Legal Disclaimers

Terms & Conditions for Beacon UPI

BEACON UPI TERMS AGREEMENT

This Beacon UPI Terms of Use Agreement (“Agreement”) is between you and MyBeacon Services Inc. (“Beacon”) and shall be considered Service-Specific Terms (as defined in Beacon’s general Terms of Use) with respect to your access to, and use of, the Beacon UPI Payments service (the “Service”).

This Agreement sets out the additional terms (in addition to Beacon’s general Terms of Use and the Beacon Money Account Terms) by which you will be bound when you use the Service. Do not use the Service if you do not agree to be bound by these terms. By using the Service, you agree to all the terms contained in this Agreement, and the provisions contained in any agreements referenced herein.

1. Partner Bank. Beacon currently works with a licensed bank in India (“Partner Bank”) through whom registered users of the Service can initiate, receive and track peer-to-peer payments using the Unified Payments Interface (“UPI”) network in India. To use the Service, registered users must conduct the transaction using their Beacon Money Account, the use of which is subject to the Beacon Money Account Terms (available at https://www.mybeacon.ca/beacon-money-account-agreement/ ). Payment requests can only be made for purposes permitted by Partner Bank or other similar relevant Indian financial institution used by Beacon, applicable law, and in compliance with the terms of this Agreement.

2. Eligibility. You must be at least 18 years old and able to enter into a legal agreement to use the Service. You cannot use the Service on behalf of a business or entity, and you must (i) use the Service for the purposes permitted by Beacon, and (ii) not use the Service to make payments to non-governmental organizations or charities. By submitting a transaction, you request us to process it, and we may accept or reject this request at our discretion.

3. Customer Due Diligence. To use the Service, you must provide accurate information as prompted by us. It is crucial that all information provided remains complete, accurate, and updated. Failure to provide or maintain accurate information may result in suspension, termination, or restriction of access to the Service without prior notice. To comply with legal requirements, we and Partner Bank may conduct security and customer due diligence checks on you and possibly other parties involved in transactions. You agree to promptly provide any requested information in a manner and format acceptable to us. Additionally, we may conduct customer identity verification through methods such as in-person verification by authorized Beacon officials/agents, video-based customer identification via secure, live, consent-based audio-visual interactions with our officials/agents, and other identity verification processes that may be required under applicable laws to permit you to use the Service, and our other services. You consent to these verification procedures by agreeing to this and hereby consent to the use of the information provided by you to us for such purposes. Beacon reserves the right to close, suspend, or restrict access to your Beacon profile or Services without prior notice to your if we are unable to obtain or verify required information or are otherwise not satisfied by the results of such verification checks.

4. Sending and Receiving Money. Beacon, through Partner Bank, provides the ability to transfer money (“Transferred Amount”) between you and another user of the UPI network.  In order to use the Service, we may require you to have a ‘Beacon Money Account (“BMA”), the use of which is subject to the Beacon Money account agreement, available at https://www.mybeacon.ca/beacon-money-account-agreement/, and the terms of which are incorporated herein by reference.  You may only use the funds available to you in your BMA (“Notional Balance”) to use the Service. Conversions between Indian Rupees and Canadian Dollars will be done applying the exchange rate specified in this Agreement for currency conversion.

5. Transfers and Permitted Use. When using the Service for the direct transfer of funds initiated by you (each, a “Money Transfer”), it is recommended that you only send funds to friends, family, and verified third parties known to you. You are advised against using the Service for transactions with strangers. Money Transfers are intended for transactions permitted by us and under applicable law; currently, that includes deposits to ‘NRE’/’NRO’ bank accounts, family support, education expenses, medical expenses, travel & tourism expenses, tax payments, loan repayments and utility payments; however, inclusion on this list should not be construed as a guarantee of availability of the Service  to you for all transactions within such categories, and is subject to change without prior notice. You may not use the Service for making donations and payments to charities or other not-for-profit organizations. To initiate a Money Transfer through the Service, you must provide accurate recipient details, including their UPI ‘id’ and the transfer amount, as well as the purpose of the Money Transfer. We will process your Money Transfer only in the event you have sufficient Notional Balance for the entire amount of the transaction and all applicable fees, and the purpose of the intended Money Transfer is permitted by us and under applicable law. You agree not to exercise chargeback rights except in cases of our breach or unauthorized use of your payment instrument.

Transaction and Velocity Limits: The following limits currently apply to all transactions and may be subject to change at any time on our discretion, without prior notice, based on account history, regulatory requirements, or internal compliance reasons. We do not guarantee that the limits provided below will continue to be available to you:

• Maximum value of each Money Transfer: INR 200,000 (Two lakh Indian Rupees); and
• Maximum cumulative value of Money Transfers in 24 hours using the Service, as well as all other outward cross-border remittance services made available to you through your BMA: CAD 10,000 (Ten Thousand Canadian Dollars).

