Grievance Policy

PayYantra, a company incorporated under the Companies Act 2013, having its registered office at Unit No - EF 802, JMD Megapolis, Sector-48, Sohna Road, Gurgaon - 122018 (hereinafter referred to as “PayYantra”) provides innovative payment solutions including payment aggregation and gateway services, enabling businesses to collect and disburse payments seamlessly.

PayYantra supports a wide range of businesses (“Merchants”) to collect payments from their customers using a scalable, secure and customized payment platform for both domestic and international transactions. With multiple products and payment options offered to merchants, PayYantra ensures collections are processed efficiently, transparently, affordably and safely.

Being a service-oriented fintech company, satisfaction of merchants and their customers is of utmost importance to PayYantra. To build trust, promote digital payment adoption and ensure seamless servicing, PayYantra is committed to fair treatment and timely grievance redressal for all stakeholders.

Objective & Scope

• Define PayYantra’s responsibility as a Regulated Entity.
• Comply with the RBI’s policies, and all other relevant and applicable regulations.
• Document protocols and principles for customer and merchant grievance redressal and dispute resolution, and put in place systems, procedures, and review mechanisms for customer and merchant complaints / grievances to ensure prompt redressal.
• Define mechanisms through which Customers can raise concerns against suspected/actual fraud, deception, or unethical practices by any of PayYantra’s Merchants.
• Ensure a mechanism for compensating customers expeditiously as required under applicable laws.
• This Policy applies to all regulated products and services offered by PayYantra.

Record Keeping

• The records pertaining to customer complaints shall be maintained for at least five years after the business relationship is ended. Moreover, timely backup of system data of complaints shall be taken to ensure availability of data at all times

Definitions

• “Customer(s)” is defined as an end-customer who will be purchasing goods/services from the Merchants by making payment via different payment instruments, or an individual or an entity who is an end-user of the PPI wallet-based products and services offered by PayYantra.
• “Merchant(s)” shall be a user of PayYantra’s services for accepting various payment instruments from the Customers for completion of their payment obligation.
• “Complaint(s)” shall include service deficiency or error on the part of PayYantra in offering any service and/or non-conformance in any of PayYantra’s products/processes leading to a dispute/grievance by the Merchant or the Customer. Examples of such complaints include:
  • Customer facing unreasonable delay (beyond delivery due date) or failure on part of the Merchant in delivering goods/services for which the payment transactions were processed using PayYantra services, and Merchant is not supporting the Customer.
  • Customers noticing an unauthorised electronic fund in their account, and the funds were used to process transactions on PayYantra’s platform, and the Customer approached PayYantra through appropriate legal procedures.
  • Unreasonable delay (beyond the time communicated to the Customer by the Merchant) in refunding the transaction amount post refund confirmation.
  • Non-adherence to any instructions/circulars/guidelines of the Reserve Bank of India or any applicable law to PayYantra and/or the Merchant.
  • Merchants not getting services as promised by PayYantra, including downtime of the payment gateway, etc.
  • Any other issue pertaining to the transaction processed by PayYantra.

Governance & Oversight

• The Board shall oversee the implementation of PayYantra’s Grievance Redressal framework and be responsible for approving the Policy, and any change thereafter, to set the tone from the top for continuous adherence to applicable laws and regulations and RBI’s directions. The Board shall appoint a Nodal Officer for the purpose of ensuring adherence to the Policy requirements.
• The Nodal Officer shall, on a quarterly basis, monitor the complaint trends, corrective and preventive actions being taken to reduce complaints along with other customer-focused initiatives to enhance customer experience, and along with the inputs from the Business Unit head, if any, on the improvement of the quality of service delivered to customers, put the key results and recommendations to the senior management for consideration. Senior Management shall include the Business Unit heads of the functions contributing to the majority of grievances during the period under review.

Grievance Redressal and Escalation Matrix

Regulatory Reporting

• PayYantra shall intimate the details of the Nodal Officer appointed for the purpose of grievance redressal to RBI and prominently display the details of the Nodal Officer on their website. Further, PayYantra shall also ensure timely submission of any ad hoc / periodic reports required by RBI related to Customer / Grievance Redressal.