPL will adhere to RBI’s regulatory requirements, including notifying customers in advance, facilitating refunds of any unutilized balance, and providing grievance redressal options as required.

Eligibility Criteria

To be eligible for Jupiter’s Prepaid Payment Instrument (PPI) services, customers must meet the following criteria:

• Minimum Age: The applicant must be at least 18 years of age. Minors are not eligible to apply for PPI services independently.
• Indian Residents: Must possess a valid Aadhaar card linked to a mobile number and email address. These documents are necessary for identity verification and communication.
• Foreign Nationals/NRIs: Must provide a valid passport, valid visa, mobile number, and email address. This documentation will be used for identity verification and ongoing communications.
• Residency and Legal Compliance: Applicants must legally reside in India or be visiting India on a valid visa. They must comply with all applicable Indian laws, including the Prevention of Money Laundering Act (PMLA).

Know Your Customer (KYC) Requirements

KYC documentation for all types of Prepaid Payment Instruments (PPIs) shall comply with the prevailing Reserve Bank of India (RBI) guidelines on Know Your Customer (KYC). Customers are required to provide the necessary information and documentation as stipulated by the RBI, which may vary based on the type of PPI issued and the customer’s residency status.

Loading and Reloading of PPIs

APSPL provides multiple options for loading and reloading Prepaid Payment Instruments (PPIs). Each type of PPI has specific loading limits, methods, and restrictions in line with RBI regulations. The details are as follows:

• Small PPI’s
  • Loading Method: Reloadable only through bank accounts, credit cards, or Full-KYC PPIs.
  • Monthly Limit: The amount loaded in these PPIs during any given month shall not exceed ₹10,000.
  • Annual Limit: The total loading limit during a financial year is capped at ₹1,20,000.
  • Outstanding Balance: At any point, the balance in this PPI should not exceed ₹10,000.
  • Usage: These PPIs can only be used for the purchase of goods and services. Cash withdrawals and funds transfers are not allowed.
  • Closure Option: Customers may request closure at any time, with the balance transferred back to the source account.
• Full-KYC PPIs (Wallets and Cards)
  • Loading Method: Reloadable through multiple channels, including bank transfers, credit/debit cards and other modes (subject to Issuer policies).
  • Outstanding Balance Limit: The maximum outstanding balance at any point in time is ₹2,00,000.
  • Funds Transfer:
    • To Own Account: Funds may be transferred back to the source account or to the holder's own verified bank account.
    • Pre-Registered Beneficiaries: Holders may register beneficiaries for transferring funds. For these beneficiaries, the monthly transfer limit is ₹2,00,000, subject to risk assessment.
    • Non-Registered Transfers: Transfers to non-pre-registered accounts are limited to ₹10,000 per month.
    • Inter-PPI, Debit Card, and Credit Card Transfers: {" "} Funds may be transferred to other PPIs, debit cards, and credit cards within the above limits.
  • Purchase Limit: There is no separate limit for the purchase of goods and services; purchases are allowed within the overall PPI balance limit.
  • Cash Withdrawal: Cash withdrawal is permitted up to ₹2,000 per transaction, with an overall monthly limit of ₹10,000 across all channels (agents, ATMs, PoS devices), subject to applicable conditions stipulated by RBI.
  • Closure and Balance Transfer: Customers may close the PPI at any time and transfer any remaining balance to a pre-designated bank account or other PPIs of the same Issuer (if allowed based on Customers risk profile). An option to set up a pre-designated account for balance transfer in case of closure or expiry will be provided at the time of PPI issuance.

Fees, Service Charges, and Transaction Processing

• The Customer agrees to pay all applicable service charges ("Service Charges") as prescribed by APSPL. Service Charges, fees, and applicable limits are detailed on the APSPL website at [include PPI Service Charges URL] and are subject to change at APSPL’s discretion. APSPL may modify, increase, or reduce these charges from time to time, with prior notification provided to the Customer through the Platform. For a complete schedule of charges and fees, customers are encouraged to review the link provided above or contact APSPL’s customer support.
• Any funds utilized from PPI for payments or transactions will be automatically debited from the PPI balance. APSPL’s responsibility is limited to processing the debit from the PPI and facilitating the subsequent payment to any authorized merchant, financial institution, or recipient as directed by the Customer.
• APSPL reserves the right to recover applicable charges related to transactions processed from the available balance in the Customer’s PPI. In the event that there are insufficient funds in the PPI to cover applicable charges, APSPL reserves the right to debit such outstanding charges from the PPI balance as soon as funds become available.
• The Customer agrees and acknowledges that APSPL may, at its sole discretion, impose limits and/or fees on the loading of funds to the PPI from various payment methods or on transfers of funds to other bank accounts. These fees or limits are intended to ensure secure and efficient processing of transactions in line with APSPL’s risk management policies and regulatory requirements.
• The Customer is responsible for any PPI maintenance charges as listed on the link provided above. APSPL may modify the maintenance charges at its discretion, with notice provided to the Customer. Regular updates on applicable fees are accessible on link provided or by contacting APSPL’s customer care.

