UPI Terms and Conditions

1.       OVERVIEW

Unified Payment Interface,” UPI” is a payment platform provided by National Payments Corporation of India (“NPCI”) to the residents of India. UPI payment platform allows you to make instant online payments from your multiple bank accounts to another Person and or Merchant in a single mobile application.

These UPI – Terms of Use is applicable to UPI Payment Platform facility offered by Bajaj Finserv Direct Limited (“BFDL”) as “UPI Third Party App Provider (TPAP)”, in the UPI ecosystem in association with Axis Bank Limited, a bank licensed under the Banking Regulation Act, 1949, acting as the “UPI Payment Service Provider (PSP)”, in accordance with the UPI guidelines issued by NPCI and as modified from time to time.

By downloading, registering or using UPI handle provided by BFDL or any pages/services on the mobile application thereof; you agree to comply and be bound by the following:

i.         BFDL’s Terms of Use  

ii.       BFDL’s Privacy policy  

iii.     UPI – Terms of Use defined herein

iv.      UPI - Offers terms and conditions

v.        Axis Bank Terms and Conditions for UPI Application

And any other modifications, alterations and updates thereof, which are published on the Website or App. All the terms mentioned above and shall hereinafter be referred as “Combined Terms of Use”. Your use of BFDL UPI Payment Platform and Services thereof shall mean You have read and understand Combined terms of use, which constitutes a legally binding agreement between you and BFDL under The Information Technology Act 2000; additionally, governing your access and use of UPI services (as defined herein). If you do not agree with the terms and conditions applicable, you shall not access, visit and/or use the Service. You understand that all the Services on BFDL Website/App including UPI may be offered on an incremental basis; thereby making the other Product/Service specific terms of use and disclaimers applicable, accordingly.


By accepting the Combined Terms of Use and registering on BFDL UPI Payment Platform, you represent and warrant the following:

i.         You may use the UPI Services defined herein; if you have attained the age of 18 and are eligible to enter into a binding contract and that you are not a person barred from receiving services under the laws of India or another applicable jurisdiction.

ii.       You confirm to have a valid and active Bank account in India and Debit card and your Mobile number which you have provided to register yourself on BFDL website/App is linked to such bank account.

iii.     You have a smartphone with internet facility to access UPI Services. You understand and accept that any other condition that is a pre-requisite to access and avail benefits of UPI, including, but not limited to a Mobile Phone, Data Connection, etc. will be your sole responsibility.

iv.      You are a registered user of BFDL website/App.

v.        You agree to only use the App/Website to make legitimate transactions for you that apply to the purchase/transactions you have made (including all rules and restrictions applicable thereto). 

vi.      You acknowledge that there is no obligation on BFDL to support all versions of existing Mobile Phone Operating Systems or as released/revised from time to time.


BFDL UPI Payment Platform is the payment platform as provided by NPCI which facilitates you to receive payments from other people or third-parties in your bank account registered by you while registering to BFDL UPI Payment Platform. You may also use the BFDL UPI Payment Platform to send money to other people, merchants or third-parties using UPI payment instrument. UPI Payment Platform also allows you to check your transaction status, transaction history and raise queries if required.

You may register to BFDL UPI Payment Platform by following these few enabling steps; (i) download Finserv MARKETS mobile App (ii) Click on UPI and create your profile (iii) Link your bank Account(s) (iv) set UPI PIN. Once you have registered for UPI services you will be issued a virtual payment address. You agree and understand that BFDL and Axis Bank shall at its sole discretion may accept or reject your registration.

Your UPI ID and UPI PIN shall be required at all times to use the UPI services to make any transactions on UPI Payment Platform. You are solely responsible for protecting your mobile phone and all the transactions made on the UPI Payment Platform. You should take all necessary steps to keep your UPI PIN confidential and not share OTP or UPI PIN with any other person/entity. In case of breach or threatened breach of your UPI PIN or OTP, you shall inform BFDL and your Issuing Bank of such breach immediately. You acknowledge that the UPI PIN is stored by your Bank and BFDL in no circumstances shall have access to your UPI PIN and thereby shall have no responsibility for any breach, claim, damage, loss suffered by you due to unauthorized use of your UPI PIN

You understand that you are responsible to provide and verify the accuracy of information while availing UPI Services.  At all times, you shall be liable for any transaction done through UPI Payment Platform from your account; all such transactions shall be considered initiated and approved by you. BFDL shall not be required to independently verify the instructions.  It is your responsibility to pay and report of all applicable taxes in accordance with prevailing tax laws of India. You agree to indemnify and hold BFDL harmless for all loss/damage caused by any unauthorized use of UPI Payment Platform. Transfer of funds via UPI Payment Platform is subject to the restrictions like maximum amount or maximum daily or periodic limits that may be imposed by Axis Bank, NPCI, and other banks from time to time, at its sole discretion.

