Please read these terms and conditions carefully before registering or accessing or using the Website (as defined below) or Services (as defined below). These terms and conditions (“Terms”) constitute a legal and binding agreement between you (“User”/ “You”) and Appreciate Payments IFSC Private Limited (“APIPL”/ “We”/ “Our”) and/or its affiliates or group companies. The Website and our mobile / web application, and any associated technology packages (“Mobile App”) is owned by APIPL, a private company having its registered office at Unit 528 5th Floor 13B, Signature Building Zone 1, Gift City, Gandhi Nagar, Gandhi Nagar, Gujarat, India, 382050, and may be operated and managed by technology service providers contracted by us.
These Terms are updated from time to time at Our sole discretion and is available on the APIPL Platform at all times along with the date of revision. You agree and acknowledge that Your continued usage of the APIPL Platform after any revision indicates Your acceptance of the updated/revised Terms. You agree and acknowledge that you are solely responsible for reviewing these Terms from time to time. Using or accessing the APIPL Platform indicates Your agreement to all the Terms therefore, please read these Terms before proceeding. You agree and acknowledge that by accepting these Terms, You also agree to be bound by APIPL and its policies, hyperlinks etc., including but not limited to privacy policies or other such policies available on the APIPL Platform. In the event of any inconsistency, these Terms shall prevail. If You do not agree to any or all of these Terms, You should not use or access the APIPL Platform in any manner.
This document is an electronic record in terms of the Information Technology Act, 2000 (including the amendments thereof from time to time and the rules thereunder) and is generated by a computer system and does not require any physical or digital signatures.
Definition
In this Terms, unless the context or meaning otherwise requires all capitalized words and expressions defined by inclusion in quotation and/or parenthesis anywhere in this Terms have same meanings as ascribed to such words and expressions:
"APIPL Account" means Your user account created on APIP Platform and includes the payments account issued by APIPL Platform as part of the Services.
"APIPL Platform" collectively means the Website, the Dashboard and the Mobile App, which may be managed and operated by technology service providers under the direction of and on behalf of APIPL.
"Customer" shall mean any individual or entity who is onboarded by APIPL as an user and who uses or accesses the Services provided by the APIPL Platform.
“Card Network” shall mean Visa, MasterCard, RuPay, American Express or other association of which the issuer of a card is a member and includes any other entities that issue cards including credit card, debit card, prepaid card.
"Dashboard" refers to the user interface within the platform that provides users with a comprehensive, real-time overview of their account activity, including but not limited to transaction history, balance information in the APIPL Account, and the status of cross-border money transfers. The Dashboard also allows users to access various features and tools necessary for managing and monitoring their transfers, viewing reports, and making informed decisions regarding their financial activities on the platform.
"Intellectual Property Right" shall include but not be limited to any and all patents, copyrights, trade secret rights, trademark rights, design rights, logos, service mark, software code, and other proprietary or similar rights in intellectual property, existing now or in the future, including the rights to secure registrations, renewals, and extensions thereof. Except as expressly set out no assignment of or license under any trademark or service mark or any other Intellectual Property Right, whether registered or not, owned or controlled by a Party is granted to the other under these terms and conditions.
“PSP” or “Payment Service Provider” shall mean a payment service provider as defined under regulation 2 (1) (z) of the PSP Regulations.
“PSP Regulations” shall mean the International Financial Services Centres Authority
(Payment Services) Regulations, 2024 including in amendments thereto
"Merchant" means persons or entities who are onboarded by APIPL under PSP Regulations and avails such Services from APIPL as per the Services Agreement.
"Services Agreement" means any agreement entered between the Merchant and APIPL in relation to the Services to be provided by APIPL to the Merchant.
"Services" means services agreed to be rendered by APIPL and availed by the User including but not limited to services APIPL is permitted to render under Regulation 2 (1) (y) of the PSP Regulations as a PSP being account issuance service, e-money issuance service, escrow service, cross border money transfer service and merchant acquisition service.
