PPI Terms and Conditions
Axlerate prepaid card terms and condition issued through LivQuik
These PPI Wallet Terms are applicable to you as you have subscribed to the Wallet issued by LivQuik and form a binding agreement between you and us. Pursuant to the co-branding agreement between LivQuik and Axlerate Futuretech Pvt Ltd, LivQuik will issue co-branded Wallets which will be offered to you through Axlerate Services. If you subscribe to the Wallet issued by LivQuik, you also agree to be bound by LivQuik terms and condition specified in LivQuik website.
These Terms of Services (TOS) supplements and are in addition to, and not in derogation of, the applicable Terms & Conditions of LivQuik and will continue to be governed by regulations of Reserve Bank of India (“RBI”) on Prepaid Payment Instruments (PPI).
These Terms & Conditions apply to all transactions involving QuikWallet and form the contract between the QuikWallet holder and LivQuik subject to which QuikWallet is issued by LivQuik Technology (India) Private Limited.
Once you subscribe to the PPI wallet issued by LivQuik, you also agree to be bound by LivQuik Terms & Condition and policies mentioned on LivQuik's website.
It is your responsibility to visit LivQuik's Website on a regular basis to obtain the latest updates of its terms and conditions of use and policies.
In this document, below given word and phrases shall have the following meanings: The word “LivQuik” refers to LivQuik Technology (India) Private Limited, a company incorporated under the laws of India and having its registered office at B-206, Supreme Business Park, Hiranandani Gardens, Powai, Mumbai-400076.
Axlerate refers to Axlerate Futuretech Pvt Ltd, a company incorporated under the laws of India and having its registered office at 3rd Floor, 11/6, Thiruvalluvar Nagar Main Street, MKN Rd, Alandur, Chennai, 600016, who is in co-brand partnership with LivQuik Technology (India) offering the prepaid card.
“LivQuik” or ”PPI Issuer” shall mean LivQuik Technology (India) Private Limited, i.e., the proprietors of QuikWallet.
“QuikWallet Account” means the account opened in the name of an applicant and maintained by LivQuik Technology (India) Private Limited for the purpose of usage of the account as per the Terms & Conditions contained herein.
“QuikWallet Account Holder/ Account Holder” means an Individual / Organization who has acquired a QuikWallet Account for purchase of goods, services and remittances.
“QuikWallet” means a prepaid instrument issued by LivQuik to a QuikWallet Account Holder in terms hereof. It facilitates purchase of goods & services and remittances against the value stored on such instruments.
“Enterprise” shall mean any company, partnership firm and/or sole proprietorship firm that desire to utilize the facility of QuikWallet provided by LivQuik Technology (India) Private Limited, to its employees/consultants/distributors as the case may be.
“Merchant” means an establishment which has an arrangement with card networks who accept and honour QuikWallet, for paying consideration for sale of goods and services by the Merchant to the QuikWallet Account Holder.
“Available Amount” means in relation to the QuikWallet Account, the amount available at a given point of time for use by the QuikWallet Account Holder, being a sum of amount(s) loaded in QuikWallet as reduced by (a) the amount(s) utilized by using QuikWallet for transaction(s) and (b) fees, costs and expenses as charged by LivQuik Technology (India) Private Limited.
“Transaction” means an instruction or an inquiry or communication as appearing in LivQuik’s records, given or made by QuikWallet Account Holder using QuikWallet directly or indirectly to LivQuik to effect a transaction, whether via Mobile or any other device of LivQuik or of the LivQuik’s shared network.
“Escrow Account” For the safety of customer funds LivQuik has ensured that the same is transferred into an escrow account of a bank wherein LivQuik can operate account only for settling the funds with the merchants or remittance recipients. It ensures that funds are secure and customers can claim the same from the bank by providing appropriate proofs as deemed fit by the bank.
“Know Your Customer (KYC)” refers to the various norms, rules, laws and statutes issued by RBI from time to time under which LivQuik is required to procure personal identification details from You before any services can be delivered.
User’s relationship with LivQuik
Who issues the products: LivQuik will issue the Wallet to you (if you successfully complete the KYC process/minimum details requirement and any other requirements that we may prescribe from time to time). Remember, the Wallet is not issued by Axlerate. Axlerate provides and maintains the Platform through which you can access your Wallet Account.
Who holds your funds: Axlerate does not hold your funds either. LivQuik maintains the Wallets which hold your funds, and against which all payments and transfers are settled. So, funds in your Wallet are solely held by LivQuik. LivQuik debits or credits your account based on the instructions you send through the Platform.
- The amount that can be loaded in the Wallet Account is governed by policies laid down by LivQuik and RBI. These involve monthly limits, transaction limits as well as balance limits.
- In addition to RBI guidelines, LivQuik at its discretion, could impose further limits on the amount of money you deposit in your account. If we have authenticated your identity, we may increase your load and spend limits. These limits may change from time to time based on Axlerate discretion within guidelines of LivQuik.
- The Wallet Account Holder can use multiple sources for loading money in their account. These sources could be but not limited to Credit Cards, Debit Cards, Net Banking, Full KYC PPI and other sources as mentioned by RBI.
- In order to manage risk, Axlerate may limit the funding sources available as per LivQuik policies for your use to fund any particular transaction. For example, we may limit your funding sources for a particular transaction to debit cards or your net banking.
- Each funding source will have a different dispute resolution mechanism and the relevant mechanism will be followed.
