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Terms & Conditions

UPI Terms & Conditions

Terms of Use of True Balance BHIM UPI


These Terms and Conditions regulate and facilitate the payments under the Unified Payment Interface (“BHIM UPI”) which is a payment platform developed by National Payments Corporation of India (NPCI), an umbrella organization for operating retail payments and settlement systems in India. The Application software (True Balance App”) is only a facilitator of Payment Transactions and does not party to these Payment Transactions. True Balance App is being offered by Balancehero India Private Limited (“True Balance”) a company incorporated under the Companies Act, 2013 with its registered office at 5th floor, Huda City Centre, Sector – 29, Gurugram, Haryana- 122001 through notified Payment Service Provider Banks (“PSP”). True Balance is not a Payments System Provider. The BHIM UPI services (“Services”) are being offered under the brand “True Balance”.

Balancehero India Private Limited (“True Balance”) is a TPAP authorized by NPCI to facilitate payments through sponsor PSP Bank(s) namely Axis Bank. True Balance is a service provider in the UPI payment ecosystem and We participate in UPI through the PSP Banks.



  1. “NPCI” – NPCI is an authorized payment system operator by RBI. NPCI owns and operates the UPI payment system.

  2. “BHIM-UPI” or “True Balance BHIM UPI”- Unified Payment Interface, as defined by NPCI under respective directives and notifications.

  3. “PSP Bank” – PSP is the banking company authorized to act as a Payment Service Provider (PSP) under the UPI framework. PSP engages the TPAP to provide UPI services to the end-user customers.

  4. “TPAP” – Third Party Application Provider (TPAP) is an entity which provides the UPI compliant app(s) to the end-user customers to facilitate UPI based payment transactions.

  5. “Customer’s Bank” – The Bank where the end-user customer maintains his/her account that has been linked for the purpose of debiting/crediting the payment transactions made through UPI.

  6. “You”, “Yours”, “Yourself”, “end user customer”, “user”- is the individual who uses UPI payment facility to send and receive payments and avails UPI facility by linking their Bank Account(s).

  7. “We”, “Our”, “Ourselves”, “True Balance”- Refers to Balancehero India Private Limited.

  8. “True Balance App” – The mobile application(s), hosted by Balancehero India Private Limited for providing services to its users, including merchants and service providers.

  9. ‘True Balance Platform” – Refers to any platform owned/subscribed/used by Balancehero India Private Limited or any other True Balance affiliates not limited to websites, mobile applications, devices, URLs/links, notifications, chatbot, or any other communication medium used by True Balance Entities to provide its services to its Users.

  10. “True Balance Services” – shall include all services extended / to be extended by True Balance entity as a group including but not limited to Pre-Paid Instruments, Gift cards, Recharges and Bill Payments, Insurance, Mutual Funds, Gold sale & purchase.

  11. “Bank Account / Payment Account”- Any bank account or any other payment accounts offered by a regulated entity where money can be held, money can be debited from, and can be credited to.

  12. “VPA” – unique Virtual Payment Account, registered with NPCI that can be linked with your Bank account.

  13. “UPI PIN”- Personal Identification Number which is used as authorization credentials by the Issuer Bank for debiting a customer’s account. It will be 4-6 digits numeric PIN only.



Users need to ensure or follow points covering VPA creation process, defined and governed by NPCI under UPI guidelines which may change from time to time and should be abide by all the users at any point of time to avail/continue UPI services. True Balance in the capacity of TPAP is responsible for implementing the process as amended and notified by NPCI from time to time.

You understand and agree that the registration process may include access to Your mobile network and sending a unique SMS using your Phone to verify, validate, register and link Your Bank Account on UPI Platform and create a unique Virtual Account Number (“VPA”) and we ensure that True Balance does not store the Bank Account number linked to Your VPA.

The details provided by You as part of the UPI registration process, which includes your Banking Information, shall be shared and maintained at PSP Bank’s and NPCI’s secure library and You consent to share and authorize PSP Bank and NPCI to maintain this data.

You must have True Balance account in order to access BHIM UPI. New Users can download True Balance App from Play Store or via unique referral link. Once the mobile number is verified, your bank will share bank account details registered against the said Mobile number.




True Balance BHIM UPI can be used for Person to Person money transfers or to purchase products and services online or offline on any Merchant platform. Your BHIM UPI PIN needs to be entered on Your mobile to authorize every True Balance BHIM UPI payment.

True Balance BHIM UPI is one of the payment options available to You on various Merchant platforms and We assume no responsibility for the products / services purchased using True Balance BHIM UPI and any liability thereof is expressly disclaimed.

BHIM UPI transactions are subject to minimum and maximum transaction limits that may be set by True Balance, User, Issuer Bank, the Payment Participants or as may be prescribed under the provisions of Applicable Law. Further, True Balance, Bank – PSP or other Payment Participants may also reject/suspend Transactions (in whole or in part) based on their respective policies and assessment.

