Payment Terms

Payment Terms

By using these payment processing services of PayMate (as more particularly described in the General Terms and Conditions), User agrees to be bound by the General Terms and Conditions (”Terms”), these additional terms and conditions (“Payment Terms”), the Privacy Policy and all other terms, policies and guidelines applicable to the Services (as defined in the Terms). If User is using the Services on behalf of a business, that business accepts these Terms and Payment Terms. The Services may only be used in India. Defined terms will have the same meaning as those found in the Terms, unless otherwise re-defined herein.


Users shall fulfil the eligibility criteria set out in the Terms. User confirms that he is either a legal resident of India, an Indian citizen, or a business entity authorized to conduct business in India and that he is an authorized signatory for the business he represents. User represents and warrants that he is 18 or older and is competent to contract. User also agrees that his Payer/ Payee is similarly competent to contract.

Role of PayMate

PayMate is a payment facilitator that allows a User to (i) receive payments from their customers or other payers; or (ii) make payment to suppliers, beneficiaries or other payees, by (a) NEFT/RTGS; or (b) credit/ debit card; or (c) net banking; or (d) any other mode of payment through banks, that may be permitted by PayMate from time to time in these Terms. PayMate may remove or add such payment modes at any time without prior notice. PayMate is not a bank and does not offer any banking services. In order to provide the Services, PayMate must enter into agreements with banks, financial institutions, associations, facility providers, card issuing institutions, acquiring and other banks, card processors and/or clearing house networks, (“Service Providers”) whose facilities or services are utilized in the provision of these Services. By accepting or otherwise agreeing to these Payment Terms, User agrees to the terms and conditions of the applicable Service Provider.

User Account

In order to use the Services for the limited purposes of holding, receiving, and disbursing funds on your behalf, a User must register to create an account ("User Account" or “Account”) with PayMate. All information provided by Users shall be accurate, current and complete. PayMate shall not be liable for any loss or costs incurred by any party due to any incorrect or mistaken information provided by any User.

User must use his or his business’ true and accurate name when opening a User Account. This name will appear for all payments he makes/ accepts using the Services. A User represents and warrants that he has full power and authority for using the Services and is in strict compliance of all laws.

PayMate will review the information submitted by User while signing up for the Services. User shall submit identity verifying information about himself as may be required by PayMate. PayMate may periodically obtain additional reports/ verification to determine whether a User continues to meet the requirements for a User Account. User permits PayMate to share information about him and his application (including whether he is approved or declined), and his User Account with banks or other financial institutions, or as otherwise specified in the Privacy Policy. PayMate or its processor and/or Acquiring Bank may conclude that User will not be permitted to use the Services.

User agrees that he will not disclose his password to any third party and that he will take sole responsibility for any activities or actions under his User Account, whether or not he has authorized such activities or actions. He will immediately notify PayMate of any unauthorized use of his User Account.

Additional Information

PayMate may request additional information from User at any time. For example, PayMate may ask User to present invoices from his suppliers, a government issued identification such as a passport or driver’s license, a PAN card, an Aadhaar card, a business license, or other information. PayMate may also ask for permission to inspect User’s business/ other location. If User refuses any of these requests, his User Account may be suspended or terminated. PayMate reserves the right to suspend or terminate an Account and a User’s access to the Services if he creates more than one Account, or if any information provided during the registration process or thereafter proves to be inaccurate, fraudulent, not current or incomplete. User is responsible for safeguarding his password.


In connection with the Services, User authorizes PayMate to act on his behalf for the limited purposes of holding, receiving, and disbursing funds on User’s behalf. This authorization permits PayMate to generate a funds transfer to settle the proceeds of each Transaction that User authorizes, less any applicable Fees (as defined in the Terms). Such authorizations will remain in full force and effect until the User Account is closed or terminated. PayMate will remit to a Payee, funds actually received by PayMate on his behalf, less amounts owed to PayMate, any taxes or duties, or other amounts to be held back, such as chargebacks/ refunds (where possible). This authorization also permits PayMate to debit any of User’s linked bank accounts at any time for the purposes specified in these Payment Terms and the Terms.

User Obligations

In addition to the User Obligations set out in the Terms, a User shall also have the following obligations:

(a) The Services are subject to a User having an active mobile phone or internet connection with an associate telecom provider. A User is solely responsible for all liability arising from the unavailability of Services due to a mobile handset or internet service provider not supporting any Services or application.

(b) User must ensure the availability of sufficient funds before executing any Transaction from his User Account.

