By clicking on the "Terms and Conditions" checkbox and successfully completing the registration process, You are stating that you are Eligible to be a User of a MobiKwik Wallet and that you have read, understood and agreed to be bound by all of these Terms and Conditions of Service ("T&Cs").
This document is an electronic record in terms of the Information Technology Act, 2000 and rules made 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.
This document is published in accordance with the provisions of Rule 3 (1) of the Information Technology (Intermediaries guidelines) Rules, 2011 that require publishing the rules and regulations, privacy policy and user agreement for access or usage of our website.
Please go through these terms carefully as the same constitute a legal agreement (“Agreement”) between One MobiKwik Systems Pvt. Ltd. ( “MobiKwik” , “we” or “us” which includes our affiliates) and You.
All of the defined and capitalized terms in these T&Cs shall have the meaning assigned to them here below:
"Account" refers to the account created for a User as soon as he successfully completes the process of registering at https://www.mobikwik.com, which contains information regarding his MobiKwik Wallet.
"Act" means the Payment and Settlement Systems Act, 2007 and any amendment, modification or re-enactment of the same, or any other succeeding enactment for the time being in force.
"Eligible" means satisfying the conditions of eligibility prescribed under Paragraph 3.1 of these T&Cs.
"Merchant" means any of the establishments/entities/traders listed on the webpage available at https://www.mobikwik.com which accept payment through MobiKwik Wallet for sale of their goods and services and with whom We have executed physical contracts. The list of Merchants available at https://www.mobikwik.com/ may be revised by Us from time to time without intimation to You.
"MobiKwik Wallet" means a semi-closed pre paid instrument issued by MobiKwik, which can be used by Users to purchase goods and services of Merchants in accordance with RBI Regulations, Applicable Law and these T&C's ("Services").
"MobiKwik", "We", "Our" or "Us" refers to One MobiKwik Systems Private Limited, a private limited company incorporated under the provisions of the Indian Companies Act, 1956, having its corporate office at 3rd Floor, Augusta Point, Golf Course Road, Sector 53, Gurgaon, Haryana - 122002 and represented by its authorized signatory Mr. Bipin Preet Singh. MobiKwik is an authorized payment and settlement systems operator under the provisions of the Act.
"RBI" means the Reserve Bank of India.
"RBI Regulations" means the Act and regulations made thereunder, the Issuance and Operation of Pre-paid Instruments in India (RBI) Directions, 2009 and any notifications, master circulars, instructions or guidelines issued and updated by the RBI from time to time, in relation to the same.
"Terms and Conditions of Service" or "T&Cs" refers to these terms and conditions of use of MobiKwik's Services, which are available at here/ or uploaded/posted by MobiKwik on its website or mobile application and any future revisions of the same.
"User", "You" or "Your" refers to any Eligible person, competent to enter into a contract under applicable laws, who is bound by these T&Cs and successfully completes the registration for use of MobiKwik Wallet.
"Wallet-to-Bank Transfer" means a Service offered by MobiKwik in accordance with applicable law and RBI Guidelines, whereby a User can transfer funds from his MobiKwik Wallet to a designated savings or current bank account.
"Wallet-to-Wallet Transfer" means a Service offered by MobiKwik whereby a User can transfer funds from his MobiKwik Wallet to another MobiKwik Wallet, in accordance with RBI Regulations and these T&Cs.
