Riyadh Microfinance Private Limited with its registered brand “RyPay®” ("RyPay®", “Riyadh Microfinance”, "we", "us", or “Company”, which also includes its affiliates) is an authorized payment and settlement system operator under the Payment and Settlement Systems Act, 2007. We are authorised by the Reserve Bank of India to issue and operate semi-closed prepaid instruments ("RyPay Wallet and/or Card") to Holders, enabling them to load and transfer funds and make purchases of goods and services ("Service(s)"). Riyadh Microfinance is headquartered at Riyadh Microfinance Private Limited, Delhi, Gurgaon, DLF Phase-4, India. Our organization comprises dedicated employees and authorized representatives ("Team").
Please note that these Terms and Conditions (T&Cs) will be incorporated into any Physical Contract we may execute with you in the future and will be enforceable against you to the same extent as the terms of the Physical Contract. Therefore, we urge you to read these T&Cs carefully before clicking on the "Terms and Conditions" checkbox.
It is crucial to thoroughly review these terms, as they constitute a legal agreement ("Agreement") between http://riyadhmicrofinance.com/ (the "Website" or "Site") or the RyPay APP and:
This document is an electronic record in terms of the Information Technology Act, 2000 and is generated by a computer system, hence does not require any physical or digital signatures. This document is published in accordance with the provisions of Rule 3 of the Information Technology (Intermediaries Guidelines) Rules, 2011, which mandate due diligence to be exercised by the Website.
These Terms of Use ("Terms"), including our Privacy Policy, define the conditions under which you are permitted to use the Website or our web/mobile applications, and outline how we will manage your account and RyPay Wallet/Card while you are a member. Should you have any questions regarding our terms, please contact us at care@riyadhmicrofinance.com.
YOUR AGREEMENT WITH RyPay® We reserve the right to modify the Terms at any time without giving you any prior notice. Your use of the Website or web/mobile application following any such modification constitutes your agreement to follow and be bound by the Terms as modified. Any additional terms and conditions, disclaimers, privacy policies, and other policies applicable in general and/or to specific areas of this Website or web/mobile application or to a particular Service are also considered as Terms. You acknowledge that you will be bound by this Agreement for availing any of the Services offered by us. Your access to and use of the Website or web/mobile application and the Services will be solely at the discretion of Riyadh Microfinance. The Agreement is published in compliance with, and is governed by, the provisions of Indian law, including but not limited to:
APPROVAL OF TERMS By using the Website or web/mobile application and its Services, you agree that you have read and understood these Terms and you agree to be bound by these Terms and use the Services in compliance with these Terms. Please read these Terms carefully. If you do not agree to be bound by (or cannot comply with) any of the terms below, please leave the Website immediately and terminate your account with us. The information that you obtain or receive from Riyadh Microfinance, its Team, contractors, partners, sponsors, advertisers, or otherwise on the Website is for informational and scheduling purposes only. The information provided on the Website or web/mobile application is not professional advice and must not be considered as such. Your use of information provided on the Website or web/mobile application is solely at your own risk. You can accept the Terms by:
For being a valid User, you must satisfy the following conditions:
INFORMATION PRESENTATION/EDITORIAL CONTROL We make the Website or web/mobile application available as a part of our Service to Holders and Merchants. We may, but have no obligation to, have non user-posted information reviewed by the editorial personnel of Riyadh Microfinance. It is important to note, however, that the timeliness and accuracy of any or all of the information is not guaranteed. Neither the authors, the editorial personnel, nor any other party who has been involved in the preparation or publication of this work can assure you that the information contained herein is in every respect accurate or complete, and they are not responsible for any errors or omissions or for the results obtained from the use of such information.
