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Terms of Service

Last updated: 18 May 2026

1. Introduction

These Terms of Service (“Terms”) govern your access to and use of SwiftPay 247 (“SwiftPay”, “we”, “us”, “our”), a payment-aggregator platform operated by [LEGAL ENTITY NAME] in accordance with the Reserve Bank of India (“RBI”) Payment Aggregator and Payment Gateway directions.

By accessing or using our services, you (“Merchant”, “you”, “your”) agree to be bound by these Terms. If you do not agree, do not use the services.

2. Eligibility

You must be:

  • A legally registered business in India (sole proprietorship, partnership, LLP, private or public limited company, or registered NGO)
  • At least 18 years old where applicable
  • Capable of entering into legally binding contracts under Indian law
  • Compliant with applicable laws, including KYC, anti-money-laundering, and tax requirements

Onboarding is by invitation. SwiftPay reserves the right to accept or reject any application at its sole discretion.

3. Services

SwiftPay provides payment-aggregation services, including:

  • Collection of payments from customers via supported instruments (UPI, cards, net banking, wallets)
  • Settlement of funds to merchant bank accounts
  • Payout services to bank accounts and UPI IDs
  • Dispute resolution and chargeback handling
  • Webhook-based event delivery and API access
  • Compliance, reconciliation, and reporting tools

Services may be modified, suspended, or discontinued at our discretion. We will provide reasonable notice for material changes.

4. Onboarding and KYC

You agree to:

  • Submit complete and accurate KYC documents (PAN, GST, business registration, bank proof, directors' identity proof where applicable)
  • Update KYC information when material changes occur (change of directors, registered address, bank account, beneficial ownership)
  • Permit periodic re-verification as required by RBI rules

We may refuse to onboard, suspend, or terminate accounts where KYC is incomplete, inaccurate, or fails verification.

5. Fees and Charges

Transaction fees, settlement fees, payout fees, and any other charges are as specified in your Merchant Agreement. We reserve the right to revise fees with 30 days' written notice. GST will be charged on applicable fees at prevailing rates.

6. Settlement and Payouts

  • Standard settlement cycles are as defined in your Merchant Agreement (typically T+1 to T+3 working days)
  • Settlement may be delayed or held back where we suspect fraud, regulatory inquiry, or chargeback risk
  • A risk-based reserve may be applied at our discretion to cover potential disputes
  • You are responsible for verifying settlement reconciliation and reporting discrepancies within 30 days

7. Prohibited Activities

You must not use SwiftPay for:

  • Goods or services prohibited under Indian law
  • Gambling, betting, or lotteries, except where licensed and explicitly approved
  • Adult content or services
  • Unregulated financial products, including unauthorised collective investment schemes
  • Pyramid, multi-level marketing, or Ponzi-type schemes
  • Cryptocurrency trading except as permitted by RBI guidance
  • Counterfeit goods or infringing intellectual property
  • Transactions with sanctioned parties or jurisdictions

Violations may result in immediate suspension, withholding of settlements, and reporting to law-enforcement or regulatory bodies.

8. Compliance

You agree to comply with:

  • RBI Payment Aggregator and Payment Gateway Directions, 2020 (and subsequent amendments)
  • Prevention of Money Laundering Act, 2002 (PMLA) and rules thereunder
  • Digital Personal Data Protection Act, 2023 (DPDPA)
  • Payment Card Industry Data Security Standard (PCI-DSS), where applicable
  • All other applicable Indian laws, RBI circulars, and government regulations

9. Disputes and Chargebacks

  • Customer chargebacks will be debited from your settlement or pending payouts
  • You may contest chargebacks through the prescribed process and within timelines specified in your Merchant Agreement
  • Repeat chargeback offenders may face suspension, increased reserves, or termination

10. Refunds

You may issue refunds via the dashboard or API. Refund timing depends on the original payment instrument (UPI refunds typically instant; card refunds 5–7 working days; net banking 3–5 working days). Refunds are netted off your settlement on the next available cycle.

11. Termination

Either party may terminate the Merchant Agreement with 30 days' written notice. We may terminate immediately for:

  • Breach of these Terms or the Merchant Agreement
  • Regulatory inquiry or enforcement action
  • Fraud or suspected fraud
  • Failure to maintain valid KYC
  • Insolvency, bankruptcy, or winding-up proceedings

Upon termination, pending settlements may be held back for up to 180 days to cover potential chargebacks and disputes.

12. Limitation of Liability

To the maximum extent permitted by law, SwiftPay's total liability under any claim shall not exceed the total fees paid by you to SwiftPay in the 12 months preceding the event giving rise to the claim. SwiftPay shall not be liable for indirect, consequential, incidental, special, or punitive damages, including loss of profits, data, business, or goodwill.

13. Indemnification

You will indemnify, defend, and hold harmless SwiftPay, its officers, employees, and affiliates against all claims, damages, liabilities, and losses arising from:

  • Breach of these Terms or the Merchant Agreement
  • Violation of applicable law or regulation
  • Disputes raised by your customers
  • Your prohibited or fraudulent activities
  • Infringement of any third-party intellectual property rights

14. Force Majeure

We are not liable for failures caused by events beyond reasonable control, including natural disasters, war, civil unrest, network outages, infrastructure failures of banks or payment networks, cyberattacks, pandemics, or government actions.

15. Governing Law and Jurisdiction

These Terms are governed by the laws of India. Any dispute arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts at [CITY], India.

16. Changes to Terms

We may amend these Terms from time to time. Updated Terms will be posted on this page with a revised “Last updated” date. Material changes will be communicated to merchants by email at least 30 days in advance. Continued use after the effective date constitutes acceptance.

17. Contact

For questions about these Terms, contact us at legal@swiftpay247.com.