Types of PPIs
Coupl cards are Prepaid Payment Instruments (PPIs). Depending on the KYC you complete, your instrument is one of two types — each with its own loading, balance and usage limits set by the Reserve Bank of India.
- Minimum details shall necessarily include a mobile number verified with OTP and a self-declaration of name and unique identity / identification number of any ‘mandatory document’ or OVD or any such document with any name listed for this purpose in the Master Direction on KYC, as amended from time to time.
- Such PPIs shall be reloadable in nature. Loading / reloading shall be from a bank account / credit card / full-KYC PPI.
- The amount loaded during any month shall not exceed ₹10,000 and the total amount loaded during the financial year shall not exceed ₹1,20,000.
- The amount outstanding at any point of time shall not exceed ₹10,000.
- These PPIs shall be used only for purchase of goods and services. Cash withdrawal or funds transfer from such PPIs shall not be permitted.
- The holder shall have an option to close the PPI at any time. Closure proceeds can be transferred ‘back to source account’ (the payment source from where the PPI was loaded), or to a bank account after complying with KYC requirements of the PPI holder.
- A Video-based Customer Identification Process (V-CIP) can be used to open full-KYC PPIs as well as to convert Small PPIs into full-KYC PPIs.
- Such PPIs shall be reloadable in nature.
- The amount outstanding shall not exceed ₹2,00,000 at any point of time.
- Funds can be transferred ‘back to source account’ or to the ‘own bank account of the PPI holder’ (duly verified by the PPI issuer). The issuer may set limits considering the risk profile of holders and other operational risks.
- The issuer shall provide a facility of ‘pre-registered beneficiaries’, whereby the holder can register beneficiaries by providing their bank account details, details of PPIs issued by the same issuer (or a different issuer, as and when permitted), etc.
- For pre-registered beneficiaries, the funds transfer limit shall not exceed ₹2,00,000 per month per beneficiary. The issuer shall set limits within this ceiling considering risk profiles and operational risks.
- Funds transfer limits for all other cases shall be restricted to ₹10,000 per month.
- Funds transfer may also be permitted to other PPIs, debit cards and credit cards as per the limits given above.
- There is no separate limit on purchase of goods and services; the issuer may decide a limit for these purposes within the overall PPI limit.
- The issuer shall give an option to close the PPI and transfer the balance as per the applicable limits of this type of PPI.
- Cash withdrawal shall be permitted up to a maximum of ₹2,000 per transaction, within an overall monthly limit of ₹10,000 per PPI across all channels (agents, ATMs, PoS devices, etc.).
- Accounts opened using Aadhaar OTP-based e-KYC (non-face-to-face): Enter the mobile number registered with Aadhaar during onboarding, or the application will be rejected on mismatch. By accepting these terms you consent to LivQuik opening a LivQuik Account and sharing your data (including KYC data) with CERSAI for CKYCR updation, and declare no other account has been or will be opened using OTP-based e-KYC with LivQuik or any other entity. Customers onboarded this way shall undergo Customer Due Diligence (CDD) within one year via V-CIP or biometric process in face-to-face mode; if not completed within a year, the PPI shall be closed immediately. Aggregate balance across all such accounts shall not exceed ₹1 lakh — if exceeded, the account ceases to be operational until CDD is completed. Aggregate credits in a financial year across such accounts shall not exceed ₹2 lakh. Transaction alerts and OTPs are sent only to the Aadhaar-registered mobile number; any change of that number requires the number to first be updated on the customer’s Aadhaar.
KYC
Undertaking your KYC. You authorise LivQuik (and any third party appointed by LivQuik) to facilitate your KYC process as may be required from time to time. This may include asking you for documentation required under law, as well as additional information, or verifying your information against third-party databases or other sources.
If you refuse to complete the KYC requirements stipulated under law, we may need to deny or limit your use of the Services. The collection, verification, audit and maintenance of correct and updated information about you is a continuous process, so we reserve the right at any time to take steps necessary to ensure compliance with all relevant and applicable KYC requirements.
Expiry of PPI
- Under the co-branding arrangement between LivQuik and Coupl Software India Private Limited, the category of primary issuance shall be Card PPIs, backed by Wallets. The expiry period for Card PPIs shall be 5 years or the date of expiry mentioned on the card, whichever is applicable per the program; Wallets shall have perpetual validity.
- Cards that have expired can be blocked, and the remaining balance can be refunded to the customer.
- LivQuik may transfer the outstanding balance to its Profit & Loss account three years after the expiry date of the PPI. If the holder approaches LivQuik for a refund at any time after expiry, it shall be paid to the holder in a bank account.
- The PPI issuer shall have the right to automatically renew cards that are actively transacting. By accepting these terms, you provide your consent for auto-renewal of your card.
- The validity of accounts opened using Aadhaar OTP-based e-KYC (non-face-to-face) shall be 1 year.
Charges & Fees
Coupl has no monthly or maintenance fee. The charges below apply to specific transaction types.
IMPS transfer fee
ATM withdrawal
Merchant surcharges
Surcharges as charged by merchants will be applicable on transactions performed by cardholders for certain merchant categories.
Rewards
MCC cashback limits
Unable to load MCC cashback limits at the moment.
Disputes
All transaction disputes related to the network shall be governed as per network guidelines by the PPI Issuer. The PPI Issuer will be the sole arbitrator in disputes between the PPI holder and the merchant.
Issuer Policies
As a PPI user issued by LivQuik, it is your responsibility to visit LivQuik’s website on a regular basis to obtain the latest updates on policies. Refer to the links below to access LivQuik policies.
Additional Provisions
- In case of any inconsistency between the terms of the co-branding Partner and the terms of the PPI Issuer, the terms of the latter shall prevail.
- The funds loaded / reloaded into the prepaid payment instruments issued by LivQuik Technology (India) Private Limited (“LivQuik”) shall be maintained by LivQuik in an Escrow Account maintained by LivQuik.
- In all cases, LivQuik shall be the Issuer of prepaid payment instruments marketed to customers by LivQuik’s co-branding partner.