Terms and Conditions Background

Terms and Conditions

Welcome to Innopay! We're dedicated to simplifying your payment experience while rewarding you for the transactions you make.

Please read and understand these terms carefully before registering, accessing, or using the Innopay Services offered through the Innopay app. These terms and conditions constitute a legal contract ("Terms of Use") between you and Innopay Technologies Private Limited, with its registered office at #460, CS Towers, 17th Cross, Sector 4, HSR Layout, Bengaluru, Karnataka 560102. By proceeding with Innopay services, you acknowledge that you have read and agreed to these terms.

1. Acceptance of Terms

Please read and understand these terms carefully before registering, accessing, or using the Innopay services offered through the Innopay app. These terms and conditions constitute a legal contract ("Terms of Use") between you and Innopay Technologies Private Limited, with its registered office at #460, CS Towers, 17th Cross, Sector 4, HSR Layout, Bengaluru, Karnataka 560102. By proceeding with Innopay services, you acknowledge that you have read and agreed to these terms.

2. Definitions

"Innopay", "we", "us", or "our" refers to Innopay Technologies Private Limited.

"User", "you", or "your" refers to any individual or entity accessing or using our Platform.

"Services" encompass all products, features, and functionalities offered by Innopay through its dedicated website and mobile app services.

"Innopay App": The mobile application provided by Innopay for offering its services.

"Commercial Partner": Any individual or entity with whom Innopay has a contractual relationship to provide services.

"Gold Partner" refers to MMTC-PAMP India Private Limited, which sells digital gold via the Innopay platform and uses our payment solutions for transaction processing.

"Gold Product" means gold offered by the Gold Partner in digital form.

3. Eligibility

By registering for and using Innopay, you represent that:

  • You confirm that you are at least 18 years old and capable of entering into a legally binding agreement.
  • You are not prohibited from using the Innopay app and services by law.
  • You are responsible for ensuring that any individual using your account complies with these terms.

4. User Obligations

a) Account Responsibility: You are responsible for maintaining the confidentiality of your account credentials and for all activities under your account.

b) Compliance: You agree to use the Platform in accordance with all applicable laws, regulations, and guidelines.

c) Prohibited Activities: You shall not engage in activities that:

  • Violate any laws or regulations
  • Infringe upon the rights of others
  • Introduce malicious software or disrupt the integrity of the Platform
  • Reverse engineering, disassembling, or tampering with the app or its intellectual property
  • Engaging in fraudulent, unlawful, or harmful activities through the app
  • Transmitting viruses or harmful software that could damage or disrupt the app

5. Sign Up and Registration

To use Innopay services, users are required to complete the sign-up or registration process.

As part of the registration process, users must provide either their mobile number or Google account details.

Innopay reserves the right to request additional documents or information if necessary to verify the user's identity and ensure compliance with regulatory requirements.

Users agree that all information provided during the registration process is truthful, accurate, and up to date. Failure to provide accurate information may result in limited access to Innopay services or suspension of the user account.

Users are responsible for maintaining the confidentiality of their account details, including login credentials. Any unauthorized activity that occurs under the user's account is the sole responsibility of the account holder.

6. Services Overview

Innopay offers a suite of fintech solutions, including but not limited to:

  • • Digital Payment Processing
  • • Unified Payments Interface (UPI) integrations
  • • Innopay Digital Gold
  • • Merchant Onboarding and Management Tools
  • • Mobile Recharges and Bill Payments
  • • Banking Services
  • • Municipal, Insurance, Housing Society, Hospital, Education, and Donation Services

Each product and service offered by Innopay is governed by its own set of terms and conditions. Users are strongly advised to review the specific terms applicable to the service they intend to use in order to gain complete clarity and ensure informed usage.

7. Transactions

7.1 Payments and Recharges

Innopay enables recharges, bill payments, various banking options, and other services using credit cards and UPI. However, you may not use Innopay for any illegal transactions, including but not limited to payments for pornography, gambling, gaming and piracy.

Important Notes:

  • Transactions are irreversible once completed.
  • Payments made to incorrect accounts due to user errors are the sole responsibility of the user.

