These terms and conditions (“Terms”) govern the use of or access to http://www.okcredit.com (“Website”), any mobile application (“App”), platform, and the Services (defined below), made available by Psi Phi Global Solutions Private Limited and/ or by any of its affiliates or group companies including but not limited to OkTech AA Information Services Private Limited (in each case, “OkCredit”, “we”, “us” or “our”). The Website, App and any other platform mentioned herein are collectively referred to as the “Platform”.
These Terms also include our privacy policy, available at (“Privacy Policy”), and any guidelines, additional terms, policies, or disclaimers in force and made available or issued by us from time to time. These Terms may be changed or updated by us over time, and the Terms, as amended, shall apply to you from time to time. You are advised to regularly review the most current version of these Terms available on the Platform.
These Terms constitute a binding and enforceable legal contract between OkCredit and a User (defined below) or any end user of the Services (collectively, “you”). You represent and warrant that you (a) have full legal capacity and authority to agree and bind yourself to these Terms, (b) are eighteen years of age or older, and (c) are an Indian resident. If you represent an entity, organisation, or any other legal person, you confirm and represent that you have the necessary power and authority to bind such entity, organisation, or legal person to these Terms.
By accessing and/ or using the Services, you agree that you have read, understood, and are bound by these Terms, and that you will comply with all the requirements hereunder. If you do not agree to all of these Terms or comply with the requirements herein, please do not access the Platform or use the Services.
The Platform enables a suite of solutions to allow small businesses such as vendors, merchants, and suppliers (collectively, the “Merchants”) registered on the Platform to digitally record and maintain a ledger of their daily credit/ payment transactions, such as in relation to the sale and purchase of goods and services with their respective customers (“Customers”), and simplifies credit account management for Merchants and their Customers. In addition, the Platform uses technology to facilitate transactions between Merchants and Customers and uses data-backed insights to meet Users’ untapped needs. Further, OkCredit through the Platform enables the Merchants to send payment reminders to their Customers, as well as generate a payment link (“Payment Link”) through the Platform (which service is provided by third party payment service providers and generated by integration of Third Party Services (defined below) on the Platform) which can be sent to their respective Customers, and the Customers can use the payment link to make payments to the Merchants in settlement of their obligations towards such Merchants. OkCredit also provides the Merchants with an instant settlement service, whereby once a Customer makes a payment to the Merchant using Third Party Services integrated on the Platform, and the relevant third-party payment service provider confirms to OkCredit that the Customer has successfully made the payment, OkCredit then instantaneously pays to the Merchant the relevant amount due from such Customer using OkCredit’s own funds (subject to deduction of such commissions as may be communicated from time to time) (the instant settlement service/ mechanism described hereunder is hereinafter referred to as “Instant Settlement”). OkCredit may additionally enable any other solutions or services through the Platform from time to time. All the services described under this Clause, including the provision of the Platform and its features, collectively constitute the “Services”.
Merchants and Customers are collectively referred to as “Users”. For the avoidance of doubt, a Merchant may be considered a Customer in certain transactions (and vice versa). For example, in a situation where the Merchant purchases goods and services from a supplier that are recorded on the Platform, the Merchant would be considered a Customer and the supplier a Merchant.
To avail the Services, a Merchant would be required to create a merchant profile on the Platform (“Profile”). In addition to setting up username and password to create the Profile, the Merchant will be required to furnish certain details, including but not limited to phone numbers and details of their businesses. The Merchant warrants that all information furnished in connection with its Profile is and shall remain accurate and true in all respect, and agrees that it shall promptly update its details on the Platform in the event of any change or modification.
The Merchant is solely responsible for maintaining the security and confidentiality of its username and password, and agrees to immediately notify OkCredit in writing by emailing at help@okcredit.in of any disclosure or unauthorised use of its Profile or any other breach of security with respect to its Profile.
The Merchant expressly agrees to be solely liable and accountable for all activities that take place through its Profile. OkCredit shall in no manner be held liable for any unauthorised access to a Merchant’s Profile.
