Unless the context otherwise requires, the following capitalized words shall have the meaning
assigned to them below.
“Admin Verified” refers to the approval provided by the administrator at Open the User to use a
particular Service or set of Services subject to the User information submitted, KYC, risk
assessment and execution of any other controls or protocols that may be required to verify and
authenticate the User in accordance with applicable laws, including but not limited to the RBI
Acquiring Bank” shall mean any bank which receives funds as sent by the User to the Customer.
“Bank” refers to any bank or financial institutions that are licensed and regulated by the Reserve
Bank of India (“RBI”), which Open has partnered with towards offering the Services. It is hereby
clarified that the term “Bank” also includes any sponsor banks that Open has partnered with, by
establishing software protocols and direct integrations via API.
“Business Days” means any day in which banks are open for business in Mumbai, India New Delhi,
India, and Bangalore, India.
“Business Current Account” or “Payment Account” refers to a bank account that is linked by the
User to the Open Platform for settlement of proceeds. The Business Current Account can either be
opened afresh with any Bank and linked to the Open Platform for settlements or by completing KYC
verification and linking an existing bank account to the Open Platform. Usage of the Business
Current Account by any User is subject to the terms stipulated by the concerned bank.
“Card Payment Network Rules” refer to the written rules, regulations, releases, guidelines,
processes, interpretations and other requirements (whether contractual or otherwise) imposed and
adopted by the Card Payment Network.
“Confirmation of Delivery” refers to the confirmation by the User provided to Open confirming
delivery of goods or services to the Customer, authorizing Open to settle funds collected in the
Escrow Account to the Business Current Account belonging to the User in accordance with the RBI
Guidelines. This authorization will remain in full force and effect until specifically terminated
by the User in writing.
“Customer” shall mean any individual or entity that transacts with the User resulting in
transference of funds to the User.
“Escrow Account” shall refer to the nodal account or escrow account maintained by Open with the
Bank in accordance with the RBI Guidelines.
“Know Your Customer” or “KYC” shall mean the various norms, orders, rules, regulations, laws, and
statutes as per applicable laws, including the RBI Guidelines issued from time to time according
to which Open procure personal identification details from the User desiring to access/use the
“Online Business Account”, “Open Pay” or “User Account” refers to the online account opened by the
User in accordance with the RBI Guidelines and subject to the onboarding requirements stipulated
on the Open Platform.
“Payee” means any person to whom a payment is made, using the Services, (and the term includes a
User who uses the Services to receive payment.
“Payer” means any person who makes a payment, using the Services (and the term includes a User who
uses the Services to make payment.
“RBI Guidelines” refers to the extant rules, regulations, orders, directions, notifications and
guidelines issued by RBI, including but not limited to - the Payment & Settlement Systems Act,
2007, RBI Directions for opening and operation of accounts and settlement of payments for
electronic payment transactions involving intermediaries dated November 24, 2009, the Guidelines
on Regulation of Payment Aggregators and Payment Gateways dated March 17, 2020 and the Master
Directions for Know Your Customer (KYC), 2016, as amended from time to time.
“Service(s)” means and includes the following services provided by Open to the User at the request
of the User:
- Online Business Account for payments and collections;
- Payment Gateway
- Automated Accounting;
- Multi-Account Connect;
- Tax Filing (coming soon);
- QR Cards
- Visa Co-branded Cards;
- Business Loans;
- Apps - Open Tally+, OpenStore, OpenClass, Open Circle, Open Hub, Open Payroll etc.; and/or
- Includes any other products/services offered by Us, from time to time.
“Service Provider” refers to any entity, association of persons, facility provider, lender, card
issuing institution, Bank, card processor, clearing house networks whose facilities or services
are utilized in the provision of the Services.
“Transaction” means a payment instruction that results in the successful transfer of funds (a)
from a User to a Payee; or (b) from a Payer to a User, as the context requires.
“User”, “You”, “Your” and “Yourself”, as the context requires, refers to and include any natural
person or legal person (sole proprietor, partnership firm, company, LLPs, trusts, societies or
HUFs) that registers on the Open Platform and/or transacts or avails Services. The term 'User'
shall also include such personnel of the User (including but not limited to any current or former
officers, directors or employees of the User) who access the Open Platform using the User Account
credentials with either full rights or limited rights, as the case may be.