LivQuik Terms & Conditions

LivQuik Technology (India) Private Limited

Registered Office:
C-15, Sriram Nivas, 1st Floor, Secretariat Colony, Thiruvalluvar Nagar,
Alandur, Chennai, Tamil Nadu, India – 600 016

LivQuik is an RBI-authorized Prepaid Payment Instrument (PPI) issuer.
Prepaid instruments marketed by Paygrex Technologies Private Limited are issued by LivQuik.
Detailed terms and conditions are available at: livquik.com/ppi/terms-and-conditions

Types of PPIs

1. Small PPI

  • Minimum details required:
    • Verified mobile number (via OTP)
    • Self-declaration of name and a unique identification number from a mandatory KYC document or OVD
  • Reloadable in nature — funds can be loaded/reloaded from:
    • Bank account / Credit card / Full-KYC PPI
  • Loading & balance limits:
    • Max ₹10,000 per month
    • Max ₹1,20,000 per financial year
    • Max ₹10,000 outstanding at any point
  • Usage:
    • Only for purchase of goods & services (no cash withdrawal or fund transfer)
  • Closure:
    • Option to close anytime; proceeds transferred:
      • Back to source account, or
      • To a verified bank account (post-KYC)

2. Full-KYC PPI

  • V-CIP (Video-based Customer Identification Process) can be used for:
    • Opening full-KYC PPIs
    • Converting Small PPIs to full-KYC PPIs
  • Reloadable in nature
  • Balance limit: ₹2,00,000 at any time
  • Fund transfer:
    • Back to source account or verified own bank account
    • PPI issuer may set lower limits based on risk profile
  • Pre-registered beneficiaries:
    • Transfer limit: ₹2,00,000/month/beneficiary
    • PPI issuer may set limits within ceiling
  • Other transfers:
    • Max ₹10,000/month for non-registered beneficiaries
    • Permitted to other PPIs, debit cards, or credit cards as per limits
  • Purchases:
    • No separate limit for goods/services (within overall limit)
  • Closure:
    • Option to close and transfer balance per applicable limits
  • Cash withdrawal:
    • Max ₹2,000 per transaction
    • Max ₹10,000 per month per PPI (across agents, ATMs, PoS, etc.)

Accounts via Aadhaar OTP-based e-KYC (Non-Face-to-Face Mode)

  • User must use mobile number registered with Aadhaar; otherwise application is rejected
  • Consent for:
    • LivQuik to open account and share KYC data with CERSAI for CKYCR updates
  • Declaration:
    • No other OTP-based e-KYC account opened or will be opened with LivQuik or any RE
  • Customer Due Diligence (CDD):
    • Must be completed within 1 year via V-CIP or biometric (face-to-face)
    • If not completed → account closed immediately
  • Balance & credit limits:
    • Aggregate balance ≤ ₹1 lakh
    • Aggregate annual credits ≤ ₹2 lakh
  • If balance exceeds ₹1 lakh → account ceases operation until CDD is completed
  • Transaction alerts, OTPs, etc. sent only to Aadhaar-registered mobile
  • Change of mobile number allowed only after updating Aadhaar

KYC

  • You authorize LivQuik (and any appointed third party) to facilitate KYC verification.
  • This includes:
    • Collecting, verifying, and auditing required documentation
    • Cross-checking with third-party databases
  • Failure to complete KYC may lead to denial or limitation of services.
  • KYC is a continuous compliance process; LivQuik may take steps anytime to ensure adherence to regulatory norms.

Expiry of PPI

  • Under LivQuik–Paygrex co-branding arrangement:
    • Primary issuance: Card PPIs backed by Wallets
    • Card validity: 5 years or printed expiry date (whichever earlier)
    • Wallet validity: perpetual
  • Expired card can be blocked; balance refunded to customer.
  • Unclaimed balances:
    • Transferred to LivQuik’s Profit & Loss account after 3 years from expiry
    • Refunds available upon request even post-expiry (credited to bank account)
  • LivQuik may auto-renew active cards (implicit consent upon acceptance).
  • Aadhaar OTP-based e-KYC accounts valid for 1 year.

Charges & Fees

  • Merchant surcharges may apply for certain categories.
  • Currently, no specific program fees.
  • Terms will be updated upon introduction of applicable charges.

Disputes

  • Network transaction disputes governed by network guidelines.
  • LivQuik, as PPI Issuer, is the sole arbitrator in disputes between PPI holder and merchant.

Issuer Policies

Important Links:

Additional Notes

  • In case of inconsistency between co-branding partner and PPI issuer terms, the PPI issuer’s terms shall prevail.
  • All funds loaded into LivQuik-issued PPIs are maintained in an Escrow Account held by LivQuik.
  • LivQuik remains the sole issuer of all prepaid instruments marketed via co-branding partners.

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