The Merchant agrees to receive communications from OkCredit regarding: (i) information relating to transactions recorded on the Platform; (ii) requests for payment; (iii) information about OkCredit and the Services; (iv) promotional offers and services from OkCredit and its third party partners/ service providers, and (v) any other matter in relation to the Services.
OkCredit may be required to undertake certain “know your customer” processes in relation to Users who intend to avail certain features of the Services. In this regard, OkCredit from time to time shall require Users to upload information and documents that may be necessary to ascertain their eligibility to use certain features of the Services (“KYC Documents”).
The User authorises OkCredit, and any third-party service provider it may engage with, to process KYC Documents and ascertain its eligibility. Any processing undertaken by OkCredit shall be in accordance with its Privacy Policy. The User agrees that it may be subject to additional terms of service in the event a third party processes information under this Clause. Further, in the event any additional information, data, or documentation is required to determine eligibility (collectively, “Additional Information”), the User hereby agrees to share such Additional Information promptly upon request, and further, authorises OkCredit to process such Additional Information.
The User agrees and warrants to provide true, complete, and up-to-date KYC Documents and Additional Information. The User further acknowledges that (i) any false or misleading information provided in this regard shall constitute a material breach of these Terms, and (ii) its access to certain features of the Services may be limited or denied if it fails to share KYC Documents and Additional Information.
Merchants may upload information relating to transactions with Customers, including the sale of goods or services, costs, amounts paid and payable, and details of goods and services, on the Platform (such information is referred to as “Transaction Information”). Transaction Information may be exchanged between Merchants and Customers through telephonic calls, text message, WhatsApp, email, or other electronic mediums that would depend on the contact details of Merchants and Customers provided on the Platform.
At the time of creating or uploading the first Transaction Information with respect to a Customer, the Merchant shall inform such Customer of its use of the Platform to record such Transaction Information and Transaction Information related to future transactions and seek such Customer’s express consent in this regard and to:
The creation of a profile of the Customer on the Platform, which will require sharing such Customer’s phone number and contact details with OkCredit;
receive communications from OkCredit regarding: (A) information relating to their transactions recorded on the Platform; (B) requests for payment; (C) information about OkCredit and the Services; (D) promotional offers and services from OkCredit and its third party partners, and (E) any other matter in relation to the Services.
to use the transaction information and customer profile information for retrieval and use for the enhancement of OkCredit's services including sharing any insights and summaries with other individuals or merchants without prior intimation to the customer
Should the Customer fail to provide consent, or withdraw consent, the Merchant shall immediately cease to use the Services in relation to that Customer.
The Platform provides you a feature (“Feature“), which once enabled, allows Merchants on the Platform to mark a defaulter from their records maintained on Platform (as part of the Services) as a “Defaulter“. Basis the transactional history of Customers provided by the Merchants through the use of the Services and the “Defaulter“ status marking made by the Merchants in relation to Customers, each Customer may be provided a rating indicative of their credit history and payments (“Rating“).
Upon receiving payment of dues from Defaulters, you shall have the option of unmarking the Defaulter as “Defaulter“. You agree that in such event you shall undertake the necessary steps and unmark a Customer as a “Defaulter“, to ensure accuracy of records maintained on the Platform and the Ratings, and reliability thereof.
This Feature is complimentary to, and can only be used along with, the other Service provided by OkCredit in relation to record keeping and maintenance of digital ledger of transactions on the Platform and can only be availed by the Merchants who are registered on the Platform and utilise the Services.
To know detailed terms and conditions of Feature, it is available at (“Defaulters Terms And Conditions“)
The Services may include services, content, documents, and information owned by, licensed to, or otherwise made available by a third party (“Third Party Services”) through integration on the Platform or contain links to Third Party Services that are not owned or controlled by OkCredit. Users understand that Third Party Services are the responsibility of the respective third party that created or provided it and acknowledge that use of such Third Party Services is solely at their own risk, and you are advised to review the terms, policies and guidelines of such third parties in relation to the Third Party Services.
