Privacy Policy

Updated on 16th April 2023

Paynomics Fintech Services Private Limited, a company incorporated under the Companies Act, 1956 with its registered office at 53/2476, Radhe Shyam, Gandhinagar, Bandra (E), Mumbai – 400 051, India (hereinafter referred to as “Paynomics”) values and respects your trust and privacy. This Privacy Policy (“Policy”) is published and shall be construed in accordance with the provisions of Indian laws and regulations; that require the publishing of the privacy policy for the collection, use, storage and processing of Personal Information. You are requested to read this policy carefully. If you do not agree to the terms of this policy, please do not use or access our Platform(s).

By downloading and using the 247₹ app, visiting the Paynomics website, Paynomics Applications, m-site, chatbot, notifications, or any other medium used by Paynomics to provide its services to you (hereinafter referred to as the “Platform”) you expressly agree to be bound by this Policy. While using our Platform, Paynomics collects your personal information on behalf of its Banking and/or Lending partners / Affiliates / Entities / Subsidiaries / Business Partner(s) (hereinafter referred to as the “Associates”) or through its field agents referred to as Bancer as a part of the onboarding process. We may also collect information regarding the mobile/ tab device details, domain, and host from which you access the Internet, the Internet Protocol [IP] address of the computer or Internet service provider [ISP] you are using, and anonymous site statistical data.

Personal Information means and includes all information that can be linked to a specific individual, and which requires heightened data protection measures due to its sensitive and personal nature, (hereinafter referred to as “Personal Information”), excluding any information that is freely available or accessible in the public domain. Please note, we do not offer any product/service under our Platform outside India. If you do not agree with this Privacy Policy, please do not use or access our Platform.

Information Collection

We collect personal information from our users when they register on our website or app, are onboarded on our platform, place an order, subscribe to our newsletter, respond to a survey, or fill out a form which includes but is not limited to:

  • * name, age, gender, photo, address, phone number, e-mail id, contacts and nominee details
  • * PAN card number, KYC-related information such as videos or other online/ offline verification documents as mandated by relevant regulatory authorities, business-related information
  • * Aadhaar information including Aadhaar number or Virtual ID for e-KYC authentication with the Unique Identification Authority of India (UIDAI).
    • Note that submission of Aadhaar information is not mandatory for e-KYC authentication, you can also use other types of information, such as your PAN or GST number
  • * OTP sent to you by your bank or Paynomics
  • * balance, transaction history and value, bank account details, wallet balance, investment details and transactions, service or transaction-related communication, and part of your card details for smooth transactions using our platform or any of its services
  • * your device details such as device identifier, internet bandwidth, mobile device model, browser plug-ins, and cookies or similar technologies that may identify your browser/mobile app and plug-ins, and time spent, IP address and location Information may be collected at various stages of your usage of the Paynomics Platform.

    • Purpose and Use of Information

    Paynomics may process your Personal Information for the following purposes:

    • * creation of your account and verification of your identity and access privileges
    • * provide you access to the products and services being offered by us, merchants, affiliates, subsidiaries, associates, or business partners
    • * to conduct the KYC compliance process as a mandatory prerequisite as per the requirements of various regulatory bodies, including UIDAI under the Aadhaar Act and its Regulations
    • * to validate, process and/or share your KYC information, and nominee details with other intermediaries, Regulated Entities (REs) or AMCs or financial institutions or with any other service providers as may be required
    • * to process payments on your behalf and on your instructions; communicate with you for your queries, transactions, and/or any other regulatory requirement, etc.
    • * enhancing your user experience by analyzing user behaviour on an aggregated basis
    • * to monitor and review products/services from time to time; customize the services to make your experience safer and easier, and conduct audits
    • * to carry credit checks, screenings or due diligence checks as lawfully required of us
    • * to enforce the terms and conditions of this agreement against fraud, money laundering and other criminal activity
    • * to inform you about online and offline offers, products, services, and updates; customizing and improving your experience by marketing, presenting advertising, and offering tailored products and offers
    • * to resolve disputes; troubleshoot problems; technical support and fixing bugs; help promote a safe service
    • * to identify security breaches and attacks; investigate, prevent, and take action on illegal or suspected fraud or money laundering activities and conduct forensic audits as part of internal or external audits or investigations by Paynomics or government agencies located within India or outside the Indian jurisdiction
    • * to meet legal obligations

      • While we may also process your Personal Information for other legitimate business cases, we ensure to take appropriate steps to minimize the processing to the extent possible, making it less intrusive to your privacy.

      Cookies or Similar Technologies

      We use cookies on our website and app to improve your user experience. Cookies are small data files that are placed on your device when you visit our website or app. They allow us to remember your preferences and customize your user experience. You can disable cookies through your browser settings, but please note that some features of our website and app may not function properly if cookies are disabled.

      Information Sharing and Disclosures

      We do not sell, trade, or otherwise transfer your personal information to third parties. However, we may share your personal information, as applicable, on a need-to-know basis, with trusted third parties such as legally recognized authorities, regulatory bodies, governmental authorities, and financial institutions as per purposes set out in this Policy or as per applicable laws for servicing you. Such information shared with these third parties is governed by their policies and we do not accept any responsibility or liability for the usage of your Personal Information by these third parties or their policies.

      Storage and Retention

      To the extent applicable, we store Personal Information within India and retain it in accordance with applicable laws and for a period no longer than it is required for the purpose for which it was collected. However, we may retain Personal Information related to you if we believe it may be necessary to prevent fraud or future abuse or if required by law such as in the event of the pendency of any legal/regulatory proceeding or receipt of any legal and/or regulatory direction to that effect or for other legitimate purposes. Once the Personal Information has reached its retention period, it shall be deleted in compliance with applicable laws.

      Reasonable Security Practices

      We understand that as effective as our security measures are, no security system is impenetrable. Hence, as part of our reasonable security practices, we undergo strict internal and external reviews to ensure appropriate information security encryption or controls are placed for both data in motion and data at rest within our network and servers respectively.

      Further, you are responsible for maintaining the confidentiality and security of your login id and password. Please do not share your Paynomics login, password, and OTP details with anybody. It shall be your responsibility to intimate us in case of any actual or suspected compromise to your Personal Information.

      We have provided multiple levels of security to safeguard the Paynomics Application by login/logout option and Paynomics Application lock feature (“Enable Screen Lock”) that can be enabled by you. We have preventive controls implemented to ensure you use Paynomics Application on your device and the same login credentials cannot be used on a different device without any additional authentication/OTP.

      Your Consent

      We process your Personal Information with consent. By using the Paynomics Platform or services and/or by providing your Personal Information, you consent to the processing of your Personal Information by Paynomics in accordance with this Privacy Policy. If you disclose to us any Personal Information relating to other people, you represent that you have the authority to do so and permit us to use the information in accordance with this Privacy Policy.

      Choice/Opt-out

      We provide all users with the opportunity to opt out of receiving any of our services or non-essential (promotional, marketing-related) communications from us, after setting up an account. If you want to remove your contact information from all our lists and newsletters or discontinue any of our services, please click on the unsubscribe button on the emailers.

      Children Information

      Our website and app are not intended for children under the age of 18. We do not knowingly collect personal information from children under the age of 18

      Changes to Policy

      We reserve the right to modify or update this Privacy Policy at any time. We encourage you to review this Privacy Policy periodically for any changes. Your continued use of our website and app after we have made changes to this Privacy Policy will be deemed to be your acceptance of those changes

      Contact Us

      If you have any questions about this Privacy Policy, please contact us at [email protected]