(c) User shall be solely responsible for the confidentiality, safety and security of his password. User shall be responsible for the consequences arising out of disclosure of his password and/or the unauthorized use of his User Account. In case his password is lost or misplaced, User shall promptly inform PayMate by calling at the customer care numbers. In case User’s mobile phone/ SIM card associated with his User Account is lost/stolen/misplaced/ no longer in his control, User shall promptly inform PayMate. PayMate will upon receipt of such information block the relevant account.

(d) User shall ensure that the Services are not used for Transactions in foreign currency. PayMate Services are provided only for Transactions in India.

(e) Without limiting the foregoing, User agrees that he will not use the Website to undertake any of the following actions or to display, upload, modify, publish, distribute, disseminate, transmit, update or share any information that:

  1. Is grossly harmful, harassing, blasphemous defamatory, obscene, pornographic, paedophilic, libellous, invasive of another’s privacy, hateful, or racially, ethnically objectionable, disparaging, relating or encouraging money laundering or gambling, or otherwise unlawful in any manner whatever;
  2. Infringes any patent, trademark, copyright or other proprietary rights;
  3. contains viruses, corrupted files, or any other similar software or programs that is designed to interrupt, destroy or that may limit the functionality of any computer source or that may damage or adversely affect the operation of another person’s computer, its web-sites, any software or hardware, or telecommunications equipment;
  4. Falsify or delete any author attributions, legal or other proper notices or proprietary designations or labels of the origin or the source of software or other material;
  5. Belongs to another person to which User does not have any rights;
  6. Interferes with or disrupts PayMate's websites, servers, or networks;
  7. Impersonate any other person.


(a) Subscription Fees:

A User is required to subscribe to any of the available plans to be able to utilize the Services. The Subscription Fees shall be payable by User as per the subscription plan chosen by him. The various plans available are set out hereinbelow. Subscription plans of various durations are available to Users. Payments for subscription plans can be made only by credit card.

A User’s subscription will be automatically renewed at the end of each subscription period unless User downgrades his paid subscription plan to a free plan or informs PayMate that he does not wish to renew the subscription. At the time of automatic renewal, the Subscription Fee will be charged to the credit card last used by a User. PayMate provides Users with the option of changing credit card details if he would like the payment for the renewal to be made through a different credit card. If User does not wish to renew the subscription, he must inform PayMate at least seven days prior to the renewal date. If User has not downgraded to a free plan and if User has not informed PayMate that he does not wish to renew the subscription, User will be presumed to have authorized PayMate to charge the Subscription Fee to the credit card last used by him.

A User shall not be entitled to any refunds or credits in respect of the Subscription Fees/ other fees or payments paid by him, even in cases where the User has elected to terminate his subscription to the Services or cancel his Account prior to the end of the period of his subscription.

PayMate may, from time to time, make change in the subscription plans, Subscription Fees, the price of any Services or PayMate may charge for Users use of Services that are currently available free of charge. Any such changes made by PayMate will however not apply until the expiry of a User’s subscription period.

PayMate reserves the right to terminate unpaid User accounts that are inactive for a continuous period of 120 days. In the event of such termination, all data associated with such User account will be deleted. PayMate will provide User prior notice of such termination and option to back-up his data. The data deletion policy may be implemented with respect to any or all of the Services.

(b) Transaction Fees:

For use of the Services, User agrees to pay the applicable Transaction Fees (“Transaction Fees”) listed in the Fee Schedule set out below and as amended from time to time. All Transaction Fees are charged at the time PayMate processes a Transaction and are deducted first from the funds collected or to be transferred to or from the balance in the User Account. Subject to the Terms and these Payment Terms, PayMate reserves the right to change its Transaction Fees forthwith upon posting such change on its Website. User may only continue to use the Services if he agrees to the change. All Transactions collected or paid through the Services are denominated in Indian Rupees.

Upon receipt of the Transaction Amount from the Payer in the PayMate Bank Account, PayMate shall deduct its Transaction Fees plus service tax, other applicable taxes or deductions, and make payment of the balance of the Transaction Amount (“Payment Amount”) to Payee’s designated bank account. All other taxes, duties or charges shall be borne and paid by User, unless otherwise agreed between the Parties.

Fees Schedule

Subscription Plans of Web

PayMate offers two pricing options for Customers namely, (a) Free and (b) Premium.

The Free plan is a 30 day trial plan which offers the potential User the complete platform experience but with monetary limits on the Transactions.

