A. These terms and conditions govern the availment by the Merchant of the International Card Processing Payment Mechanism and the Multicurrency Payment Feature made available by PayU (“International Card Processing and the Multicurrency Feature T&Cs”). These International Card Processing and the Multicurrency Feature T&Cs may be amended, modified, updated or restated from time to time by PayU and the same shall be applicable on the Merchant immediately upon such amendment, modification, updation or restatement. The Merchant shall be responsible for periodically referring to these International Card Processing and the Multicurrency Feature T&Cs as amended, modified, updated or restated from time to time and to keep itself informed about these.

 

B. These International Card Processing and the Multicurrency Feature T&Cs constitute an integral part of the service agreement (or the master service agreement) and subsequent addendums (if any) executed between PayU and the Merchant pursuant to which PayU has been providing or shall provide aggregate online payment gateway solutions and services to the Merchant (“Service Agreement”).

 

1.          DEFINITIONS AND INTERPRETATION

 

1.1 For the purposes of these International Card Processing and the Multicurrency Feature T&Cs, unless the context requires otherwise, the following terms when capitalized shall have the meanings ascribed to such terms below. Any other capitalized terms that are used in these International Card Processing and the Multicurrency Feature T&Cs and are not defined shall have the same meanings ascribed to them under the Service Agreement:

 

a)“Authorized Currencies” means the currencies as may be specified by PayU from time to time for the International Card Processing Payment Mechanism.

 

b) “International Card Processing Payment Mechanism” means the Payment Mechanism provided by PayU that enables Merchant’s Customers to make payments using international cards on the Merchant Site.

 

c) “Multicurrency Payment Feature” means a facility through which Customers of the Merchant are able to make determination of the amount payable by them in any one of the Authorized Currencies.

1.2 The Merchant irrevocably and unconditionally acknowledges and accepts the following terms and conditions:

a)  Through the Multicurrency Payment Feature, the Merchant will have the ability to reflect the Customer Charge in one of the Authorised Currencies made available by PayU. Upon processing the payment using the International Card Processing Payment Mechanism, whilst the relevant bank account or Valid Card of the Customer will be debited in the Authorised Currency opted for by the Customer, the settlement made to the Merchant by PayU will only be in INR, subject to the terms and conditions of the Service Agreement.

 

b) The Merchant confirms that the International Card Processing Payment Mechanism and the Multicurrency Payment Feature shall be provided solely at PayU’s discretion. The Merchant shall be subject to additional due diligence and criteria as may be specified by PayU and/or Acquiring Banks and the Nodal Bank which may include, without limitation, verification of terms and conditions and privacy policy available on the Merchant Site and the Merchant having appropriate authorisations under Applicable Laws. PayU, the Acquiring Banks and/or the Nodal Bank shall have the right to withdraw their approval/consent at any time prior to or after the activation of the International Card Processing Payment Mechanism and the Multicurrency Payment Feature, without notice.

 

c) The Merchant shall be solely responsible for undertaking additional verifications of the Customers under Applicable Laws, as may be applicable from time to time, such as know your customer requirements.

 

d) The Merchant hereby undertakes to provide copies of, and all assistance with respect to, any additional documents of the Merchant sought including but not limited to income tax returns with audited balance sheet or Merchant Bank Account statement along with any undertaking that may be requested by PayU and /or the Acquiring Banks and/or the Nodal Bank from time to time.

 

e) For the International Card Processing Payment Mechanism and the Multicurrency Payment Feature, the exchange rate used by PayU for all Authorised Currencies will be the inter-bank rate as decided by the respective banks or card associations and as shared by PayU with the Merchant by issuing the merchant payment report on every Business Day. The rate applicable for any Transaction which is processed on any day which is not a Business Day shall be the rate which was applicable on the immediately preceding Business Day. PayU may change the exchange rate for any Authorised Currency at any given point of time in accordance with the rates specified by the respective banks or card associations.

 

f) The Merchant acknowledges that the exchange rate of the Authorised Currencies versus INR are subject to exchange rate fluctuations. Considering this, in addition to the Chargebacks which will be treated in accordance with the Service Agreement, the Merchant shall bear all additional liabilities towards any disputes or refunds or Chargebacks raised by Customers or any third parties relating to such fluctuations in the currency rates or disruptions in the foreign exchange market and the same shall be the sole liability of the Merchant. PayU shall not have any liability for any losses resulting to the Merchant from any fluctuations in exchange rates or disruptions in the foreign exchange market and such liability will be solely of the Merchant.

 

g) The Merchant confirms that each time when its Customers use the Multicurrency Payment Feature made available to the Merchant by PayU to make determination of the amount payable by the Customers in any one of the Authorized Currencies, a charge is levied on PayU and therefore, PayU will be entitled to charge such Customers a fee for making such determination (“Currency Calculator Fee“) with respect to the Customer Charge payable, at such rate as may be specified by PayU at the time of the Customer making the payment of the Customer Charge, upon the Customer consenting for the same.