For avoidance of doubt, it is hereby clarified that OkCredit has arrangements with third-party payment service providers who facilitate Third Party Services in the form of electronic payment solutions for Merchants registered on the Platform.
OkCredit makes no representations and excludes all warranties and liabilities arising out of or pertaining to such Third Party Services, including their accuracy or completeness. Further, all intellectual property rights in and to Third Party Services are the property of the respective third parties.
The User represents and warrants that all information that is provided through or in relation to the Services is complete, true, and correct on the date of agreeing to these Terms and shall continue to be complete, true, and correct while the User avails the Services. Should any information that the User provides change during the existence of these Terms, the User undertakes to immediately bring such change to OkCredit’s notice. OkCredit does not accept any responsibility or liability for any loss or damage the User may suffer or incur if any information, documentation, material, or data provided to avail the Services is incorrect, incomplete, inaccurate, or misleading, or if the User fails to disclose any material fact.
The User shall be solely responsible for ensuring compliance with applicable laws, and shall be solely liable for any liability that may arise due to a breach of its obligations in this regard, including but not limited to all compliances under the Prevention of Money Laundering Act, 2002.
The User shall not use the Services on the Platform for facilitating, directly or indirectly, any transactions in relation to the prohibited list of goods and/ or services, as may be communicated by OkCredit from time to time.
The User shall be solely responsible and liable for any liability that may arise due to incorrect details being entered for making of payments through the Services and/ or Third Party Services.
The User shall extend all cooperation to OkCredit in its defence of any proceedings that may be initiated against it due to a breach of the User’s obligations or covenants under these Terms.
While OkCredit uses commercially reasonable efforts to provide Users with a daily backup of their Transaction Information, Users should regularly and independently save, backup, and archive such Transaction Information.
You agree not to exploit the Services or the Content in any unauthorized way whatsoever, including but not limited to, trespassing or burdening network capacity. You further agree not to use our Services or Content in any manner to harass, abuse, stalk, threaten, defame or otherwise infringe or violate the rights of any other party, and You acknowledge and agree that OkCredit is not in any way responsible for any such use by You, nor for any harassing, threatening, defamatory, offensive or illegal messages or transmissions that You may receive as a result of using the Services. Notwithstanding any other remedies available to OkCredit, You agree that OkCredit may suspend or terminate Your use of the Services without notice if You use the Services or the Content in any prohibited manner, and that such use will be deemed a material breach of these Terms.
The User shall not use the Services in any manner except as expressly permitted in these Terms. Without limiting the generality of the preceding sentence, the User may not:
infringe any proprietary rights, including but not limited to copyrights, patents, trademarks, or trade secrets, of any party;
except as may be provided hereunder, copy, display, distribute, modify, publish, reproduce, store, transmit, post, translate, create any derivative works from, or license the Services;
use the Services to transmit any data or send or upload any material that contains viruses, Trojan horses, worms, time-bombs, keystroke loggers, spyware, adware, or any other harmful programmes or similar computer code designed to adversely affect the operation of any computer software or hardware;
use any robot, spider, other automated device, or manual process to monitor or copy the Platform or Services or any portion thereof;
engage in the systematic retrieval of content from the Platform or Services to create or compile, directly or indirectly, a collection, compilation, database or directory;
use the Services in (A) any unlawful manner, (B) for fraudulent or malicious activities, or (C) in any manner inconsistent with these Terms; or
violate applicable laws in any manner, including but not limited to the Prevention of Money Laundering Act, 2002.
You shall not make any commercial use of the Services or the Content or otherwise transfer for value the Services or the Content. You agree not to challenge OkCredit’s rights in, or otherwise attempt to assert any rights in, the Services or any Content provided by other Users, except those rights explicitly granted under these Terms. You agree to use the Services and Content only as expressly permitted under these Terms.
