Terms of Use of ZulePay Merchant Solutions

Last updated: 9 September 2026 · Version: 1.0.0 · Effective date: 9 September 2026

1. About this document

These terms ("Merchant Terms") govern the use of ZulePay's merchant services — registration as a ZulePay merchant, accepting payments (online, by QR and Payment Request, and offline via ISUTs), the platform fee, settlements and related obligations — through the ZulePay merchant app and related tools. They apply in addition to the General Terms and Conditions ("General Terms"), the Privacy Policy and the Cancellation & Refund Policy, and — where you also use offline acceptance — the Offline Payments Terms. Capitalised terms have the meanings in the General Terms.

2. Registration and merchant KYC

1. To register as a merchant you must submit true and complete business information and documents, including proof of business, GSTIN (where applicable), identity and address proof of the proprietor/authorised signatory, and your settlement bank account.
2. Onboarding is subject to Merchant KYC under applicable AML/KYC regulations. We may accept, reject, suspend or revoke merchant registration at our discretion consistent with law, including where information is found discrepant, the business is of a prohibited category (Section 19 of the General Terms), or risk checks so require.
3. You must keep your business information current and promptly notify us of material changes (ownership, bank account, nature of business).
4. Your merchant registration is personal to your business and may not be transferred or lent to another person.

3. Accepting payments

1. You may accept payments through:
   • your ZulePay QR code, as issued in the merchant app;
   • Payment Requests (collect requests) that the customer approves; and
   • offline ISUTs, redeemed by your device when the customer pays without internet (Section 5).
2. Online receipts are credited to your account on customer confirmation; offline receipts are credited on sync (Section 5).
3. Payment via ZulePay is only the payment leg of the contract between you and your customer. You remain responsible for the goods or services you sell, and for honouring refunds per the Cancellation & Refund Policy.

4. Pending Settlement balance and payouts

1. Your receipts are credited to your Pending Settlement balance, from which payouts are made to your registered bank account per the settlement schedule applicable to your rate plan — by default, end-of-day settlement batches on Working Days.
2. Instant or manual settlement requests are subject to a minimum amount (currently ₹1,000) and to any payout fee in your rate plan.
3. We may place holds on settlements for chargebacks, disputes, fraud or compliance reviews, to the extent and for the duration reasonably necessary, and will inform you where feasible and lawful.
4. Settlement timelines depend on banking partners and are outside our control; delays by banking partners are not our liability.
5. Settlements are made only to the verified bank account registered with us; requests to change the settlement account are subject to verification.

5. Offline acceptance (ISUTs)

1. Your merchant device can accept offline ISUT payments: the customer's device transfers the ISUT over Bluetooth / nearby channels or QR; your device verifies it cryptographically and queues it for redemption.
2. You must sync your device regularly (at least once every business day, and as prompted by the app). Settlement of offline receipts completes only after sync; delayed syncs may delay payouts and complicate dispute handling.
3. Queued ISUTs that turn out to be expired, reused or from blacklisted keys will be rejected on sync; where a receipt is reversed, the corresponding amount (and fee) is debited from your balance.
4. Offline acceptance requires a device that passes integrity checks; rooted, jailbroken or otherwise compromised devices may be blocked.

6. Platform fee (MDR) and rate plans

1. The platform fee ("MDR") applicable to you is shown in your rate plan. Unless your plan provides otherwise:

2. GST is levied on fees as required by law.
3. We may revise rates prospectively on notice; revised rates apply to receipts after the effective date. Per-merchant negotiated plans prevail over the defaults above.
4. Where regulation caps or removes a fee (including MDR rules applicable to the instrument), we comply with the regulation.

7. Refunds and reversals

1. You may initiate refunds of payments you received where the feature is available in the merchant app; the refunded amount (and, where applicable, the fee component) is debited from your balance.
2. You must cooperate with refunds required under the Cancellation & Refund Policy and consumer law.
3. Chargebacks, fraud reversals and compliance actions may result in debits from your Pending Settlement balance or, if insufficient, from subsequent receipts, and may lead to suspension of merchant services in serious cases.

8. Merchant obligations

1. Display your QR code as issued and unaltered; do not tamper with, overlay or misrepresent it.
2. Do not use your merchant account for personal spending beyond permissible P2P use; open a customer account if you also want consumer features.
3. Honour your goods/services obligations to your customers; ZulePay does not adjudicate your contract with your customers.
4. Do not process transactions for other persons or businesses through your merchant account (factoring of receipts), nor split transactions to circumvent limits.
5. Keep your device, app and credentials secure, and follow the security obligations in Section 18 of the General Terms.
6. Comply with all applicable law for your business, including tax and consumer-protection obligations.

9. Statements and records

1. Your merchant dashboard shows receipts, fees, holds and payouts; you may request statements from support.
2. Until offline receipts sync, dashboards may not reflect them (see the Offline Payments Terms).
3. Please reconcile payouts to bank credits and report discrepancies promptly (support@zulepay.com).

10. Suspension and termination

1. We may suspend, restrict or terminate merchant services: as required by law, regulation or a competent authority; on breach of these Merchant Terms or the General Terms; if Merchant KYC is incomplete, lapsed or discrepant; on reasonable suspicion of fraud, money laundering or security risk; or on extended inactivity — in each case as set out in Section 21 of the General Terms.
2. On termination, your Pending Settlement balance (net of dues, fees and holds) is paid out to your registered bank account per the Cancellation & Refund Policy, subject to any regulatory hold.

11. Contact us

USR Enterprises Private Limited CIN: U62011KA2026PTC224718 VO-843, WeWork 10th Floor, RMZ Latitude, No. 69/458/69, Hebbal Kempapura, Bengaluru – 560024, Karnataka, India Email: support@zulepay.com · Phone: +91 95381 07745