Terms of Use of the ZulePay Wallet (Prepaid Payment Instrument)

Last updated: 20 September 2026 · Version: 0.0.1 (beta) · Effective date: 20 September 2026

1. About this document

These terms of use ("Wallet Terms") govern your use of the ZulePay wallet — the prepaid payment instrument ("PPI" or "Wallet") issued through the ZulePay app by USR Enterprises Private Limited ("ZulePay", "we", "us", "our"). They apply in addition to the ZulePay General Terms and Conditions ("General Terms"), the Privacy Policy and the Cancellation & Refund Policy. If there is a conflict, the General Terms prevail unless these Wallet Terms provide otherwise.

These Wallet Terms are issued under the Reserve Bank of India ("RBI") Master Direction on Issuance and Operation of Prepaid Payment Instruments (as amended from time to time) and other applicable law. Capitalised terms used but not defined here have the meanings given in the General Terms.

2. What the ZulePay Wallet is

1. The Wallet is a prepaid payment instrument: money you load in advance and spend against the balance. It is not a bank deposit.
2. Your Wallet comprises:
   • the Main Wallet, used for online payments, transfers, bill payments and withdrawals; and
   • the Offline Pocket, a segregated sub-balance from which offline ISUT payments are made (see the Offline Payments Terms).
3. Wallet balances are held with our Escrow / Partner Bank as required under the RBI PPI framework, in the name of and for the benefit of wallet holders.
4. The balance in your Wallet is a prepaid obligation of the Company to you. It does not earn interest, and the Wallet cannot carry a negative balance.
5. Amounts in the Wallet are denominated in Indian Rupees (₹) for Indian users. Wallet balances represent monetary value stored on the platform; they are not legal tender and are redeemable only through the Services.

3. Eligibility and KYC tiers

1. Only a person eligible under the General Terms (Section 5) may hold a Wallet, and only one Wallet per person is permitted.
2. KYC is mandatory for Indian users under the Prevention of Money-Laundering Act, 2002 and the RBI Master Direction on Know Your Customer. The RBI permits two categories of prepaid wallets, and your KYC tier determines the Services and limits available to you:
   • Minimum KYC (small PPI): issued on minimum details — your mobile number verified by a one-time password, a self-declaration of your name, and identification details of an officially valid document. It is reloadable and for the purchase of goods and services only — cash withdrawal and funds transfer are not permitted on it. RBI caps: loads/reloads up to ₹10,000 per calendar month and ₹1,20,000 per financial year; outstanding balance not more than ₹10,000 at any time; aggregate debits not more than ₹10,000 in a calendar month. It must be converted to a full-KYC wallet within 24 months of issuance, failing which no further credits are allowed (the balance remains usable and refundable to the original source). A fresh minimum-KYC wallet will not be issued on the same mobile number on minimum details alone;
   • Full KYC (full-KYC PPI): issued on completion of verification with Officially Valid Documents and PAN, including video-based customer verification where applicable (to open or upgrade). Outstanding balance capped at ₹2,00,000 at any time; supports withdrawals to your own verified bank account, transfers to pre-registered beneficiaries (capped at ₹2,00,000 per month, with a ₹10,000 per-transaction limit in the cases prescribed by the RBI), and interoperability where offered;
   • Merchant KYC: applicable to merchants per the Merchant Solutions Terms.
3. Limits are as prescribed by the RBI from time to time and as displayed in the app; where the app display and these Wallet Terms differ, the RBI prescription and the app display prevail. We may set limits lower than the RBI ceilings based on our risk assessment of your account, as permitted under the PPI Master Direction.
4. If your KYC is incomplete, lapses or becomes discrepant, your Wallet may operate with reduced limits or be restricted. You will always be able to withdraw or receive refunds of your balance to a verified source.
5. You authorise us, our partner bank and KYC vendors to verify and periodically re-verify (re-KYC) your identity.

4. Loading money into your Wallet

1. You may load your Main Wallet using UPI, debit or credit cards, net-banking or other methods made available in the app, through our payment gateway partners (currently Razorpay).
2. Minimum load: ₹1 per transaction. Maximum load: as displayed in the app and capped per order (currently ₹2,00,000 per gateway order), subject to your KYC tier limits.
3. Load fees (exclusive of GST at 18% where applicable) are shown before you confirm and are currently:

4. Loads must originate from a source owned by you — your own bank account, card or UPI handle. We may reject or reverse loads funded by third parties where required for compliance.
5. A load is complete when the gateway confirms it. If a load fails after debit, the refund follows the Cancellation & Refund Policy.
6. Wallet loads do not qualify for any reward unless expressly stated under the Rewards Terms.
7. Currency and cash loading. The Wallet can be loaded or reloaded in Indian Rupees only. We do not offer cash loading; if loading through authorised outlets or agents is ever introduced, it will operate within the RBI cash-loading cap (₹50,000 per calendar month where offered), and we remain responsible for the acts of our authorised agents done in the course of their engagement.
8. Pre-load disclosure. Before your Wallet is first loaded, we will provide you the essential issuance details of your PPI — its category, applicable limits and validity — by email, SMS or in the app, as required by the RBI.