All rights, title, and interest in and to the Platform and Services, including all intellectual property rights arising out of the Platform and Services, are owned by or otherwise licensed to OkCredit. Subject to compliance with these Terms, OkCredit grants the User a non-exclusive, non-transferable, non-sub licensable, royalty-free, revocable, and limited licence to use the Platform and Services in accordance with these Terms and its written instructions issued from time to time.
OkCredit may request Users to submit suggestions and other feedback, including bug reports, relating to the Platform or Services from time to time (“Feedback”). OkCredit may freely use, copy, disclose, publish, display, distribute, and exploit the Feedback without any payment of royalty, acknowledgement, prior consent, or any other form of restriction arising out of the User’s intellectual property rights.
Except as stated in these Terms, nothing in these Terms should be construed as conferring any right in or license to OKCredit’s or any third party’s intellectual rights.
These Terms shall remain in effect unless terminated in accordance with the terms hereunder.
OkCredit may terminate a User’s access to or use of the Services, or any portion thereof, immediately and at any point, at its sole discretion if the User violates or breaches any of its obligations, responsibilities, or covenants under these Terms.
Upon termination under Clause 8(b):
the Services will “time-out”;
the User shall not be eligible to avail any features of the Services; and
these Terms shall terminate, except for those clauses that expressly or are intended to survive termination or expiry.
Notwithstanding anything to the contrary contained in the Terms, upon termination of a User’s access to or use of the Services, all amounts or outstanding monies due by you in relation to your use of or access to the Services shall become immediately payable.
The use of the Services is at your sole risk.
To the maximum extent permitted by applicable law, you expressly agree that OkCredit shall in no event be liable for any direct, indirect, special, incidental, consequential or exemplary damages, including but not limited to damages for loss of profits, data and goodwill, arising out of the user or inability to use the services or the content, even if advised of the possibility of such damages. In particular, and without limitation, OkCredit shall have no liability for any information stored or processed within the Services, including the costs of recovering such information. Your only right or remedy with respect to any problems or dissatisfaction with the Services, is to uninstall the OkCredit applications and cease to use the Services. OkCredit shall not be liable for the validity, reliability or correctness of the content and information provided through and in connection with the use of the services. any use of the content and information obtained through the use of the services shall be at your own discretion and risk. Nothing in these Terms shall limit or exclude our liability for any liability that mandatorily cannot be limited or excluded by law, including any rights You may have as a consumer under mandatory consumer law.
You acknowledge and agree that OkCredit is not responsible for nor facilitating the delivery or provisioning of any goods and/ or services that the Customers purchase from the Merchants in any manner whatsoever, through the Platform or otherwise. The service of delivering or providing the goods and/ or services to the Customers is completed directly and independently by the Merchants to their respective Customers, without any involvement in any manner of OkCredit, and to this extent, OkCredit makes no representations or endorsements and excludes all warranties and liabilities arising out of or pertaining to such goods and/ services provided by the Merchants. OkCredit shall in no manner be liable or responsible for any deficiencies with respect to the delivery of the goods and/ or services of the Merchants.
You acknowledge and agree that the Payment Links generated by Merchants through the Platform are independent and entirely unconnected with the delivery and/ or provisioning of the goods and/ or services by the respective Merchants, directly to their Customers.
You acknowledge and agree that the Payment Links that are generated by you through the Platform are with respect to delivery versus payment transactions, whereby the goods and/ or services have already been delivered and/ or provided by you to your Customers.
You acknowledge and agree that OkCredit is merely providing a Platform for enabling the supply of Payment Links by the Merchants on the Platform, which service is being provided by third-party payment service providers through integration of Third Party Services on the Platform, and to this extent, OkCredit does not authenticate any information of users not registered on the Platform (and to whom OkCredit does not provide any services) other than phone numbers (if and to the extent applicable). OkCredit shall in no manner be liable or responsible, including but not limited to such users, with respect to transactions made using the Payment Links generated by the Merchants.