The Premium plan is offerred to Users at ₹ 99 per month and is charged to the credit card provided by User at the time of subscription. The Premium plan auto renews till the User communicates to PayMate his decision to terminate the subscription to the Services.

The Subscription Fees and Transaction Fees payable and the limits per plan are:

Plan Name Free Premium (Monthly) Premium (Monthly)
Duration 30 days 30 days (auto-renewed) 30 days (auto-renewed)
Price Free 99 per month+Tax 499 per month+Tax
Total Transactions 25 Receive + Pay transactions Unlimited Unlimited
Amount per transaction (Max.) Rs. 10000/Transaction Unlimited Unlimited
Total Amount transacted 100000 Unlimited Unlimited
Post limit (days, amount or count) No Transactions No Limit No Limit
Services and pricing
Receive Money
NEFT Free Free Free
RTGS Free Free Free
Credit Card PAYG-3%+Tax* 2.75%+Tax 2.75%+Tax
Debit Card PAYG-3%+Tax 2.75%+Tax 2.75%+Tax
Net Banking Free Free Free
Settlement Free Free Free
Send Money
NEFT Free Free Free
RTGS Free Free Free
IMPS Free Rs10+Tax Rs10+Tax
Credit Card PAYG-3%+Tax* 2.75%+Tax 2.75%+Tax
Debit Card PAYG-3%+Tax 2.75%+Tax 2.75%+Tax
Net Banking Free Free Free
Xpress Account Free Free Free
Top-Up NEFT Rs10+Tax Rs10+Tax Rs10+Tax
Top-Up RTGS Rs10+Tax NRs10+Tax NRs10+Tax
Top-Up Credit Card 2.75%+Tax 2.75%+Tax 2.75%+Tax
Top-Up Debit Card 2.75%+Tax 2.75%+Tax 2.75%+Tax
Top-Up Net Banking Rs15+Tax Rs15+Tax Rs15+Tax
Add-On Services
Contacts Free Free Free
Reporting Free Free Free
Invoicing Unlimited Unlimited Unlimited
User and Role Management Single User Single User Multiple Users
* GST will be charged at the rate 18% as the tax component mentioned in the table above.

Subscription Plans for API

Plan Name API Enterprise Silver API Enterprise Gold
Duration 1 Year 1 Year
Price 4999 9999
Total Transactions 1000 Monthly 3000 Monthly
Amount per transaction (Max.) Unlimited Unlimited
Total Amount transacted Unlimited Unlimited
Post limit (days, amount or count) Additional charges* Additional charges*
Services and Charges
Receive Money
NEFT Free Free
RTGS Free Free
Credit Card 2.5%+Tax 2.25%+Tax
Debit Card 1%+Tax 1%+Tax
Net Banking Rs. 30 + Tax Rs. 30 + Tax
Settlement Free Free
Send Money
NEFT Free Free
RTGS Free Free
IMPS Rs. 10 + Tax Rs. 10 + Tax
Credit Card 2.5% + Tax 2.25%+Tax
Debit Card 1% + Tax 1% + Tax
Net Banking Rs. 30 + Tax Rs. 30 + Tax
NEFT Free Free
RTGS Free Free
Credit Card 2.5% + Tax 2.25%+Tax
Debit Card 1% + Tax 1% + Tax
Net Banking Rs. 30 + Tax Rs. 30 + Tax

IMPS Transactions are limited to Rs 2 lacs per Transaction.

The above Fees may be modified, increased or decreased by PayMate, from time to time, by making the necessary changes in these Payment Terms on its Website.

PayMate also reserves the right to revise the Fees payable in the event of any revision in the rates charged by the Acquiring Banks or Service Providers or guidelines issued by the RBI from time to time.

Any Fees charged by PayMate in respect of a Transaction that has been confirmed shall not be returned or repaid by PayMate or the Acquiring Banks or Service Providers to the User or any other person irrespective of the Transaction being rejected, chargeback, refunded or disputed.

Payout Schedule

PayMate will automatically initiate a payout of the Payment Amount to a Payee’s designated bank account as set out herein below: All Transactions through credit card, debit card and net banking shall be credited to Payee within 48 hours of completion of successful Transaction (subject to normal banking hours and holidays).

All payments shall be made by PayMate subject to receipt of the same in the PayMate Bank Accounts.

All payments settled by PayMate to any Payee shall be through NEFT/ RTGS or IMPS channels.

NEFT/ RTGS or IMPS channels are available only during normal banking hours.