"Users" shall collectively mean Merchants and Customers.
"Website" means https://www.appreciatepayments.com/.
User Registration, User Verification and Terms of User Onboarding
You need not register with the relevant Platform to simply visit and view the Platform. To avail any or all of our Services, You must first register with the relevant APIPL Platform and create Your APIPL Account using Your name, email address/ mobile number, permanent account number (PAN) and such other details as may be requested by the relevant Platform and create a password. You agree and acknowledge that You are solely responsible for safeguarding Your password in relation to Your APIPL Account and You shall keep Your password secure at all times. You shall be solely responsible for all the activities that occur on Your APIPL Account and You shall immediately notify APIPL, of any breach of security or any unauthorised use of Your APIPL Account.
You must be 18 years of age or older in order to visit or use the APIPL Platform or avail any or all of Our Services. By visiting the APIPL Platform, You represent and warrant to Us that You are 18 years of age or older and You have the right, authority and capacity to use the Platform and avail the Services provided by Us.
You agree and acknowledge to upload correct and accurate information including identity and verification details during the onboarding process on the relevant APIPL Platform. You also agree to keep your APIPL Account, KYC details and other identity details complete and updated at all times.
APIPL Platform provides Services to individuals across multiple jurisdictions, provided that such individuals are not residents or nationals of jurisdictions identified by the financial action task force (FATF) as high-risk or non-cooperative or such individuals not permitted by applicable laws in India. In case You are a resident Indian, You must comply with the liberalised remittance scheme (LRS), reporting requirements, and other such compliances as required by the Reserve Bank of India, PSP Regulations and IFSCA. You agree that APIPL Platform reserves the right to restrict or discontinue services in any jurisdiction where regulatory requirements or operational feasibility is not met.
You agree and acknowledge that the relevant APIPL Platform shall have the right to verify Your KYC through in person verification or virtual KYC or through any other mode in compliance with the IFSCA (AML, CFT and KYC) guidelines, 2022 and other applicable laws, solely for the purpose of verification of details provided by You during the process of creation of Your APIPL Account.
You agree and acknowledge that APIPL Platform reserves the right to verify and authenticate any information, data or documentation provided by You for the purpose of ensuring the accuracy, authenticity and legitimacy of such information provided by You for the purpose of creation of Your APIPL Account.
You understand that APIPL Platform has the right to terminate or indefinitely or temporarily suspend the access to the relevant APIPL Platform or Services with immediate effect and without a prior notice if You fail to adhere to any of these Terms or policies or applicable laws or if You have provided any incorrect/false information or if you fail to provide required information.
You agree to not misrepresent any information or data to avail the Services or access the relevant APIPL Platform.
Upon registration and completion of verification of Your KYC details and other such information or data provided by You, to Our satisfaction, You will be entitled to sign-in/register and complete the creation of Your APIPL Account and avail Our Services.
You agree and acknowledge to provide any additional information requested by Us in order to comply with the applicable laws.
You agree and acknowledge that APIPL Platform, at its own discretion, has the right to restrict any or all Services available on the Platform based on factors such as applicable laws, breach of these Terms and such other factors.
In case You wish to avail any or all of Our Services as a Merchant or Exporter, upon completion of creation of Your APIPL Account, you must also agree and execute a Services Agreement with us. Any additional terms and conditions governing the use of Our Services by You are specified in such Services Agreement and may be supplemented by other applicable agreements.
You agree and acknowledge that you shall not engage in any form of fraudulent transaction by using Our Services in any manner. APIPL Platform reserves the right to suspend or terminate Your APIPL Account and/or Services in case of any such fraudulent transaction by You.
Ownership of the APIPL Platform You agree and acknowledge that APIPL is the exclusive owner of any Intellectual Property Rights, title, or interest in the contents of the Website or Mobile App, structure, colour, and other creative details of the dashboard as available on relevant APIPL Platform.