USE OF SERVICES AND INFORMATION ON THE WEBSITE In order to access certain Services, you may be required to provide information about yourself (such as identification, contact or payment details) as part of the registration process for the Service, or as part of your continued use of the Services. You agree that any registration information you give to us will always be true, accurate, correct, complete, and up to date. Any phone number used to register with the Website or web/mobile application needs to be registered in your name, and you might be asked to provide supporting documents to prove the same. In terms of the Information Technology Act, 2000, read with the Information Technology (Intermediary guidelines) Rules, 2011, Riyadh Microfinance securely transmits and saves your data, including but not limited to the interactions done by the user on the RyPay® APP and the transactions undertaken by the user via RyPay®, including the exchange of short message services, to our secure servers. This enables Riyadh Microfinance to not only serve its users with better offers but also with reminders and notifications for activities more in line with user interests. Information provided by Riyadh Microfinance or otherwise obtained from the Website or web/mobile application will not be used for any unauthorized and unlawful purpose; You agree not to access (or attempt to access) any of the Services by any means other than through the interface that is provided by Riyadh Microfinance, unless you have been specifically allowed to do so in a separate agreement with us; You agree that you will not engage in any activity that interferes with or disrupts the Services (or the servers and networks which are connected to the Services); You agree that you will not reproduce, duplicate, copy, transfer, license, rent, sell, trade, or resell the information obtained from the Website or web/mobile application for any purpose whatsoever; You agree that you are solely responsible for (and that Riyadh Microfinance has no responsibility to you or to any third party for) any breach of your obligations under the Terms and for the consequences (including any loss or damage which Riyadh Microfinance may suffer) of any such breach. You will not impersonate another person, including, without limitation, a Holder or a Merchant. You agree to the use of your data in accordance with RyPay's Privacy Policy. All personal and contact information provided by you will be kept confidential by RyPay®. This includes your personal information given in relation to your account creation and subsequent administration.
CONTENT YOU POST OR SUBMIT Upon creating an account on the Website or web/mobile application, you will have the opportunity to use various interactive aspects through which you can communicate with our Team and share information (collectively "Posted Information"). It is important that you act responsibly when providing such Posted Information. Do not use inappropriate language, or make gratuitous personal criticisms or comments. When participating in interactive aspects of the Service, please include all relevant information concisely to help us provide you with a helpful response.
Please note that:
YOUR USE OF INFORMATION Except for Posted Information that you submit, all of the information available on or through the Services and/or the Website, including without limitation, text, photographs, graphics, and video and audio content, is owned by us and our licensors and is protected by copyright, trademark, patent, and trade secret laws, other proprietary rights, and international treaties. You acknowledge that the Services and any underlying technology or software used in connection with the Services contain RyPay® proprietary information. We give you permission to use the aforementioned content for personal, non-commercial purposes only and do not transfer any intellectual property rights to you by virtue of permitting your use of the Services. You may print, download, and store information from the Website or web/mobile application for your own convenience, but you may not copy, distribute, republish (except as permitted in this paragraph), sell, or exploit any of the content, or exploit the Website or web/mobile application in whole or in part, for any commercial gain or purpose whatsoever. Except as is expressly and unambiguously provided herein, we do not grant you any express or implied rights, and all rights in the Website or web/mobile application and the Services not expressly granted by us to you are retained by RyPay®. We make no guarantees, representations, or warranties, whether expressed or implied, with respect to professional qualifications, expertise, and quality of work or services or other information concerning the Team.
USER RESPONSIBILITIES We make no guarantees, representations, or warranties, whether expressed or implied, with respect to professional qualifications, expertise, and quality of work or services or other information concerning the Team.
PRIVACY AND INTELLECTUAL PROPERTY PROTECTION RyPay® Privacy Policy explains how we treat your personal data and protect your privacy when you use our Services. By using our services, you agree that RyPay® can use such data in accordance with our policies. You agree and understand that you are responsible for maintaining the confidentiality of passwords associated with any account you use to access the Services. You agree that you will be solely responsible to Riyadh Microfinance for all activities that occur under your account. If you become aware of any unauthorized use of your password or of your account, you agree to notify us immediately at RyPay Helpdesk. All trademarks, brands, and service marks used in conjunction with the Services offered by RyPay® and owned by RyPay® shall be our property; RyPay® shall own all of the copyrights and database rights in the Services. Without our consent, you may not publish, distribute, extract, or reproduce any contents provided by the Services. For use of any third party's intellectual property, you need to get permission directly from the owner of the intellectual property for any use. Third-party trademarks may appear on this Website and all rights therein are reserved to the registered owners of those trademarks. As a user of our Website or APP, you acknowledge that any intellectual property which is not specifically mentioned to be owned by us is owned by their respective owners and the owners have a right to take appropriate actions against you for any violation, infringement, and passing off. Your use of the Services is at all times governed by and subject to laws regarding copyright, trademark, patent, and trade secret ownership and use of intellectual property. You agree not to upload, download, display, perform, transmit, or otherwise distribute any information or content in violation of any party's copyrights, trademarks, patents, trade secrets, or other intellectual property or proprietary rights. You agree to abide by laws regarding copyright, trademark, patent, and trade secret ownership and use of intellectual property, and you shall be solely responsible for any violations of any laws and for any infringements of any intellectual property rights caused by the use of the interface/Website.
