Last Updated: October 28, 2026

Terms & Conditions

These terms govern your use of PayNit's APIs, payout infrastructure, and account security.

1. Acceptance of Terms

By accessing or using PayNit, you agree to these Terms & Conditions. This is a legally binding agreement between you ("User", "Merchant") and PayNit. If you do not agree, you must not use our services.

2. Eligibility & KYC

You must be at least 18 years old and a registered business or authorized individual in India. KYC verification (including Aadhaar & PAN) is mandatory before accessing live API payout features in compliance with RBI guidelines.

3. Services Provided

PayNit provides programmatic payout infrastructure enabling businesses to disburse funds via:

  • IMPS — Immediate Payment Service; instant bank-to-bank transfers, 24/7/365.
  • UPI — Unified Payments Interface; direct payouts to any valid UPI ID instantly.

4. Wallet & Settlement

Merchants must maintain sufficient wallet balance to initiate payouts. Wallets are non-interest-bearing virtual accounts. Amounts for failed transactions due to banking node errors are automatically refunded to your PayNit wallet.

5. Account Security & Two-Factor Authentication (2FA)

To ensure the integrity of payout funds and sensitive API keys, merchants are provided with advanced security controls:

  • Multi-Factor Protection: Merchants may enable Two-Factor Authentication (2FA) via certified Time-Based One-Time Password (TOTP) applications (e.g., Google Authenticator, Microsoft Authenticator, Authy) or registered Email OTP.
  • Merchant Responsibility: You are strictly responsible for safeguarding your login credentials, authenticator application devices, and registered email account. PayNit shall not be liable for unauthorized access resulting from compromised merchant devices or shared passwords.
  • Brute-Force & Lockout Safeguards: Entering 5 consecutive invalid 2FA verification codes triggers an automatic, mandatory 15-minute security lockout to prevent brute-force attacks. Email OTP requests are additionally rate-limited to 5 requests per hour.
  • New Device / IP Security Alerts: PayNit records client IP addresses during authentication and sends security notifications upon detecting logins from new or unverified IP addresses.
  • Lost Device & Account Recovery: In the event of a lost authenticator device or inability to receive OTPs, account recovery must be requested through our official grievance channel with verified KYC documentation. Administrative 2FA resets are subject to identity review.

6. Prohibited Activities

You shall not use PayNit for: money laundering, terrorist financing, fraudulent or illegal transactions, circumventing security controls, or unauthorized access to our systems. Violations result in immediate permanent suspension and reporting to relevant authorities.

7. Limitation of Liability

PayNit shall not be liable for indirect, incidental, or consequential damages arising from API misconfigurations or downstream banking network failures. Total liability shall not exceed fees paid in the preceding three months.

8. Governing Law

These terms are governed by the laws of India. Any disputes are subject to the exclusive jurisdiction of courts in Kolkata, West Bengal.