You may use the Bharat Bill Payment System (BBPS) feature made available on BFDL UPI Payment Platform to make payments towards your bill payments including but not limiting to mobile recharge, DTH recharge, Electricity bills and other utility bills etc. You agree that in order to avail such Services you may be required to provide additional details to enable BFDL to fetch such details from respective billers. Additionally, you provide your express consent for BFDL to store such details on your behalf in order to provide the bill payment service to You.

BFDL shall endeavour to provide You some additional Services/offers (on its own or through Third-Party providers) as it may decide from time to time. BFDL shall have the right to decide the criteria and eligibility of Users which would be offered such additional Services.

All payment transactions through UPI is strictly between Sender and Receiver. BFDL solely acts as facilitator by providing UPI Payment Platform provided by Payment Service Provider to enable Sender and Receiver to carry out such transactions.  You agree and understand that BFDL in some scenarios may act as an intermediary for collections and settlement of payments received from the UPI Payment Platform; on your behalf. In no event; shall BFDL be liable for any consequential, incidental, direct or indirect damages suffered during the course of use of UPI Payment Platform or Facility Provided by BFDL.

You understand and consent that BFDL reserves the right at any time discontinue any or all of the UPI Services (including any Offers) temporarily or permanently in relation to UPI services or any other Product or Services on its Website/Mobile application, with or without notice and without any liability to you or any other third-party for any reason including without limitation inactivation or termination of UPI Services.

4.       FEE

Some banks may charge you some Fee for UPI transactions made using other VPA on BFDL UPI Payment Platform. Please check for such charges with your Bank. In addition, you may incur access or data fee from third-party providers in connection with your use of BFDL UPI handle or third-party platform; you understand that you shall be responsible for payment of such Fees.


BFDL may facilitate products and services from third-party to you through UPI services. You may have to accept additional terms and conditions to avail such services. BFDL shall not have any responsibility, in any manner whatsoever for any aspect of Product or Services you purchase provided by Third-Party.

You also agree that from time to time; BFDL may display “Offers” on its UPI Payment Platform offered by BFDL, its partners, Merchants or third-parties; which shall be subject to additional terms and conditions. You are not obligated to avail all offers; any participation in such offers is purely voluntary and your decision. You understand that your participation in such offers shall be governed by agreement between you and the respective Partner, Merchant or third-party. You understand that BFDL shall not be party to such agreements and BFDL’s role in such offer shall be limited to that of a facilitator of a technology platform.   All offers shall be for individual use only and cannot be assigned or transferred.  Display of such offers does not amount to endorsement of services provided by Merchants or any third-party service provider by BFDL. BFDL shall have no liability or responsibility for content of such offers or the fulfilment of such offers.  If the terms and conditions of this Offer reverses the Combined Terms of Use of BFDL; the Combined Terms of Use would supersede the Offer’s terms and conditions.



You understand that any financial transaction initiated by you from your registered Mobile Phone shall be deemed initiated and approved by you. Every UPI Transaction is authenticated using 2-Factor authentication and you are responsible to ensure secrecy and confidentiality of the UPI PIN and any unauthorized use of your Mobile Phone. You shall be solely responsible to bear any losses for UPI transactions done from your Mobile Phone with successful authentication without any liability on BFDL.

BFDL and/or Axis Bank may at its sole discretion; may temporarily or permanently suspend/terminate the UPI Services to you and/or right to access the BFDL UPI Payment Platform; if it has a reason to believe that there is suspicious or unusual activity being carried out through your UPI ID.  Your transactions may be suspended or rejected by BFDL or Axis Bank for various reasons including but not limiting to suspicious transactions, fraudulent transactions, illegal activity, specific transactions prohibited by Axis Bank or restrictions mandated by Government and Regulatory authorities.


For any queries/disputes regarding failure of credit to the beneficiary; you should contact your Issuing Bank. In case of any queries/disputes for failed transaction while making payment to a Merchant using BFDL UPI Payment Platform; please raise such queries/disputes using “Raise a Query” functionality provided under each transaction history. However, you understand that resolution of Queries/disputes shall involve various parties to resolve and shall be addressed within stipulated timelines of applicable guidelines. However, BFDL will assist in any way possible to get quick resolution to such queries. You may check the status of any transaction under the specific transaction ID in Transaction history.

If you use any other UPI ID other than BFDL’s UPI ID to make payments on UPI Payment Platform; you shall contact the Payment Service Provider of such UPI ID for any disputed transactions. If a transaction is decided to be refunded; BFDL shall process the refunds accordingly. BFDL may also deduct any chargeback amount which is to be paid by you from future transactions done by you.