THIRD PARTY INFORMATION ON THE WEBSITE As some information appearing on the Website or web/mobile application is provided to RyPay® by third parties, RyPay® will have no liability in respect of any loss or damage arising from third-party information which appears on the Website, including the manner in which the information is displayed or information which may be:
LINKS TO OTHER SITES The Services may include links to other websites. Some of these websites may contain materials that are objectionable, unlawful, or inaccurate. These links are provided for your convenience only, and the provision of these links does not mean that we endorse these websites or the products and services they provide. You acknowledge and agree that we are not responsible or liable for the content or accuracy of these other websites. You will note that the URL to every webpage on our Website begins with "https://". In other words, every webpage on our Website is hypertext transfer protocol secure ("HTTPS Enabled") or "identity verified". We have had our entire Website HTTPS Enabled to better protect your security against dummy websites. Please verify that a webpage is HTTPS Enabled before providing any information on it. We will not be liable for any consequences of you providing details on any third-party website, including dummy websites.
NO WARRANTIES The interface/Website is provided subject to all of the terms set forth in the Terms. RYPAY disclaims all warranties whether express or implied, including but not limited to:
RESTRICTIONS ON USE In addition to all Terms of this Agreement, you shall not:
TERMINATION OF SERVICES Your account may be disabled, and Services may be terminated based upon the representations made by you. Any of the following actions may result in the termination of Services:
SPAMMING You may not use contact information provided by us or other users or harvest such information for the purpose of sending, or to facilitate the sending, of unsolicited bulk communications such as spam. You may not allow others to use your account to violate the terms of this section. We may terminate your membership or access to the Website or web/mobile application immediately and take other legal action if you or anyone using your credentials violates these provisions.
ADDITIONAL TERMS Certain Services on the Website or web/mobile application 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 the use of the contactless payment option shall lie with the customer if not reported to the company. For any loss/stolen/misplaced payment instrument, the customer shall immediately report the incident to the Company. Also, customers have been provided with an option to block usage of their payment instrument in the RYPAY APP. Unless otherwise indicated, all our offers' validity, usage, eligibility, availability, and/or otherwise are subject to Terms and Conditions and may be available at select participating stores and/or merchants only. Be certain to read the terms and conditions for each offer before use. In relation to some of our Offers and/or Promotions, certain release requirements or, where appropriate, withdrawal and/or earning restrictions must be satisfied, in addition to the general eligibility criteria set out in the Terms and Conditions made available on www.riyadhmicrofinance.com
DISCLAIMER The Service and the Website or web/mobile application and its entire contents are provided on an 'as is' basis. Riyadh Microfinance Private Limited and its officers, employees, agents, and contractors give or make no representation or warranty (either express or implied) as to the suitability of the Service or the Website or its contents for any purpose or the completeness, accuracy, reliability, security, or availability of the Service or the Website or its contents; nor do they accept any responsibility arising in any way (including from negligence) for errors in, or omissions from, the Service or the Website. Riyadh Microfinance Private Limited and its officers, employees, agents, and contractors are not liable for any loss, damage, claim, expense, cost (including legal costs), or liability arising directly or indirectly from your use or non-use of the Service or the Website or web/mobile application, or your reliance upon the Service or the information contained upon the Website (whether arising from Riyadh Microfinance Private Limited's or any other person's negligence or otherwise). You and Riyadh Microfinance Private Limited agree that any cause of action arising out of your use of the Service or Website or web/mobile application must be commenced within 12 (twelve) months after the cause of action accrues or you become aware of the facts giving rise to the cause of action, whichever is later. Otherwise, such cause of action is permanently barred. Where any legislation implies any term, condition, representation, or warranty into this Agreement or the Privacy Policy and that legislation prohibits the exclusion of that term, condition, representation, or warranty, then that term, condition, representation, or warranty is included.