5. Using your Wallet balance

1. You may use your Main Wallet balance to: (a) send money to other ZulePay users (P2P); (b) pay merchants online by QR or Payment Request (P2M); (c) pay bills and buy recharges (Recharge & Pay Bills Terms); (d) provision an Offline Pocket; and (e) withdraw to your verified bank account.
2. Payments are final and irrevocable once the recipient is credited, except in the limited circumstances in the Cancellation & Refund Policy. Always verify the recipient before confirming.
3. Transactions may require your Transaction PIN and/or biometric authentication.
4. Per-transaction and aggregate limits apply per your KYC tier and as displayed in the app. Minimum-KYC (small PPI) wallets are purchase-only — cash withdrawal and funds transfer are not available on them; transfers to others require a full-KYC wallet.

6. Withdrawing to a bank account

1. Full-KYC users may withdraw Main Wallet balance to their own verified bank account, subject to tier limits and the minimum withdrawal amount displayed in the app.
2. You are responsible for the accuracy of the saved bank account; funds remitted to an account you verified are treated as discharged.
3. Withdrawals are processed through banking channels and generally reflect within the timelines in the Cancellation & Refund Policy; delays by banking partners are outside our control.
4. Withdrawals to third-party accounts may be refused or reversed where required for compliance.

7. Statements, records and balance visibility

1. You can view your balance and transaction history in the app at any time and may request statements from support.
2. Balances shown may not reflect offline activity that has not yet synced (see the Offline Payments Terms); the reconciled ledger after sync is definitive.
3. Please review statements periodically and report discrepancies promptly (support@zulepay.com).

8. Inactivity, closure and unclaimed balances

1. If no financial transaction takes place in your Wallet for twelve months, we may mark it inactive after notice to you, as required by RBI directions; it can be reactivated after due diligence as prescribed by the RBI.
2. You may close your Wallet at any time under Section 21 of the General Terms, after de-provisioning your Offline Pocket, ensuring there are no pending ISUTs or settlements, and providing a verified bank account for the balance.
3. On closure, your balance (net of dues and applicable fees) is refunded per the Cancellation & Refund Policy.
4. Validity and unclaimed balances. Your Wallet carries a minimum validity of one year from the date of its last load or reload; where issued in card form, the validity date is shown on the card. We will notify you of any impending expiry at least 45 days in advance. Balances remaining unclaimed after closure or expiry with no pending claims are not transferred to our profit and loss account until three years from the closure date, and are paid to your bank account on written request, per RBI directions.

9. Suspension and restrictions

We may restrict, suspend or close a Wallet: as required by law, regulation or a competent authority; on breach of the General Terms (including Sections 18–19); if KYC is incomplete, lapsed or discrepant; on reasonable suspicion of fraud, money laundering or security risk; or on extended inactivity — in each case as set out in Section 21 of the General Terms. Statutory withdrawal rights are preserved as far as law permits.

10. Regulatory notes

1. The Wallet is operated as a closed or semi-closed system as permitted under the RBI PPI framework; where interoperability (through UPI or card networks) is offered, it is provided through our partner bank and is subject to their terms and applicable RBI directions.
2. Interchange, fee and limit changes required by RBI or partner-bank direction may take effect from the date prescribed by that direction.
3. Grievances follow Section 29 of the General Terms (acknowledgement and targeted resolution within 48 hours, outer limit 30 days, escalation to the RBI Integrated Ombudsman).
4. Cross-border use. INR wallets cannot be used for cross-border outward transfers of funds or remittances under the Liberalised Remittance Scheme (LRS). Any limited cross-border outward facility we expressly enable on full-KYC wallets is capped at ₹10,000 per transaction and ₹50,000 per calendar month; inward credits under the Money Transfer Services Scheme (MTSS), where enabled, are capped at ₹50,000 per individual inward remittance.
5. Records and AML. We maintain records of Wallet transactions for at least 10 years and make them available to the RBI and other regulatory authorities for scrutiny; Suspicious Transaction Reports are filed with FIU-IND as required under the PMLA.
6. Agents and co-branding. Where any facility is offered through authorised agents or outlets, we remain responsible for their acts done in the course of their engagement, and the list of authorised agents is published on our website. Where a wallet is issued under a co-branding arrangement, we remain responsible to you for the acts of our co-branding partners in matters relating to customer service, and the co-brand partner's name is displayed on the payment instrument as required by the RBI.

11. Contact us

USR Enterprises Private Limited CIN: U62011KA2026PTC224718 VO-843, WeWork 10th Floor, RMZ Latitude, No. 69/458/69, Hebbal Kempapura, Bengaluru – 560024, Karnataka, India Email: support@zulepay.com · Phone: +91 95381 07745