This document is an electronic record in terms of Information Technology
Act, 2000, amendments thereof from time to time and the rules thereunder
as applicable and the amended provisions pertaining to electronic
records in various statutes as amended by the Information Technology
Act, 2000. This electronic record is generated by a computer system and
does not require any physical or digital signatures.
Spice Money Limited with its registered brand “Spice Pay” (“Spice”
or “We” or “Us” or “Our” or “Company” which also includes its
affiliates) has been authorized by the Reserve Bank of India (“RBI”) to
issue and operate in Prepaid Payment Instruments (“PPI(s)”). Spice has
its registered office at 622, 6th Floor, DLF Tower A, Jasola District
Centre, New Delhi-110025 and Corporate Office at Global knowledge Park,
Plot No. 19 A & 19 B, Sector-125, Noida-201301, India.
These terms and conditions are legal contract (“Agreement”) between You
and Spice. You agree and acknowledge that you have read the terms and
conditions (“terms/ Terms”) set forth below. If you do not agree to
these terms or do not wish to be bound by these terms, please do not use
Spice’s site or the platform/ network or app.
Small PPI (with cash loading facility) compliant PPI Wallet / Card:
Disclosure:
Benefits | Schedule of Fees | Validity or Expiry | |
---|---|---|---|
1 | Use PPI balance to purchase in-app services like Bill Pay and Mobile Recharge. | Loading of PPI Wallet by CASH at authorized agent - "nil" fees | Such PPI will be held for a maximum period of 24 months only. The 24 months shall be counted from the day of opening such a PPI. Within this period of 24 months, it has to be converted into a Full-KYC PPI failing which, no further credit in such PPI is allowed. However, the PPI holder shall be allowed to use the available balance. |
2 | Load / Reload PPI balance in CASH or electronic means. |
Loading of PPI Wallet by e-collect - "nil" fees Loading of PPI Wallet by Debit card/ Net Banking - "nil" fees Loading of PPI Wallet by Credit card – 2% of transaction amount |
You have an option to close such PPI(s) at any time. The closure proceeds can be transferred ‘back to source account’ (payment source from where the PPI was loaded). Alternatively, the closure proceeds can be transferred to a bank account after complying with KYC requirements of the Customer. |
3 | Funds transfer and Cash withdrawal is NOT permitted. | Loading of PPI Wallet by Debit card/ UPI intent - "nil" fees | Reissue of such PPIs after exhausting the maximum time limit of 24 months using the same mobile number and same minimum details is not allowed. |
4 | Amount loaded during any month shall not exceed ₹ 10,000/-; amount loaded during financial year shall not exceed ₹ 1,20,000/-; total amount debited during any given month shall not exceed ₹ 10,000/-; amount outstanding at any point of time shall not exceed ₹ 10,000/-; | Bill pay - "nil" customer convenience fees |
Full-KYC compliant PPI Wallet / Card:
Disclosure:
Benefits | Schedule of Fees | Validity or Expiry | |
---|---|---|---|
1 | Instant activation of UPI - Virtual Payment Address; Virtual Rupay Card; Bill Pay, Funds Transfer and Cash Withdrawal. | Loading of PPI Wallet by CASH at authorized agent - "nil" fees | Full KYC PPI will have a validity period of three (3) years from (i) the date of issuance of the PPI; (ii) the date of last loading/reloading in the said PPI or (iii) last utilization of the PPI, whichever is later. |
2 | Order a Physical Rupay Card; avail complimentary Rs 2 lakh accidental insurance |
Loading of PPI Wallet by e-collect - "nil" fees Loading of PPI Wallet by Debit card/ Net Banking - "nil" fees Loading of PPI Wallet by Credit card – 2% of transaction amount |
An option is available to such PPI Holders to close the PPI and transfer the balance to their verified bank account. At the time of closure, a holder can specify a bank account which is different from pre-designated account given earlier. |
3 | Funds transfer is allowed within a limit of ₹ 10,000/- per month per holder. An enhanced limit of up to ₹ 2,00,000/- per month per beneficiary can be availed if the beneficiary is ‘pre-registered’ by PPI holder. | UPI - pay transaction; scan & pay; collect request; mandate authorization - "nil" fees | |
4 | Amount outstanding shall not exceed ₹ 2,00,000/- at any point of time; no limits prescribed for total credits or debits during a month. | Rupay - ecom & PoS transactions - "nil" fees; But at some Merchants like Petrol Pumps may levy additional charges (surcharges). These charges are Govt. regulated and are imposed by Merchants directly | |
5 | Cash withdrawal is permitted upto a limit of ₹ 2,000/- per transaction within an overall monthly limit of ₹ 10,000/- per PPI Holder across all channels (agents, ATMs). | Bill pay - "nil" customer convenience fees | |
6 | Cash withdrawal at Agent : "nil" charges | ||
7 | Cash withdrawal by Card @ ATM: Rs 22 + taxes |
You agree and acknowledge the following:
After expiry of each validity period, the rules governing the extension of validity period and forfeiture shall be the same as mentioned above
Spice reserves the right to modify or discontinue the Service with or without notice to You. Spice exercise its right to modify or discontinue the Service and Spice shall not be liable to You or any third party. You acknowledge and accepts that Spice does not guarantee continuous, uninterrupted or secure access to Platform and operation of our Platform may be interfered with or adversely affected by numerous factors or circumstances outside the control of Spice.
