Our role in the payments stack
PeyCoIn is a Technology Service Provider (TSP) that offers a software platform for tracking shared expenses and routing settlement payments. PeyCoIn is not a bank, does not hold customer funds in its own name, and does not, by itself, hold a Payment Aggregator licence or PPI licence. Where money movement occurs, it is executed exclusively by RBI-regulated entities.
Banking and Payment Aggregator partners
Settlement of balances on PeyCoIn is performed through the following classes of regulated entities. The specific partner powering a given transaction is shown to you on the confirmation screen before you authorise the payment.
- RBI-regulated scheduled commercial banks for IMPS / NEFT / RTGS;
- UPI third-party application providers ("TPAP") and payment service providers ("PSP") under NPCI's UPI rules;
- RBI-licensed Payment Aggregators ("PA") for card and net-banking transactions;
- Card networks (Visa, Mastercard, RuPay, American Express) and the issuing banks of the cards used.
Payment rails supported
| Rail | Operator | Typical use |
|---|---|---|
| UPI | NPCI · partner PSP banks | Person-to-person settlements |
| IMPS / NEFT / RTGS | Partner scheduled commercial banks | Bank-to-bank transfers |
| Cards | Visa, Mastercard, RuPay via partner PA | Card-on-file & one-time payments |
| Net banking | Partner banks via partner PA | Higher-value settlements |
KYC and AML
Where required, KYC is performed by our regulated banking partners under the RBI's Master Direction — Know Your Customer Directions, 2016 (as amended), using Aadhaar-based, Digi-Locker, or video-based customer identification ("V-CIP"). PeyCoIn complies with the Prevention of Money Laundering Act, 2002 ("PMLA") and the related Maintenance of Records Rules.
Charges and transaction limits
Use of the core PeyCoIn app is free for end users. For UPI person-to-person transfers, no merchant or customer fees apply. For card and net-banking settlements, partner-PA fees and any applicable taxes are disclosed on the confirmation screen before the transaction is authorised.
Per-transaction and daily limits are governed by the underlying rail (e.g., NPCI's UPI limits, your bank's IMPS limits, your card issuer's limits). PeyCoIn does not impose additional limits beyond those of the rail.
Customer liability for unauthorised transactions
Customer liability for unauthorised electronic banking transactions is governed by the RBI's circular on "Customer Protection — Limiting Liability of Customers in Unauthorised Electronic Banking Transactions" dated 6 July 2017. To minimise your liability, report any unauthorised transaction to your bank and to us immediately.
Nodal Officer (Payments)
For complaints relating specifically to payment transactions:
Anurag Shahi, Nodal Officer, Payments (Interim, Beta)
Email: nodal@pey.co.in
Phone: +91 87389 59415
Entity: Pey Technologies Private Limited.
For our full grievance procedure and timelines, see Grievance Redressal Policy.
RBI Ombudsman
If your complaint is not resolved within 30 days of being lodged with us, or if you are not satisfied with the resolution, you may escalate to the RBI Ombudsman under the Reserve Bank — Integrated Ombudsman Scheme, 2021:
- Online portal: cms.rbi.org.in
- Toll-free: 14448 (09:30 – 17:15, Monday to Friday)
- Centralised Receipt and Processing Centre, Reserve Bank of India, 4th Floor, Sector 17, Chandigarh – 160017.