GENERAL LIMITATION OF LIABILITY AND INDEMNIFICATION Your sole and exclusive remedy for any dispute with us is the suspension of your RYPAY account. In no event shall our total cumulative liability to you for any and all claims relating to or arising out of your use of the Website or web/mobile application, regardless of the form of action, will remain to the extent of monetary losses incurred due to non-performance or negligence of RYPAY subject to the
| S.No. | Feature | Conditions |
|---|---|---|
| 1. | Maximum Outstanding Balance | The amount outstanding must not exceed INR 2,00,000/- (Indian Rupees Two Lakh Only) at any point in time. |
| 2. | Loading or Reloading of Funds | It shall be reloadable in nature. |
| 3. | Fund Transfer from RYPAY Wallet Account |
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| 4. | Expiry Period |
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| 5. | Making the Wallet Account Inactive | In case of no financial transaction for a consecutive period of 1 (one) year in the RYPAY® Account, RYPAY wallet and/or card shall make the Account inactive after sending a notice to the customer(s). |
| 6. | Usage of the Wallet | The wallet can be used only for funds transfer, remittances, cash withdrawal, and purchase of goods and services. |
| 7. | Closure of Wallet | The Company shall provide an option, including at the time of issuing the wallet, to the holder to provide details of a pre-designated bank account or other wallet of the same issuer (or other issuer as and when permitted) to which the balance amount available in the wallet account shall be transferred in the event of closure of such wallets. |
| 8. | Card Transactions in Contactless Mode | The limit for transactions in contactless mode without additional factor of authentication (AFA) is INR 5,000/-. Contactless Payment will be enabled in your card after Card Activation. However, it can be disabled from the RYPAY APP. |
| 9. | Interoperability | Interoperability shall be facilitated to all KYC-compliant PPIs through authorised card networks (for PPIs in the form of cards). QR codes in all modes shall be interoperable. |
| 10. | Cash Withdrawal | Cash withdrawal shall be permitted up to INR 2,00,000/- (Indian Rupees Two Lakh Only) per month per account from the KYC-compliant RYPAY Wallet. |
Company Name: Riyadh Microfinance Private Limited
Address: Delhi, Gurgaon, DLF Phase-4
Website: http://riyadhmicrofinance.com/
Email: [Provide your email address]
Cash withdrawal shall be permitted up to a maximum limit of Rs. 2,000/- per transaction with an overall monthly limit of Rs. 10,000/- per PPI across all ATM Networks.
Note: KYC documentation shall be in line with the prevailing RBI guidelines on Know Your Customer (KYC). The above parameters and limit capping are applicable as per the Master Direction on Prepaid Payment Instruments (PPIs) dated August 27, 2021, and are subject to change as and when amended by the RBI.
RYPAY Wallet can be loaded through a bank account, credit card, or Full-KYC PPI. Prepaid cards, EMI, cards issued outside India, or a combination of cards cannot be used to add/load amounts to your Wallet. Loads will adhere to the prescribed limits for Small PPI (with no cash loading) and Full-KYC PPIs, as mentioned under these T&Cs and as provided by RBI from time to time. Except as provided herein, the amount in your Wallet will not be refunded under any circumstances. No refund will be provided in cash at any time. No interest will be paid on the amount in the Wallet at any time.
The login used for your RYPAY APP shall provide you access to all other services being offered on our platform.
