Cancellation & Refund Policy

1. INTRODUCTION

At Prosper Professional Development Life Private Limited (“Prosper”, “Company”, “We”, “Us”, or “Our”), we value the trust placed in us by our customers, partners, agents, distributors, and merchants. Prosper is a technology-driven financial services company engaged in providing digital payment and financial facilitation services through an extensive network of authorized agents, distributors, merchants, and business partners across India.

This Cancellation and Refund Policy (“Policy”) establishes the principles, procedures, timelines, and responsibilities governing cancellations, reversals, refunds, failed transactions, disputed transactions, and fraud-related claims processed through the Prosper platform, website, mobile applications, APIs, and associated payment systems.

By accessing, registering, or using any services provided by Prosper Professional Development Life Private Limited, you (“User”, “Customer”, “You”, or “Your”) acknowledge that you have read, understood, and agreed to be bound by this Policy, along with our Terms & Conditions and all applicable laws, regulations, circulars, and guidelines issued by regulatory authorities including the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), and other competent authorities.

This Policy has been formulated in accordance with:

• Reserve Bank of India (RBI) guidelines;
• NPCI procedural and operational guidelines;
• Information Technology Act, 2000;
• Payment and Settlement Systems Act, 2007;
• Digital Personal Data Protection Act, 2023;
• Consumer Protection Act, 2019;
• Prevention of Money Laundering Act, 2002;
• Applicable banking and payment regulations.

2. SCOPE AND APPLICABILITY

This Policy applies to all payment transactions facilitated through Prosper platforms and services, including but not limited to:

• UPI transactions;
• Utility bill payments;
• BBPS services;
• Mobile and DTH recharges;
• Merchant payments;
• Collection services;
• Digital payment services;
• Wallet and prepaid transactions;
• Financial service payments;
• Service charges;
• Commission settlements;
• Agent and distributor transactions;
• Value-added services;
• Other digital payment and financial services facilitated by Prosper.

This Policy applies to all users, customers, merchants, agents, distributors, and business partners utilizing Prosper services.

3. REFUND FOR FAILED TRANSACTIONS

A transaction shall be considered a “Failed Transaction” when:

• Customer funds are debited;
• The intended transaction fails to complete successfully;
• No service delivery confirmation is received.

Failed transactions may occur due to:

• Banking network failures;
• Payment gateway errors;
• Technical issues;
• NPCI network interruptions;
• Merchant system failures;
• Connectivity disruptions;
• System maintenance activities.

In such cases, Prosper shall initiate an automatic reversal process in accordance with RBI and NPCI guidelines.

4. REFUND FOR SUCCESSFUL PAYMENT BUT SERVICE NOT DELIVERED

In cases where:

• The payment transaction is successful;
• The customer’s account is debited;
• The intended service, recharge, bill payment, or merchant service is not delivered,

Prosper shall initiate an investigation with the respective merchant, payment aggregator, biller, or service provider.

Upon successful verification that the service was not delivered:

• The refund process shall be initiated;
• Refunds shall be processed to the original source account.

5. REFUNDS GOVERNED BY MERCHANT OR AGGREGATOR POLICIES

Certain transactions involve third-party merchants, service providers, or aggregators.

In cases involving:

• Product returns;
• Service cancellations;
• Customer dissatisfaction;
• Merchant-specific disputes;
• Order cancellations;
• Product defects;

the applicable refund policy of the respective merchant, aggregator, or service provider shall govern the refund process.

Prosper shall:

• Facilitate communication;
• Assist in transaction verification;
• Coordinate with merchants and aggregators.

However, Prosper shall not assume financial liability for refunds governed by third-party policies.

6. CANCELLATION POLICY

Users may cancel a payment transaction only if:

• The transaction has not been processed;
• Settlement instructions have not been initiated.

Once a transaction is:

• Successfully authorized;
• Processed;
• Settled;
• Forwarded to the beneficiary bank or merchant,

such transactions cannot be cancelled by Prosper.

For cancellation requests after successful processing, Users must directly contact the concerned:

• Merchant;
• Service provider;
• Aggregator;
• Biller;
• Financial institution.

Cancellation approvals shall remain subject to their respective terms and policies.

7. REFUND PROCESSING TIMELINES

The standard refund timelines are as follows:

Prosper shall endeavor to process all eligible refunds at the earliest possible opportunity.

8. NON-REFUNDABLE TRANSACTIONS

Refunds shall not be available under the following circumstances:

• Incorrect beneficiary details entered by the User;
• Incorrect UPI ID or account details;
• Wrong mobile number entered for recharge;
• Successfully processed prepaid recharge transactions;
• Successfully processed DTH recharge transactions;
• Transactions disputed after 30 days;
• Voluntary transfers to incorrect beneficiaries;
• Transactions involving user negligence;
• Transactions prohibited under applicable law.

Prosper shall not bear liability for losses arising from customer errors.

9. FRAUD, CYBERSECURITY, AND DISPUTE RESOLUTION

If a User suspects:

• Unauthorized access;
• Cyber fraud;
• Account compromise;
• Phishing;
• Fraudulent transactions;
• Identity theft;
• Unauthorized fund transfers,

the User must immediately notify Prosper.

Prosper may:

• Suspend transactions;
• Freeze settlements;
• Investigate transaction logs;
• Coordinate with banks and payment partners;
• Cooperate with law enforcement agencies.

Fraud-related refunds shall only be processed after:

• Completion of investigation;
• Regulatory approval;
• Legal verification;
• Banking partner confirmation.

Investigation timelines may extend up to 30–45 business days.

10. DATA RETENTION AND EVIDENCE MANAGEMENT

Prosper maintains:

• Transaction records;
• Payment logs;
• Device information;
• Audit trails;
• Authentication logs;
• API records;
• Settlement information.

Records shall be retained for a minimum period prescribed under applicable law and regulatory requirements.

Data shall only be disclosed:

• To regulators;
• Courts;
• Law enforcement agencies;
• Authorized financial institutions;
• Government authorities.

All data is protected through secure storage, encryption, and access controls.

11. GRIEVANCE REDRESSAL MECHANISM

Complaint Resolution Process:

• Complaint acknowledgment: Within 48 hours.
• Investigation initiation: Within 3 business days.
• Resolution timeline: Within 15 business days.

If unresolved, customers may approach:

• RBI Ombudsman;
• Consumer Forums;
• Cyber Crime Authorities;
• Other competent authorities.

12. LEGAL JURISDICTION

This Policy shall be governed by:

• Laws of India;
• RBI regulations;
• NPCI rules;
• Applicable financial laws.

All disputes arising under this Policy shall be subject to the exclusive jurisdiction of the courts located at: Lucknow, Uttar Pradesh, India.