Transaction fee
Applicable fees for the provision of Services shall be levied by Us and the Your bank from time to time. You agree that the fees shall be charged according to the manner, rates and frequency determined by Us and/or the bank in accordance with the applicable laws and market rates which shall be communicated to You prior to Your use of Our Services (“Fees”). In case You do not agree to the Fees charged by Us, you shall not proceed further and access the Platform or our Services. The Fees are exclusive of applicable taxes and We will charge all the applicable taxes on the Fees from time to time. You agree that any statutory variations in applicable taxes during the subsistence of these Terms shall be borne by You.
Set Off
You agree that We are authorized to deduct and set off any Fees, charges, or other amounts due and payable by You for the use of our Services from the balance available in Your APIPL Account. These Fees and charges will be as communicated to You and agreed upon in advance, and may include transaction Fees, service charges, and any other applicable costs associated with the services provided. In the event that the balance in Your APIPL Account is insufficient to cover the Fees or any other charges, You agree to promptly settle the outstanding amounts upon notification from Us. Alternatively, we may also raise monthly invoices in respect of Fees charged for Services provided during such months. Invoices are available on the Dashboard on a monthly basis. Any dispute in respect of an invoice must be communicated by You to Us via a notice no later than ten (10) days from the date of the invoice. We shall use good faith efforts to reconcile any reasonably disputed amounts.
You agree that You shall be solely responsible to do reconciliation on a daily basis for all the transactions processed. In case of discrepancies, You agree to report to Us regarding such discrepancy via an email intimation to [•] within three (3) days upon the receipt of the funds. We shall not be liable for any reconciliation issue if the same is highlighted by You to Us after such time.
Confidentiality
“Confidential Information” means all information or data of a confidential nature, software code, application, network configuration, login ID and password, accounts information, products and processes and/or any other information in whole or in part of either Party.
Each Party acknowledges and agrees:
not to disclose to any third party any Confidential Information of the disclosing party that it may have access to during and in connection with APIPL and its Services hereunder.
that monetary damages may not be a sufficient remedy for unauthorized disclosure of any Confidential Information and that the disclosing party shall be entitled, without waiving any other rights or remedies, to such injunctive or equitable relief as may be deemed proper.
to notify the other party (the disclosing party) immediately upon discovery of any unauthorized use or disclosure of Confidential Information or any other breach of any of these Terms by the receiving party. The receiving party will cooperate with the other party in every reasonable way to help the disclosing party regain possession of such Confidential Information and prevent its further unauthorized use.
The obligations set out in this Clause shall not apply to Confidential Information that:
is or becomes publicly known other than through a breach of the confidentiality obligations as set out in this clause;
is in possession of the receiving party prior to disclosure by the other party;
is independently developed by the receiving party;
is required by law, judicial court, recognized stock exchange, government department or agency or other regulatory authority, provided that sufficient notice is given of any such requirement, by the receiving Party to the disclosing party, in order that the disclosing party may seek for an appropriate protective order or exemption from such requirement, prior to any disclosure being made by the receiving party and/or its affiliates.
Disclaimer and Limitation of Liability
You expressly agree that You use of APIPL Platform or Our Services is entirely at Your own risk and that the Services are provided on an “as is” basis without any warranties. We do not guarantee that Our APIPL Platform will be secure or free from bugs or viruses. You are responsible for configuring your information technology, computer programs, and APIPL Platform to access our website and should use your own virus protection software. APIPL makes no warranties or representations about the accuracy or completeness of the content available on the Platform and assumes no liability for the following:
any transaction which it did not have any actual or constructive knowledge;
any injury or damage or loss arising from the use of Our Services;
any unauthorised use or access of Your personal information on account of default on Your part;
any bugs or viruses or trojan horses or the like that may be transmitted to or through the APIPL Platform.
The aggregate liability of APIPL to the User whatsoever shall not, in any event, exceed the sum equivalent to one (1) month's prior aggregate Fees earned by APIPL under these Terms from the date of occurrence of such liability which includes any special, incidental, indirect or consequential or direct damages, damages from loss of profits or business opportunities.
