These Terms of Use regulate the payments under the UPI, a payment service platform ("UPI Platform") developed by NPCI, an umbrella organization for retail payments and settlement systems in India, authorised by the RBI under the Payment and Settlement Systems Act, 2007, which owns and operates the UPI payment system. The UPI Services are being offered by CheQ Digital Private Limited, a company incorporated under the Companies Act, 2013, with its registered office at D-254, Regal Garden, Sector-90, Gurgaon, Haryana – 122001.

By using the UPI services (“UPI Services”) provided by Us (defined herein below), You (defined herein below) agree to be bound by the Terms of Use (“UPI Terms of Use”).

These UPI Terms of Use are supplemental to and shall be read together with CheQ's master Terms and Conditions ("General Terms"). In the event of any conflict between these UPI Terms of Use and the General Terms, these UPI Terms of Use shall prevail to the extent of the inconsistency in relation to UPI Services. The collection, processing, and use of User data in connection with UPI Services is governed by the Company's Privacy Policy, which is incorporated herein by reference. These UPI Terms of Use further include Annexure A (Safe UPI Practices), Annexure B (UPI Participants: Roles and Responsibilities), and Annexure C (NPCI-Mandated Disclosures), each of which is issued in accordance with the formats prescribed by NPCI and forms an integral part of these UPI Terms of Use

Defined terms will have the same meaning as those found in the General Terms, unless otherwise re-defined herein.

DEFINITIONS:

1. “Applicable Law” shall mean all laws, regulations, rules, directions, guidelines, and circulars applicable to the provision of UPI Services in India, as amended from time to time, including the Information Technology Act, 2000, the Prevention of Money Laundering Act, 2002, the Payment and Settlement Systems Act, 2007, the Digital Personal Data Protection Act, 2023, and any regulations, directions, or operating guidelines issued by RBI or NPCI;

2. "NPCI” shall mean a payment system operator authorised by the Reserve Bank of India (“RBI”). National Payments Corporation of India (“NPCI”) owns and operates the UPI payment system.

3. “UPI ID” or “VPA” (Virtual Payment Address) shall mean the unique identifier assigned to the User for the purpose of sending and receiving payments through UPI without disclosing underlying bank account details;

4. “UPI Number” shall mean a unique numeric identifier (such as a mobile number) that the User may link to a UPI ID in accordance with NPCI guidelines, enabling the User to send and receive payments using such number in place of a UPI ID or bank account details;

5. “UPI PIN” shall mean the personal identification number set by the User to authenticate and authorise UPI transactions;

6. “UPI Lite” shall mean the on-device wallet facility offered under NPCI’s UPI Lite framework for low-value transactions, subject to the limits prescribed by NPCI from time to time;

7. “RuPay Credit Card on UPI” shall mean a RuPay credit card issued by a participating bank that is linked to UPI and usable for person-to-merchant transactions in accordance with NPCI regulations;

8. “TPAP” (Third-Party Application Provider) shall mean an entity that provides a UPI-compliant application to enable end-user customers to access UPI Services, in which capacity the Company operates;

9. “Mandate” shall mean a UPI AutoPay instruction authorising recurring or one-time debits from the User’s linked bank account in accordance with NPCI guidelines;

10. “Collect Request” shall mean a request initiated by a merchant or another user seeking payment from the User, which the User may approve, decline, or allow to expire;

11. “Device Binding” shall mean the process of securely associating the User’s registered mobile number and device with the UPI Services to enable secure access and transaction authentication;

12. “CheQ App” shall mean the mobile application operated by the Company through which the UPI Services are made available to Users;

13. "Merchant" shall include any establishment and/or entity which accepts the UPI payments through CheQ App ("CheQ UPI") as a payment method for online or offline purchase of goods and/or services;

14. “PSP/PSP Bank” shall mean the banking company authorized to act as a Payment Service Provider (“PSP”) under the UPI framework. PSP engages the TPAP to provide UPI services to the end-user customers.

15. “RBI” shall mean the Reserve Bank of India;

16. “UPI” shall mean Unified Payments Interface which is an instant real-time payment system that enables the instant transfer of funds between bank accounts through a mobile interface.

17. “We”, “Us”, “Our”, “Company” shall mean CheQ Digital Private Limited;

18. 'You/Your' or "User" shall mean any natural or legal person who has registered for CheQ Services, linked his/her bank account for UPI payments and who has accepted these UPI Terms of Use

If You transact using the CheQ App or any Merchant website/ Merchant platform, these conditions will be applicable. By mere use of the CheQ App, You shall be contracting with CheQ, and these UPI Terms of Use, including the policies, constitute Your binding obligations with CheQ.

1. ELIGIBILITY

   The UPI Services are available only to resident Indian individuals who satisfy the eligibility requirements prescribed by RBI, NPCI, and participating banks. UPI Services are available solely for transactions within India, between India-based bank accounts and India-registered merchants; UPI cannot be used for cross-border or international payments.

   To use the UPI Services, a User must:

   1. be at least eighteen (18) years of age and competent to contract under the Indian Contract Act, 1872, and applicable laws;

   2. possess a valid mobile number issued by a Department of Telecommunications ("DoT") licensed telecom operator;

   3. maintain an active bank account with a participating bank supporting UPI;

   4. have the mobile number registered with such a bank account;

   5. successfully complete the onboarding, verification, and authentication processes prescribed by the Company, PSP Bank, and NPCI.

   The Company reserves the right to reject, suspend, or terminate any registration that does not satisfy regulatory or operational requirements.