7.2 Gold Purchase

When purchasing gold through the Innopay platform, you acknowledge that:

  • The Gold Partner (MMTC-PAMP India Private Limited) is responsible for the quality, purity, and accuracy of the gold products.
  • Innopay does not set the prices of gold products, as they are based on market rates, and is not responsible for physical gold delivery or any related activities or issues.
  • You must provide accurate information during the purchase, as Innopay will not reverse transactions once initiated.
  • Innopay may impose limits on the amount you can pay for, accumulate, or transfer in gold products.
  • You agree to raise any disputes regarding gold products directly with the Gold Partner.
  • The Gold Partner is fully accountable for pricing, fulfilling orders, and managing the storage of gold products.
  • You acknowledge that the terms established by the Gold Partner govern your interactions with the Gold Partner.

7.3 Silver Purchase

When purchasing silver through the Innopay platform, you acknowledge that:

  • The Silver Partner (MMTC-PAMP India Private Limited) is responsible for the quality, purity, and accuracy of the silver products.
  • Innopay does not set the prices of silver products, as they are based on market rates, and is not responsible for physical silver delivery or any related activities or issues.
  • You must provide accurate information during the purchase, as Innopay will not reverse transactions once initiated.
  • Innopay may impose limits on the amount you can pay for, accumulate, or transfer in silver products.
  • You agree to raise any disputes regarding silver products directly with the Silver Partner.
  • The Silver Partner is fully accountable for pricing, fulfilling orders, and managing the storage of silver products.
  • You acknowledge that the terms established by the Silver Partner govern your interactions with the Silver Partner.

8. Offers, Cashback and Rewards

Innopay may, at its sole discretion, introduce, modify, or withdraw any offers, cashbacks or rewards made available on the Platform without prior notice to users. These changes may include, but are not limited to, eligibility criteria, validity periods, usage structures, redemption mechanisms and offer applicability.

Users are encouraged to regularly review the Terms and Conditions section to stay informed about the latest updates related to offers and rewards. Continued usage of the Platform following any such changes constitutes your acceptance of the revised terms governing offers, cashbacks and rewards.

9. Fees and Charges

A) Service Fees: Certain services offered by Innopay may incur fees. These charges will be communicated transparently to users at the point of transaction. Users are responsible for any applicable fees for transactions, as displayed at the time of payment. By completing a transaction, you consent to the fees applied.

B) Taxes: All taxes levied by Innopay are determined based on the nature of the services availed and are in accordance with prevailing government regulations.

C) Changes: Innopay may revise its fee structure based on market dynamics, as stated in our T&Cs. Users are advised to review the T&Cs periodically to stay updated. Innopay reserves the right to change the fees at any time, without prior notice.

10. Account Suspension and Termination

Innopay reserves the right to suspend or terminate user accounts without prior notice if any violation of these terms is detected.

In cases of fraudulent or suspicious activity, Innopay may reserve the right to report such activity to the appropriate regulatory authorities.

You may terminate your account at any time. However, Innopay may retain transaction records for regulatory purposes even after account termination.

We reserve the right to suspend or terminate your access to the Platform at our discretion, without prior notice, for conduct that we believe violates the Terms and Conditions or is harmful to other users or us.

11. Intellectual Property

All content, trademarks, logos, and intellectual property on the Platform are the property of Innopay or its licensors. Unauthorized use, reproduction, or distribution is strictly prohibited.

12. Data Privacy

Your privacy is paramount to us. Our data collection, usage, and protection practices are detailed in our Privacy Policy. By using our services, you consent to our Privacy Policy.

Your personal data is collected and processed in accordance with our Privacy Policy, which is incorporated into these terms.

By using Innopay services, you consent to the collection and use of your data as outlined in the Privacy Policy.

13. Customer Support and Communication

By using Innopay services, you consent to receive communications from us via email, SMS, push notifications, or other electronic means regarding your account, transactions, promotional offers, and service updates. You may opt out of promotional communications at any time through your account settings.

14. Grievance Policy

Any grievances or complaints regarding the use of Innopay services will be addressed in accordance with our Grievance Policy.