Representations & Warranties by the User
The User represents and warrants to APIPL and APIPL Platform the following:
The User represents, warrants, and declares that he/she/it is not/ shall not engage/d in any business or activities which is listed under negative, risky or restricted category of business in the transaction countries and shall not use Services to indulge in any business or activities identified as the negative, risky and restricted categories of business under applicable international, national, local laws.
In the event the User is a body corporate, it is duly organized and validly existing under the laws of the jurisdiction in which it is established and has requisite power and authority to execute, deliver and perform transactions using Services.
The execution and the consummation of the transactions herein do not breach its organizational documents or any law, provisions of any contract or order of court applicable to it and do not require any applicable governmental approval; and
In case the User is an individual, he/she is duly authorized to avail the Services and execute and consummate the transactions herein.
The User agrees to not share its APIPL Account credentials with any third party and undertakes to take reasonable measures to maintain such credentials and other information confidential.
The User consents to share personal information or data including KYC details that may be requested by the APIPL Platform for the purpose of creation of APIPL Account or for the purpose of provision of Services.
The User understands that consents requiring its/his/her written instructions in relation to access to any Services shall be providing by them carefully and once provided, such instructions shall be deemed to be binding instructions unless intimated to APIPL via an email to info@ppreciate.com
The User agrees that the funds remitted/received by it/her/him to the APIPL Account are from legitimate sources.
Indemnification & Remedy
Notwithstanding anything contained in these Terms, the User hereby shall indemnify, protect against liability and hold harmless APIPL against all actions, proceedings, claims, liabilities (including statutory liabilities), penalties, demands and costs (including without limitation, legal costs of APIPL on a solicitor/attorney and own client basis), awards, damages, losses and/or expenses, however, arising in relation to any claim or proceeding brought by any person other than a Party to a transaction against APIPL that may arise due to (i) breach by the User of any applicable laws, rules or regulations that may have been applicable to their transactions on the APIPL Platform; (ii) breach by the User of any of the clause contained in these Terms; and (iii) any act, neglect, misconduct or fraud by the User.
Data Protection
In relation to provision of Services by Us, We may periodically access and request personal data and such other information including your name, contact details, email address, residential address, permanent account number and redacted Aadhar number by You in compliance with The Information Technology (reasonable Security Practices and Procedures and Sensitive Personal Data Or Information) Rules, 2011, Aadhar Act, 2016 (including any amendments or rules thereunder) and other applicable laws. The terms of collection, storage and use of Your personal data shall be governed by the privacy policy (accessible here: https://www.appreciatepayments.com/ ).
Both User and APIPL acknowledge and agree to agree to adhere to applicable data privacy and protection laws. You agree to provide Your express consent to the APIPL Platform for granting the relevant APIPL Platform access to Your information during various stages of Your interaction with the APIPL Platform.
Grant of Rights
APIPL grants to the User, a revocable, non-exclusive, non-transferable, non-sublicensable, non-assignable right and license to access and use application programming interface of APIPL made available through APIPL Platform for its Services in accordance with the Terms set out herein.
Except as expressly permitted under these terms and conditions User must not:
reproduce, modify, translate, adapt or create derivative work based upon the Services;
decode, decompile, disassemble or otherwise attempt to access or derive the source code or architectural framework of the APIPL Platform or Services;
access the Services for purposes developing, marketing, selling or distributing any product or service that competes with or include features substantially similar to the Services;
use the Services in any way that does not comply with all applicable laws and regulations;
access or use the Services in a way intended to avoid incurring fees or exceeding usage limits or quotas;
attempt to disable or circumvent any security mechanisms used by the Services; or
use the Services in a way that poses a risk to APIPL.
use the Services to commit or attempt to commit, advocate, facilitate or participate in any illegal activities not limited to acts of money laundering, terror funding, smurfing, tax evasion, identity theft, fake invoicing, embezzlement, payment fraud, fake invoicing, cybercrime, bribery or corruption etc.