   
   

2. UPI ONBOARDING AND REGISTRATION

   To access UPI Services, Users must complete the onboarding process prescribed by NPCI, RBI, and the applicable PSP Bank. The onboarding process may include device binding, SIM verification, OTP authentication, mobile number verification, bank account discovery, account linking, creation of a UPI ID, registration of a UPI Number, RuPay Credit Card linking (where applicable), UPI PIN creation or reset, Aadhaar-based authentication where permitted, and such other verification measures as may be required. UPI registration is device-specific. Registration may be permitted only on the device successfully authenticated and bound during onboarding. The Company may restrict simultaneous registrations across multiple devices. Users acknowledge that use of an incorrect SIM card during the registration process, including where multiple SIM cards are installed on a device, may result in registration failures, inability to discover bank accounts, or inability to complete onboarding. The Company reserves the right to require re-authentication, re-registration, or additional verification at any time to comply with regulatory requirements or security obligations.

   
   

3. UPI ID AND UPI NUMBER

   Upon successful registration, a default UPI ID may be automatically created and assigned to the User. The User may be permitted to create one (1) additional alias UPI ID, subject to system availability, regulatory requirements, and Company policies. The User may register, link, modify, or deregister a UPI Number in accordance with NPCI guidelines and platform functionality. The Company reserves the right to modify, suspend, or withdraw any UPI ID, alias, or UPI Number where required by law, regulation, security concerns, fraud prevention measures, or operational requirements.

   Upon deregistration of UPI services, the associated UPI IDs and UPI numbers may cease to function and may become unavailable for future use.

   
   

4. PAYMENT SERVICES

   The UPI Platform enables Users to undertake UPI transactions, including:

   1. Scan and Pay transactions through static or dynamic QR codes;

   2. Peer-to-peer transfers using UPI IDs, UPI Numbers, or bank account details. The User may consent to allow the Platform to access device contacts solely to identify UPI-enabled beneficiaries. Contacts are accessed locally on the device, are not stored by CheQ, and are not shared with any third party. This consent may be revoked at any time through device settings;

   3. Merchant payments through QR codes, and intent-based payment flows. Collect requests, where available, are subject to NPCI guidelines and may be restricted or suspended for certain merchant categories from time to time;

   4. Self-transfers between eligible linked bank accounts;

   5. Such additional UPI services may be introduced from time to time.

   UPI IDs registered on the CheQ Platform are interoperable across all NPCI-compliant UPI applications; Users may send and receive payments to and from UPI IDs registered on other TPAP platforms including PhonePe, Google Pay, Paytm, and other participating applications, in accordance with the NPCI UPI interoperability framework.
   
   

   Users may receive collection requests from merchants or other users. Such requests may be approved, declined, or allowed to expire. The Company shall not be liable for any transaction approved by the User using valid authentication credentials. All transactions are subject to verification, authentication, fraud screening, risk controls, NPCI regulations, and PSP Bank requirements. Any change, inclusions or revision of terms pertinent to transaction are subject to NPCI guidelines, which will be final and binding in nature.

   
   

5. RUPAY CREDIT CARD ON UPI

   Eligible Users may link RuPay Credit Cards issued by participating banks for use on UPI in accordance with NPCI regulations. Users acknowledge that RuPay Credit Cards linked through UPI may only be used for person-to-merchant (P2M) transactions and cannot be used for person-to-person (P2P) transfers. This restriction is mandated by NPCI and applicable regulations. The Company acts solely as a technology platform and shall not be responsible for credit approval, credit limit determination, card issuance decisions, transaction approvals, declines, billing disputes, rewards, finance charges, or any other decisions made by the issuing bank. The issuing bank retains sole authority over credit limits, transaction authorization, card blocking, card suspension, and card-related services. The Company reserves the right to enable, disable, or restrict RuPay Credit Card functionality in accordance with regulatory requirements and partner bank policies. Additional credit products made available on UPI by NPCI from time to time, including Credit Line on UPI, shall be subject to separate product-specific terms notified by the Company at the time of enablement of such product.

   
   

6. UPI LITE

   UPI Lite is an on-device wallet facility provided under NPCI's UPI Lite framework and is subject to NPCI limits and operating guidelines. UPI Lite transactions may be completed without entering a UPI PIN, subject to limits prescribed by NPCI. UPI Lite transactions are subject to the per-transaction, daily usage, and maximum wallet balance limits prescribed by NPCI from time to time, as notified on the UPI Platform. UPI Lite may be linked to only one eligible bank account at a time. Users may activate, load, reload, transfer out, deactivate, and manage UPI Lite balances through the UPI Platform, subject to NPCI rules and partner bank functionality. The Company does not hold or guarantee UPI Lite balances. All funds underlying UPI Lite remain subject to the applicable NPCI framework, PSP Bank systems, and regulatory requirements. UPI Lite balances cannot be transferred to third parties. The User may disable UPI Lite at any time through the Platform; upon disabling, the remaining balance will be credited automatically to the User's linked bank account. Prior to deregistering or deleting the User account, the User should disable UPI Lite to ensure any remaining balance is credited to their linked bank account; the Company shall not be liable for any inaccessible balance arising from failure to do so. Users who intend to switch mobile devices or operating systems should disable UPI Lite on the existing device before doing so; failure to disable UPI Lite prior to a device or OS switch may require the User to contact their issuer bank directly to recover any remaining balance.