You acknowledge and agree that in providing the Instant Settlement service (described above), OkCredit is not in any manner pooling the funds received from the Customers for subsequently transferring them on to the relevant Merchants after a period of time, through either the Platform and/ or the Services, and is instead providing instantaneous settlement to the Merchants of the amounts due from their Customers in advance from OkCredit’s own funds.
You acknowledge and agree that OkCredit is not facilitating the Merchants to accept various payment instruments from their Customers for completion of their payment obligations or to connect the Merchants with acquirer banks in any manner, which service is instead being provided and facilitated through Third Party Services integrated on the Platform.
You acknowledge and agree that in providing the Instant Settlement service (described above), OkCredit only disburses the settlement amount to the Merchant as a commitment or performance guarantee for the services offered through the Platform (for which a commission is charged by OkCredit), and to this extent, OkCredit is not providing any credit line nor underwriting any credit or risk of default to the Merchants, as the advance disbursal of the settlement amount under the Instant Settlement service is processed by OkCredit only after receiving a confirmation from the relevant third-party payment service provider of the Customer’s payment.
You acknowledge and agree that OkCredit or third party payment service providers may withhold, suspend or forfeit the settlement of any amounts to be paid to you, on account of your access or use of the Services in a manner which is in contravention with these Terms, including but not limited to cases of fraudulent transactions, and may additionally impose a penalty on the User in such instances.
You acknowledge and agree that OkCredit shall not be held responsible for any delay or failure to comply with any obligations under these Terms if the delay or failure arises from any cause which is beyond our reasonable control.
You acknowledge and agree that OKCredit is not engaged in the provision, grant, or disbursement of any financial product. OKCredit is not and will not be responsible for any claim or for any damages suffered that are related, directly or indirectly, to or arise out of the use of financial products.
OKCredit is merely a technology platform service provider and:
is not registered with the Reserve Bank of India;
does not hold any licence to engage in any activities relating to financial products; and
is not a financial institution under the Companies Act, 2013 or the Banking Regulation Act, 1949 or any other laws for the time being in force in India; and
To the extent permitted by applicable law, the Services are provided on an “as is” and “as available” basis. OkCredit does not warrant that operation of the Services will be uninterrupted or error free or that the functions contained in the Services will meet your requirements.
To the fullest extent permissible under applicable law, OkCredit expressly disclaims all warranties of any kind, express or implied, arising out of the Services, including warranties of merchantability, fitness for a particular purpose, satisfactory quality, accuracy, title and non-infringement, compatibility, applicability, usability, appropriateness, and any warranty that may arise out of course of performance, course of dealing, or usage of trade.
You hereby accept full responsibility for any consequences that may arise from your use of the Services, and expressly agree and acknowledge that OkCredit shall have absolutely no liability with respect to the same.
You shall be solely responsible for protecting your payment and card details (including any one-time-passwords in the additional factor of authentication process) while making payments using Third Party Services accessed through the Platform, and OkCredit shall not be responsible or liable for any loss incurred by you to this extent.
To the fullest extent permissible by law, OkCredit, its affiliates, and its related parties each disclaim all liability to you for any loss or damage arising out of or due to:
your use of, inability to use, or availability or unavailability of the Services, including any Third Party Services;
the occurrence or existence of any defect, interruption, or delays in the operation or transmission of information to, from, or through the Services, communications failure, theft, destruction or unauthorised access to OkCredit’s records, programmes, services, server, or other infrastructure relating to the Services; or
the failure of the Services to remain operational for any period of time.
Notwithstanding anything to the contrary contained herein, neither OkCredit nor any of its affiliates or related parties shall have any liability to you or any third party for any indirect, incidental, special or consequential damages or any loss of revenue or profits arising under, directly or indirectly, or relating, in any manner whatsoever, to these Terms or the Services. To the maximum extent permitted by law, you agree to waive, release, discharge, and hold harmless OkCredit, its affiliated and subsidiary companies, its parent companies, and each of their directors, officers, employees, and agents, from any and all claims, losses, damages, liabilities, expenses and causes of action arising out of the Services.