You agree and acknowledge that Spice may collect IP address and Platform usage information from You. Spice may use the above information, inter alia.
Notwithstanding any remedies that may be available under any Applicable Law, Spice may temporarily or permanently deny, limit, suspend, or terminate the Services provided to You, if Spice believes that: (a) You have abused Your rights to use the Services; or (b) You are in breach of this Terms or Privacy Policy; or, (c) You have performed any act or omission that violates any Applicable Law, rules, or regulations; or, (d) You have performed any act or omission which is harmful or likely to be harmful to Spice, or any other third party, including other users or suppliers of Spice or the service providers; or, (e) You made use of the Services to perform an illegal act, or for the purpose of enabling, facilitating, assisting or inducing the performance of such an act; or, (f) You made any confidential and/or proprietary information pertaining to the Spice and/or the Services public without the prior written consent of Spice. You agree that notwithstanding the termination, Spice will continue to be entitled to use the information supplied by You or collected from You during the use and access of the Services by You.
Customer liability arising out of an unauthorized electronic payment transaction will be limited to:
Particulars | Maximum liability of Customer (PPI holder) (₹) |
---|---|
In case of contributory fraud/ negligence/ deficiency on the part of Spice (irrespective of whether or not the transaction is reported by the Customers). | Zero liability |
Third party breach where the deficiency lies neither with the Spice nor with the Customer but lies elsewhere in the system, and the Customer notifies the Spice regarding the unauthorised payment transaction. The per transaction customer liability in such cases will depend on the number of days lapsed between the receipt of transaction communication by the Customer from Spice and the reporting of unauthorised transaction by the Customer to Spice - | |
i. Within three days* | Zero Liability |
ii. Within four to seven days* | Transaction value or Rs. 10,000 per transaction, whichever is lower. |
iii. Beyond seven days* | Transaction Value |
In cases where the loss is due to negligence by a Customer, such as where he has shared the payment/login credentials, the Customer will bear the entire loss until he/she reports the unauthorized transaction to Spice. Note: Any loss occurring after the reporting of the unauthorized transaction shall be borne by Spice. | Case to case basis |
Note: Spice may also, at its discretion, decide to waive off any Customer liability in case of unauthorised electronic payment transactions even in cases of customer negligence. |
Note: Spice is also guided by the following DPSS circulars:
You agree to indemnify and hold Spice, the licensors, business partners of Spice or the service providers and their respective officers, directors, shareholders, employees, sub-contractors, agents, parent companies, sister companies, subsidiaries and other affiliates, indemnified and harmless from any claim or demand, including reasonable attorneys' fees, made by any third party due to or arising out of Your use of the Platform or Services, any unauthorised use of the Platform or Services by You, Your violation of these Terms, or Your violation of any rights including rights in any form of intellectual property of any third party and/or any violation of applicable law by You.
Spice may amend and modify this Terms from time to time, including any and all documents and policies incorporated thereto without any prior notice to You. You agree to be bound by any of the changes made in the Terms, including changes to any and all documents and policies incorporated thereto. Continuing to access and use the Services will indicate Your acceptance of the amended Terms. If You do not agree with any of the amended Terms, then You must avoid any further use and access of the Services. Spice advises You to periodically read these Terms, as it may change from time to time. Certain Services on the Platform may have additional terms (such as policies, guidelines, and rules) that will further govern your use of that particular Service and supplement these Terms. If you choose to register for or access any such Services, you will be presented with any relevant additional terms and conditions at that time. By using those Services, you agree to comply with such additional guidelines and rules. Any liability arising out of use of contactless payment option shall lie with the customer if not reported to the company. For any loss/stolen/misplaced payment instrument, customer shall immediately report the incident to the Company.
Notwithstanding anything to the contrary mentioned elsewhere in this Terms, you acknowledge, authorizes and give consent to Spice to undertake KYC verification through CERSAI portal or DigiLocker or otherwise and undertake all such actions as may be required on behalf or otherwise to duly complete the process of the verification including by way of KYC fetched through CERSAI portal or DigiLocker and share such information with any authority and store such information in a manner it deems fit.
Spice may share copies of identification data and other relevant documentation relating to the customer due diligence requirements with the entities which are regulated, supervised or monitored for, and have measures in place for, compliance with customer due diligence and record-keeping requirements in line with the requirements and obligations under the Prevention of Money Laundering Act, 2002, for them to rely on. Notwithstanding anything to the contrary mentioned elsewhere in this Terms, you expressly consent to Spice for sharing your KYC information with the Regulated Entities (including but not limited to Non-Banking Financial Companies and Banks) and business partner for the purpose of carrying out all possible checks and balances to assure the credibility of the user, improving existing services, data enrichment, generate affluence score, outsourcing relationship management activity, collection of overdues, launch of ancillary service or product. You further acknowledge that partner regulated entities will have sole discretion to provide a service to the user. If you are not eligible for a service as per the internal risk parameters of partner Regulated Entities, you will not have access to Spice. Furthermore, you acknowledge that the regulated entities and business partner will retain the information provided by you for regular credibility check and if eligible, you may receive request from Spice to complete the onboarding.
The “Terms” including the Privacy Policy constitutes the entire agreement between You and Spice and governs Your access and use of the Services, superseding any prior agreements between You and Spice with respect to the Platform and Services. If any provision of these Terms is, or is found to be, unenforceable under applicable laws, that will not affect the enforceability of the other provisions of these Terms.