By using Innopay, you agree to the time frames and procedures outlined in the Grievance Policy for submitting and resolving complaints.

Innopay will make all reasonable efforts to respond to grievances within the specified time frames. However, response times may vary based on the complexity of the issue.

Users are encouraged to provide detailed and accurate information when submitting complaints to ensure timely resolution.

For any grievances, you may contact Innopay via the chat feature in the Innopay mobile/web app or through our official support email ID provided in the support section of Innopay application.

15. Limitation of Liability

Innopay shall not be held liable for any direct, indirect, incidental, or consequential damages resulting from:

  • Your use or inability to use the Platform
  • Unauthorized access to or alteration of your data
  • Reliance on or interaction with third-party content or services linked through our Platform

Innopay provides its services on an "as-is" and "as available" basis and retains the right to limit liability to the fullest extent permitted by applicable law. Users are responsible for understanding the risks associated with digital platforms and are advised to exercise discretion when engaging with third-party services.

The app is provided on an "as-is" basis, without warranties of any kind, including uninterrupted service, accuracy, or error-free operation.

16. Indemnification

You agree to fully indemnify, defend, and release Innopay, its affiliates, officers, and employees from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees, arising out of or related to:

  • Your violation of these Terms & Conditions
  • Misuse or unauthorized use of the Platform
  • Any breach of applicable laws or rights of third parties resulting from your actions

This obligation remains in effect even after termination of your access to the Platform. Innopay reserves the right to assume exclusive defence and control of any matter subject to indemnification, in which case you agree to cooperate fully.

17. Amendments

The Terms and Conditions governing the use of Innopay's services and Platform may be updated or modified from time to time, without prior notice to users. Continued use of the Platform following any such changes constitutes your acceptance of the revised terms. We recommend reviewing this page periodically to stay informed of any updates.

We may update these terms at any time by posting the updated version on the Innopay application website. Continued use of Innopay services after an update will constitute your acceptance of the revised terms.

18. Governing Law

These Terms and Conditions are governed by the laws of India. Any disputes arising shall be subject to the exclusive jurisdiction of the courts in Bengaluru, Karnataka, India.

Any disputes arising from the use of Innopay services will be subject to the exclusive jurisdiction of the courts in Bengaluru, Karnataka.

Terms and Conditions for "GOLD ACCUMULATION PLAN" or "GAP"

These "terms" and "Conditions of Use" ("Terms") constitute an electronic record within the meaning of the applicable laws. This electronic record is generated by a computer system and does not require any physical or digital signatures. These Terms shall be in addition to and not in derogation to any other terms as stipulated from time to time. By transacting for GAP on the Platform, you are agreeing to and accept these Terms and Conditions.

1. Definitions for GAP

In these Terms, references to "you", "your" or "Customer" shall mean the counterparty who transacts using the Innopay Platform, being a natural person, buying Gold from MMTC-PAMP, selling back Gold to MMTC-PAMP and receiving other related services in relation to GAP. "Partner Platform" shall mean, and include the platforms (website, mobile apps, others) owned and operated MMTC-PAMP ("Partner"), that the Customer accesses for the GAP transactions. References to the "Seller", "MMTC-PAMP", "we", "us" and "our" shall mean MMTC-PAMP India Private Limited, the owner of the GAP offering and the entity that will sell Gold.

2. Capacity and Legal Requirements

The Customer represents and warrants that:

  • The Customer is of legal age and is under no legal disability or incapacity as per applicable laws, to enter into these Terms and perform obligations;
  • The Customer is not insolvent;
  • These Terms constitute a legal, valid and binding obligation of the Customer;
  • All orders and transactions under these Terms are lawful.

3. Gold Purchase and Pricing

You can offer to buy Gold worth Rs. 2.00 (Rupee Two Only) and above incremental value thereof at the live purchase price of Gold of 999.9 purity displayed on the Partner Platform.

Live purchase price of Gold will be displayed on the Partner Platform and is subject to change from time to time. The live purchase price of Gold and live sell-back price of Gold may vary and also may be different from that available in the open market.

MMTC-PAMP reserves the right to cancel or reverse transactions whether before or after transaction confirmation due to pricing errors or system issues.