6. Transfer Processing and Notifications While we strive to ensure timely fund delivery, we do not control the crediting timeline of either Partner Bank, the UPI network, the recipient’s bank or payment provider. We may delay processing of a Transferred Amount in certain circumstances, including verifying authorization or legality or a transaction and conducting other due diligence checks. If the delivery of a Transferred Amount cannot be completed, we will use commercially reasonable efforts to notify you of the reasons upon request and provided we are permitted by law or by contract to do so. By scheduling a Money Transfer, you agree to us executing the transfer at any time on the scheduled date It is your responsibility to ensure accuracy when providing information for Transferred Amounts. Even if errors occur, we may assist in recovering funds, though success relies on other institutions’ policies for which we cannot be held responsible. Transactions are final and irrevocable upon completion, except where specified in this Agreement or by applicable law.

7. Currency Conversion. The Service enables the conversion between Canadian Dollars and Indian Rupees (INR) as part of our money transfer offerings in order to give effect to transactions. The exchange rate we provide denotes the rate for the relevant currency pair, typically sourced from a reference rate provider and may include an additional markup for fees for our services, and is subject to change without prior notice. Certain currencies may necessitate the use of specific reference rates mandated by applicable law. We reserve the right to decline any currency conversion order at our discretion, including due to inaccurate recipient details, insufficient funds, or suspected/ potential violations of this Agreement.

8. Misuse of Service. You are prohibited from misusing the Service, including by breaching this Agreement or any other contractual obligations you have agreed to with Beacon, violating applicable laws or regulations (including those set forth by the Reserve Bank of India), infringing upon Beacon’s intellectual property rights, engaging in defamatory or harassing conduct, providing false information, or attempting to transact fraudulently obtained funds. You must cooperate in investigations and not abuse card networks or dispute resolution processes. Any such misuse may result in immediate suspension or termination of your Beacon profile, reporting to authorities, and legal action. If Beacon suspects misuse of our services as outlined in this paragraph, we reserve the right to take protective measures, including terminating this Agreement, suspending your Beacon profile with restrictions, or closing your profile without prior notice. We may report breaches to law enforcement, refuse to provide services to you, limit platform or payment method access, notify relevant financial institutions, correct information inaccuracies, and pursue legal remedies to recover losses and damages incurred by Beacon or others.

9. Reversals and Chargebacks. If a payment is invalidated for any reason, you are immediately liable to Beacon for the full amount plus any fees.  Transferred Amounts may be reversed for reasons including reversal by the sender or payment services provider, insufficient or unsatisfactory verification of your information or payment request, insufficient or uncleared Transferred Amounts or Notional Balance, regulatory directives or restrictions, and errors resulting in incorrect crediting of your account. If a Transferred Amount is reversed, Beacon, through Partner Bank, may refund or reverse the amount plus any applicable fees from your Notional Balance. If your Notional Balance is insufficient, Beacon may perform a currency conversion to cover the reversal, subject to the applicable exchange rate at that time.. If your Notional Balance becomes negative due to a reversal, fee deduction, or any other action, you must repay the negative amount immediately. Beacon may take actions to recover the negative amount, including using debt collection services or legal actions, and may charge you for any costs incurred in these efforts.

10. If You Owe Money to Us, Partner Bank or Our Agent. If you owe us, Partner Bank, or our agents money, we may deduct the amount from your Notional Balance. If there are insufficient funds, you must repay the outstanding amount immediately on demand, along with any fees and interest. If you fail to do so, we reserve the right to set-off such amount against any Transferred Amounts or other means to collect the debt. This includes using a debt collection agency and recovering reasonable costs, including attorneys’ fees, incurred in enforcing this Agreement. Outstanding amounts may be subject to additional daily interest up to the maximum amount permitted by applicable law.

11. Disclaimer Of Warranties. We make reasonable efforts to ensure that transactions are processed in a timely manner, but we make no representations, warranties or conditions, express or implied, regarding the time needed to complete processing because the Service is dependent on many factors outside our control. EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE SERVICE IS PROVIDED TO YOU ON AN “AS IS” BASIS WITHOUT ANY WARRANTY WHATSOEVER AND BEACON EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS, WARRANTIES, AND CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION, WARRANTY OR CONDITION OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR ANY WARRANTY ARISING FROM A COURSE OF DEALING, PERFORMANCE, OR TRADE USAGE. Some jurisdictions do not allow the disclaimer of implied warranties, so the foregoing disclaimer may not apply to you. This warranty gives you specific legal rights and you may also have other legal rights that vary from province to province. In any event, you may have a right to a refund as expressly described herein. We do not guarantee that our Service will always be available or be uninterrupted. We may suspend, withdraw, discontinue or change all or any part of our Service without notice. We will not be liable to you if, for any reason, the Service is unavailable at any time or for any period.

