Terms & Condition - MetaKosh Technologies Private Limited

This Agreement ("Agreement" or “Terms” or “Terms and Conditions”) describes the terms and conditions governing the use of your Account, e-Wallet and Cards at Payfast.

The Virtual Credit Card and the Physical Credit Card (both referred to as “Card”) are issued by the Regulated Provider and the electronic money on the Account accessed by the Card is issued by the Regulated Provider.

By purchasing, accepting or using a Card, you agree to be bound by the Terms and Conditions contained in this Agreement as it may be amended from time to time. You further agree that you are bound by this Agreement if you use any Card. Please read this Agreement carefully and keep it for future reference. The current version of these Terms and Conditions can be found on Payfast's website http://www.payfast.in.

You do not need to log on your Account to view these Terms and Conditions.

Terms & Condition - MetaKosh Technologies Private Limited

As used in this Agreement, the following terms have the following meanings. The singular shall include the plural, and the plural the singular. All captions are intended solely for convenience of reference and shall in no way limit any of the provisions of these Terms as follows.

"Account" It means the physical money and/or digital account associated with your e-Wallet(s) account and Card(s) that is created at the time you signed up to be a Payfast's Account Holder.

"Account Holder" It means the individual that has an Account with Payfast.

"Account-to-Account Service" or "A2A" It means the Payfast Service that enables an Account Holder to make secure on-line payments and/or to transfer funds in their Account to another Payfast Account Holder electronically.

"CDM" It means a Cash Deposite Machine from which cash can be transfer when you use your Card at Payfast.

“Business Day(s)” It means any weekday other than bank holidays in India.

“Card” and “Cards” It mean the Virtual Credit Card and/or the Physical Credit Card issued by the Regulated Provider, which access your Account – please note that's all Cards are issued to you but will be held and used by your registered users.

"Credit Card" Credit cards are issued by banks and financial institutions allowing the user to make purchases and pay for various services by borrowing money from them. Apart from providing the much-needed alternative to cash, credit cards also offer you benefits in the form of rewards, cash backs, interest-free period and much more. The demand for credit cards in the Indian market is growing rapidly and hence leading banks have launched plenty of card options for the customers to choose from.

"Credit Card Services" It means a transaction made on Payfast from your Card, provided to you by banksin India.

“Service Charge” It means an amount representing the value of a Transaction which the card holder has to paid at Payfast or in respect of which the card issuer seeks reimbursement in accordance with the Mastercard, Visa and Ruppay Rules;

“Other Card payment Fee” It means the Fee which is charged to an Account holder when funds are moved from one Credit Card to another within their e-Wallets.

"Data Controller" It has the meaning given to it under the Payfast Privacy & Policy

"Data Processor" has the meaning given to it under the Data Protection Law;

"Data Protection Law" means (as amended, superseded or replaced from time to time and to the extent applicable to a Party, its business or services or obligations under this Platform Services Agreement or the subject matter in question): (i) the Data Protection Act 1998; (ii) any legislation or regulations which implement Directive 95/46/EC; (iii) Privacy and Electronic Communications (EC Directive) Regulations 2003; (iv) the GDPR; and (v) all legally binding guidance and codes of practice issued by any regulator with jurisdiction over the data processing arrangements contemplated in this Platform Services Agreement;

“EMV and EMV CHIP” It means MasterCard, and Visa, and is the global standard for inter-operation of integrated circuit cards and capable point of sale terminals and automated teller machines, for authenticating credit and debit card transactions.

"e-Wallet" and “e-Wallet Account” It means the electronic purse holding e-money issued by the Regulated Provider for each Account Holder and may be denominated in INR currency at our sole discretion.

“Fees” It means those charges that may be applied to your Account to pay Payfast for a transaction and/or an activity on your Account, e-Wallet or Card. These Fees can be found in Section VIII - “Fees and Limits” of this Agreement, or which have been otherwise disclosed to you at the time you obtained your Card, or has been disclosed to you, with two (2) month’s notice, as having been modified by Payfast.

“Load Method” and “Add Methods” It means all of the methods that we offer to enable you to load/add money from your funds sources outside of Payfast. These may include, but are not limited to, loads of funds by Credit Card/Debit Card purchases and transfers from your bank accounts.

“Mastercard" It means Mastercard® International Incorporated and any of its regional organisations.

“Visa Card" A Visa card is any type of payment card utilizing the Visa network and branded by Visa Inc.

“Personal Data” It has the meaning given to it under Payfast Privacy & Policy

“Personal Information” It means, but is not limited to, the following in relation to individuals registered with us as using the Products and Services: (1) their name and address; (2) their current government issued identification document with their picture; and (3) proof of their address; (4) all information we collect from their use of the Account, together with any other additional personal information we may require from them from time to time.

“PIN” It means Personal Identification Number, the four(4) / six(6) digit code provided to you for use when you use a Card at Payfast.

“Privacy & Policy” It means the privacy policy & supplied to the you prior to or at the time of entering into this Agreement and as amended from time to time and set out on Payfast’s website at www.payfast.in.

“Products” It means all Payfast tangible or intangible goods that are sold to our customers.

"Products and Services" It means the Products and Services including, for the avoidance of doubt, the Account and Card Services offered to Account Holders

“Regulated Provider” It means the appropriately regulated company or companies selected by Payfast to provide payment services and/or issue electronic money (which services/issuance, notwithstanding anything herein, shall be subject to the law of the jurisdiction of such company) on behalf of the company who are also principal members of Visa / Mastercard / Rupay for issuing payment instruments and/or acquiring payment transactions.

“Security Code” It means the three (3) digit code that is provided to you in your Message Centre when you obtain a Virtual Card, or is printed on the reverse of the Physical Card.

"Service" and/or "Services" It means all Payfast functionality services provided to you, including credit card but not limited to the Account-to-Account Service.

"User ID" It means the letters and characters chosen by an Account Holder, or assigned by us, to identify an Account.

"Virtual Card" It means a virtual prepaid Card, which is issued with no physical plastic card attached, for use at certain online and/or telephone/mail order merchants.

“Withdrawal Method” It means any of the methods offered by Payfast, at our sole discretion, that allows Account Holders to move funds from their Account to an external account.

"you", "your" and "yours" That means the business, or as appropriate any registered user permitted by you, using the Products and Services.

"we" and "our" and “us” It means Payfast and/or our affiliates and assigns as appropriate

Terms & Condition - MetaKosh Technologies Private Limited

I. Eligible Users
II. Products and Services
III. Credit Card Services
IV. Protecting Your Cards and Your Personal Information
V. Using Your Card
VI. Account validity
VII. Cancelling Your Account
VIII. Fees and Limits
IX. Authorisations
X. Online Account Statement