   
   

7. AUTOPAY AND MANDATES

   The UPI Platform may enable Users to view and manage UPI AutoPay mandates created through participating banks, merchants, or third-party platforms. The Company does not currently facilitate the creation of mandates within the UPI Platform unless expressly notified otherwise. Users may approve, reject, pause, resume, modify, or revoke mandates where such functionality is supported by the relevant PSP Bank, NPCI, and merchant ecosystem. Any modification, revocation, or suspension shall be subject to applicable NPCI regulations and the terms governing the underlying mandate. AutoPay functionality shall remain available only while the User's UPI ID remains active and linked to the Platform. Certain mandate types, including UPI Lite auto top-up mandates, may be subject to additional conditions prescribed by NPCI and participating banks. Where the User enables auto top-up for UPI Lite, a standing UPI AutoPay mandate is created on the User's linked bank account; the User's bank account will be automatically debited when the UPI Lite balance falls below the threshold configured by the User. Enabling auto top-up constitutes the User's authorisation for such recurring debits. User may deactivate auto top-up at any time through the Platform. Mandates linked to credit instruments, including RuPay Credit Cards linked via UPI, may be non-revocable as required by Applicable Law and the terms of the relevant Issuer; in such cases, revocation or modification must be sought directly from the Issuer and cannot be actioned through the Platform. The Company shall not be responsible for any debit initiated pursuant to a validly approved mandate or for any dispute arising between the User and the merchant in respect thereof.

   
   

8. QR CODE SERVICES

   The UPI Platform may provide Users with a personal UPI QR Code linked to the User's active UPI ID. Users may view, download, share, or display their QR Codes for receiving payments. Users may also configure fixed payment amounts where such functionality is made available. The User acknowledges that any person possessing access to the QR Code may initiate payment to the linked UPI ID. The Company shall not be liable for any misuse, unauthorized sharing, or unintended distribution of a QR Code by the User. QR Codes are generated based on the active UPI ID associated with the User at the time of generation and may cease to function if the associated UPI ID is modified, suspended, or deregistered.

   
   

9. TRANSACTION LIMITS AND COOLING PERIOD

   All UPI transactions shall be subject to limits prescribed by NPCI, RBI, PSP Banks, and the Company from time to time. Unless otherwise prescribed, standard UPI transactions shall be subject to a maximum limit of ₹1,00,000 per transaction (or such other limit as may be prescribed for the relevant category of transaction) and such daily transaction limits as may be specified by NPCI and participating banks. The applicable per-day transaction limit may vary depending on the bank account linked by the User and is determined by the User's issuing bank; Users are advised to check with their respective bank for the daily limit applicable to their account. UPI Lite transactions shall be subject to the limits prescribed by NPCI, from time to time, as notified on the UPI Platform. Newly registered Users may be subject to a cooling period during which transaction limits may be restricted. Transaction limits apply during the cooling period following UPI registration: (a) during the first 24 hours, the aggregate transaction value is limited to ₹5,000; and (b) during the subsequent 6 calendar days, the cumulative transaction value is limited to ₹25,000, or such other amounts as may be prescribed by NPCI, RBI, or the Company from time to time. The Company reserves the right to impose additional transaction limits, velocity checks, risk controls, or restrictions for security, fraud prevention, or regulatory compliance purposes.

   
   

10. CHARGES

    The Company does not currently charge Users any fee for accessing or using the UPI Services, including for UPI account registration, P2P transfers, merchant payments, UPI Lite transactions, or UPI AutoPay. The Company reserves the right to introduce fees for any new or existing UPI Services from time to time, subject to Applicable Law. Any change to the fee structure shall be communicated to Users through the UPI Platform prior to taking effect, and continued use of the UPI Services following such communication shall constitute acceptance of the revised fees. All fees, where applicable, shall be quoted in Indian Rupees inclusive of applicable taxes unless otherwise stated. Users are advised that their issuing bank may independently charge fees for certain UPI transactions; Users should check with their bank for any such charges.
    
    

11. TRANSACTION PROCESSING AND FINALITY

    UPI transactions are real-time payment instructions routed through NPCI and participating banks. Once a transaction has been successfully authorized using a valid UPI PIN, biometric authentication, or any other approved authentication mechanism, the transaction shall be deemed final and irrevocable. Users acknowledge that completed transactions cannot be reversed, cancelled, or withdrawn through the Platform. Any dispute concerning a completed transaction must be raised through the dispute resolution mechanism described herein. Transactions may occasionally remain pending, fail, or be categorized as deemed transactions due to system interruptions, network failures, reconciliation processes, or third-party dependencies. Such transactions shall be handled in accordance with NPCI operating procedures and applicable regulatory timelines. Where funds are debited but confirmation remains pending, reconciliation shall generally be undertaken on a T+1 basis or such timeline as is prescribed by NPCI.

    
    

12. ACCOUNT MANAGEMENT

    The UPI Platform may permit Users to link, unlink, and manage eligible bank accounts and RuPay Credit Cards supported by participating PSP Banks. Users may designate a primary account for transactions, change account preferences, reset or modify UPI PINs through approved authentication mechanisms, check account balances, and undertake other account management activities supported by NPCI and partner banks.

    The Company acts solely as a technology service provider and does not maintain bank accounts or exercise control over account balances, transaction authorizations, or settlement functions. Where multiple accounts are maintained with the same bank, the User shall remain responsible for selecting the correct account before initiating any transaction.

    
    

13. TRANSACTION HISTORY AND RECORDS

    The UPI Platform shall provide access to transaction history, and account activity records for such period as may be prescribed by law, operational requirements, or Company policy. Users may access transaction details, including transaction status, UTR number, transaction identifiers, timestamps, payment references, and other information made available by participating banks and NPCI; such transaction details, including the UTR number, shall constitute the User's record of payment for UPI transactions and may be used as proof of payment. The Company may provide facilities for downloading statements, and transaction records; however, Users are encouraged to maintain independent records of important transactions. Historical transaction data may be archived, deleted, or anonymized after expiry of the applicable retention period in accordance with legal and regulatory requirements.