RYPAY reserves the right, in its sole discretion and without prior notice, to impose and/or revise charges/commissions related to the use of your RYPAY Wallet. The current charges for your Wallet are outlined below and are subject to change:
| Service | Method | Charges/Fees |
|---|---|---|
| Prepaid Card Order (Physical) | - | Rs. 250/- (inclusive of applicable taxes) |
| RYPAY-Keychain Order (Physical) | - | Rs. 500/- (inclusive of applicable taxes) |
| Loading/Reloading | UPI / Debit Card / Credit Card / Payment Gateway | Applicable and displayed in the load/reloading section of the RYPAY APP, which may be amended from time to time. |
| Bank Account Transfer (IMPS) | - | 3% (of the transaction value) inclusive of applicable taxes |
| Cash Withdrawal via ATM from authorized card network | - | Rs. 25/- (exclusive of applicable taxes) |
| Elite Package - Convenience Fee (Optional and Non-Refundable) | - | Rs. 999/- (inclusive of applicable taxes) - Validity: 1 year |
| MAXX Package - Convenience Fee (Optional and Non-Refundable) | - | Rs. 249/- (inclusive of applicable taxes) |
| Starter Package - Convenience Fee (Optional and Non-Refundable) | - | Rs. 99/- (inclusive of applicable taxes) - Validity: 3 months |
A surcharge may be levied on transactions with certain merchants. In such cases, the surcharge will be recovered from the customer. The merchants and rates are subject to change as per the directions of the regulatory authority.
| Merchant | Charges |
|---|---|
| Court Costs, including Alimony and Child Support, Fines, Tax Payments, Government Services, U.S. Fed Government Agencies | 2.5% of the transaction amount or Rs. 10, whichever is higher |
| Service Stations, Automated Fuel Dispensers | 1% of the transaction amount |
| Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Rail (train) | Rs. 10/- flat |
You agree and acknowledge that RYPAY is only a facilitator and is not and cannot be a party to or control any transactions relating to the purchase of goods and/or services using RYPAY Wallet.
If you are a registered RYPAY Wallet holder who has not logged in to your account on the RYPAY mobile application, mobile site, or website for more than one year (“Inactive Period”), RYPAY is entitled to levy dormancy charges (“Wallet Maintenance Charges”) and deduct them from your existing Wallet Balance. To clarify, a zero-balance inactive wallet will not be charged any Wallet Maintenance Charges.
Wallet Maintenance Charges are our way to ensure we continue to bring updates, improvements, and fixes for a consistent user experience. After the Inactive Period, a notification of Seven (7) days (“Notice Period”) will be sent to you for logging in to the RYPAY APP or registered e-mail/mobile number. By logging in to your Wallet account, you become an active user, and Wallet Maintenance Charges will no longer be applicable.
The wallet balance will never be negative. If the wallet balance is zero, no Wallet Maintenance Charges will be deducted, but we encourage you to check out our new offerings in the APP.
If you do not log in to your RYPAY Wallet within the Notice Period, the Wallet Maintenance Charges will be levied post-expiry of the Notice Period subject to the terms and conditions herein. The Wallet Maintenance Charges levied shall be as follows:
| Year(s) of Inactivity | Wallet Maintenance Charge (in INR) |
|---|---|
| 1 year <= Wallet Inactivity < 2 years | 100/- |
| 2 years <= Wallet Inactivity < 3 years | 110/- |
| 3 years <= Wallet Inactivity < 4 years | 120/- |
| 4 years <= Wallet Inactivity < 5 years | 130/- |
| Wallet Inactivity >= 5 years | 140/- |
For further details, please visit our website: Riyadh Microfinance Private Limited.
To avoid the Wallet Maintenance Charges, you may do the following:
The Wallet Maintenance Charges will be deducted from the existing wallet balance itself. If the wallet balance is less than the Wallet Maintenance Charges, the entire wallet balance will be debited, and the wallet balance will be zero. If the wallet balance is more than the Wallet Maintenance Charges, then the Wallet Maintenance Charges will be deducted as per the schedule mentioned above.
Note that uninstalling the RYPAY application is not the same as deletion of the RYPAY account. Even after uninstalling the RYPAY application, the RYPAY Wallet (with or without any balance in it) is maintained by RYPAY. It is therefore prudent to keep logging on to the RYPAY Wallet and utilize services on the platform.
To delete your RYPAY account permanently, please write to us at riydahmicrofinancepvtltd@gmail.com.
By signing up to the RYPAY App, you acknowledge that the subscriptions are paid services. Failure to sign up for any of the subscriptions will result in limited benefits on the app.
The benefits provided under the subscriptions are specific to the subscribed user and cannot be transferred or assigned to another person. We reserve the right to suspend any or all features associated with any subscription model without prior notice to the users. We reserve the right to modify, discontinue, or transfer any benefits [to other subscription packages] provided under any subscription at any time at our sole discretion.