Validity and Inactivity of PPIs

• PPI Validity: As per RBI guidelines, PPIs issued by APSPL do not have an expiry date. Customers may continue to use the PPI as long as it remains active and complies with RBI and APSPL policies.
• Inactive PPIs: A PPI will be marked as inactive if there is no customer-initiated transaction for a continuous period of 12 months. APSPL will notify the customer through SMS, email, or other means before marking the PPI as inactive. Once inactive, the PPI will be restricted from performing debit transactions until reactivation.
• Reactivation of Inactive PPIs: To reactivate an inactive PPI, the customer must contact APSPL's customer support and complete any required verification procedures as per APSPL’s policy. Once reactivated, the PPI can resume normal operations.
• Unutilized Balance on Inactive PPIs: Any unutilized balance in an inactive PPI will remain available for use upon reactivation. In case the customer chooses to close the PPI, the remaining balance will be refunded according to APSPL’s refund policy, subject to applicable charges and verification procedures.
• Refund Process: If a customer decides to close the PPI or if reactivation is not requested within a reasonable period, the balance will be refunded to the customer’s bank account or the original loading source, as per APSPL’s policies, after completing necessary verification procedures.

Customer Obligations and Responsibilities

To ensure secure and compliant use of Prepaid Payment Instruments (PPIs), all Customers are expected to adhere to the following obligations and responsibilities:

• Safeguarding the PPI and Security Credentials:
  • Customers must take full responsibility for safeguarding their PPI and all associated security credentials, including passwords, PINs, and any other access information.
  • Customers should take measures to protect their PPI against unauthorized use, including:
    • Regularly updating and securing passwords or PINs, avoiding easily guessed combinations.
    • Avoiding sharing security credentials with any third parties, including family members or friends.
    • Enabling device-level security features, such as biometric locks or multi-factor authentication, if supported.
  • APSPL recommends regularly monitoring transaction alerts and statements for early detection of any suspicious activity.
• Reporting Loss, Theft, or Unauthorized Transactions:
  • In the event of any loss, theft, or unauthorized access to their PPI, customers must report the incident immediately to APSPL through the designated customer support channels.
  • Prompt reporting is crucial, as it enables APSPL to block or restrict the PPI to prevent further unauthorized transactions.
  • Delays in reporting such incidents may increase the customer’s liability for any unauthorized transactions that occur as a result of the breach. APSPL encourages customers to report any suspicious activity as soon as it is detected to limit potential losses.
• Compliance with Usage Restrictions:
  • Customers are responsible for using the PPI in line with APSPL’s Terms and Conditions, as well as RBI guidelines and applicable legal requirements.
  • Prohibited Uses: The PPI may not be used for any illegal or restricted activities, including gambling, money laundering, or other activities prohibited by RBI regulations.
  • Transaction Limits: Customers must adhere to the applicable transaction limits and restrictions associated with their PPI type (e.g., Min KYC or Full KYC) to ensure compliance with regulatory requirements.
  • International Usage: If applicable, customers must ensure that any international transactions comply with the guidelines set forth by APSPL and RBI. Min KYC PPIs, for instance, may be restricted to domestic use only.
• Account Monitoring and Reporting:
  • Customers should regularly review their PPI transaction history to identify any unauthorized or unusual activity.
  • Customers are expected to promptly report any discrepancies or unrecognized transactions to APSPL to help prevent misuse.
  • Any suspicious or potentially fraudulent activity should be communicated to APSPL as soon as possible to aid in investigation and mitigation.
• Maintaining Updated Information:
  • It is the customer’s responsibility to keep their contact information up to date, including their registered mobile number and email address, to receive timely alerts and communications regarding PPI activity.
  • Customers must notify APSPL promptly if there are any changes to their personal information that may impact their KYC status or the security of their PPI.
• Liability for Unauthorized Transactions:
  • Customers may bear responsibility for certain unauthorized transactions if negligence is determined, such as sharing security credentials or failing to report loss/theft in a timely manner.
  • APSPL will assess liability on a case-by-case basis, considering the customer's adherence to these responsibilities, in line with RBI’s guidelines and industry standards.
  Failure to comply with these obligations may result in APSPL taking appropriate actions, including restricting or suspending the PPI, to protect the customer and APSPL’s platform integrity.