APIPL may improve, modify, add or remove functions or features to or from the Services from time to time, with or without notice to the User. The User will ensure that all of its employees and contractors (as applicable) who will be using the APIPL Platform are aware of and comply with the terms and conditions set out herein. Users will be liable and responsible for all acts and omissions of any person allowed access to the APIPL Platform and Dashboard. Users are not permitted to use any application (including its updated and/or any new version of it) in the production environment, unless and until APIPL has reviewed and approved for moving such application to the production environment and authorized.
Collection and Settlement of Funds
You acknowledge that APIPL is an intermediary and collects monies from the bank account of the User and settles it in accordance with prescribed guidelines/instructions given by You in the designated account. APIPL is not responsible/liable for the quality or deficiencies of services in any manner whatsoever OR in case funds are settled incorrectly unless APIPL has not followed the guidelines/instructions of the User correctly. You agree that the settlement of funds shall be subject to certain deductions or Fees or charges as set out herein. APIPL shall be entitled to deduct its Fees for the rendition of Services, taxes on such Services, charges and refunds from the settlement amount due to the User.
Chargeback
APIPL also provides a platform to various Users for cross border transfer money. In case the transactions don’t successfully go through and the funds are deducted from the User’s APIPL Account, in such case, APIPL shall support resolving the disputes within the prescribed turnaround time. In that case, User shall send an email with the detail of such a transaction to [•].
Refunds
Refunds are reversal transactions wherein complete or partial money is moved back to User’s source account (account from which actual payment is made) with some exception cases as given below. A refund can only be created for a successful or settled transaction only as per the refund policy of the third-party Users. A refund only if initiated by the User due to a mismatch in transaction status between Us and the User wherein transaction is failed at User's end but is successful at the other end. The process followed for refunds can be initiated only by the User after transaction validation against the original order which is not more than 1 month.
No refunds or cancellation shall be allowed after payment has been made unless requested by the User by sending an email intimation to info@ppreciate.com. A sync confirmation after transaction validation for refund is provided in response to the request to the User. Apart from net banking refunds as it is instant in nature, most of the net banking refunds are file-based and hence, are sent to the bank on the next working day. Once the Bank accepts the refund, APIPL will send the message ‘Success Refund’ to the User.
This depicts that a refund has been initiated. Bank credits the User’s source account with the refund amount. There are some exception cases where a refund is not processed in the User’s source account/mode when source account/mode is closed, wallet limit exhaust, User requested to get a refund in a different account and when order is expired and hence automatic refund cannot be processed in the source.
Rejection/Withholding
Rejection Notwithstanding anything contained in these Terms, the User hereby agrees that APIPL reserves the right to reject/cancel payments prior to User making any payments, if the transaction:
unlawful, unenforceable, doubtful, or erroneous for any reason;
made to or from a territory outside the geographical scope of its Services;
is discovered using APIPL fraud mitigations tools as very high-risk score;
has not obtained a necessary authorisation/authentication is required to be obtained herein;
due to incomplete or omitted necessary details of the User or designated bank account details of any person as designated by the User;
APIPL considers the transaction as fraudulent, illegal or in contravention with the applicable laws.
Withholding Any amount or payment to be remitted to the User’s APIPL Account may be withheld or delayed if:
the User or the person remitting funds to the User’s APIPL Account has committed any fraud or violates any applicable law or legal requirement;
the User has excessive pending chargebacks or poses high chargeback and/or refund risk; and
in case of any technical failure or system malfunction or operational disruption or regular maintenance services affecting the APIPL Platform.
Suspension and Termination.
Termination by the User. The User can terminate and delete their APIPL Account at their discretion by placing a request via an email to [•] or by clicking on deletion of account option in the Dashboard.
Termination by APIPL. APIPL reserves the right to terminate the APIPL Account by providing the User, a 30 days prior written notice to the registered email address provided by the User except in the event of (a) breach of these Terms by the User; or (b) fraud or misrepresentation of any information by the User; or (c) violation of any applicable laws by the User, APIPL shall have the right to terminate the APIPL Account.