    
    

14. DISPUTE AND COMPLAINT MANAGEMENT

    Users may raise transaction-related complaints through the Platform in accordance with NPCI's Unified Dispute and Issue Resolution ("UDIR") framework. Complaints generally cannot be raised immediately following a transaction and may only become available after the cooling period prescribed by NPCI or the UPI Platform. The Company shall facilitate complaint routing to the relevant PSP Bank, beneficiary bank, or NPCI, as applicable. Users acknowledge that investigation and resolution timelines may depend upon the relevant banking institution and NPCI. The dispute escalation hierarchy shall generally be Company → PSP Bank → User’s Bank→ NPCI→ Banking Ombudsman / Ombudsman for Digital Complaints, subject to applicable regulations. The Company shall not be responsible for delays attributable to PSP Banks, beneficiary banks, NPCI, or other third parties involved in the payment ecosystem.

    
    

15. BLOCKING AND FRAUD REPORTING

    Users must immediately report any unauthorized access, suspected fraud, device compromise, phishing attempt, SIM swap, account takeover, or unauthorized transaction to the Company's customer support through the in-app Help section of the CheQ App, or as per the grievance redressal mechanism set out in these Terms. The User acknowledges that their transactions are also recorded with their Issuer bank, and the User is required to reach out to their Issuer for any records, statements, or resolution in relation to unauthorized transactions, in accordance with applicable RBI guidelines governing customer liability for unauthorised electronic transactions. Prompt reporting is essential to preserve the User's protections thereunder. The Company may permit Users to block, freeze, or deregister UPI access through the Platform or customer support channels. The Company reserves the right to hotlist, suspend, restrict, or block any UPI ID, device, account, or transaction where fraud, suspicious activity, regulatory concerns, or security threats are identified. Reactivation or re-registration following suspension may require additional verification, whitelisting procedures, or regulatory approvals.

    
    

16. PROHIBITED ACTIVITIES

    Users shall not use the Platform or UPI Services for any unlawful, fraudulent, unauthorized, or prohibited activity.

    Without limitation, Users shall not:

    1. conduct transactions prohibited under Applicable Law;

    2. create fraudulent QR Codes, payment requests, or collect requests;

    3. use another person's UPI ID, account, or credentials without authorization;

    4. attempt to circumvent NPCI transaction limits or risk controls;

    5. engage in money laundering, terrorist financing, fraud, identity theft, or illegal financial activities;

    6. interfere with the integrity, security, or functioning of the UPI ecosystem.

    The Company reserves the right to suspend access and report violations to regulatory authorities, law enforcement agencies, PSP Banks, NPCI, and other relevant entities.

    
    

17. TRANSACTION MONITORING POLICY

    The Company may monitor transactions, account activity, device information, and behavioral patterns to detect fraud, financial crime, suspicious activity, and regulatory violations. The Company may delay, reject, suspend, or report transactions where it reasonably suspects fraud, money laundering, sanctions violations, unauthorized activity, or other unlawful conduct. The Company may utilize internal monitoring systems, third-party fraud prevention tools, and analytics platforms, including services provided by authorized technology partners, to comply with Applicable Laws, including the Prevention of Money Laundering Act, 2002. Users expressly consent to such monitoring as a condition of using the UPI Services.

    
    

18. RESPONSIBILITIES OF THE COMPANY

    The Company acts solely as a TPAP and technology interface facilitating access to UPI Services. The Company is not a bank, does not hold customer deposits, does not settle funds, and does not independently process payment instructions. Account debits, account credits, UPI PIN validation, settlement of funds, and banking operations are performed by the relevant PSP Banks and participating financial institutions. NPCI operates and manages the UPI payment infrastructure.

    Accordingly, the Company shall not be liable for failures, delays, interruptions, or errors attributable to NPCI, PSP Banks, beneficiary banks, telecommunications providers, or other third-party infrastructure providers.

    
    

19. PARTNERS

    CheQ engages the following entities as key partners for the provision of UPI Services. The list of partners may be updated from time to time and the current list shall be maintained on the UPI Platform.

    1. PSP Bank: Axis Bank Limited acts as the Payment Service Provider Bank for CheQ's UPI Services. All UPI payment accounts are maintained by the PSP Bank. CheQ acts solely as a TPAP and does not hold, control, or settle funds.

    2. UPI Technology Provider: Juspay Technologies Private Limited provides the UPI technology infrastructure and SDK integration that powers CheQ's UPI Services.

       
       

20. THIRD-PARTY SDK DISCLOSURE 

    The Company may engage third-party technology service providers for facilitating certain UPI-related functionalities, including but not limited to QR code scanning, payment processing workflows, mandate management, UPI Lite services, auto top-up functionality, onboarding flows, deregistration services, fraud monitoring, and other ancillary services. The User acknowledges and agrees that certain transaction data, device information, and payment-related information may be processed by such third-party service providers,  for the purpose of enabling and facilitating UPI Services. Such processing shall be subject to applicable data protection laws, RBI data localisation requirements, contractual safeguards, and the Company's Privacy Policy. Certain features available on the Platform may be powered through software development kits, APIs, or infrastructure provided by such third parties. The Company shall not be liable for any interruption, delay, defect, error, or failure attributable solely to the systems, infrastructure, or services of any third-party service provider.

