Last Modified: May 15, 2018
Paysack is a Prepaid Payment Instrument (PPI) for employee benefits, reimbursements and business expenses. Paysack is a co-branded instrument issued by Equitas Small Finance Bank in collaboration with Mad Over Mobile Pvt Ltd (MOML).
The following Terms and Conditions shall be applicable to all the Paysack Account(s) which are existing or may be opened any time in future with Mad Over Mobile Pvt Ltd (MOML), a financial services company incorporated under the Companies Act, 1956 and having its Registered Office at Nirmala Farm, Old Madras Road Virgonagar Post, Bangalore – 560049, Karnataka INDIA.
in electronic, digital and mobile wallet form factors along with the Digital/Plastic Cards of RuPay, Mastercard and/or Rupay brand Payment Networks.
Paysack Multi-Bucket Card and Mobile Wallet shall be issued by Equitas Small Finance Bank at the request of and upon nomination by the Enterprise subject to the Card Member fulfilling the eligibility criteria laid out by MOML. The Card Member and the Enterprise shall be bound jointly and severally by these Terms and Conditions, the Multi-Bucket Card Agreement and policies stipulated by MOML, from time to time, in this regard. The Multi-Bucket Card is a not transferable and a zero balance card at the time of issue. Each time an Enterprise desires to make a payment or reimbursement to the Card Member, it shall provide instructions to allocate the desired amounts to the Card Account and send a cheque/ DD of the desired amounts to MOML. The Multi-Bucket Card issued to you is valid for use only in India and for the purchase of goods in Indian currency only. The Multi-Bucket Card is the property of MOML and the Bank. It shall be subject to the Terms and Conditions mentioned herein and any additional conditions stipulated by MOML, from time to time. The Card Member shall sign on the reverse of the Card immediately upon receipt of the same, and ensure that the signature on all transaction slips signed by the Card Member are similar to the signature provided by the Card Member on the Multi-Bucket Card and Multi-Bucket Card Application Form submitted to MOML. In case the Card Member desires to alter his/her signature, the Card Member shall intimate MOML about the same and execute necessary documents as prescribed by MOML and/or under law, in this regard.
Residents of India of age 18 years and above, suitable to enter into a legally binding agreement, may use PPIs for transactions in India in Indian Rupee denominations only.
No individual or entity shall misrepresent its identity, age, other demographic, parental, residence, ownership, nature of business information or other such information required to enforce any laws and regulations of India, intentionally or accidentally, and wrongfully use PPIs. User shall be liable for all misrepresentations and/or wrongful usage of service in violations to these terms and conditions and/or the applicable laws and guidelines issued by the competent authorities of India.
MOML reserves the right to deny, suspend and terminate services at its discretion to an otherwise eligible user, with or without prior notice in any form, if it suspects, has reason to believe or upon request or instruction from a competent authority that any of the terms, rules, laws, regulations and guidelines are in violation by the usage of the user.
|1.||Card Issuance & Annual Fees||Rs. 199 per card + Service Tax|
|2.||Reissue of Lost, Stolen or Damaged Card Fees||Rs. 299 per instance + Service Tax|
|3.||Card PIN Re-Issuance Fees||Rs. 99 + Service Tax|
|4.||Domestic Cash Withdrawal Fee||Rs. 20 per transaction + Service Tax|
|5.||Domestic Cash Withdrawal Limit||Rs. 10,000 per day|
|6.||Petrol transaction charge||2.5% (subject to a minimum of Rs. 10) + Service Tax|
|7.||Railway ticket booking or cancellation surcharge||2.5% of the transaction value (subject to a minimum of Rs. 25)|
|8.||Account Closure charges||NIL|
|9.||Transfer to other Paysack Account||NIL|
MOML and the Bank reserves unto itself the absolute discretion and liberty reserve the right to change, update or modify these fees and charges, at any time, with prior intimation (25 days in advance) to you.
Service Tax, unless explicitly stated in this Schedule of Charges, as may be applicable from time to time on all fees, surcharge and other charges will be levied to the User.
The Card Member agrees to adhere to and comply with all such Terms and Conditions as MOML or the Bank may prescribe, from time to time, for facilities/services availed of by the Card Member and, hereby agrees and confirms that all such transactions effected by or through facilities for conducting remote transactions including the Internet, World Wide Web, electronic data interchange, call centres, teleservice operations (whether voice, video, data or combination thereof) or by means of electronic, computer, automated machines, network or through other means of telecommunication, established by or on behalf of MOML or the Bank, for and in respect of such facilities/services offered, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the Terms and Conditions prescribed by MOML or the Bank for such facilities/services, as may be prescribed from time to time. The Card Member hereby authorises MOML and the Bank to exchange, share or part with all the information relating to the Card Member’s details and payment history and all information pertaining to and contained herein to enhance the services provided by MOML and the Bank.