You shall fully indemnify, assume defence or participate in the defence at OKCredit’s option at your sole liability and cost, and hold OkCredit, its parent companies, subsidiaries, affiliates, and their officers, associates successors, assigns, licensors, employees, directors, agents, and representatives, harmless from and against any claim, demand, lawsuits, judicial proceeding, losses, liabilities, damages and costs (including, without limitation, from all damages, liabilities, settlements, costs and attorneys’ fees) due to or however arising directly or indirectly out of your access to or use of the Services, or any third party claim arising directly or indirectly out of your access to or use of the Services, including but not limited to, as a result of:
Breach, violation or non-performance of any of the provisions under these Terms or obligations hereunder;
Any negligent act or omission, or willful default or misconduct, or fraud committed;
Any penalties, fines, charges, levies imposed by any legal/ regulatory authorities/ other parties on account of any reason attributable to you; or
Any infringement by any third party who may use your account with OkCredit.
You further agree that in the event a third party payment service provider withholds or forfeits any amounts to be paid to OkCredit, on account of any reason attributable, directly or indirectly, to your access to or use of the Services, and in contravention of these Terms, then you shall be liable to refund such amounts to OkCredit that may have been settled to your account in advance by OkCredit using its own funds under the Instant Settlement service. You also agree that in such cases, OkCredit shall be entitled to adjust or set-off any such dues against any future payments to be made to you.
You agree that OkCredit may in accordance with its Privacy Policy collect and use your information and technical data and related information.
OkCredit may use information and data pertaining to your use of the Services for analytics, trends’ identification, and purposes of statistics to further enhance the effectiveness and efficiency of the Platform.
Subject to applicable laws, OkCredit may be directed by law enforcement agencies or the government and related bodies to disclose data in relation to Users in connection with criminal proceedings. You understand and agree that in such instances, OkCredit shall have the right to share such data with relevant agencies or bodies.
OkCredit reserves the right at any time to add, modify or discontinue, temporarily or permanently, the Services (or any part thereof) with or without cause. OkCredit shall not be liable for any such addition, modification, suspension or discontinuation of the Services.
These Terms shall be governed by and construed and enforced in accordance with the laws of India. Subject to other provisions in this Clause, courts in Bangalore shall have exclusive jurisdiction over all issues arising out of these Terms or the use of the Services.
Any controversies, conflicts, disputes, or differences arising out of these Terms shall be resolved by arbitration in Bangalore in accordance with the Arbitration and Conciliation Act, 1996 for the time being in force, which is deemed to be incorporated by reference in this Clause. The tribunal shall consist of 1 (one) arbitrator appointed by OkCredit. The language of the arbitration shall be English.
The parties to the arbitration shall keep the arbitration confidential and not disclose to any person, other than on a need to basis or to legal advisors, unless required to do so by law. The decision of the arbitrator shall be final and binding on all the Parties hereto.
Each party to the arbitration shall bear its own costs with respect to any dispute.
Modification – OkCredit reserves the right at any time to modify these Terms and to add new or additional terms or conditions on use of the Services. Such modifications and additional terms and conditions will be communicated to you and, unless expressly rejected (in which these Terms shall terminate), will be effective immediately and will be incorporated into these Terms. In the event you refuse to accept such changes, these Terms will terminate.
Severability - If any provision of these Terms is determined by any court or other competent authority to be unlawful or unenforceable, the other provisions of these Terms will continue in effect. If any unlawful or unenforceable provision would be lawful or enforceable if part of it were deleted, that part will be deemed to be deleted, and the rest of the provision will continue in effect (unless that would contradict the clear intention of the clause, in which case the entirety of the relevant provision will be deemed to be deleted).