4. Custodial Services

For each confirmed purchase of Gold by the Customer, MMTC-PAMP will be the custodian of the Gold, till such Gold is lying in your Gold account subject to terms herein. The Gold purchased by you will be allocated and stored in a highly advanced and secured vault of MMTC-PAMP, with full insurance cover.

Custody Period: The storage (custody) shall be without charge during the Custody Period of 5 years from the date of last purchase/receipt of Gold account of the Customer.

Custody Charges: After the expiry of the Custody Period, MMTC-PAMP will be entitled to levy custody charges on an annual basis at the rate of 0.5% of the average value of the Gold balance or INR 10, whichever is higher.

5. KYC Requirements

MMTC-PAMP reserves the right to deactivate your Gold account if you fail to provide KYC documents/information within required timelines.

You shall ensure that all information supplied to MMTC-PAMP/Partner is accurate in all material respects. MMTC-PAMP will not be responsible for the incorrectness of KYC documents/information provided by you.

If MMTC-PAMP finds that the KYC documents are incorrect or authenticity is doubtful, MMTC-PAMP may deactivate or close your Gold account.

6. Transaction Limits and Restrictions

MMTC-PAMP may, at its discretion, prescribe maximum individual/cumulative limits for Customer(s) to accumulate Gold, purchase Gold, sell back of Gold or any other transaction under GAP from time to time.

At any point of time on any day MMTC-PAMP may temporarily discontinue the invitation to offer purchase of Gold under GAP for any reason whatsoever.

Payment will be accepted only through payment options made available on the MMTC-PAMP Payment Gateway. Relevant taxes will be chargeable as applicable as per Government regulations.

7. Sell-back Options

MMTC-PAMP may, from time to time in future, offer/permit the Customer to sell-back its Gold to MMTC-PAMP at prevailing live sell-back price of Gold of 999.9 purity, during the offer period as may be announced/permitted by MMTC-PAMP. The money against the Gold sold by a Customer would be credited to the Customer's bank account as per the details provided by the Customer.

8. Risk Disclosures

The Customer acknowledges that investment in GAP may involve a degree of risk and loss.

Neither MMTC-PAMP nor any associated entity guarantees the performance of any given GAP product or account nor that any GAP product or account will achieve a particular rate of return.

You will not receive interest or other earnings on the Gold held in the Gold account.

MMTC-PAMP has only provided general advice, and the Customer should consider its objectives and financial situation and obtain appropriate independent advice.

9. Compliance and Legal Obligations

The Customer shall be solely responsible for complying with applicable laws including but not limited to the Prevention of Money Laundering Act, 2002, the Prohibitions of Benami Property Transactions Act, 1998, Income Tax Act, 1961 etc.

Customer also agrees and undertakes that he/she will not open any account in the name of any minor.

You declare that you are not an unregistered dealer of Gold or any other precious metal ornament or any related product.

10. Limitation of Liability for GAP

MMTC-PAMP and Partner Platform shall not be liable for any loss/liability arising out of technical failures, human errors, or system interruptions.

MMTC-PAMP disclaims all warranties, express or implied, including implied warranties of merchantability and fitness for a particular purpose.

The liability shall not collectively exceed total amount paid by you for the particular transaction in question.

11. Data Privacy for GAP

The MMTC-PAMP Privacy Policy shall apply to all personal data that you provide to MMTC-PAMP. You hereby consent to MMTC-PAMP's collection, transfer, storage, use, disclosure and processing of your personal data in accordance with the GAP Agreement.

12. Governing Law for GAP

These GAP Terms shall be governed by and interpreted in accordance with the laws of India. The courts in New Delhi shall have exclusive jurisdiction in respect of any matters arising therefrom.

Contact Information

Innopay Technologies Private Limited
#460, CS Towers, 17th Cross,
Sector 4, HSR Layout
Bengaluru, Karnataka 560102
Email: support@innopay.in

Contact Information

Innopay Technologies Private Limited
#460, CS Towers, 17th Cross,
Sector 4, HSR Layout
Bengaluru, Karnataka 560102
Email: support@innopay.in