The above Payout Schedules are entirely dependent on services of banks and other Service Providers and thus, available only during banking hours on working days (which exclude bank holidays and Sundays).

PayMate will initiate a payout of the Payment Amount received on non-business days, before the next business day.

PayMate may defer payout or restrict a Payee’s access to the Payment Amount if PayMate needs to conduct an investigation or resolve any pending dispute related to User’s use of the Services. PayMate may also defer payout or restrict access to the Payment Amount as necessary to comply with applicable law or court order, or if requested by any governmental entity.

Processing Errors

PayMate will attempt to fix processing errors it discovers. If the error resulted in User’s receipt of fewer funds than he was entitled, PayMate will credit his User Account for the difference, subject to PayMate receiving the necessary funds. If the error results in User’s receipt of more funds than he was entitled, PayMate will debit the extra funds from his User Account or his linked bank account. PayMate will only be able to correct Transactions that User processes incorrectly if he notifies PayMate of such an error before transaction getting processed from PayMate’s end. User’s failure to notify PayMate of a processing error forthwith will be deemed a waiver of any right to amounts owed to him.

PayMate will settle Transactions to Payee’s bank account, subject to the payout schedule described below. If PayMate is not able to debit or credit the bank account User links to his User Account, that bank account will be de-linked from his User Account.

Right of Setoff

To the extent permitted by applicable law, User grants to PayMate a right of setoff, at PayMate's option, without prior notice to him, to collect, charge, and/or setoff all sums due from him, and to administratively freeze or direct any third party bank holding his account to freeze all such accounts to allow PayMate to protect its security interest, collection, charge and setoff rights as provided for in this section.

User Account History

When a payment is made to a Payee’s designated bank account, PayMate will update User on the Website and provide User with a transaction confirmation. The confirmation will serve as User’s receipt. Upon request of User, PayMate may provide a summary of his User Account activity, for up to one year of account activity. Except as required by law, User is solely responsible for (a) compiling and retaining permanent records of all Transactions and other data associated with his User Account and his use of the Services, and (b) reconciling all transactional information that is associated with User’s Account. If User believes that there is an error or unauthorized transaction activity is associated with his User Account, he must contact PayMate immediately.

Reserve for Holding Funds

PayMate may withhold funds by temporarily suspending or delaying payouts of Payment Amounts to Payee and/or designate an amount of funds that User must maintain in his User Account or in a separate reserve account (a “Reserve”) to secure the performance of User’s obligations or for any reason related to his use of the Services. The Reserve will be in an amount as reasonably determined by PayMate to cover potential losses to PayMate. The Reserve may be raised, reduced or removed at any time by PayMate, in its sole discretion, based on User’s payment history, a credit review, or otherwise as PayMate or the Service Providers may determine or require. If User does not have sufficient funds in his Reserve, PayMate may fund the Reserve from any funding source associated with his User Account, including any funds (a) deposited by him, (b) due to him, or (c) available in his bank account, or other payment instrument registered with PayMate. User grants us a security interest in and lien on any and all funds held in any Reserve, and also authorizes PayMate to make any withdrawals or debits from the Reserve or any bank account linked to his User Account, without prior notice to him, to collect amounts that he owes PayMate. User will execute any additional documentation required to perfect PayMate’s security interest in any funds in the Reserve. This security interest survives for as long as PayMate holds funds in Reserve.

Account Balances

While a User Account shows that he has funds therein, such funds shall in fact, be co-mingled and held by PayMate with other Users’ funds in the PayMate Bank Accounts on Users’ behalf and for the benefit of Users. PayMate has sole discretion over the establishment and maintenance of the PayMate Bank Accounts. Users will not receive interest or any other earnings on any funds that PayMate handles for them.

PayMate's Set-off Rights

To the extent permitted by law, PayMate may set off any balance in your User Account in order to recover funds for Transactions processed as per the User’s request. User’s failure to fully pay amounts that he owes PayMate on demand will be a breach of these Payment Terms. User shall be liable for costs associated with such collection, in addition to any amounts owed, including attorneys’ fees and expenses, collection agency fees, and any applicable interest.

Dormant User Accounts

If User does not process payments through his User Account for an extended period of time or has not linked a valid bank account, PayMate may provide User with notice as required by applicable law and instructions for how to claim his Balance. If funds still remain in his User Account, PayMate will deal with such funds as required by applicable law.

At present, PayMate does not expire any Accounts or forfeit any the balance amount in User Accounts. However, in the event that RBI introduces any applicable guidelines, PayMate will introduce a corresponding policy with regard to expiration of Accounts or forfeiture of balances, which will come into effect from the date that the policy is posted on the Website.