Assignment - You shall not licence, sell, transfer or assign your rights, obligations, or covenants under these Terms in any manner without OkCredit’s prior written consent. OkCredit may grant or withhold this consent in its sole discretion and subject to any conditions it deems appropriate. OkCredit may assign its rights to any of its affiliates, subsidiaries, or parent companies, or to any successor in interest of any business associated with the Services without any prior notice to you.
Notices - All notices, requests, demands, and determinations for OkCredit under these Terms (other than routine operational communications) shall be sent to help@okcredit.in.
Third Party Rights - No third party shall have any rights to enforce any terms contained herein.
Translations – OkCredit may provide you with translated versions of these Terms solely to assist you with understanding these Terms in greater detail. The English version of these Terms shall be controlling in all respects. In the event of any inconsistency between the English version of these Terms and any translated version, the terms of the English version shall prevail.
NPCI is an authorized payment system operator by RBI. NPCI owns and operates UPI payment system.
PSP is 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.
Third Party Application Provider (TPAP) is an entity that provides the UPI compliant app(s) to the end-user customers to facilitate UPI based payment transactions.
The Bank where the end-user customer maintains his/her account that has been linked for the purpose of debiting/crediting the payment transactions made through UPI.
The end-user customer is the individual who uses UPI payment facility to send and receive payments.
We OkCredit are a TPAP authorized by NPCI to facilitate payments through PSP Bank(s) namely Axis Bank. We are a service provider and we participate in UPI through the PSP Bank.
We are bound by the tripartite agreement entered with the sponsor PSP Bank Axis Bank and NPCI. We are responsible for facilitating grievances / complaints resolution of the customers on-boarded on our UPI application.
We shall be the first point of contact for all UPI related grievances/complaints for customers on-boarded by us. In case the complaint/grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where you maintain the account) and NPCI in the same order. After exercising these options you can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
NPCI owns and operates the Unified Payments Interface (UPI) platform
NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement
NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI
NPCI provides a safe, secure and efficient UPI system and network
NPCI provides online transaction routing, processing and settlement services to members participating in UPI
NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI
NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.
PSP Bank is a member of UPI and connects to the UPI platform for availing UPI payment facility and providing the same to the TPAP which in turn enables the end-user customers / merchants to make and accept UPI payments
PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID.
PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app
PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers
PSP Bank has to ensure that TPAP and its systems are adequately secure to function on UPI platform
PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security
PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India
PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID.
PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer.
TPAP is a service provider and participates in UPI through PSP Bank
TPAP is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI
TPAP is responsible to ensure that its systems are adequately secure to function on the UPI platform
TPAP is responsible to comply with all applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard
TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India
TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of TPAP related to UPI and carry out audits of TPAP, as and when required by RBI and NPCI
TPAP shall facilitate the end-user customer with an option to raise grievance through the TPAP’s grievance redressal facility made available through TPAP’s UPI app or website and such other channels as may be deemed appropriate by the TPAP like email, messaging platform, IVR etc.
While your register and transact on using OkCredit UPI, You are required to ensure the following -
You are solely responsible for linking Your correct bank account.
Since Your mobile number is treated as the primary identifier, Your mobile number needs to be updated with the bank linked to OkCredit App in case of any changes.
If You change the mobile number registered with Your OkCredit Account, You will have to re-register your new mobile number with OkCredit. To re-enable the Service, you need to register your new mobile number with your bank as well.
You are solely responsible to keep Your OTP, UPI PIN and bank account related details confidential. Sharing such information with others may lead to unauthorized usage, for which OkCredit shall not be responsible.
You shall take full responsibility of the payment request that you make and authorize on OkCredit UPI, including addition of beneficiary, typing and reviewing VPAs and validating intended recipients and We do not take correctness of information that you enter during payment processing, including authorization.
You agree that if You provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the Terms of Use, We shall have the right to indefinitely suspend or terminate or block access to Your Account.