- Axlerate will monitor load made into your Wallet Account . If your loading is classified as a high-risk or is suspected of fraud, Axlerate will place a hold on the load amount and may ask you for more information on you and your funding source. Axlerate will conduct a review and either clear or cancel the load amount. If the load amount is cleared, Axlerate will notify you and update your Wallet Account. The said funds will be refundable only to source account upon valid demand raised by holder of source account. Axlerate will notify you by email and/or in the account history tab of your wallet account if the load/reload is cancelled.
- When you perform load, you are liable to Axlerate for the full amount of the load plus any fees if the load amount is later invalidated for any reason. This means that, in addition to any other liability, you will be responsible for the amount of the load, plus applicable fees if you lose a claim or a chargeback, or if there is a reversal of the loaded amount. If the owner of the funding source of a load later disputes the load or files a claim for a chargeback, the debit or credit card issuer or the originating bank, not Axlerate, will determine whether the dispute is valid and to whom payment is due. You agree to allow Axlerate and LivQuik to recover any amounts due to Axlerate by debiting your Account balance. If there are insufficient funds in your account to cover your liability, you agree to reimburse Axlerate through other means. If Axlerate is unable to recover the funds from your primary funding source, Axlerate may attempt to contact you, Axlerate may recover the funds from your alternate funding sources or may take other legal actions to collect the amount due, to the extent allowed by applicable law.
All other transaction disputes related to network shall be governed as per network guidelines by LivQuik. LivQuik will be the sole arbitrator in these disputes between the LivQuik Account Holder and the Merchant.
LivQuik will issue a Wallet to you only if you comply with the KYC requirements, as per which you have to provide us with certain details about yourself. LivQuik will use the details you provide and authenticate your personal identification information for the KYC compliance under applicable law. Whether you can use all or some of the Wallet’s features depends on whether you have provided minimum details (about yourself) or if you have completed full KYC. You authorize us, including any third-party that may be engaged by us to undertake your KYC process as may be required from time to time. You agree and acknowledge that we may use the services of a third-party to complete your KYC process. You may be required to share with us copies of your documents and any other additional information that we may require to verify your identity. The collection, verification, audit and maintenance of the correct and updated information about you is a continuous process, so we reserve the right at any time, to take steps necessary to ensure compliance with all applicable KYC requirements. If you refuse to share your information for the KYC process, we may need to deny or limit your use of the Wallet.
Types of PPIs and features based on KYC
Minimum details shall necessarily include a mobile number verified with OTP and a self-declaration of name and unique identity / identification number of any ‘mandatory document’ or OVD or any such document with any name listed for this purpose in the Master Direction on KYC, as amended from time to time.
Such PPIs shall be reloadable in nature. Loading / Reloading shall be from a bank account / credit card / full-KYC PPI.
The amount loaded in such PPIs during any month shall not exceed Rs.10,000 and the total amount loaded during the financial year shall not exceed Rs.1,20,000.
The amount outstanding at any point of time in such PPIs shall not exceed Rs.10,000.
These PPIs shall be used only for purchase of goods and services. Cash withdrawal or funds transfer from such PPIs shall not be permitted.
PPI user shall have the option to close the PPI 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 as PPI holder.
The Video-based Customer Identification Process (V-CIP) process can be used to open full-KYC PPIs as well as to convert Small PPIs into full-KYC PPIs Such PPIs shall be reloadable in nature.
The amount outstanding shall not exceed Rs.2,00,000/- at any point of time.
The funds can be transferred ‘back to source account’ (payment source from where the PPI was loaded) or ‘own bank account of the PPI holder’ (duly verified by the PPI issuer). However, PPI issuer shall set the limits considering the risk profile of the PPI holders, other operational risks, etc.
There is no separate limit on purchase of goods and services using PPIs and PPI issuer may decide limit for these purchases within the overall PPI limit.
PPI user shall have the option to close the PPI and transfer the balance as per the applicable limits of this type of PPI. For this purpose, details of pre-designated bank account or other PPIs of same issuer (or other issuer as and when permitted) to which the balance amount available in the PPI shall be transferred in the event of closure of PPI, expiry of validity period of such PPIs, etc.)
Cash withdrawal shall be permitted upto a maximum limit of Rs.2,000/- per transaction within an overall monthly limit of Rs.10,000/- per PPI across all channels (agents, ATMs, PoS devices, etc.
Expiry of the card
Under the extant co-branding arrangement between LivQuik and Axlerate, category of primary issuance shall be Card PPIs, which shall be backed by Wallets. The expiry period for Card PPIs shall be 5 years or date of expiry, as mentioned on the card, whichever is applicable as per the programme, and the Wallets shall have a perpetual validity.
Once the Card linked to the wallet has expired, the following process shall be followed:
- A new Card can be reissued based on customer request in lieu of expired card which can be used by card holders.
- Card which has expired can be blocked and the remaining balance in card can be refunded back to customer.
- LivQuik may transfer the outstanding balance to its Profit & Loss account three years after the expiry date of PPI. In case the PPI holder approaches LivQuik for refund of such amount, at any time after the expiry date of PPI, then the same shall be paid to the PPI holder in a bank account.
Charges and Fees
Surcharges will be applicable to certain type of transactions performed by card holders associated with specific merchant categories.
Card Issuance fee - Rs 399 + GST
Amount deducted on every ATM withdrawal - RS. 25 + GST
Card replacement fee - Rs 299 + GST
LivQuik (Issuer) policies
As a Quik Wallet PPI user issued by LivQuik it is your responsibility to visit LivQuik's Website on a regular basis to obtain the latest updates on policies for Quik wallet.
Refer below links to access LivQuik policies