Your transaction records can be reviewed within the True Balance App You are required to review all transactions and in case you identify any error or unauthorised transaction, you are requested to notify this as per the notified Dispute Redressal Mechanism.

1. Fee:

True Balance does not charge its Users any fee for creating an Account, however, We reserve the right to change its fee policy from time to time. We may introduce fees for any new services or amend/introduce fees for existing services. Changes to the fee(s) shall be displayed accordingly to You via website/app and such changes shall automatically become effective immediately after they are posted. Unless otherwise stated, all fees shall be quoted in Indian Rupees.

Your bank may charge you a nominal transaction fee for BHIM UPI transfers- please check with your bank for any such charges.


​2. Transaction Monitoring:

True Balance may review your activity and transactions on True Balance App and on its affiliates for identifying high risk transactions. We may also engage Third Party Providers to assist Us in these efforts. In case, transactions processed by you or any other activity that We believe may be suspicious or unusual, we may temporarily or permanently suspend your access to True Balance BHIM UPI services.

Your transaction may be rejected due to reason not limited to risk management, suspicion of fraudulent, illegal Transactions, selling of prohibited items, use of compromised or blacklisted cards or BHIM UPI accounts, chargebacks/complaints or for other reasons as prescribed in the Payment Participant Rules. We may further investigate and may suspend or terminate your True Balance account, report the transaction and your account details to legal enforcement agencies or other regulatory authorities as applicable or notified by law.


While you register and transact on using True Balance BHIM UPI, You are required to ensure the following - 

  1. You are solely responsible for linking Your correct bank account.
  2. Since Your mobile number is treated as the primary identifier, Your mobile number needs to be updated with the bank linked to True Balance App in case of any changes.

  3. If You change the mobile number registered with Your True Balance Account, You will have to re-register your new mobile number with True Balance. To re-enable the Service, you need to register your new mobile number with your bank as well.

  4. You are solely responsible to keep Your OTP, BHIM UPI PIN and bank account related details confidential. Sharing such information with others may lead to unauthorized usage, for which True Balance shall not be responsible.

  5. You shall take full responsibility of the payment request that you make and authorize on BHIM True Balance UPI, including addition of beneficiary, typing and reviewing VPAs and validating intended recipients and We do not take correctness of information that you enter during payment processing, including authorization.

  6. You agree that if You provide any information that is untrue, inaccurate, not current or incomplete or We have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, or not in accordance with the Terms of Use, We shall have the right to indefinitely suspend or terminate or block access to Your Account.

  7. We shall ensure that all your confidential data pertaining to your money transactions, bank account details, and all other sensitive personal information are protected and kept confidential by employing best available protection standards, which are more fully set out in our Privacy Policy.

  8. You agree that True Balance BHIM UPI, PSP or any other system participant in BHIM UPI Payment System shall not be liable for any delay in the completion of the funds transfer or any loss on account of error in the execution of the funds transfer by you.

  9. You are required to ensure availability of sufficient funds in True Balance BHIM UPI linked Bank Account(s) in order to avoid transaction declines and charges if any accessed by your issuer Bank.


  1. NPCI:

  1. NPCI owns and operates the Unified Payments Interface (UPI) platform

  2. NPCI prescribes rules, regulations, guidelines, and the respective roles, responsibilities and liabilities of the participants, with respect to UPI. This also includes transaction processing and settlement, dispute management and clearing cut-offs for settlement.

  3. NPCI approves the participation of Issuer Banks, PSP Banks, Third Party Application Providers (TPAP) and Prepaid Payment Instrument issuers (PPIs) in UPI.

  4. NPCI provides a safe, secure and efficient UPI system and network.

  5. NPCI provides online transaction routing, processing and settlement services to members participating in UPI.

  6. NPCI can, either directly or through a third party, conduct an audit on UPI participants and call for data, information and records, in relation to their participation in UPI.

  7. NPCI provides the banks participating in UPI access to system where they can download reports, raise chargebacks, update the status of UPI transactions etc.

2. PSP Bank


  1. PSP Bank is a member of UPI and connects to the UPI platform for availing UPI payment facility and providing the same to the TPAP which in turn enables the end-user customers / merchants to make and accept UPI payments.


  3. PSP Bank, either through its own app or TPAP’s app, on-boards and registers the end-user customers on UPI and links their bank accounts to their respective UPI ID.

  4. PSP Bank is responsible for authentication of the end-user customer at the time of registration of such customer, either through its own app or TPAP’s app.

  5. PSP Bank engages and on-boards the TPAPs to make the TPAP’s UPI app available to the end-user customers.

  6. PSP Bank has to ensure that TPAP and its systems are adequately secure to function on UPI platform.

  7. PSP Bank is responsible to ensure that UPI app and systems of TPAP are audited to safeguard security and integrity of the data and information of the end-user customer including UPI transaction data as well as UPI app security.

  8. PSP Bank has to store all the payments data including UPI Transaction Data collected for the purpose of facilitating UPI transactions, only in India.

  9. PSP Bank is responsible to give all UPI customers an option to choose any bank account from the list of Banks available on UPI platform for linking with the customer’s UPI ID.