    
    

21. USER ACCOUNT, PASSWORD, AND SECURITY

    The User shall be solely responsible for maintaining the confidentiality and security of all credentials associated with the Platform, including passwords, OTPs, biometric authentication methods, UPI PINs, device credentials, and any other security information. The User shall not disclose, share, record, transmit, or otherwise make available any UPI PIN, OTP, or authentication credential to any third party, including any employee, representative, or customer support personnel of the Company, PSP Bank, or NPCI. All transactions authenticated through the registered device using the User's credentials, biometric authentication, or UPI PIN shall be deemed to have been authorised by the User. The User shall immediately notify the Company upon becoming aware of any unauthorized access, compromise, theft, loss of device, SIM swap, phishing attempt, malware infection, or suspected misuse of the User's account or credentials. The Company reserves the right to restrict, suspend, or terminate UPI Services on devices that are rooted, jailbroken, tampered, emulator-based, or otherwise identified as compromised or non-compliant with platform security requirements.

    
    

22. USER GUIDELINES

    Users are required to follow safe UPI practices as set out in Annexure A (Safe UPI Practices) to these UPI Terms of Use. Compliance with safe UPI practices is a condition of use of the UPI Services and non-compliance may affect the User's liability in the event of an unauthorised transaction.
    
    Users shall exercise reasonable care and diligence while using the UPI Services. Before initiating any payment, Users must independently verify the beneficiary's name, UPI ID, bank account details, UPI Number, QR code, or any other payment identifier. Users acknowledge that UPI transactions, once successfully authorised, are irrevocable and cannot be reversed by the Company. The Company shall not be liable for any incorrect payment, mistaken transfer, duplicate transaction, or loss arising from inaccurate information provided or confirmed by the User. Users shall not share UPI PINs, OTPs, or security credentials with any person under any circumstances.

    
    

23. USER COMMUNICATIONS

    The User expressly consents to receive transactional communications, service notifications, security alerts, mandate-related communications, payment confirmations, dispute updates, OTPs, and other communications through SMS, email, push notifications, telephone calls, WhatsApp messages, or other electronic means.

    Such communications may be necessary for compliance with RBI regulations, NPCI operating guidelines, fraud prevention requirements, and transaction processing obligations. The User may not opt out of communications that are required for security, regulatory compliance, fraud prevention, or transaction execution purposes.

    
    

24. NOTIFICATIONS AND ALERTS

    The UPI Platform may provide payment alerts, account notifications, mandate approvals, debit notifications, dispute updates, security alerts, UPI Lite balance updates, auto top-up notifications, and other service-related alerts. The User acknowledges that delivery of notifications depends upon third-party systems, including telecom operators, internet service providers, device manufacturers, operating system providers, and notification gateways. The Company shall not be liable for any delay, failure, interruption, or non-delivery of notifications resulting from circumstances beyond its reasonable control.

    
    

25. DATA PRIVACY AND CONSENT

    The Company shall collect, process, store, use, and share personal information in accordance with applicable laws, including the Digital Personal Data Protection Act, 2023, RBI regulations, NPCI requirements, and the Company's Privacy Policy. The User expressly consents to the collection and processing of personal data, including device identifiers, mobile numbers, bank account details, UPI IDs, transaction information, location information where permitted, communication records, and other information necessary for the provision of UPI Services. The User acknowledges that information may be shared with PSP Banks, NPCI, RBI, government authorities, law enforcement agencies, FIU-IND, third-party service providers, and other authorised service providers where necessary for regulatory compliance, fraud prevention, transaction processing, or service delivery. All UPI-related data shall be stored and maintained in accordance with RBI's data localisation requirements and applicable law.

    
    

26. ACCURACY OF MATERIALS

    The Company endeavours to ensure that all information displayed on the UPI Platform is accurate and up to date; however, the Company does not warrant the completeness, reliability, or real-time accuracy of any information displayed. Bank balances displayed through the Platform may not always reflect the current balance maintained by the relevant bank. Transaction statuses may be subject to reconciliation, settlement processes, and updates received from PSP Banks and NPCI. UPI Lite balances are maintained within the applicable framework and may occasionally be subject to synchronization delays or temporary discrepancies. The User should independently verify all information before relying upon it.

    
    

27. INTELLECTUAL PROPERTY RIGHTS POLICY

    All intellectual property rights in the UPI Platform, software, user interfaces, designs, content, trademarks, logos, graphics, and proprietary technology shall remain the exclusive property of the Company or its licensors. The User acknowledges that NPCI retains all rights, title, and interest in the UPI system, UPI trademarks, UPI logos, and associated intellectual property. Third-party providers retain ownership of their respective software, SDKs, systems, and technologies. Users shall not copy, reproduce, modify, reverse engineer, decompile, distribute, or create derivative works based upon any portion of the UPI Platform, SDKs, or associated technology.

    
    

28. DISCLAIMERS AND WARRANTIES

    Downloading or using the CheQ App does not automatically entitle the User to access the UPI Services; access is subject to onboarding, verification, and authentication by the Company, the PSP Bank, and NPCI. The UPI Services are provided on an "as is", "as available," and "best efforts" basis. The Company makes no representation or warranty regarding uninterrupted availability, error-free operation, successful completion of every transaction, or compatibility with all devices, banks, or networks. The Company does not warrant the availability of services dependent upon NPCI infrastructure, PSP Banks, telecom operators, internet service providers, or any third-party service provider. Beneficiary names, VPA details, and account information displayed on the UPI Platform are fetched from NPCI systems and PSP Banks; the Company makes no warranty as to their accuracy and the User is solely responsible for verifying beneficiary details before authenticating any transaction. The Company does not endorse any merchant, payee, or third party accessible through the UPI Platform and shall not be liable for any transaction or interaction between the User and such third party. The Company acts solely as a Third-Party Application Provider and facilitator and is not a party to any transaction undertaken through the UPI Services; all transactions are concluded directly between the payer and the payee, and the User should approach their Issuer for any transaction-related issue, without prejudice to the grievance process set out in Clause 29. To the fullest extent permitted by law, all express and implied warranties are expressly disclaimed.