Chargebacks/ Refunds

Chargebacks/ refunds shall be dealt with as set out in the Terms. User is aware that due to the rapid nature of movement of funds, it may not be possible to make a chargeback/ refund at all. User will have to deal with his Payer/ Payee directly for such chargebacks/ refunds and PayMate shall not be involved in such matters.

Where a chargeback/ refund is possible, PayMate may withhold the chargeback/ refund amount in a Reserve. PayMate may recoup the amount of any chargeback/ refund and any associated Fees, fines, or penalties, from any proceeds due to User, or any bank account or other payment instrument linked to User’s User Account. If User has pending chargebacks/ refunds, PayMate may delay payouts from his User Account. If PayMate is unable to recover funds related to a chargeback/ refund for which User is liable, User agrees to pay PayMate the full amount of the chargeback/ refund immediately upon demand. User agrees to pay all costs and expenses, including attorneys’ fees and other legal expenses, incurred by PayMate for the collection of all amounts unpaid by him. All chargebacks/ refunds will be credited to the User Account in the PayMate Bank Accounts. User may instruct PayMate to transfer these monies from his User Account with PayMate to his designated bank account.

Excessive Chargebacks

If PayMate believes User might incur, or is incurring, an excessive amount of chargebacks, PayMate may establish additional conditions governing User Account, including (a) establishing new Fees, (b) creating a Reserve in an amount reasonably determined by PayMate to cover anticipated chargebacks and related fees, (c) delaying payouts, or (d) terminating or suspending the Services.

Unauthorized or Illegal Use

User will only use the Services for Transactions that are allowed by applicable law. PayMate may decide not to authorize or settle any Transaction that a User submits if PayMate believes that the Transaction is in violation of these Payment Terms or the Terms or any other agreement with them, or that it exposes User, Payers/ Payees, other PayMate Users, any Service Provider or PayMate to harm. Harm includes fraud and other criminal acts. If PayMate suspects that User Account has been used for an unauthorized, illegal, or criminal purpose, User gives us express authorization to share information about User, the User Account, and any Transactions with law enforcement and, as deemed necessary by PayMate or any Service Provider.

Applicable Service Providers Rules

By using the Services, User agrees to comply with all applicable bylaws, rules, and regulations set forth by the Service Providers (“Service Provider Rules”). The Service Providers amend their rules and regulations from time to time. PayMate may be required to change these Payment Terms in connection with amendments to the Service Provider Rules. Significant portions of the Service Providers Rules pertaining to debit/ credit cards are available to the public at, and merchantopguide. In the event of inconsistency between a Service Provider Rule and these Payment Terms, and except as otherwise agreed between PayMate and the Service Providers, the Service Provider Rules shall apply.


PayMate shall deduct its Fees as well as service tax from the Transaction Amounts received by them. User is responsible for determining any other taxes assessed, incurred, or required to be collected, paid, or withheld for any reason for his use of the Services (“Taxes”). User is also solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. PayMate is not obligated to, nor will they determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction. PayMate specifically disclaims any liability for Taxes.

Additional Indemnity

In addition to any indemnity provided in the Terms, User shall indemnify, defend, and hold PayMate, their employees, directors, agents, affiliates and representatives and Service Providers, harmless from and against any and all claims, costs, losses, damages, judgments, Tax assessments, penalties, interest, and expenses (including reasonable attorneys’ fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to any Transaction submitted by User through the Services (including the accuracy of any content or product, service, or transaction information that User provides or any claim or dispute arising out of products or services offered or sold by User).

Termination of Services

PayMate may terminate a User’s use of the Services at any time for any reason. Any termination of these terms does not relieve User of obligations to pay Fees or costs accrued prior to the termination, Chargebacks, and any other amounts owed to us as provided in these Payment Terms or the Terms. If a User’s access to Services has been terminated, he may still be permitted to use PayMate's other products, subject to PayMate discretion.

Services Upon Closure of User Account

Closure of a User Account will cancel any pending transactions. Any funds that PayMate is holding in custody for the User at the time of closure, less any applicable Fees and taxes, will be paid out according to the payout schedule, subject to the other conditions in these Payment Terms. If an investigation is pending at the time User closes his Account, PayMate may hold his funds as described herein. If User is later determined to be entitled to some or all of the funds, PayMate will release those funds to him.

Last Updated on: 26 February 2018