Upon termination or expiry of your subscription, all benefits will cease until your subscription is renewed by paying the appropriate fees. Each subscription requires payment of a subscription fee, which will be communicated to you along with the benefits before purchasing. Different subscription plans have different subscription fees.
We reserve the right to modify or change the subscription categories at our discretion, and you will be informed of such changes. We also reserve the right to amend, modify, or waive any subscription fees at our sole discretion. Cashback and discounts available under the subscriptions cannot be claimed as a matter of right. These benefits are non-negotiable, non-transferable, non-convertible, and cannot be exchanged for cash.
All rewards accrued under the benefits are subject to applicable limits on the platform, which may be modified by us at any time. Some benefits under the subscriptions may have expiration dates. Users are advised to read all benefit terms carefully.
All benefits under each subscription are subject to applicable laws, regulations, rules, and restrictions, and by agreeing to these terms, you agree to abide by them. In case of account closure on the platform, any accrued rewards under the subscription will be forfeited.
We may partner with third parties to provide benefits under the subscriptions. The usage of these benefits is subject to the terms set out by the third-party partners. We will keep you informed of any changes in the benefits provided by third-party partners.
We may introduce additional subscription plans within the platform, where users will have to pay a certain amount to avail some limited features. We have the discretion to decide the terms and conditions for these models, which will comply with applicable law. The subscription plans are subject to change, modification, alteration, termination, or suspension at our sole discretion.
Once a payment is initiated as per your instructions, we cannot reverse it, and subscription fees are non-refundable. We will not be liable for any loss incurred by you because of a transaction processed for the Subscription payment.
You are responsible for providing accurate information to us. Misuse of information, providing incorrect details, misrepresentation, or impersonation of any other person may result in termination of your participation in the subscriptions and may lead to penal action under the law.
| Feature | STARTER Package | MAXX Package | ELITE Package |
|---|---|---|---|
| Price | ₹99 for 3 months | ₹249 for one time | ₹999 for 1 year |
| RYPAY Wallet along with Virtual RuPay Card | Yes | Yes | Yes |
| Wallet Balance Limit | ₹10,000 | ₹2,00,000 | ₹2,00,000 |
| DTH/Mobile Recharge | Yes | Yes | Yes |
| UPI | No | Yes | Yes |
| ATM Cash Withdrawals | No | Yes | Yes |
| Bank Transfers | No | Yes | Yes |
| Pay to Friend | No | Yes | Yes |
| One Free Physical Card | No | No | Yes |
| Exclusive CashBack | No | No | Yes |
| On-call Priority Support | No | No | Yes |
The RYPAY 2 CASH cashback program is valid only on purchases made using RuPay cards issued in India.
RYPAY Conversion Rates:
Maximum Cashback:
Users can earn RYPAYs on qualifying purchases made using RuPay cards. The cashback will be credited to the user's account based on the RYPAY conversion rates mentioned above.
Cashback earned through the Program may expire if not used within a specified period.
We reserve the right to modify, suspend, or terminate the Program or these Terms at any time without prior notice. Any changes will be effective immediately upon posting on our website or app.
Any fraudulent activities, including but not limited to, using automated systems or unauthorized methods to earn cashback, will result in immediate disqualification from the Program and forfeiture of all cashback earned.
The RYPAY 2 CASH & Cashback feature is exclusively available to users subscribed to specific packages. We reserve the right to modify or change the relevant package at our discretion.
All wallet accounts and/or cards issued by the Company shall have a minimum validity period of one year from the date of last loading/reloading in the PPI. In case of no financial transaction for a consecutive period of 1 (one) year in the Prepaid Payment Account, RYPAY shall make the Account inactive after sending a notice to the customer(s). These can be reactivated only after validation and applicable due diligence.
The Company shall caution the customer at reasonable intervals, during the 45 days’ period prior to expiry of the validity period of the wallet and/or card.
All PPIs issued will have an expiry of 5 years from the date of issuance, and the customer shall have the option to seek a replacement of the card.
If you have any queries or concerns about this Agreement, please send us a thorough description to our Helpdesk. We strive to respond to all User requests.
If you have any questions or claims of copyright infringement, please contact us at our Helpdesk.
Email address: care@riadhmicrofinance.com