You agree that upon closure or deletion of Your APIPL Account due to any reason whatsoever, the outstanding balance (if any) shall be handled as per Your instruction or in a manner determined by APIPL.
General Provisions.
Communications. You agree that during the course of Your engagement with the APIPL Platform including but not limited to sign-up/registering or transacting or availing any other Services on the APIPL Platform, APIPL Platform may contact You or communicate with You via emails or SMS or push notifications or other progressive technology. You agree that there can be disruption in communications due to factors not under Our control such as incorrect email address, network interruptions etc., You agree to not hold APIPL liable for any non-delivery of information or failure for communication due to such factors. You further acknowledge that Your are responsible for the contact details shared by You and agree to inform and update us regarding any change in Your contact details. You understand that we may use third party service providers to send alerts or communicate with You over calls, SMS, emails or any other mode of communication.
Governing Law, Jurisdiction and Dispute Resolution.
The Terms and the use of the Platform are governed by and construed in accordance with the laws of India.
In the event any dispute or difference arises between the User and APIPL in connection with the validity, interpretation, termination and implementation or alleged breach of any provision of these Terms (“Dispute”), both parties hereto shall endeavour to settle such Dispute within a period of 30 days, amicably with each other and in good faith.
Upon failure to amicably settle any Dispute, the User must give written notice to the APIPL and refer the Dispute to be resolved by arbitration to be conducted by a sole arbitrator, mutually appointed by both parties to settle the Dispute. The arbitration proceedings shall be conducted in accordance with the rules of the Arbitration and Conciliation Act, 1996. If both parties are unable to mutually agree upon an arbitrator, APIPL shall appoint the sole arbitrator. The venue and seat of arbitration shall be Mumbai, India. The arbitration proceedings shall be conducted in English. The arbitral award shall be substantiated in writing.
The courts in Mumbai, India shall have exclusive jurisdiction over all matters connected with these Terms of Use and Your use of the website.
Assignment You will not assign or transfer Your rights or obligations under these Terms. You agree and acknowledge that APIPL Platform may assign its rights and duties under these Terms without any such assignment being considered a change to the Terms and without any notice to You.
Amendment We may update these Terms at any time, with or without advance notice. Your use of APIPL Platform or its Services or access to the APIPL Platform after a notice of changes has been sent to you or published on the website will constitute your acceptance of the updated Terms. Severability If any provision of these Terms is found by a court of competent jurisdiction to be invalid, the parties agree that the court should attempt to give effect to the parties’ intentions as reflected in the provision, and the remaining provisions of these Terms will remain in full force and effect.
Waiver APIPL’s failure to exercise or enforce any right or provision of these Terms will not constitute a waiver of such right or provision.
Mandatory Disclosure under Regulation 27(2) of the PSP Regulations Appreciate Payments IFSC Private Limited is authorised by the International Financial Services Centres Authority to provide payment services. Please note that this does not mean You will be able to recover all the funds that You paid to the Appreciate Payments IFSC Private Limited if the Appreciate Payments IFSC Private Limited’s business fails.
Grievance redressal mechanism.
In case of any complaints or concerns with regard to the content on the APIPL Platform and/or breach of these Terms and/or to report any violation of applicable laws, You agree to immediately inform Us with all relevant details to the designated customer care/grievance officer as mentioned below via an email intimation to [•].
Provisions in relation to Card Networks.
The Card Networks reserve the right to amend their guidelines, rules, regulations and schemes from time to time. You agree and understand that We may be required to amend, modify or alter these Terms pursuant to amendment to such guidelines, rules or regulations of these Card Networks (“Card Payment Network Rules”). You agree that in the event Your non-compliance with the Card Payment Network Rules results in fines, penalties or charges, then You shall be liable for such fines, penalties or charges levied by Us or applicable Card Networks. You agree and understand that We may share your personal data or any other information to facilitate seamless provision of Services to You.