12. Indemnification. You agree to indemnify and hold Beacon, its service providers, and their respective subsidiaries, officers, agents, partners, employees and agents harmless from any claim or demand, including reasonable legal fees, made by any third party due to or arising out of your use of the Service, your connection to the Service, your violation of this Agreement, or your violation of any rights of another.

13. LIMITATION OF LIABILITY. IN NO EVENT SHALL BEACON, SERVICE PROVIDERS, OR THEIR RESPECTIVE SUBSIDIARIES, AFFILIATES, OFFICERS, AGENTS, PARTNERS, OR EMPLOYEES BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES BEYOND THE SUM OF $500.00, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF BEACON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) RESULTING FROM NEGLIGENCE ON THE PART OF BEACON, DISBURSEMENT PARTNERS, OR THEIR RESPECTIVE SUBSIDIARIES, OFFICERS, AGENTS, PARTNERS, OR EMPLOYEES. BEACON SHALL NOT BE LIABLE FOR DELAYS, INTERRUPTIONS, SERVICE FAILURES, OR OTHER PROBLEMS INHERENT IN USE OF THE INTERNET, ELECTRONIC COMMUNICATIONS, TELECOMMUNICATIONS NETWORKS OR OTHER SYSTEMS OR NETWORKS OUTSIDE THE REASONABLE CONTROL OF BEACON.

14. Governing Law. Subject to Section 15 (Disputes with Beacon; Arbitration), this Agreement, and any dispute or claim arising out of or relating to the Service or this Agreement (each a “Claim”) shall be governed according to the laws of the Province of Ontario and the federal laws of Canada applicable therein, except that body of law governing conflicts of law. You agree to submit to exclusive jurisdiction of the courts of competent jurisdiction in Toronto, Ontario. The application of the United Nations Convention on Contracts for the International Sale of Goods to this Agreement is expressly excluded.

15. Disputes with Beacon; Arbitration. Disputes between you and Beacon regarding the Service may be reported online to Customer Service by email at support@mybeacon.ca. Any dispute regarding this Agreement, including the validity, existence, binding effect, interpretation, performance, breach or termination, and including tort claims, may be referred to and finally determined, to the exclusion of the courts, by a single arbitrator. The arbitration shall take place in Toronto, Ontario, in English, at ADR Chambers and in accordance with the ADR Chambers Expedited Arbitration Rules. In all other respects, the arbitration shall be governed by and subject to the Arbitration Act (Ontario). Notwithstanding, a party may seek injunctive relief to protect its intellectual property or confidential or proprietary information.

16. Electronic Acceptance; Communications. You acknowledge and agree that this User Agreement is executed electronically. Your act of creating a Beacon account for use of the Service and establishing a password and/or electronically accepting the terms serves as an electronic signature, binding you to this Agreement. Communication regarding this agreement, transactions, disclosures, and customer service matters may be conducted electronically and may be transmitted through phone calls or text messages. You must possess the necessary hardware and software to receive and retain these communications electronically. Should you choose to withdraw your consent for electronic communications, your access to the Service will be terminated. Ensuring the security of your information is of paramount importance to us, and we employ various measures for this purpose. We advise exercising caution when engaging in financial transactions and promptly reporting any instances of fraud. It is important to note that this agreement and its associated documents are presented solely in English. You affirm your agreement to abide by these terms and conditions by submitting information or conducting transactions. 

17. UPDATES: WE MAY REVISE AND UPDATE THIS AGREEMENT FROM TIME TO TIME IN OUR SOLE DISCRETION. ALL CHANGES ARE EFFECTIVE IMMEDIATELY WHEN WE POST THEM AND APPLY TO ALL ACCESS TO AND USE OF THE SERVICE THEREAFTER. YOUR CONTINUED USE OF THE SERVICE FOLLOWING THE POSTING OF A REVISED AGREEMENT MEANS THAT YOU ACCEPT AND AGREE TO THE CHANGES. YOU ARE EXPECTED TO CHECK THIS PAGE FROM TIME TO TIME SO YOU ARE AWARE OF ANY CHANGES, AS THEY ARE BINDING ON YOU. 

18. Language. This User Agreement and all related documents shall be drawn up in English only. Le présent consentement et tous les documents qui s’y rattachent soient rédigés en anglais seulement.

YOU ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTOOD THESE TERMS AND CONDITIONS AND AGREE TO BE BOUND THEREBY. YOU ACKNOWLEDGE AND AGREE THAT EACH TIME YOU SUBMIT INFORMATION OR CONDUCT ANY TRANSACTION IN CONNECTION WITH THE SERVICE, EACH SUCH TRANSACTION CONSTITUTES YOUR AGREEMENT AND INTENT TO BE BOUND BY THESE TERMS AND CONDITIONS.

Last Updated: June 6th, 2025

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