     

29. GRIEVANCE REDRESSAL

    Users may submit grievances, complaints, and service-related concerns through the channels specified on the UPI Platform. The Company shall serve as the first point of contact for all complaints relating to the UPI Services, including transaction-related complaints, which shall be processed in accordance with Clause 14.  The Company shall acknowledge complaints within three (3) business days and endeavour to resolve them within thirty (30) days or such other period prescribed under Applicable Law. The details of the Company's Grievance Officer are as follows:
    Grievance Officer: Ms. Shahchi Bakliwal
    Email: gro@cheq.one
    Address: CheQ Digital Private Limited, Building A, Bhive Workspace, AKR Tech Park, Garvebhavipalya, Karnataka, India, 560068
    Hours: Monday to Saturday (9:00 to 18:00)
    
    If a User is dissatisfied with the Company's response, or the complaint remains unresolved, the matter may be escalated in the following sequence, and the contact details for each level of escalation shall also be made available on the UPI Platform and updated from time to time:

    1. PSP Bank - Axis Bank Limited: https://www.axisbank.com/contact-us;

    2. The Issuer bank where the User maintains the linked account, whose contact details are available on the Issuer's website or application

    3. NPCI: https://www.npci.org.in/what-we-do/upi/dispute-redressal-mechanism; and

    4. Where the complaint remains unresolved for more than 30 days, at the previous levels, The User reach out to the Reserve Bank of India Ombudsman through the complaint portal at https://cms.rbi.org.in/ (Toll-Free: 14448; Email: crpc@rbi.org.in), in accordance with the Reserve Bank – Integrated Ombudsman Scheme, 2021.

       
       

30. REFUNDS AND CHARGEBACKS

    UPI transactions are generally irrevocable once authorised and processed. Refunds, reversals, and failed transaction settlements shall be governed by NPCI regulations, RBI guidelines, and the policies of participating banks. Where a transaction amount is debited but not credited to the beneficiary, reconciliation shall ordinarily be undertaken on a T+1 basis or such timeline as prescribed by NPCI. The Company shall not be responsible for delays in refunds or reversals caused by PSP Banks, beneficiary banks, NPCI, or other third parties.

    
    

31. FORCE MAJEURE

    The Company shall not be liable for any failure, interruption, delay, or inability to provide UPI Services arising from circumstances beyond its reasonable control. Force Majeure events shall include, without limitation, acts of God, natural disasters, epidemics, pandemics, war, riot, terrorism, civil unrest, lock-out, flood, fire, governmental actions or restrictions, cyberattacks, hacking, vandalism, theft, loss of data, power failures, telecommunications failures, internet disruptions, NPCI downtime, PSP Bank outages, service interruptions, and failures of third-party infrastructure.

    
    

32. LIMITATION OF LIABILITY

    To the maximum extent permitted by law, the Company's aggregate liability arising out of or relating to the UPI Services shall not exceed the amount of the valid transaction giving rise to the cause of action, or Rupees One Hundred (Rs. 100), whichever is lesser. Under no circumstances shall the Company be liable for any indirect, incidental, consequential, exemplary, punitive, or special damages, including loss of profits, business interruption, loss of goodwill, loss of opportunity, loss of data, or financial losses arising from use of the UPI Services. The Company shall not be liable for transaction failures, incorrect transfers, delayed settlements, mandate debits, UPI Lite balance issues, NPCI system failures, PSP Bank outages, or third-party service interruptions.

    
    

33. INDEMNIFICATION

    The User agrees to indemnify, defend, and hold harmless the Company, its affiliates, directors, officers, employees, agents, PSP Banks, technology partners, and service providers from and against any claims, actions, proceedings, liabilities, losses, penalties, fines, damages, costs, and expenses (including legal fees) arising out of or relating to:

    1. breach of these Terms by the User;

    2. misuse of the UPI Services;

    3. unauthorized disclosure of credentials;

    4. fraudulent, unlawful, or negligent acts of the User;

    5. incorrect payment instructions provided by the User; or

    6. use of the User's registered device, account, or credentials by any third party, arising from the User's act, omission, or failure to maintain adequate security of their credentials or device;

    7. the User's violation of any Applicable Law.

    
    

34. CONFIDENTIALITY

    The Company shall maintain the confidentiality of UPI PINs, device credentials, account information, transaction data, and personal information in accordance with applicable law. Such information shall not be disclosed except where necessary for transaction processing, regulatory compliance, fraud prevention, legal proceedings, or as otherwise permitted under the Privacy Policy. Nothing in these Terms shall restrict disclosures required by RBI, NPCI, FIU-IND, courts, law enforcement agencies, or competent regulatory authorities. You are solely responsible for keeping OTP, UPI PIN, and account/card-related details confidential. Sharing such information with others may lead to unauthorized usage, for which the Company shall not be responsible.

    
    

35. TERMINATION OR SUSPENSION

    The Company may suspend, restrict, deactivate, or terminate access to the UPI Services without prior notice where required by law, regulatory direction, PSP Bank instruction, fraud concerns, security threats, or breach of these Terms. UPI IDs may be deactivated after periods of inactivity in accordance with NPCI regulations, including the deactivation of inactive UPI IDs after one (1) year of inactivity or such other period as prescribed by NPCI. The User shall be informed about such deactivation activity. The User may deregister from the UPI Services subject to completion of applicable verification requirements and settlement of outstanding obligations. Upon deregistration, the User's UPI Number shall be unlinked from the UPI ID and released in accordance with applicable NPCI guidelines.