Limitation of Liability and Indemnity

APSPL’s maximum liability to the customer, under any circumstances, shall not exceed the total balance available on the Customers’ PPI at the time of the incident giving rise to the liability. APSPL shall not be liable for any indirect, consequential, or incidental damages, including, but not limited to, loss of profits, business, or anticipated savings, arising from the use or inability to use the PPI, unauthorized transactions, or any external factors beyond APSPL’s reasonable control, such as network outages, system errors, or third-party security breaches. APSPL does not endorse, promote, or warrant any goods or services that may be purchased or availed using the PPI. APSPL shall not be liable for any claims, damages, losses, or liabilities arising from or in connection with the quality, quantity, or fitness of such goods or services, or any other issues arising from transactions conducted using the PPI. The customer agrees to indemnify, defend, and hold APSPL harmless from and against any claims, losses, damages, liabilities, costs, or expenses (including reasonable legal fees) arising from or related to:

• Misuse of the PPI by the customer or any third party acting with the customer's consent or knowledge.
• Failure to safeguard PPI credentials, leading to unauthorized access or transactions.
• Any breach of these terms and conditions by the customer or failure to comply with applicable laws and regulations.
• Claims arising from third-party actions or any violation of intellectual property or other rights by the customer.

Transaction Monitoring and Reporting

• Conduct real-time and periodic transaction monitoring to detect unusual, high-risk, or potentially fraudulent activities.
• Report any suspicious, illegal, or unauthorized activities to relevant authorities, including the Financial Intelligence Unit-India (FIU-IND), and cooperate fully with law enforcement agencies as required under applicable law.
• Suspend or restrict the PPI account temporarily or permanently if any suspicious activity is detected or if the account appears to be used in violation of these terms, or in a manner that may pose a risk to APSPL, its customers, or other third parties.

Grievance Redressal Mechanism

• Customer Support: For any grievances, customers can contact APSPL’s customer support team through the following contact details:
  • Phone: [Insert Customer Support Phone Number]
  • Email: [Insert Customer Support Phone Number]
  • In-App Support: Access in-app support via the Jupiter app.
• Escalation and Nodal Officer: If your complaint is not satisfactorily resolved within the initial response period, you can escalate the issue to APSPL’s designated Nodal Officer. Please find the Nodal Officer’s contact information below:
  • Nodal Officer Name: [Insert Customer Support Phone Number]
  • Phone: [Insert Customer Support Phone Number]
  • Email: [Insert Nodal Officer’s Office Address]
  • Postal Address: [Insert Nodal Officer’s Office Address]
• Complaint Tracking: Each complaint lodged will be assigned a unique complaint number, allowing you to track the status of your complaint through the Jupiter app or website.
• Resolution Timelines: APSPL aims to initiate action on complaints within 48 hours and to resolve all complaints within 30 days from the date of receipt. For complex issues requiring more time, we will keep you informed of the progress.
• Customer Recourse: If your grievance remains unresolved after following the internal redressal process, you may seek further recourse under the Reserve Bank - Integrated Ombudsman Scheme, 2021.
• Transparency in Charges:: All charges related to PPI transactions are clearly disclosed on the Jupiter Platform to ensure transparency. APSPL does not permit agents to charge any additional fees to customers directly for services provided.

Confidentiality and Data Privacy

• The privacy of customer communication is governed by permissions granted by the Reserve Bank of India (RBI) and relevant RBI notifications, directives, and guidelines. APSPL is committed to safeguarding customer information in accordance with applicable privacy regulations and the APSPL Privacy Policy, available at [insert APSPL Privacy Policy link]. The customer understands and agrees that to facilitate the provision of APSPL’s services, APSPL may be required to disclose specific information about the customer to regulatory, statutory, or legal authorities as mandated by law or upon valid request by such authorities.
• All user interfaces, graphics, logos, designs, compilations, information, computer code (including source and object code), products, software, services, and other elements of APSPL’s offerings (collectively referred to as "Materials") are protected by copyright, trademark, design, and patent laws, international conventions, and other applicable intellectual property and proprietary rights. These rights belong solely to APSPL and/or its affiliates and licensors. Unauthorized use, reproduction, or distribution of any part of these Materials is strictly prohibited and may result in legal action.
• Any information collected from the customer is primarily used to provide and improve APSPL’s services. APSPL may use customer information for operational purposes, service enhancements, analytics, or as otherwise specified in APSPL’s Privacy Policy. For a comprehensive understanding of how APSPL collects, stores, uses, and shares customer information, customers are encouraged to review the Privacy Policy accessible on the APSPL website.
• APSPL will not disclose customer information to third parties without the customer’s consent, except as necessary to provide services, enforce terms, comply with legal obligations, or as otherwise permitted by law. APSPL may share aggregated or anonymized data with partners and affiliates, which does not directly identify customers but helps improve service offerings.
• By using APSPL’s services, the customer acknowledges and consents to the collection, storage, and processing of their information as outlined in APSPL’s Privacy Policy. The customer also agrees that APSPL has the right to update or modify its Privacy Policy periodically, with updates being communicated via the APSPL website, mobile app, or other digital channels.

