Terms of Service — ai paymoney (Instilx Technology Private Limited)

Last Updated: 01 February 2026

These Terms of Service (“Terms”) govern access to and use of the ai paymoney web portal available at https://aipaymoney.instilx.com and any related pages, dashboards, features, tools, APIs (if enabled), and services (collectively, the “Portal”), operated by Instilx Technology Private Limited (CIN: U62099MH2024PTC417654) having its registered office at VO-824, WeWork Vaswani Chambers, Worli, Mumbai - 400030, Maharashtra, India (“Instilx”, the “Company”, “we”, “us”, “our”).

These Terms are intended for business users (merchants) only. By accessing, registering, onboarding, or using the Portal, you agree to be bound by these Terms and our Policies (defined below). If you do not agree, do not use the Portal.

Important: These Terms apply in addition to the Master Services Agreement (MSA) executed/accepted during onboarding. If there is any conflict, the MSA prevails to the extent of conflict.

1. Definitions

• “Merchant” means any business user registered/approved to use the Portal, including Super Distributor, Distributor, and Retailer roles as enabled.
• “Customer” means the walk-in end-customer served by a Retailer outlet, where applicable.
• “Services” means only the service modules enabled for you on the Portal, which may include: BBPS / Bill Payments, Recharge, Domestic Money Transfer (DMT), AePS / MicroATM (if enabled), QR/UPI acceptance (if enabled), Travel (if enabled), and Vendor Payments / Vendor Payout Service (vendor payments only), along with platform features such as transaction history, receipts, reporting, and access controls.
• “Third-Party Partners” means banks, regulated entities, networks (including NPCI/BBPS/UIDAI rails where applicable), aggregators, biller systems, payment system operators, and technology/service providers that enable or process Services.
• “Wallet/Float” means any prepaid balance maintained on the Portal for processing certain Services, if applicable.
• “Policies” means the documents published or linked on the Portal/website, including Privacy Policy, AML/CFT & Risk Policy (if published), KYC/Onboarding Policy (if published), Grievance Redressal Policy (if published), and any service-specific operating rules, limits, and partner mandates displayed on the Portal.

2. Eligibility and Account Registration

1. The Portal is for Indian business entities and authorized representatives. By registering, you represent that you:
   • are legally competent to contract; and
   • are authorized to bind the business/entity you represent.
2. Registration and access are subject to approval by Instilx and/or Third-Party Partners. We may accept or reject applications at our discretion, subject to Applicable Law.
3. You must provide accurate, complete, and current information and update it promptly if it changes.

3. Onboarding, KYC/KYB, and Verification (Mandatory)

1. Access to Services is subject to successful KYC/KYB verification and ongoing checks. You agree to provide documents and information we or our Third-Party Partners require from time to time.
2. We may conduct verification including document verification, bank account verification, negative list checks, fraud/risk screening, and physical/outlet verification where applicable.
3. If you fail KYC/KYB or do not provide required information, we may decline onboarding, restrict Services, suspend, or terminate your account.
4. You consent to our collection, processing, and sharing of information as described in the Privacy Policy and MSA.

4. Merchant Hierarchy (Super Distributor → Distributor → Retailer)

1. The Portal may support a hierarchy where:
   • Retailers provide services to walk-in customers;
   • Distributors manage multiple retailers and may earn override commission; and
   • Super Distributors manage multiple distributors and may earn override commission.
2. If you manage a downline (Distributor/Super Distributor), you are solely responsible for:
   • due diligence, onboarding accuracy, training, and supervision of your downline;
   • compliance of your downline with Applicable Law, partner rules, and all policies;
   • losses, disputes, fraud, misrepresentation, or violations caused by your downline.
3. Instilx may change role mapping, limits, visibility, and permissions at any time for risk, compliance, partner mandates, or operations.

5. Services and Service-Specific Rules

5.1 General

1. Only Services shown as enabled for you on the Portal are available to you.
2. Services depend on Third-Party Partners and external networks; processing outcomes and timelines may vary.
3. We may add, modify, suspend, limit, or discontinue any Service/module or features at any time.

5.2 BBPS / Bill Payments and Recharge

1. You must follow all rules displayed on the Portal and applicable partner/network rules.
2. You must provide receipts/acknowledgements to customers where required.
3. Reversals/refunds are governed by partner/network timelines and may not be instant.