As per law and relevant KYC Guidelines , MobiKwik wallets are issued either on submission of Minimum Wallet ( “ Minimum KYC Wallet”) details which shall include mobile number verified with One Time Pin and self-declaration of name and unique identification number of any of the “ officially valid document” defined under PML Rules,2005 or on the submission of complete documents (“ KYC Compliant Wallet”) these shall only be issued after completing KYC of the PPI Holder . MobiKwik Wallet will be valid for an indefinite period subject to the limitations provided under law; any changes to the same will be communicated by updating these terms and conditions
S.No. | Feature | Conditions |
---|---|---|
1 | Maximum outstanding Balance | The maximum outstanding balance must not exceed INR 10,000/- (Indian Rupees Ten Thousand Only) at any point in time |
2 | Loading or Reloading of Funds | The total amount loaded or reloaded in the prepaid payment account during any given month shall not exceed INR 10,000/- (Indian Rupees Ten Thousand Only) and the total amount loaded during the financial year shall not exceed INR 1,00,000/- (Indian Rupees One Lac Only) |
3 | Transfer of funds | You will not be able to transfer money from such Min KYC accounts to other Money accounts or bank accounts. The only time you can transfer money out of this account is at the point of closure of your Wallet , at which point you would be required to transfer money to your own bank account post providing required bank account proof of ownership and after completing your Know Your Customer; or transfer money 'back to source' (payment source from where the money was loaded). |
4 | Debit from prepaid account | The total amount debited from the prepaid payment account during any given month shall not exceed INR 10,000/-(Indian Rupees Ten Thousand Only) |
5 | Expiry Period | As per the RBI guidelines updated as on 28th January 2020 the new type of Min KYC account has no expiry. |
6 | Making the Wallet account inactive | In case of no financial transaction for a consecutive period of 1 (one) year in the Prepaid Payment Account, MobiKwik shall make the Account inactive |
7 | Usage of the Wallet | The wallet can be used only for purchase of goods and services. Fund transfer to other MobiKwik Wallet or to bank accounts is not permitted |
8 | Closure of Wallet | At the time of closure , any outstanding balance in the wallet shall be transferred at the request of the holder to the ‘own bank account of Wallet holder’ or shall be transferred ‘back to source’ after complying with KYC requirements of the Wallet holder. |
S.No. | Feature | Conditions |
---|---|---|
1 | Maximum outstanding Balance | The maximum outstanding balance must not exceed INR 1,00,000/- (Indian Rupees One Lac Only) at any point in time |
2 | Loading or Reloading of Funds | Shall be reloadable in nature |
3 | Fund Transfer from MobiKwik Wallet Account | (a) In case of pre-registered beneficiaries, the fund transfer limit shall not exceed INR 1,00,000/- (Indian Rupees One Lac Only) per month per beneficiary. (b) for all other cases, fund transfer limit shall not exceed INR 10,000/- (Indian Rupees Ten Thousand Only) per month |
4 | Expiry Period/Inactivity | MobiKwik wallet shall be valid for an indefinite period . In cases where you do not perform any financial transactions using MobiKwik Wallet for a consecutive period of 1 (one) year, your wallet will be considered inactive. Where you wish to reactivate such account, you will have to contact us through our customer care details as mentioned under these T&Cs and comply with applicable validation norms, as prescribed by MobiKwik. |
5 | Making the wallet account inactive | In case of no financial transaction for a consecutive period of 1 (one) year in the Prepaid Payment Account, MobiKwik wallet shall make the Prepaid Payment Account inactive |
6 | Usage of the Wallet | The wallet can be used only for money transfer and purchase of goods and services |
7 | Closure of Wallet | An option shall be provided at the time of issuing the Wallet , to the holder to provide details of pre designated bank account or other PPI of the same issuer to which such balance amount shall be transferred in the event of closure or expiry of such wallet. |
*Note: KYC documentation shall be in line with the prevailing RBI guidelines on (KYC) Know your Customer.
Above parameters and limit capping is applicable as per the Master direction on issuance and operation of prepaid card instruments dated 11th Oct 2017, and subject to change as when new guidelines is issued by RBI.
MobiKwik reserves its right, in its sole discretion and without any prior notice, to impose and/or revise charges/commissions in relation to the use of your MobiKwik Wallet. The current charges for your Wallet are provided hereunder , the same are subject to change ;
Service | Charges (Rs.) |
---|---|
Account opening | 0 |
Load Money | Charges (Rs.) |
Through credit card/debit card/net banking | 0 |
Payment | Charges (Rs.) |
Payment at merchant | 0* |
Payment to Utility bill/recharges/DTH | 0* |
*Charges basis agreement with the merchant and aggregator subject to revision | |
Transfer | Charges (Rs.) |
Wallet to wallet | 0 |
Wallet(Full KYC Only) to bank | 3.45% + GST of transaction amount* |
*For Failed transactions, total amount including charges are reversed. |
You agree and acknowledge that MobiKwik is only a facilitator and is not and cannot be a party to or control in any manner any transactions relating to purchase of goods and/or services using MobiKwik Wallet.