8.       PRIVACY

You irrevocably and unconditionally authorize BFDL to access and/or share the information provided by you and the records for providing UPI Services. You agree that BFDL and its Service Providers may hold or process the information provided by you for purpose of providing UPI Services as well as for analysis, internal risk management, credit scoring, marketing purposes. You consent to receive notifications including promotional materials from BFDL from time to time.

You shall be required to install all updates on BFDL Mobile Application for updates on security patches, bug fixes, enhanced performance.


All Content, Services, Software, Material, Logo, made available to you on the UPI Payment Platform may contain copyrighted, trademarked material of BFDL (“BFDL IP Rights”). You agree that your access to UPI Services and UPI Payment Platform is a limited license to use in accordance with the Combined Terms of use and is not in any manner deemed as granting, assigning or transferring any of BFDL’s intellectual property to you at any time. BFDL continues to remain the owner of its intellectual property rights. You are prohibited from, distribute, copy, sell, reverse engineer, create derivative works of any of the BFDL IP Rights in part or whole.



BFDL solely acts as facilitator by providing UPI Payment Platform provided by Axis Bank to enable you to make payments for Products and Services using UPI. BFDL in no circumstances shall have access to your UPI PIN and thereby shall have no responsibility for any breach, claim, damage, loss suffered by you due to unauthorized use of your UPI PIN. In furtherance BFDL shall not be responsible for any lapse of security on your Mobile Phone or failure of transactions due to lapse by your internet service provider or Manufacturer of the Mobile Phone.

You understand and agree that all the Services, information, software, material etc. on the UPI Payment Platform is provided “AS-IS” and BFDL disclaims without limitation makes no warranties or representation on the quality, merchantability, fitness for purpose, suitability or availability of the products or services availed using UPI Services. All disputes or claims regarding products and services must be resolved with respective Merchants.

BFDL does not warrant that UPI Services will be uninterrupted or error free, and BFDL shall not be responsible for any Service interruptions while completing a UPI transaction.


You agree to indemnify, defend and hold harmless BFDL, its Group Companies, Service Providers, and its directors, officers, owners, agents, employees, licensors, licensees, and other applicable third parties (collectively "Indemnified Parties") from and against any and all claims, demands, causes of action, debt or liability, including reasonable attorney fees and costs incurred by the Indemnified Parties arising out of, relating to, or which may arise from:

(a)    your mis-use of the UPI Services; including wilful misconduct and fraud

(b)    any breach or non-compliance by you of any terms in Combined Terms of Use and any additions thereof;

(c)    any dispute or litigation caused by your acts or omissions; or

(d)   your negligence or violation or alleged violation of any applicable law or rights of a third party.


BFDL, its subsidiary companies, its affiliates, and their directors and employees accept no liability for any loss or damage arising directly or indirectly (including special, incidental or consequential, punitive, or exemplary loss, damage or expenses) from your use of UPI Services and UPI Payment Platform  or any linked site howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, omission, interruption, imperfection, fault, mistake or inaccuracy with this Site, its contents or associated services, or due to unavailability of the UPI Services or UPI Payment Platform or any part thereof or any contents or associated services. 

No Party shall have any liability for failure or delay resulting from any conditions beyond reasonable control of such party, including but not limiting to acts of terrorism, earthquake, fire, flood or other acts of God, labour strikes, power failures, internet disturbances or any governmental action etc.

BFDL in no circumstances be liable if there are deficiency or unavailability of telecommunication network or any other reason beyond the control of BFDL.


You further understand that you may de-register your UPI on BFDL UPI Payment Platform at any time, however you shall remain responsible for any transactions made prior to the termination of UPI Services. You shall continue to avail all the other products and services offered on BFDL mobile application.

BFDL reserves the right, in our sole and absolute discretion, to suspend or terminate your use of UPI Services, without notice and without liability to you or any third-party, for any reason, including but not limiting to inactivity of your account or violation of any of Combined Terms of Use or any other policies which may be published or applied from time to time.


You agree and acknowledge that BFDL has the absolute discretion to change, modify any portion of Combined Terms of use right to at any time without notice to you. Any such amendments shall be deemed accepted by you; after the initial posting date and apply there onwards to all transactions. If you do not agree to any of such amendments, then your exclusive and sole remedy is to terminate your use of Services. Your continued use of Services after implementation of such amendments shall constitute your agreement to such amendments.

You agree that BFDL shall not be liable to you or any third party arising out of such amendments, modifications, discontinuance of the Services.


All rights, licenses, obligations granted to you pursuant to the term of Services offered herein may not be transferred or assigned by you. BFDL may assign in whole or in part, BFDL’s benefits or obligations under this UPI – Terms of Use which shall be binding on the Parties of this UPI – Terms of Use.


