LivQuik Technology (India) Private Limited having its registered office at C-15,Sriram Nivas, 1st Floor, Secretariat Colony, Thiruvalluvar Nagar, Alandur, Chennai, Tamil Nadu, India - 600 016. LivQuik is an RBI authorized PPI issuer and prepaid instruments marketed by PayGrex Technologies Private Limited, are issued by LivQuik and detailed terms and condition for the prepaid instruments are available at livquik.com/ppi/terms-and-conditions/
Types of PPIs
Small PPI
• Minimum details shall necessarily include a mobile number verified with OTP and a self-declaration of name and unique identity/identification number of any ‘mandatory document’ or OVD as per the Master Direction on KYC.
• Such PPIs shall be reloadable in nature.
• Loading/reloading shall be from a bank account, credit card, or full-KYC PPI.
• The amount loaded in such PPIs during any month shall not exceed Rs. 10,000, and the total amount loaded during the financial year shall not exceed Rs. 1,20,000.
• The amount outstanding at any point in time in such PPIs shall not exceed Rs. 10,000.
• These PPIs shall be used only for the purchase of goods and services. Cash withdrawal or funds transfer from such PPIs shall not be permitted.
• PPI shall have an option to close the PPI at any time. The closure proceeds can be transferred ‘back to source account’ (payment source from where the PPI was loaded). Alternatively, the closure proceeds can be transferred to a bank account after complying with KYC requirements of the PPI holder.
Full-KYC PPI
• Video-based Customer Identification Process (V-CIP) can be used to open full-KYC PPIs as well as to convert Small PPIs into full-KYC PPIs.
• Such PPIs shall be reloadable in nature.
• The amount outstanding shall not exceed Rs. 2,00,000 at any point in time.
• Funds can be transferred ‘back to source account’ (payment source from where the PPI was loaded) or ‘own bank account of the PPI holder’ (duly verified by the PPI issuer).
• PPI issuer shall provide the facility of ‘pre-registered beneficiaries’ whereby the PPI holder can register beneficiaries by providing their bank account details or details of PPIs issued by the same issuer (or different issuer when permitted).
• For pre-registered beneficiaries, the funds transfer limit shall not exceed Rs. 2,00,000 per month per beneficiary.
• Funds transfer limits for all other cases shall be restricted to Rs. 10,000 per month.
• Funds transfer from such PPIs may also be permitted to other PPIs, debit cards, and credit cards as per the limits given above.
• There is no separate limit on the purchase of goods and services using PPIs, and the PPI issuer may decide the limit within the overall PPI limit.
• PPI issuer shall also give an option to close the PPI and transfer the balance as per the applicable limits of this type of PPI.
• Cash withdrawal shall be permitted up to a maximum limit of Rs. 2,000 per transaction within an overall monthly limit of Rs. 10,000 per PPI across all channels (agents, ATMs, PoS devices, etc.).
• Accounts opened using Aadhaar OTP-based e-KYC, in non-face-to-face mode: The User shall enter the mobile number registered with Aadhaar in the mobile application for onboarding; otherwise, there will be a mismatch, and the application shall be rejected. By accepting the terms of opening this account, the customer consents to LivQuik Technology (India) Private Limited to open a LivQuik Account and share their data, including KYC-related data, with CERSAI for CKYCR updation as required. Customers onboarded via Aadhaar OTP-based e-KYC shall undergo Customer Due Diligence (CDD) within one year, either via V-CIP or Biometric process in face-to-face mode. If the CDD procedure is not completed within a year, such PPI shall be closed immediately. The aggregate balance of all accounts opened using Aadhaar OTP-based e-KYC shall not exceed Rs. 1 lakh. If the balance exceeds Rs. 1 lakh, the account shall cease to be operational until CDD is completed. The aggregate of all credits in a financial year shall not exceed Rs. 2 lakh. No other account shall be opened using OTP-based KYC in non-face-to-face mode with any other RE. LivQuik shall send transaction alerts, OTPs, etc., only to the Aadhaar-registered mobile number. Any request to change the mobile number in such accounts shall only be processed after updating the number in Aadhaar records.
KYC:
Undertaking your KYC: You authorize LivQuik (and any third party appointed by LivQuik) to facilitate your KYC process as required. This may include asking for documentation required by law, verifying information against third-party databases, or obtaining additional information. If you refuse to complete the KYC requirements, we may deny or limit your use of the Services. The collection, verification, audit, and maintenance of updated information is a continuous process. We reserve the right to take necessary steps to ensure compliance with all applicable KYC requirements.
Expiry of PPI
• Under the extant co-branding arrangement between LivQuik and PayGrex Technologies Private Limited, primary issuance shall be Card PPIs, backed by Wallets.
• The expiry period for Card PPIs shall be five years or the date of expiry mentioned on the card, whichever is applicable as per the program, while Wallets shall have perpetual validity.
• Cards that have expired can be blocked, and the remaining balance can be refunded to the customer.
• LivQuik may transfer the outstanding balance to its Profit & Loss account three years after the expiry date of PPI.
• If the PPI holder approaches LivQuik for a refund after expiry, the amount shall be paid to the PPI holder in a bank account.
• The PPI issuer shall have the right to renew active cards automatically. By accepting the terms, you consent to the auto-renewal of your card.
• The validity of accounts opened using Aadhaar OTP-based e-KYC in non-face-to-face mode shall be one year.
Charges and Fees
• Surcharges as charged by merchants will be applicable for certain merchant categories.
• Fees and charges for the card linked to the PPI wallet:
Physical Card Issuance Fee – Rs. 500 + GST
ATM Withdrawal Charges – Rs. 25 + GST
Disputes
• All transaction disputes related to networks shall be governed as per network guidelines by the PPI Issuer.
• The PPI Issuer will be the sole arbitrator in disputes between the PPI holder and the merchant.
Issuer Policies
• As a PPI user issued by LivQuik, it is your responsibility to visit LivQuik's Website regularly for the latest policy updates.
• Refer to the links below for LivQuik policies:
Terms and Conditions - https://livquik.com/ppi/terms-and-conditions/
Grievance Policy - https://livquik.com/ppi/grievance-policy/
Privacy Policy - https://livquik.com/ppi/privacy-policy/
FAQ - https://livquik.com/wallet-faq/
Self-care Portal - https://karbon.livquik.com/login
Notes:• In case of any inconsistency between the terms of the co-branding Partner and the terms of the PPI Issuer, the terms of the latter shall prevail.
• The funds loaded/reloaded into the prepaid payment instruments issued by LivQuik Technology (India) Private Limited ("LivQuik") shall be maintained by LivQuik in an Escrow Account maintained by LivQuik.
• In all cases, LivQuik shall be the Issuer of prepaid payment instruments marketed to the customers by LivQuik's co-branding partner.