    
    

36. ASSIGNMENT

    The User may not assign, transfer, or otherwise dispose of any rights or obligations under these Terms. The Company may assign, novate, or transfer its rights and obligations to any affiliate, successor entity, PSP Bank partner, or authorised service provider, subject to applicable laws and regulatory approvals.

    
    

37. UPDATES

    The Company may release updates, upgrades, patches, security enhancements, and modifications to the UPI Platform from time to time. Users shall ensure that the latest version of the application is installed and maintained. Failure to install updates may result in restricted functionality, security vulnerabilities, or the inability to access UPI Services. Certain updates arising from NPCI requirements, PSP Bank changes, or TPAP integrations may be implemented without prior notice.

    
    

38. CHANGE IN POLICY

    The Company may amend, modify, or replace these UPI Terms of Use from time to time, including to comply with Applicable Laws, RBI directions, NPCI regulations, or to meet operational, security, or business requirements. Any such change shall take effect immediately upon posting of the revised UPI Terms of Use on the UPI Platform, unless otherwise required by law, and the Company may, where required, notify Users through in-app notifications, SMS, or other communication channels. The User is encouraged to review the UPI Terms of Use periodically for the latest updates. The User's continued use of the CheQ App or the UPI Services following such posting shall constitute acceptance of the revised UPI Terms of Use, including any additions to, modifications of, or removal of portions of these UPI Terms of Use. Subject to the User's continued compliance with these UPI Terms of Use, the Company grants the User a personal, non-exclusive, non-transferable, and limited privilege to access and avail the UPI Services.
    
    

39. WAIVER

    Failure by the Company to enforce any provision of these Terms shall not constitute a waiver of its right to subsequently enforce such provision or any other provision.

    
    

40. SEVERABILITY

    If any provision of these Terms is held to be invalid, illegal, or unenforceable, such provision shall be severed, and the remaining provisions shall continue in full force and effect.

    
    

41. VALIDITY OF TERMS

    These Terms shall become effective upon completion of the UPI onboarding process and shall remain valid until deregistration of the User's UPI profile, termination of the User account, or discontinuation of the UPI Services, whichever occurs later.

    
    

42. GOVERNING LAW AND JURISDICTION

    These Terms shall be governed by and construed in accordance with the laws of India.

    Subject to any mandatory dispute resolution mechanism prescribed by RBI, NPCI, or Applicable Law, the courts at Bengaluru, Karnataka shall have exclusive jurisdiction over all disputes arising out of or relating to these Terms and the UPI Services.

    
    

ANNEXURE A:  SAFE UPI PRACTICES

This Annexure forms an integral part of the UPI Terms of Use and shall be read in conjunction therewith. Compliance with the practices set out herein is a condition of the User's continued access to and use of the UPI Services.

1. Confidentiality of UPI PIN

   The User shall maintain strict confidentiality of their UPI PIN at all times. The UPI PIN shall not be disclosed to any person, including family members, friends, customer care representatives, or any third party purporting to represent the Company, any bank, NPCI, or any governmental or regulatory authority. The Company, PSP Banks, NPCI, and no legitimate entity associated with the UPI ecosystem will, under any circumstances, request the User's UPI PIN through any channel including telephone, SMS, email, or in-person communication.

   
   

2. UPI PIN Authentication for Outgoing Transactions Only

   The User acknowledges that UPI PIN authentication is required solely for the purpose of authorising outgoing payment transactions. Any request to enter a UPI PIN for the purpose of receiving money, claiming a refund, activating a reward, or any other purpose purportedly beneficial to the User shall be treated as a fraudulent request. The User shall decline such requests immediately and report them to the Company in accordance with Clause 15 [●] of these UPI Terms of Use.

   
   

3. Verification of Beneficiary Details

   Prior to authenticating any payment transaction, the User shall independently verify the name, UPI ID, UPI Number, bank account number, and IFSC code of the intended beneficiary as displayed on the payment confirmation screen. The User acknowledges that UPI transactions, once authenticated and completed, are final and irrevocable and cannot be reversed by the Company. The Company shall not be liable for any loss arising from payment made to an unintended or incorrect beneficiary where the User has authenticated the transaction.

   
   

4. Caution in Respect of Collect Requests

   The User shall exercise caution when reviewing and responding to collect requests received through the UPI Platform. A collect request is a request initiated by another UPI user or merchant for the User to approve an outgoing payment from the User's linked bank account. The User shall not approve collect requests from unknown, unverified, or unsolicited sources. The User acknowledges that fraudulent collect requests are commonly disguised as refund notifications, cashback offers, prize claims, or payment reversals. Approving such requests constitutes an authorised outgoing payment for which the Company shall not be liable.

   
   

5. Prohibition on Screen-Sharing and Remote Access

   The User shall not permit any third party to remotely access, observe, or control the User's device while using the UPI Services. The User shall not install or use any screen-sharing, remote desktop, or device mirroring application at the request of any person purporting to assist with UPI Services, customer support, or account recovery. The Company, PSP Banks, NPCI, and no entity legitimately associated with the UPI ecosystem will request the installation of or access through any such application.

   
   

6. Use of Official Customer Support Channels Only

   The User shall contact CheQ customer support exclusively through the in-app Help section of the CheQ App or through such official channels as are published at cheq.one. The User shall not rely upon customer care contact details obtained through internet search engines, third-party websites, social media platforms, or unsolicited communications. The Company shall not be liable for any loss arising from the User's engagement with fraudulent customer care channels not authorised by the Company.

