Terms and Conditions

Anti-Money Laundering Policy

We collect personally identifiable information (email address, name,phone number, etc.) from you when you set up a free account with B-PayShop. While you can browse some sections of our site without being a registered member, certain activities (such as placing an order) do require registration. We do use your contact information to send you offers based on your previous orders and your interests.

Registration, KYC Compliance and B-PayShop Wallet Activation:

  • You shall be able to register by creating a B-PayShop account through the B-PayShop App or any Merchant platform and activating your B-PayShop wallet by providing the required details, authorizing yourself by an OTP verification, providing basic details as more fully set out below and agreeing to the Wallet T & Cs.
  • Kindly note that the B-PayShop login id created by you shall be used to access all your instruments including but not limited to B-PayShop Wallet, Credit/Debit Cards, BHIM UPI and other 3rd Party Wallets
  • To register for a B-PayShop Wallet, you: (i) must be a tax resident of India; (ii) must be at least 18 (eighteen) years of age; and (iii) have a valid B-PayShop Account with us.
  • The types of B-PayShop Wallets that will be activated for you will be dependent on the Know Your Customer (“KYC”) details provided by you to B-PayShop.

    • What is KYC?

    • “KYC” shall mean Know your Customer and refers to the various norms, rules, laws and statutes issued by the Reserve Bank of India (“RBI”) from time to time under which B-PayShop is required to procure personal identification details from you before any services can be delivered. Know your Customer (KYC) documents may be requested for by the merchant (on behalf of B-PayShop) from you at the time of activation and/ or at a later date, for availing and / or continuing to use B-PayShop wallet.
    • You are informed that, as per RBI guidelines read with the Prevention of Money Laundering Act, 2002 and rules made there under it is mandatory to do KYC or provide basic identification details before activation of the B-PayShop Wallet for a User. Kindly note that you should provide valid Indian KYC documents for the purposes of verification and activation of the Wallet as more fully stipulated below. B-PayShop does not validate any documents of foreign origin.
    • B-PayShop shall not be responsible for wrong details being provided by you. In the event the KYC details or beneficial owner information provided by you are found to be incorrect/ insufficient, B-PayShop retains the right to refuse activation of your Wallet or cancel your Wallet. Further, B-PayShop retains the right to share the details of the transaction undertaken using your B-PayShop Wallet and the end beneficiary/ KYC details with RBI, as per statutory guidelines issued from time to time

      Wallet Categories:?

      The different categories of B-PayShop Wallets based on KYC compliance and details provided by a User are as follows: -
    • Officially Valid Document (“OVD”) shall have the meaning as ascribed to the term under the Prevention of Money Laundering Rules, 2005 as amended from time to time and shall inter alia mean the following: -
      • Proof of possession of Aadhar;
      • Letter issued by the National Population Register containing details of name, address, or any other document as notified by the Central Government; or
      • Such other documents as maybe designated as OVD from time to time.
    • Features: This category of Wallets are reloadable only through BHIM UPI or a debit card, or from refunds that might arise due to cancellations and returns of your transactions at third party partner Merchant and can be used only for purchasing goods and services from Merchants registered with B-PayShop only. Cash loading of B-PayShop Wallet is not permitted.
    • Top Up and Loading Limits: You will be able to load in this category of Wallet a maximum INR 10,000/- per month, and maximum INR 1,00,000/- in a financial year. In addition, the available balance in such Wallet shall not exceed INR 10,000/- at any given point of time. The same balance will be available for purchases from merchants.

KYC Compliance Terms:

  • For the purpose of providing a convenient experience to Users and ensure that all Users sign up to be fully KYC compliant, B-PayShop provides a digital first process to enable Users to comply with KYC requirements. Through this paperless process, you can upload your KYC documents through the B-PayShop Application and fix appointments for physical verification at your doorstep.
  • To facilitate the aforesaid, B-PayShop provides the facility for doorstep collection of documents through its authorized agents. By continuing to use the B-PayShop Services and opting to complete your KYC compliance to be eligible to use the B-PayShop Wallet as a Full KYC Wallet, you consent to the sharing of your relevant information with B-PayShop’s agents to facilitate the doorstep KYC process. You also consent to agents of B-PayShop visiting your pre-registered address or other address you may designate from time to time. However, B-PayShop disclaims all warranties as regards the quality or promptness of service delivery of these agents. The doorstep KYC facility may be subject to a service fee which will be communicated to you when you book a slot for our agent visit on the B-PayShop Application.
  • KYC documents that B-PayShop receives from you either directly or its agents does not guarantee your continued use of your Wallet Account. However, you represent and warrant to B-PayShop that the documents you submit and other information you share in connection with the KYC compliance process are true, updated, genuine and correct and you agree to keep B-PayShop indemnified and harmless from all loss arising from third party claims including claims from government authorities in connection with the same.
  • B-PayShop reserves the right to reject documents submitted by You at the time of verification and require you to resubmit the requisite documents for the purpose of satisfactorily completing KYC subject to such limitations and restrictions on re- attempts as B-PayShop may from time to time set out.
  • If you submit your KYC documents necessary for Full KYC Wallet and the documents are verified and approved by B-PayShop, your Wallet Account will be upgraded to Full KYC Wallet within a reasonable period of time as will be notified to you by B-PayShop. If You fail to meet the KYC requirements for upgrading to Full KYC Wallets, Your Wallet will continue to be a Debit Only Wallet.
  • You also acknowledge that the KYC documents submitted to B-PayShop will be valid for any financial products or services offered by B-PayShop, its subsidiaries, affiliates or its partners, whenever You opt to use these product and service offerings of Our affiliates and partners. You shall have the option to explicitly consent to B-PayShop sharing your KYC information with any partners or affiliates/ subsidiaries of B-PayShop in the event you opt to avail of service/ product offerings of our affiliates/ partners and once you have consented, these third parties shall be authorized to use such information purposes connected to their service/ product offerings which you have expressly consented to avail.
  • Confidentiality: We shall ensure that all your confidential data pertaining to money transactions, bank account details and all other sensitive personal information are protected and kept confidential by employing the best available protection standards elaborated in our Terms and Conditions.

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