  10. PSP Bank is responsible to put in place a grievance redressal mechanism for resolving complaints and disputes raised by the end-user customer.


3. True Balance (TPAP)

  1. True Balance is a service provider and participates in UPI through PSP Bank.

  2. True Balance is responsible to comply with all the requirements prescribed by PSP Bank and NPCI in relation to TPAP’s participation in UPI.

  3. True Balance is responsible to ensure that its systems are adequately secure to function on the UPI platform.

  4. True Balance is responsible to comply with all applicable laws, rules, regulations and guidelines etc. prescribed by any statutory or regulatory authority in relation to UPI and True Balance’s participation on the UPI platform including all circulars and guidelines issued by NPCI in this regard.

  5. True Balance has to store all the payments data including UPI Transaction Data collected by TPAP for the purpose of facilitating UPI transactions, only in India.

  6. True Balance is responsible to facilitate RBI, NPCI and other agencies nominated by RBI/ NPCI, to access the data, information, systems of True Balance related to UPI and carry out audits of True Balance, as and when required by RBI and NPCI.

  7. True Balance shall facilitate the end-user customer with an option to raise grievance through the True Balance’s grievance redressal facility made available through True Balance app or website and such other channels as may be deemed appropriate by the True Balance like email, messaging platform, IVR etc.




  1. Every end-user customer can raise a complaint with respect to a UPI transaction, on the PSP app / TPAP app.
  2. End-user customer can select the relevant UPI transaction and raise a complaint in relation thereto

  3. A complaint shall be first raised with the relevant TPAP in respect to all UPI related grievances / complaints of the end-user customers on-boarded by the PSP Bank / TPAP (if the UPI transaction is made through TPAP app). In case the complaint / grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where the end-user customer maintains its account) and NPCI, in the same order. After exercising these options, the end-user customer can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.

  4. The complaint can be raised for both the types of transactions i.e. fund transfer and merchant transactions.

  5. The end-user customer shall be kept communicated by the PSP / TPAP by means of updating the status of such end-user customer’s complaint on the relevant app itself




In no event will True Balance be liable for any indirect, consequential, incidental, special or punitive damages liabilities (including statutory), including without limitation damages for loss of profits or revenues, business interruption, loss of business opportunities, loss of data or loss of other economic interests, whether in contract, negligence, tort or otherwise, arising from the use of or inability to use the True Balance BHIM UPI Facility.

You shall indemnify and hold harmless True Balance , its owner, licensee, affiliates, subsidiaries, group companies (as applicable) and their respective officers, directors, agents, and employees, from any claim or demand, or actions including reasonable attorneys’ fees, made by any third party or penalty imposed due to or arising out of your breach of this Terms of Use, Privacy Policy and other Policies, or Your violation of any law, rules or regulations or the rights (including infringement of intellectual property rights) of a third party.





You agree that True Balance at its sole discretion may terminate your contract without prior notice and restrict your access to True Balance application if we determine that you have violated the terms of use and you consent that in case True Balance suffers losses, not limited to monetary losses, due to your actions, we can take injunctive relief as deems necessary within the said circumstances. We may also suspend services or terminate your contract in case of violation of user conduct of True Balance Platforms.

You may note that True Balance shall retain your registration information, VPAs, transactional information or any other information that we are permitted to store as permitted under the BHIM UPI Payment System for the duration as specified in regulations or notified by NPCI from time to time even after termination of contract.





This arrangement and the rights and obligations thereunder and all matters arising under or in this connection shall be governed by and construed in accordance with the laws of the Republic of India. The courts in Gurgaon, Haryana shall have exclusive jurisdiction over all matters connected with the Services.


You understand that the terms of availing of UPI facility using NPCI Platform, PSP and True Balance shall not create any contractual obligation against any NCPI system participants and downloading or using the True Balance App does not automatically entitle You for BHIM True Balance UPI facility.

We do not make any warranties and make no representation about the quality and availability of BHIM UPI facility.

We shall not be held responsible for any non-responsiveness, delay, failure of systems or any other circumstances that might not be in our control.

Your transaction records and other logs maintained with us shall be final and binding as a proof of this facility and transactions.

We hereby confirm that:

  1. We, Balancehero India Pvt. Ltd. is a TPAP authorized by NPCI to facilitate payments through PSP Bank(s) namely Axis Bank Ltd. We are a service provider, and we participate in UPI through the PSP Bank.

  2. We are bound by the tripartite agreement entered with the sponsor PSP Bank, Axis Bank Ltd. and NPCI. We are responsible for facilitating grievances / complaints resolution of the customers on-boarded on our UPI application.

  3. We shall be the first point of contact for all UPI related grievances/complaints for customers on-boarded by us. In case the complaint/grievance remains unresolved, the next level for escalation will be the PSP Bank, followed by the bank (where you maintain the account) and NPCI in the same order. After exercising these options, you can approach the Banking Ombudsman and / or the Ombudsman for Digital Complaints, as the case may be.

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