We shall ensure that all your confidential data pertaining to your money transactions, bank account details, and all other sensitive personal information are protected and kept confidential by employing best available protection standards, which are more fully set out in ourPrivacy Policy.
You agree that OkCredit UPI, PSP or any other system participant in UPI Payment System shall not be liable for any delay in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer by you.
You are required to ensure availability of sufficient funds in OkCredit UPI linked Bank Account(s) in order to avoid transaction declines and charges if any accessed by your issuer Bank.
You agree and understand that OkCredit shall onboard you on the NPCI operated centralized mapper(s) such as Numeric UPI ID Mapper to enable you to send or receive funds using a defined 'UPI Number' (which would be your mobile number by default) and you agree and consent that such onboarding shall be done by OkCredit on your behalf within the defined and permitted structure of NPCI. This process shall be as per directives of NPCI and shall include but not limited to sharing your UPI details (collected and maintained by OkCredit to provide UPI services) with NPCI and linking of default bank account / VPA to your 'UPI Number'. This would enable you to accept payments against your UPI number. OkCredit shall provide you an option to de-link the default mapping of UPI number processed on OkCredit mobile application. You further agree to receive funds from other users registered on OkCredit and consent that OkCredit will process such transactions to your linked default bank account without checking with the NPCI Mapper.
Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app.
End-user customer can select the relevant UPI transaction and raise a complaint in relation thereto
A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank / TPAP (if the UPI transaction is made through TPAP app). In case the complaint / 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 can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.
The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions
The end-user customer shall be kept communicated by the PSP / TPAP by means of updating the status of such end-user customer’s complaint on the relevant app itself
| Entity | Grievance Redressal Link |
|---|---|
| PSP Bank | Axis Bank |
| NPCI | NPCI Dispute redressal |
You understand and agree that OkCredit and OkCredit Entities reserve the right to use the services of themselves to provide any of the mentioned OkCredit services to you within OkCredit Platforms.
In no event will OkCredit be liable for any indirect, consequential, incidental, special or punitive damages liabilities (including statutory), including without limitation damages for loss of profits or revenues, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether in contract, negligence, tort or otherwise, arising from the use of or inability to use the OkCredit UPI Facility.
You shall indemnify and hold harmless OkCredit, OkCredit Entities, its owner, licensee, affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys' fees, made by any third party or penalty imposed due to or arising out of Your breach of this Terms of Use, privacy Policy and other Policies, or Your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.
You agree that OkCredit at its sole discretion may terminate Your contract without prior notice and restrict your access to OkCredit application if We determine that your have violated the terms of use and You consent that in case OkCredit suffers losses, not limited to monetary losses, due to Your actions, We can take injunctive relief as deems necessary within the said circumstances. We may also suspend services or terminate Your contract in case of violation of User conduct of OkCredit Platforms as defined by OkCredit and OkCredit entities.
You may note that OkCredit shall retain your registration information, VPAs, transactional information or any other information that We are permitted to store as permitted under the UPI Payment System for the duration as specified in regulations or notified by NPCI from time to time even after termination of contract.
This agreement and the rights and obligations thereunder and the relations of the parties and all matters arising under or in connection with this Terms of Use, including the construction, validity, performance or termination thereunder, shall be governed by and construed in accordance with the laws of the Republic of India. The courts in Bengaluru, Karnataka shall have exclusive jurisdiction over all matters connected with the Services.
You understand that the terms of availing of UPI facility using NPCI Platform, PSP and OkCredit shall not create any contractual obligation against any NCPI system participants and downloading or using the OkCredit App does not automatically entitle You for OkCredit UPI facility.
We do not make any warranties and make no representation about the quality and availability of UPI facility.
We endeavor to execute and process transactions as per the defined process, however, We shall not be held responsible for any non-responsiveness, delay, failure of systems or any other circumstances that might not be in our control.
Your transaction records and other logs maintained with Us shall be final and binding as a proof of this facility and transactions.