You agree that UPI Services availed by you shall be governed by and construed in accordance with the applicable Laws of India. All unresolved disputes relating to UPI Services shall be submitted to the exclusive jurisdiction of the courts at Mumbai.


         i.            “Applicable Law” shall mean all applicable laws, rules, regulations, guidelines, statutory or government notifications including Reserve Bank of India (“RBI”) and NPCI regulations for payments.

         ii.          "Account(s)" shall mean an operative bank account maintained by you with Axis Bank or any other Bank Account which you will provide at the time of authentication process on UPI Payment Platform, for availing the facility which is being offered.

       iii.          “Issuing Bank” shall mean member banks participating in UPI network and the bank account which you link while registering with your Mobile number on UPI Payment Platform.

        iv.           “Mobile Application” shall mean BFDL’s mobile application which can be downloaded from Google Play store or Apple Store to avail products and services offered by BFDL including UPI Payment Platform powered by Axis Bank.

          v.          “Payment Service Provider” shall mean banks, financial institutions or any other payment service providers (as defined under the Payment and Settlement Systems Act, 2007), with whom BFDL is in arrangement to facilitate UPI Payment Platform and Services using the Software provided by such entities.

        vi.           “UPI Payment Platform” shall mean the UPI registration platform offered by BFDL on its Mobile App to facilitate UPI based payment transactions. 


           i.     What is NPCI?

NPCI is an authorized payment system operator by RBI.  NPCI owns and operates UPI payment system.

         ii.     What is PSP bank?

PSP is the banking company authorized to act as a Payment Service Provider (PSP) under the UPI framework. PSP engages the TPAP to provide UPI services to the end-user customers.

       iii.     What is TPAPs?

Third Party Application Provider (TPAP) is the entity that provides the UPI compliant app to the end-user customers to facilitate UPI based payment transactions.

        iv.     What is Customer’s Bank? 

The Bank where the end-user customer maintains his/her account and has linked the account for the purpose of debiting/crediting the payment transactions made through UPI.

          v.     Who is End User Customer?

The end-user customer is the individual who uses UPI payment facility to send and receive payments.


We, Bajaj Finserv Direct Limited are a TPAP authorized by NPCI to facilitate payments through Axis Bank Limited. We are a service provider and we participate in UPI through PSP bank.

We are bound by the tripartite agreement entered with the sponsor PSP (Axis Bank Limited) and NPCI. We are responsible for facilitating grievances / complaints resolution of the customers on-boarded on our UPI application.

We shall be the first point of contact for all UPI related grievances/complaints for customers on-boarded by us.  In case the complaint/grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where you maintain the account) and NPCI in the same order. After exercising these options, you can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.


Roles & Responsibilities of NPCI

i.  NPCI owns and operates the Unified Payments Interface (UPI) platform

ii. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement

 iii. NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI

iv.  NPCI to provide a safe, secure and efficient UPI system and network

v.   NPCI provides online transaction routing, processing and settlement services to members participating in UPI

vi. NPCI can, either directly or through a third party, conduct audit on UPI participants and call for data, information and records, in relation to their participation in UPI

vii. NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.


Roles & responsibilities of PSP Bank

i. PSP Bank is a member of UPI and connects to the UPI platform for providing UPI payment facility to the PSP Bank and TPAP which in turn enables the end-user customers / merchants

ii. PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID.

iii. PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app

iv. PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers 

v. PSP Bank has to ensure that TPAP and its systems are adequately secured to function on UPI platform

vi. PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security

vii. PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India

viii. PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID.

ix. PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer


Roles & responsibilities of TPAP

i. TPAP is a service provider and participates in UPI through PSP Bank

ii. TPAP is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI

iii.  TPAP is responsible to ensure that its systems are adequately secured to function on the UPI platform

iv.  TPAP is responsible to comply with all the applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and TPAP’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard

v.  TPAP has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India

vi.  TPAP is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of TPAP and carry out audits of TPAP, as and when required by RBI and NPCI

vii.  TPAP shall facilitate the end-user customer with an option of to raise grievance through the TPAP’s UPI app, e-mail, messaging platform, IVR etc. for redressal of customer grievances

21. DISPUTE REDRESSAL MECHANISM 1. Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app. 2. End-user customer can select the relevant transaction and raise a complaint in relation thereto 3. A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the end-user customer maintains its account) and NPCI, in the same order. After exercising these options, the end-user customer can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be. 4. The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions 5. The end-user customer shall be kept communicated by the PSP / TPAP by means of updating the status of such end-user customer’s complaint on the relevant app itself