Wallet Policy

1. Nature of Wallet

This Wallet Policy governs the Closed User Group (CUG) internal wallet facility provided by Shaymavenue. By accessing or using our platform, you agree to the terms and conditions outlined in this policy.

The wallet available on the Shaymavenue platform is an internal ledger facility provided exclusively to verified business partners for the limited purpose of using services available within the platform.

This wallet:

• Is NOT a Prepaid Payment Instrument (PPI) under RBI Master Directions.
• Is NOT a semi-closed wallet.
• Is NOT issued under RBI authorization as a payment instrument.
• Is NOT a consumer wallet.
• Cannot be used outside the Shaymavenue platform.

Shaymavenue does not issue, operate, or manage any RBI-regulated prepaid payment instrument.

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2. Purpose of Wallet

The wallet functions as:

• An internal prepaid service balance.
• A settlement ledger for partner service consumption.
• A technical mechanism enabling transactions through regulated banking partners.

Permitted Uses

• AEPS Services
• BBPS Services
• Domestic Money Transfer (DMT)
• Recharge & Utility Payments
• Payout Services
• Other services explicitly enabled on the platform

Prohibited Uses

• Public fund collection
• Merchant QR acceptance
• Peer-to-peer transfers
• Investment or savings purposes
• Third-party payments
• Any off-platform transaction

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3. Wallet Funding Rules

Wallet funding is permitted only through:

• Your own registered bank account.
• Your own registered UPI ID.

The following activities are strictly prohibited:

• Third-party deposits.
• Routing customer funds.
• Sharing payment QR codes publicly.
• Acting as an unauthorized payment collection agent.
• Any activity violating RBI, NPCI, or applicable regulatory guidelines.

Violation of these rules may result in:

• Immediate wallet suspension.
• Transaction restrictions.
• Reporting to relevant authorities.
• Permanent account termination.

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4. Regulatory Status

Shaymavenue:

• Does not hold customer deposits.
• Does not operate as a payment aggregator unless separately authorized.
• Does not operate as a payment gateway unless separately authorized.
• Does not maintain escrow or nodal accounts as a payment institution.
• Does not provide public wallet services.

Financial transactions are executed through authorized banking institutions and regulated financial partners.

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5. Transaction Execution

Shaymavenue provides:

• Technology infrastructure.
• Merchant dashboard.
• API integrations.
• Transaction orchestration.
• Compliance support tools.

Actual fund movement, settlement, authorization, and banking processes are performed by regulated financial institutions.

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6. Compliance & Monitoring

To maintain platform security and regulatory compliance, Shaymavenue operates:

• KYC verification procedures.
• Transaction monitoring systems.
• Fraud detection mechanisms.
• Audit logs.
• Law enforcement cooperation protocols where legally required.

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7. Regulatory Position Statement

The wallet is an internal service balance mechanism and is not classified as an RBI-regulated Prepaid Payment Instrument because it is:

• Non-transferable.
• Not usable at merchants.
• Not interoperable.
• Not consumer-facing.
• Restricted to verified platform users.

It exists solely to facilitate service consumption within the Shaymavenue platform.

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8. Grievance Redressal

For wallet-related complaints or queries:

• Email: support@shaymavenue.com
• Response Time: Within 24–48 Business Hours

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9. Contact Information