Amendment of PPI T&C’s

Termination and Closure

• Customers may request the closure of their PPI account at any time by contacting APSPL’s customer support. Upon receiving a closure request, APSPL will verify the customer's identity and account details. Any remaining balance will be refunded back to the source account (or to an alternative bank account provided by the customer, subject to verification and compliance with regulatory requirements). Refund processing may incur standard processing fees as applicable.
• APSPL reserves the right to terminate or suspend PPI accounts for reasons including, but not limited to, non-compliance with APSPL’s terms and conditions, inactivity for a specified period, or violations of applicable laws and regulations. In such cases, APSPL will provide notice to the customer, stating the reason for account suspension or closure. Any remaining balance after closure will be refunded following identity verification and subject to regulatory compliance.
• PPI accounts with no transaction activity for 12 consecutive months may be designated as inactive. Customers will be notified of impending inactivity and given instructions on how to reactivate the account. If an account remains inactive and is closed, any remaining balance will be refunded in accordance with APSPL’s policies and regulatory guidelines.
• Upon account closure, APSPL will refund any unutilized balance in the PPI to the customer. Refunds will be processed within a specified period, typically within 7-10 business days, and credited to the original source of funds or an alternate account as specified by the customer, after completing necessary verifications. No penalty will be applied to refunded balances upon account closure. In the case of terminated accounts due to regulatory reasons or customer-requested closure, APSPL will ensure that refunds are in compliance with the Reserve Bank of India (RBI) guidelines.

Compliance with Laws

Service Availability and Force Majeure

The customer understands and acknowledges that there may be instances where access to the Prepaid Payment Instrument (PPI) services is interrupted due to factors beyond the reasonable control of APSPL. These factors may include, but are not limited to, downtime, network congestion, outages, scheduled maintenance, or other technical or non-technical difficulties.

APSPL will make all reasonable efforts to ensure the continuous availability of its services. However, APSPL does not guarantee uninterrupted or error-free operation of the PPI services. APSPL shall not be liable for any delay, interruption, or unavailability of the services resulting from circumstances beyond its reasonable control, including but not limited to:

• Acts of God: Natural disasters such as earthquakes, floods, storms, or other extreme weather conditions.
• Technical Failures: Hardware or software failures, system errors, server downtime, network issues, or internet service provider failures.
• Third-Party Actions: Actions or omissions by third-party service providers, merchants, payment networks, or telecommunications service providers.
• Regulatory Actions: Changes in laws, regulations, or government policies, or actions taken by regulatory authorities.
• Other Events: War, acts of terrorism, civil unrest, labor disputes, pandemics, epidemics, or any other events beyond APSPL's reasonable control.

In the event of such interruptions:

• Notification: APSPL will endeavour to notify customers of any scheduled maintenance or known service interruptions in advance through appropriate channels such as email, SMS, or in-app notifications.
• Restoration of Services: APSPL will take all reasonable steps to restore services as soon as practicable under the circumstances.
• Limitation of Liability: APSPL shall not be held liable for any losses, damages, costs, or expenses incurred by the customer due to the unavailability of services arising from events beyond its reasonable control.
• Customer Responsibility: The customer is responsible for ensuring that they have the necessary hardware, software, and internet connectivity to access and use the PPI services. APSPL shall not be responsible for any service issues arising from the customer's equipment or internet service provider.

Communication Consent

Additional Terms and Conditions

• The customer acknowledges, agrees, and confirms that if APSPL becomes aware, directly or indirectly, of any act or omission by the customer that indicates fraudulent, unlawful, suspicious, or malicious intent, including attempts to exploit any offers, cashback, rewards, or incentives provided by APSPL, APSPL reserves the right to claw back or recover any such benefits at its sole discretion. APSPL may debit the customer's PPI wallet to reclaim these benefits, with or without prior notification. This right is in addition to any other legal recourse APSPL may have under applicable laws.
• Any dispute, complaint, or claim related to transactions with a merchant, financial service provider, or other third party must be resolved directly between the customer and the respective party. APSPL is not liable for any deficiency in goods or services purchased using the PPI wallet, even in cases where these goods or services are offered under APSPL's promotional schemes. Customers are advised to verify the quality, quantity, and suitability of goods or services before completing the purchase.
• In the event of any erroneous transfer by the customer to a merchant, financial service provider, or other party, APSPL shall not be obligated to facilitate refunds or reversals under any circumstances. Customers must exercise caution while initiating transactions.
• In case of any disputes regarding transactions conducted through the APSPL wallet, APSPL’s records shall serve as the conclusive and binding evidence of the transaction details.
• By agreeing to these terms, the customer confirms that the information provided in the KYC documentation is accurate and final. This information shall be used as the basis for validating the Full KYC wallet.

Governing Law and Jurisdiction