5.3 DMT (Domestic Money Transfer) — Separate Service

1. DMT is a separate module and must be used only in compliance with Service rules, limits, and any verification requirements.
2. You are fully responsible for beneficiary correctness, customer consent, and compliance at the outlet level.

5.4 Vendor Payments / Vendor Payout Service — Vendor Payments Only (Not DMT)

1. Vendor Payments are strictly for the Merchant's own business payments to its vendors/suppliers/beneficiaries.
2. Vendor Payments must not be used for walk-in customer remittances and must not be treated as a substitute for DMT.
3. You are solely responsible for beneficiary correctness, authorization, purpose, and compliance.
4. You acknowledge that successful bank-rail payouts may be irreversible and disputes follow partner/bank rules.

5.5 AePS / MicroATM (If Enabled)

1. You must comply with rules and ensure customer consent as required.
2. You must not store any biometric data locally in any form.
3. You are responsible for cash handling, outlet controls, and safe operation.

5.6 QR/UPI Acceptance (If Enabled)

You must comply with applicable rules, prohibited categories, dispute handling, and chargeback/reversal processes as applicable.

5.7 Travel (If Enabled)

Bookings/cancellations/refunds are governed by operator/partner policies. We are not responsible for operator delays or deductions.

6. Fees, Wallet/Float, Settlements, Holds, and Deductions

1. Fees, service charges, commissions/overrides, platform charges, and other commercials (“Commercials”) are as displayed on the Portal and/or agreed under the MSA and may vary by role, service, slab, geography, and partner rules.
2. If a Wallet/Float model applies, you must maintain sufficient balance. Transactions may fail or be declined due to insufficient balance.
3. We may apply risk controls including holds, withholding, limits, reserves, and additional verification, including for suspicious activity, KYC deficiencies, disputes, partner debits, or regulatory requests.
4. We may set-off and recover amounts from your wallet, settlements, commissions, reserves, or any sums payable to you for:
   • reversals/refunds/chargebacks;
   • partner/bank/network debits;
   • penalties, fees, and losses arising due to your breach, negligence, fraud, or downline activity;
   • amounts payable under the MSA, Policies, or these Terms.
5. Settlement timelines are indicative and may change due to partner, bank, network, or operational factors.

7. Commission Allocation and Tax Responsibility (Hierarchy)

1. For operational convenience, the Portal may record a single debit/service charge entry at the initiating level (e.g., Retailer), while the charge is allocated among hierarchy participants (Retailer/Distributor/Super Distributor) and the Company as per Commercials.
2. Each hierarchy participant is an independent business entity and is solely responsible for its own taxation (including GST and income tax compliance, invoicing, and returns) on commissions/earnings allocated to it.
3. The Company is responsible for taxes only on the portion of commissions/fees actually retained by the Company, subject to Applicable Law.
4. We may require tax documentation (GST, PAN, declarations, invoices/credit notes) from hierarchy participants and may withhold payouts until satisfactory documentation is provided.

8. Merchant Responsibilities

You agree to:

1. Operate lawfully and comply with Applicable Law and partner rules.
2. Verify customer details and obtain appropriate consent for customer-facing services.
3. Provide accurate receipts/acknowledgements and communicate transaction status honestly.
4. Maintain outlet-level controls, staff training, and ethical conduct.
5. Maintain the confidentiality and security of your credentials, devices, OTP access, and staff access.
6. Ensure your downline (if any) follows all rules and does not overcharge or misrepresent services.
7. Not store or retain biometric data in any form where prohibited.
8. Immediately notify us of suspected unauthorized access, fraud, or compromise.

9. Prohibited Use (Zero Tolerance)

You must not:

1. engage in fraud, cash cycling, money laundering, layering, smurfing, or any suspicious activity;
2. process unauthorized transactions or transactions without customer consent;
3. overcharge customers beyond permitted limits, or misrepresent pricing, approvals, endorsements, or guarantees;
4. use the Portal for illegal or restricted businesses or prohibited activities;
5. share credentials, bypass controls, manipulate receipts/logs, or exploit vulnerabilities;
6. interfere with the Portal, attempt to reverse-engineer, scrape, copy, clone, or misuse our systems;
7. upload false, manipulated, or misleading KYC/KYB documents or information.

