Refund & Cancellation Policy — ai paymoney (Instilx Technology Private Limited)

Last Updated: 01 February 2026

This Refund & Cancellation Policy (“Policy”) governs all payments made to Instilx Technology Private Limited (CIN: U62099MH2024PTC417654) having its registered office at VO-824, WeWork Vaswani Chambers, Worli, Mumbai - 400030, Maharashtra, India (“Instilx”, “Company”, “we”, “us”, “our”) in connection with the ai paymoney web portal available at https://aipaymoney.instilx.com (the “Portal”).

This Policy applies to all merchants/partners onboarded on the Portal, including Super Distributors, Distributors, and Retailers (each a “Merchant”, “you”, “your”), and must be read along with the Master Services Agreement (“MSA”), Terms of Service, and other policies published on the Portal/website. In the event of any conflict, the MSA shall prevail.

1. IMPORTANT PRINCIPLE: ALL PAYMENTS ARE FINAL (NO REFUNDS)

All payments made to the Company are final and non-refundable, including but not limited to:

• onboarding/registration fees;
• platform/maintenance/AMC fees (if any);
• device deposits/charges (if any), unless expressly stated as refundable in writing by the Company and subject to return/verification conditions;
• any service charges, convenience fees, processing fees, commissions, margins, or Portal fees;
• wallet/float top-ups or balances (if applicable);
• amounts paid for value-added services, verification checks, physical verification visits, documentation, or compliance steps; and
• any other amounts paid or deducted in connection with the Portal or Services.

By paying any amount or using the Portal, you expressly acknowledge and agree that you are not entitled to any refund under any circumstances, except where a refund is mandatorily required by Applicable Law and only to the extent required by such law.

2. WHY WE DO NOT REFUND

The Portal enables financial services through banks, regulated entities, networks, and other third-party partners (“Third-Party Partners”). Once processing and enablement steps occur, costs are incurred immediately, and many actions are irreversible or partner-dependent. Therefore:

• onboarding and verification work begins upon payment and/or submission;
• service rails (e.g., BBPS, NPCI/partner rails) may process transactions in real time or in partner-led cycles; and
• reversals, refunds, or chargebacks (where applicable) are governed primarily by partner/network rules, not by the Company's discretion.

3. WALLET/FLOAT TOP-UPS (IF APPLICABLE)

If your account uses a prepaid wallet/float mechanism:

1. Wallet/float top-ups are not refundable and cannot be cancelled or reversed.
2. Wallet balances are intended solely for use on the Portal for enabled services and permitted purposes.
3. The Company may place holds, reserves, or restrictions on wallet usage or withdrawals based on risk, compliance, disputes, KYC status, partner mandates, or legal requirements.
4. Any wallet movements, debits, reversals, deductions, fees, commissions, and adjustments are subject to the MSA, Terms of Service, and Portal commercials.

4. TRANSACTION REVERSALS / REFUNDS TO CUSTOMERS (SERVICE-LEVEL OUTCOMES)

4.1 General Rule

The Company does not provide refunds for transactions. However, certain transactions may be reversed or refunded by Third-Party Partners under their own rules, depending on transaction status (success/failure/pending) and reconciliation outcomes.

4.2 BBPS / Bill Payments and Recharge

• Any reversal/refund (if eligible) is governed by BBPS/biller/partner rules and timelines.
• The Company does not guarantee reversal timelines and is not liable for delays by billers/partners.

4.3 DMT (Domestic Money Transfer)

• DMT outcomes depend on bank rails and partner rules.
• If a transfer is successful, it is generally irreversible. If a transfer fails, reversal depends on partner/bank reconciliation.

4.4 Vendor Payments / Vendor Payout Service (Vendor Payments Only)

• Vendor payments are for the Merchant's own vendors/beneficiaries and are typically irreversible once successful.
• Any reversals (if any) are strictly partner/bank governed; the Company does not guarantee reversals.

4.5 AePS / MicroATM (If Enabled)

• Reversals/disputes are governed by partner/NPCI/UIDAI rules (as applicable) and operational workflows.

4.6 Travel (If Enabled)

• Cancellations/refunds are governed by the respective operator/aggregator policies (rail/air/bus/hotel). Deductions/charges may apply. The Company is not liable for operator-led decisions and timelines.

5. ACCOUNT CLOSURE / TERMINATION

If your account is closed or terminated (by you or by the Company):

• No refunds will be issued for any fees, charges, balances, or amounts paid/deducted.
• The Company may continue to hold reserves/withhold payouts or wallet withdrawals until all disputes, reversals, partner debits, compliance reviews, and investigations are resolved, as permitted by the MSA and Applicable Law.

6. EXCEPTIONS (ONLY IF REQUIRED BY LAW)

The only exception to this Policy is where a refund is explicitly required under Applicable Law by a competent authority. In such case:

• the Company will process only the minimum refund required by law; and
• processing may be subject to identity verification, compliance checks, and documentation.

7. DISPUTES AND SUPPORT

Refund requests will not be entertained. For transaction disputes (e.g., failed/pending status, reversal tracking), Merchants must raise a ticket through the Portal/helpdesk within the dispute timelines shown on the Portal and/or mandated by partners. Resolution depends on partner/network reconciliation and evidence.

8. CHANGES TO THIS POLICY

The Company may update this Policy from time to time by posting an updated version on the Portal/website. Continued use of the Portal after changes constitutes acceptance.

9. CONTACT

Instilx Technology Private Limited
Registered Office: VO-824, WeWork Vaswani Chambers, Worli, Mumbai - 400030, Maharashtra, India
CIN: U62099MH2024PTC417654

Support/contact details will be published on the Portal/website.