   
   

7. Prompt Reporting of Suspected Fraud or Unauthorised Transactions

   Upon becoming aware of or suspecting any unauthorised transaction, account compromise, fraudulent activity, or breach of these Safe UPI Practices, the User shall immediately notify the Company through the in-app Help section and contact their issuer bank to initiate account-level security measures. The User acknowledges that prompt reporting is a condition of the User's entitlement to protections available under applicable RBI guidelines governing customer liability for unauthorised electronic transactions, as amended from time to time, and that delay in reporting may adversely affect the User's rights and remedies thereunder.

ANNEXURE B:  UPI PARTICIPANTS - ROLES AND RESPONSIBILITIES

This Annexure forms an integral part of the UPI Terms of Use and is included in accordance with the format prescribed by NPCI.

Roles and Responsibilities of NPCI

1. NPCI owns and operates the Unified Payments Interface (UPI) platform.

2. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities, and liabilities of the participants with respect to UPI, including transaction processing and settlement, dispute management, and clearing cut-offs for settlement.

3. NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP), and Prepaid Payment Instrument issuers (PPIs) in UPI.

4. NPCI provides a safe, secure, and efficient UPI system and network.

5. NPCI provides online transaction routing, processing, and settlement services to members participating in UPI.

6. NPCI may, either directly or through a third party, conduct audits on UPI participants and call for data, information, and records in relation to their participation in UPI.

7. NPCI provides the banks participating in UPI access to a system where they can download reports, raise chargebacks, and update the status of UPI transactions.

Roles and Responsibilities of the PSP Bank

1. The PSP Bank is a member of UPI and connects to the UPI platform for availing the UPI payment facility and providing the same to the TPAP, which in turn enables the end-user customers and merchants to make and accept UPI payments.

2. The PSP Bank, either through its own app or the TPAP's app, onboards and registers end-user customers on UPI and links their bank accounts to their respective UPI ID.

3. The PSP Bank is responsible for authentication of the end-user customer at the time of registration, either through its own app or the TPAP's app.

4. The PSP Bank engages and onboards TPAPs to make the TPAP's UPI app available to end-user customers.

5. The PSP Bank must ensure that the TPAP and its systems are adequately secure to function on the UPI platform.

6. The PSP Bank is responsible for ensuring that the UPI app and systems of the TPAP are audited to safeguard the security and integrity of the data and information of the end-user customer, including UPI transaction data and UPI app security.

7. The PSP Bank must store all payments data, including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India.

8. The PSP Bank is responsible for giving all UPI customers an option to choose any bank account from the list of banks available on the UPI platform for linking with the customer's UPI ID.

9. The PSP Bank is responsible for putting in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer.

Roles and Responsibilities of the TPAP

1. The TPAP is a service provider and participates in UPI through the PSP Bank.

2. The TPAP is responsible for complying with all requirements prescribed by the PSP Bank and NPCI in relation to the TPAP's participation in UPI.

3. The TPAP is responsible for ensuring that its systems are adequately secure to function on the UPI platform.

4. The TPAP is responsible for complying with all applicable laws, rules, regulations, and guidelines prescribed by any statutory or regulatory authority in relation to UPI and the TPAP's participation on the UPI platform, including all circulars and guidelines issued by NPCI.

5. The TPAP must store all payments data, including UPI Transaction Data collected by the TPAP for the purpose of facilitating UPI transactions, only in India.

6. The TPAP is responsible for facilitating RBI, NPCI, and other agencies nominated by RBI/NPCI to access the data, information, and systems of the TPAP related to UPI and to carry out audits of the TPAP, as and when required.

7. The TPAP shall facilitate the end-user customer with an option to raise grievances through the TPAP's grievance redressal facility made available through the TPAP's UPI app or website and such other channels as may be deemed appropriate by the TPAP, such as email, messaging platform, or IVR.

Dispute Redressal Mechanism

1. Every end-user customer may raise a complaint with respect to a UPI transaction on the PSP app or the TPAP app.

2. The end-user customer may select the relevant UPI transaction and raise a complaint in relation thereto.

3. A complaint shall first be raised with the relevant TPAP in respect of all UPI-related grievances and complaints of end-user customers onboarded by the PSP Bank or TPAP (where the UPI transaction is made through the TPAP app). In case the complaint or grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank where the end-user customer maintains its account, and NPCI, in the same order. After exercising these options, the end-user customer may approach the Banking Ombudsman and/or the Ombudsman for Digital Complaints, as the case may be.

4. The complaint may be raised for both types of transactions, i.e., fund transfer and merchant transactions.

5. The user shall be kept informed by the PSP/TPAP by means of updating the status of the customer's complaint on the relevant app.

ANNEXURE C: NPCI-MANDATED DISCLOSURES

This Annexure forms an integral part of the UPI Terms of Use and is included in accordance with the format prescribed by NPCI.

What is NPCI?

NPCI is an authorized payment system operator by the RBI. NPCI owns and operates the UPI payment system.

What is a PSP Bank?

A PSP is the banking company authorized to act as a Payment Service Provider (PSP) under the UPI framework. The PSP engages the TPAP to provide UPI services to end-user customers.

What is a TPAP?

A Third Party Application Provider (TPAP) is an entity that provides the UPI-compliant app(s) to end-user customers to facilitate UPI-based payment transactions.

What is the Customer's Bank?

The bank where the end-user customer maintains the account that has been linked for the purpose of debiting/crediting payment transactions made through UPI.

Who is the End-User Customer?

The end-user customer is the individual who uses the UPI payment facility to send and receive payments.