10. Portal Security, Monitoring, and Enforcement

1. We may monitor usage, transactions, logs, and risk signals for security, compliance, and performance.
2. We may suspend, restrict, or terminate access, with or without notice, if we suspect:
   • fraud or suspicious activity;
   • policy violations;
   • KYC/KYB issues;
   • partner mandates or regulatory directions; or
   • security threats.
3. We may report suspicious activity to Third-Party Partners and competent authorities as required or deemed necessary.

11. Intellectual Property

1. The Portal, brand “ai paymoney”, software, designs, reports, and content are owned by Instilx and/or licensors.
2. You receive a limited, revocable, non-exclusive, non-transferable right to use the Portal solely for business use as permitted.
3. You must not copy, reproduce, reverse engineer, decompile, create derivative works, scrape, or misuse any part of the Portal or its content.

12. Privacy and Data Processing

Your use of the Portal is subject to our Privacy Policy, which explains how we collect and process data, including KYC/KYB and Transaction Data and disclosures to Third-Party Partners and authorities.

13. Disputes, Chargebacks, Reversals, Refunds

1. Disputes must be raised through the Portal/support channels within the time limits displayed on the Portal or as per partner rules.
2. Refunds/reversals depend on partner/bank/network status and timelines.
3. You authorize us to debit/adjust your wallet, settlements, commissions, or reserves to recover amounts related to reversals, refunds, chargebacks, penalties, or partner debits.

14. Disclaimer of Warranties

1. The Portal and Services are provided “AS IS” and “AS AVAILABLE”.
2. We do not warrant uninterrupted, timely, secure, or error-free operation, or that a transaction will always succeed.
3. We are not responsible for outages or failures caused by banks, networks, Third-Party Partners, telecom, power, or events beyond our control.

15. Limitation of Liability

To the maximum extent permitted by law:

1. We are not liable for any indirect, incidental, special, consequential, punitive, or exemplary damages, including loss of profits, revenue, goodwill, or business interruption.
2. We are not liable for failures/delays caused by external systems (banks/networks/partners).
3. Our total aggregate liability in any month shall not exceed the total platform/service fees actually retained by the Company from you in the preceding 30 days, except for proven willful misconduct.

16. Indemnity (Merchant Protection for Company)

You agree to indemnify, defend, and hold harmless the Company, its directors, officers, employees, affiliates, partners, and agents from any and all claims, losses, damages, penalties, partner debits, costs, and expenses (including legal fees) arising out of or related to:

1. your breach of these Terms, the MSA, or Policies;
2. fraud, negligence, misconduct by you or your staff/downline;
3. incorrect beneficiary details, unauthorized transactions, or overcharging/misrepresentation;
4. violation of Applicable Law or partner rules;
5. disputes, penalties, or actions by partners/authorities attributable to your conduct or your downline.

17. Suspension, Termination, and Effects

1. We may suspend or terminate your access at any time as permitted under the MSA, Policies, or these Terms.
2. Upon termination, your access may be disabled immediately, and we may continue to hold reserves/withhold payouts until disputes, reversals, partner debits, and investigations are resolved.
3. You remain liable for all dues, penalties, and recoveries owed to the Company.

18. Changes to the Portal, Terms, and Policies

1. We may update features, modules, limits, and operating rules at any time.
2. We may update these Terms and Policies by posting on the Portal/website and/or notifying you via Portal/email/SMS where appropriate.
3. Continued use after updates constitutes acceptance.

19. Notices

We may send notices to you via Portal notifications, email, SMS, or your registered address. You may send notices to our registered office address and/or the contact published on the Portal.

20. Governing Law and Dispute Resolution

These Terms shall be governed by the laws of India. Dispute resolution (including arbitration, seat/venue, and jurisdiction) shall be as per the MSA executed/accepted during onboarding. Where the MSA is not applicable, courts at Mumbai, Maharashtra, shall have exclusive jurisdiction.

21. Miscellaneous

1. Entire Understanding: These Terms, together with the MSA and Policies, form the complete understanding regarding Portal use.
2. Severability: If any provision is held invalid, the remainder continues in effect.
3. No Waiver: Failure to enforce a right is not a waiver.
4. Assignment: You may not assign your rights without our consent. We may assign to affiliates/successors.
5. Independent Parties: Nothing creates a partnership, employment, or agency relationship between you and the Company.

22. Contact

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

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