Wallet Usage Policy

Overview

The BANQUEEN Wallet ("Wallet") is a prepaid digital account provided to authorised retailers on the BANQUEEN platform. It allows retailers to top up funds and use those funds to pay for leads, value-added services, verification services, premium tools and other BANQUEEN services as made available from time to time.

This Wallet Usage Policy sets out the rules for wallet activation, top-ups, permitted use, withdrawal, refunds, KYC requirements and compliance obligations. By using the Wallet, you agree to this policy, the Terms of Service, Refund & Cancellation Policy, AML & Anti-Fraud Policy and KYC Policy.

The Wallet is not a bank account, payment instrument regulated under RBI PPI (Prepaid Payment Instrument) regulations, or a deposit product. It is an internal ledger maintained by BANQUEEN for retailer services on the Platform. Funds in the Wallet do not earn interest.

Eligibility & Activation

To use the Wallet, a retailer must:

• Complete the retailer registration and onboarding process.
• Pay the one-time retailer activation fee of ₹299, if applicable.
• Complete KYC as per the KYC Policy, including identity and address verification.
• Provide valid bank account details for withdrawals and refunds.
• Not be barred, suspended or blacklisted by BANQUEEN or any regulatory authority.

BANQUEEN reserves the right to reject wallet activation or suspend wallet access for non-compliance, suspicion of fraud, incomplete KYC or any other reason permitted under law.

Top-up Methods

Wallet can be topped up using the following payment methods, where available:

• UPI (Google Pay, PhonePe, Paytm, BHIM and other UPI apps).
• Credit and debit cards (Visa, Mastercard, RuPay and other card networks).
• Net banking through supported banks.
• Other payment methods made available by BANQUEEN through PCI-DSS-compliant gateways.

Top-up Process

• Log in to the retailer dashboard and go to the Wallet section.
• Select the top-up amount and payment method.
• Complete the payment through the secure payment gateway.
• Upon successful payment, the wallet balance is credited instantly or within a few minutes.
• In case of delay, the amount will be credited once the payment gateway confirms settlement.

Top-ups are processed through PCI-DSS-compliant payment gateways. BANQUEEN does not store card or net-banking credentials. Top-up receipts and transaction history are available in the retailer dashboard.

Permitted Uses

Wallet balance may be used only for the following purposes as authorised by BANQUEEN:

• Purchasing leads for loans, credit cards, insurance, investments, bank accounts and other products.
• Paying for BANQUEEN premium services such as document collection, priority support and verification services.
• Purchasing marketing materials, training modules and retailer tools (if applicable).
• Paying service fees and other BANQUEEN-billed charges.
• Any other use expressly permitted by BANQUEEN and displayed in the retailer dashboard.

All wallet usage is subject to applicable limits, taxes and service charges as displayed at the time of the transaction.

Prohibited Uses

Wallet balance must not be used for any of the following:

• Transferring wallet balance to another retailer or user account.
• Converting wallet balance to cash, cryptocurrency or other unapproved instruments.
• Gambling, betting, lottery, unregistered investments or unlawful activities.
• Payments to unauthorised third parties outside the BANQUEEN platform.
• Circumventing fees, commissions or policies of BANQUEEN or product providers.
• Any activity that violates law, regulation or BANQUEEN policies.

Any misuse of the Wallet may result in immediate suspension, forfeiture of wallet balance, termination of the retailer account and legal action. BANQUEEN reserves the right to recover any losses caused by misuse.

Withdrawals & Transfers

Wallet Balance Withdrawal

Wallet top-up balance is generally not withdrawable except as permitted by BANQUEEN. If withdrawal is offered:

• Withdrawal is allowed only to the registered bank account after KYC verification.
• A processing fee of 2% (or ₹50, whichever is higher) may apply.
• The retailer must meet any minimum withdrawal threshold set by BANQUEEN.
• Withdrawal requests are processed within 5-10 business days after verification.

Commissions & Rewards Withdrawal

Commissions, incentives and rewards earned by retailers may be credited to the Wallet or to the registered bank account. Withdrawal of earned commissions is subject to:

• Minimum withdrawal threshold as communicated in the retailer dashboard.
• KYC and bank account verification.
• Applicable TDS (Tax Deducted at Source) as per Indian tax laws.
• No outstanding disputes or chargebacks related to the earnings.

Transfers

Wallet balance is non-transferable between retailer accounts or to customer accounts. BANQUEEN does not permit peer-to-peer transfers through the Wallet.

Refunds & Reversals

Refunds of wallet top-up are governed by the Refund & Cancellation Policy. In summary:

• If a top-up fails or is debited but not credited, the amount will be refunded to the source payment method or credited to the Wallet after verification.
• Wallet balance already used for services or leads is not refundable.
• In case of duplicate top-up, the duplicate amount will be refunded to the source account after verification.
• Refunds are initiated within 5-7 business days of approval and may take additional time to reflect in the source account.

Validity & Expiry

Wallet balance loaded through top-ups remains valid for a period of 12 months from the date of top-up unless used earlier. BANQUEEN may extend or modify the validity period with prior notice on the dashboard or by email.

If a retailer account remains inactive for more than 24 months and the wallet balance is unused, BANQUEEN may, after providing notice, forfeit or donate the balance to the retailer subject to applicable law. Commissions and rewards may have separate validity periods as communicated in the retailer programme.

KYC & Limits

Wallet usage is subject to KYC completion and transaction limits. BANQUEEN may impose:

• Minimum and maximum top-up amounts per transaction and per day.
• Monthly or annual wallet usage limits.
• Spending limits on specific services or categories.
• Enhanced KYC for high-value transactions.

These limits are displayed in the retailer dashboard and may be revised from time to time for risk management, legal compliance or business reasons. BANQUEEN may request additional KYC documents at any time to comply with legal or regulatory requirements.

AML & Compliance

The Wallet is monitored for suspicious activity as part of BANQUEEN's AML & Anti-Fraud Policy. This includes:

• Monitoring large, unusual or frequent transactions.
• Verifying source of funds where required.
• Screening transactions against watch-lists and sanctions lists.
• Reporting suspicious transactions to the Financial Intelligence Unit-India (FIU-IND) and other authorities as required by the Prevention of Money Laundering Act, 2002.
• Cooperating with law enforcement, regulators and payment gateways.

Retailers must not use the Wallet to structure transactions, conceal source of funds, or conduct transactions on behalf of third parties without proper disclosure and KYC.

Disputes & Chargebacks

If a retailer believes a wallet transaction is incorrect, unauthorised or failed, they must report the issue within 7 days of the transaction through the retailer dashboard or by contacting support. BANQUEEN will investigate and, if the claim is valid, credit the wallet or refund the amount.

Retailers must not initiate chargebacks with payment gateways or banks for valid top-up transactions. Fraudulent chargebacks may result in account suspension and recovery proceedings.

Contact

For wallet-related queries, please contact us: