Terms and Conditions
Last Updated: 4 July, 2025
1. INTRODUCTION AND ACCEPTANCE OF TERMS
These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("you," "your," or "User") and Paperstack Technologies Private Limited ("Elixir," "we," "us," or "our"). These Terms govern your access to and use of the Elixir prepaid card ("Elixir Card" or "PPI"), the Elixir Club mobile application, and the corresponding website (collectively, the "Platform").
The Elixir Card is a co-branded prepaid payment instrument ("PPI") issued by LivQuik Technology (India) Private Limited ("LivQuik"), a non-bank entity authorized by the Reserve Bank of India ("RBI") to issue PPIs. Elixir is the co-branding partner and program manager responsible for distributing and managing the Elixir Card through the Platform.
By completing the sign-up process, accessing the Platform, or using the Elixir Card, you represent that you have read, understood, and agree to be bound by:
a) These Terms and Conditions;
b) The terms and conditions of LivQuik, the PPI Issuer, available at https://livquik.com/ppi/terms-and-conditions/;
c) The Privacy Policy of Elixir, available at http://joinelixir.club/privacy-policy
d) The Privacy Policy of LivQuik, available at https://livquik.com/ppi/privacy-policy/; and
e) The Grievance Redressal Policy of LivQuik, available at https://livquik.com/ppi/grievance-policy/.
Please read all documents carefully. If you do not agree with these Terms or any of the policies referenced herein, you must immediately cease using the Platform and the Elixir Card. In the event of any conflict or inconsistency between these Terms and the terms of LivQuik, the terms of LivQuik shall prevail.
2. DEFINITIONS
In these Terms, unless the context otherwise requires, the following terms shall have the meanings ascribed to them below:
"Applicable Law" means all applicable statutes, acts, ordinances, rules, regulations, notifications, guidelines, and orders of any governmental authority, tribunal, or court in India, including the regulations and directions issued by the RBI.
"Elixir Card" or "PPI" refers to the co-branded prepaid payment instrument, issued by LivQuik, that is offered to Users through the Platform.
"Full-KYC PPI" means a PPI issued after completing the full Know Your Customer process as prescribed by the RBI, with enhanced balance and transaction limits.
"KYC" or "Know Your Customer" refers to the process of identifying and verifying the identity of a customer as mandated by the RBI from time to time.
"LivQuik" refers to LivQuik Technology (India) Private Limited, the RBI-authorized entity that issues the Elixir Card and holds the funds in an escrow account.
"Merchant" means any physical or virtual establishment, located in India, that is authorized to accept payments through the Elixir Card.
"OTP" means One-Time Password, a temporary, secure code used for authenticating a User or a Transaction.
"Platform" refers collectively to the Elixir Club mobile application and the website operated by Elixir to provide the services described herein.
"RBI" means the Reserve Bank of India.
"Small PPI" means a PPI issued after obtaining minimum customer details as prescribed by the RBI, with restricted limits and features.
"Transaction" includes any payment made to a Merchant, loading of funds onto the Elixir Card, or any fund transfer initiated by the User from the Elixir Card.
"User", "you", or "your" refers to any individual who registers for or uses the Elixir Card and the Platform.
"V-CIP" means Video-based Customer Identification Process, a method of completing KYC verification through a remote, video-based interaction as permitted by the RBI.
"We", "us", "our", or "Elixir" refers to Paperstack Technologies Private Limited, the co-branding partner and program manager.
3. LEGAL RELATIONSHIP AND SCOPE OF SERVICES
3.1. Role of LivQuik (Issuer): LivQuik is the sole RBI-authorized issuer of the Elixir Card. All funds loaded onto your Elixir Card are held by LivQuik in an escrow account maintained with a partner bank, in full compliance with RBI regulations. LivQuik is solely responsible for the issuance, redemption, and settlement of all transactions undertaken with the Elixir Card.
3.2. Role of Elixir (Co-branding Partner): Elixir is a technology and distribution partner. We operate the Platform which serves as the interface for you to apply for, manage, and use your Elixir Card. Elixir does not issue the PPI, hold your funds, or handle payment settlements. Elixir's role is limited to providing the front-end application, customer onboarding support, and card management features.
3.3. No Banking Services: You acknowledge that Elixir is not a bank or a financial institution and does not provide any banking or financial services.
4. ELIGIBILITY AND ENROLMENT
4.1. Eligibility Criteria: To be eligible to register for and use an Elixir Card, you must:
a) Be an individual and a resident of India;
b) Be 18 years of age or older;
c) Have a valid mobile number registered with an Indian telecom operator; and
d) Be competent to enter into a legally binding contract under the Indian Contract Act, 1872.
4.2. Enrolment and KYC Authorization:
a) To register, you must provide accurate and complete information as prompted during the onboarding process on the Platform.
b) You authorize Elixir and LivQuik (and any third party appointed by LivQuik) to perform your KYC process as required by Applicable Law. You consent to the collection, verification, audit, and maintenance of your correct and updated information, which may include verifying your information against third-party databases.
c) You expressly authorize Elixir and LivQuik to share your information with government authorities, regulatory bodies (including CERSAI, CKYCR, UIDAI), and other authorized third parties for identity verification, fraud detection, and regulatory compliance.
d) If you refuse to comply with KYC requirements, we may have to deny or limit your access to the Elixir Card and Platform.
4.3. Specific Terms for Aadhaar OTP-based e-KYC Accounts:
If you are onboarded using Aadhaar OTP-based e-KYC in a non-face-to-face mode, the following conditions apply:
a) Declaration: By accepting these terms, you declare that you have not opened any other account with LivQuik or any other Regulated Entity using the OTP-based e-KYC process.
b) Validity and Upgrade: Your account will be valid for one (1) year. You must complete your full Customer Due Diligence (CDD) through a Video-based Customer Identification Process (V-CIP) or biometric verification within this period. If you fail to do so, your Elixir Card will be closed.
c) Aggregate Limits: The aggregate balance of all your deposit accounts with LivQuik shall not exceed ₹1,00,000. The aggregate of all credits in a financial year across all your accounts with LivQuik shall not exceed ₹2,00,000. If these limits are breached, your account will become non-operational until full CDD is completed.
d) Mobile Number: All transaction alerts and OTPs will be sent only to the mobile number registered with your Aadhaar. Any change to your mobile number is only possible after updating it in your Aadhaar records.
5. ELIXIR CARD: TYPES, LIMITS, AND USAGE
The Elixir Card is available in two variants as per RBI guidelines:
5.1. Small PPI (Minimum-KYC)
Loading: Reloadable. Funds can be loaded from a verified bank account, credit card, or full-KYC PPI.
Balance Limit: Maximum balance at any point in time cannot exceed ₹10,000.
Load Limits: Total amount loaded during any month shall not exceed ₹10,000. Total amount loaded during a financial year shall not exceed ₹1,20,000.
Usage: Can be used only for payments to Merchants (online and offline).
Restrictions: Cash withdrawal, ATM usage, and fund transfers are not permitted.
5.2. Full-KYC PPI
KYC Requirement: Full KYC must be completed via Aadhaar-based e-KYC or Video-based Customer Identification Process (V-CIP).
Balance Limit: Maximum balance at any point in time cannot exceed ₹2,00,000.
Usage: Can be used for Merchant payments, ATM withdrawals, and fund transfers.
Fund Transfer Limits:
Transfers to pre-registered beneficiaries: Up to ₹2,00,000 per month.
Transfers to all other beneficiaries (bank accounts, other PPIs): Up to ₹10,000 per month.
Cash Withdrawal: Permitted up to a maximum of ₹2,000 per transaction, subject to an overall monthly limit of ₹10,000 across all channels (ATMs, PoS devices, etc.).
6. CARD VALIDITY, EXPIRY, AND DORMANCY
6.1. Validity: The Elixir Card (the physical or virtual card) is valid for the period mentioned on the card (typically 5 years). The underlying wallet that holds your funds has a perpetual validity.
6.2. Expiry and Renewal:
a) Upon expiry of the card, the associated wallet remains active. You may request a new card to continue usage.
b) By accepting these Terms, you provide your consent for LivQuik to automatically renew your card if it is actively transacting.
c) Any outstanding balance on an expired or blocked card remains protected in your wallet.
6.3. Handling of Unclaimed Balance: If you do not claim your outstanding balance for a period of three (3) years after the card's expiry date, the balance will be transferred to LivQuik's Profit & Loss account. However, you can claim this amount at any time by contacting LivQuik, and it will be refunded to your bank account.
6.4. Dormancy: An Elixir Card with no financial transaction for a consecutive period of one (1) year shall be considered inactive. Reactivation may require re-verification as per LivQuik’s policy.
7. FEES AND CHARGES
7.1. Standard Fees: Currently, there are no fees for the issuance or activation of the Elixir Card. Elixir and/or LivQuik reserve the right to introduce fees in the future, which will be communicated to you in advance.
7.2. Merchant Surcharges: Certain Merchants may levy a surcharge for using a card. This charge is imposed by the Merchant and is not governed by Elixir or LivQuik. You are advised to check with the Merchant before completing a Transaction.
8. USER OBLIGATIONS AND SECURITY
8.1. Your Responsibilities: You are solely responsible for securing your credentials (PIN, OTPs, etc.), promptly reporting unauthorized transactions, and ensuring your personal information is up-to-date.
8.2. Prohibited Use: You agree not to use the Elixir Card for any purpose that is unlawful, fraudulent, or in violation of these Terms, including the purchase of any illegal goods or services.
9. REFUNDS AND REVERSALS
9.1. Voluntary Closure Refunds
If you choose to close your Elixir Card account, the outstanding balance (if any) will be refunded within 7–10 working days to:
a) The original source account from which the funds were loaded; or
b) A bank account provided and verified by you, if the original source is unavailable or inactive.
9.2. Refunds on Failed or Cancelled Transactions
a) If a transaction (e.g., load, transfer, or merchant payment) fails or is reversed, and the amount was debited from your Elixir Card, the corresponding refund will be re-applied to your Elixir Card.
b) If the transaction was funded using a third-party instrument (such as UPI, debit card, or credit card), the refund will be processed back to the original payment source, subject to payment network or issuer timelines.
c) Refunds may be subject to applicable service charges, taxes, or deductions based on payment processing rules.
d) You may raise a refund request via the Elixir Club app by contacting in-app support or writing to support@elixir.club.
e) Once your refund is processed, you will be notified via email or SMS and may be provided with a reference ID for tracking purposes.
9.3. Refund Timelines
Refunds are typically processed within 7 business days of a successful request or reversal trigger. In some cases (e.g., bank/network outages or regulatory constraints), processing may take longer. Such delays shall not constitute a service breach.
9.4. Non-Refundable Scenarios
Refunds shall not be entertained under the following circumstances:
a) Transactions processed using incorrect details provided by you (e.g., wrong UPI ID, account number, or merchant);
b) Transactions completed as per system logic but later disputed without valid grounds;
c) Requests for refunds related to merchant product/service dissatisfaction, cancellations, or disputes — these must be addressed directly with the merchant.
9.5. Merchant Refunds Disclaimer
Elixir is not responsible for refunds, cancellations, return of goods, or service issues arising from merchant transactions. All such claims must be handled between you and the respective merchant or aggregator platform.
9.6. Exceeding Prescribed Card Limits
In cases where a refund is re-applied to your Elixir Card, it may temporarily exceed the maximum allowable balance under RBI rules. Such credits will not be blocked but may require adjustment in subsequent load cycles.
9.7. Audit Monitoring of Refund Activity
Elixir and LivQuik may monitor frequent or high-value refund/reversal requests for fraud prevention and regulatory compliance. Such transactions may be subject to additional verification, and users may be contacted to substantiate claims.
10. SUSPENSION AND TERMINATION
Elixir and/or LivQuik reserve the right to suspend or terminate your Elixir Card account if you breach these Terms, engage in suspicious activity, or if directed by a regulatory authority.
11. DISPUTE RESOLUTION AND GRIEVANCE REDRESSAL
11.1. Disputes: All transaction disputes related to payment networks (e.g., Rupay, Visa, Mastercard) shall be governed by the respective network's guidelines. For all disputes, LivQuik will be the sole arbitrator between you and the Merchant.
11.2. Grievance Redressal: For any complaints, please follow the escalation matrix:
Level 1: Elixir Customer Support
Email: support@elixir.club
Helpline: +91-8861595165
Level 2: LivQuik Grievance Officer
If your issue is not resolved, escalate to LivQuik's Grievance Officer as per their policy: https://livquik.com/ppi/grievance-policy/.
Level 3: RBI Ombudsman
If your complaint is not resolved within 30 days, you may approach the Ombudsman for Digital Transactions.
12. LIMITATION OF LIABILITY AND INDEMNITY
12.1. Limitation of Liability: Our liability is limited to the extent of the funds on your Elixir Card. We are not liable for losses from a Merchant's refusal to accept the card, technical failures beyond our control, or your failure to secure your account.
12.2. Indemnity: You agree to indemnify Elixir and LivQuik against any claims or losses arising from your breach of these Terms or violation of Applicable Law.
13. INTELLECTUAL PROPERTY
All rights to the Platform are the exclusive property of Elixir. You are granted a limited license for personal, non-commercial use only.
14. DATA PRIVACY
The collection and use of your data are governed by Elixir's Privacy Policy and LivQuik's Privacy Policy.
15. MODIFICATION OF TERMS
We reserve the right to modify these Terms at any time. We will notify you of material changes, and your continued use of the card will constitute acceptance.
16. GOVERNING LAW AND JURISDICTION
These Terms are governed by Indian law. All disputes shall be subject to the exclusive jurisdiction of the competent courts in New Delhi.
© [2025] Paperstack Technologies Private Limited. All rights reserved.
Last Updated: 4 July, 2025
1. INTRODUCTION AND ACCEPTANCE OF TERMS
These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("you," "your," or "User") and Paperstack Technologies Private Limited ("Elixir," "we," "us," or "our"). These Terms govern your access to and use of the Elixir prepaid card ("Elixir Card" or "PPI"), the Elixir Club mobile application, and the corresponding website (collectively, the "Platform").
The Elixir Card is a co-branded prepaid payment instrument ("PPI") issued by LivQuik Technology (India) Private Limited ("LivQuik"), a non-bank entity authorized by the Reserve Bank of India ("RBI") to issue PPIs. Elixir is the co-branding partner and program manager responsible for distributing and managing the Elixir Card through the Platform.
By completing the sign-up process, accessing the Platform, or using the Elixir Card, you represent that you have read, understood, and agree to be bound by:
a) These Terms and Conditions;
b) The terms and conditions of LivQuik, the PPI Issuer, available at https://livquik.com/ppi/terms-and-conditions/;
c) The Privacy Policy of Elixir, available at http://joinelixir.club/privacy-policy
d) The Privacy Policy of LivQuik, available at https://livquik.com/ppi/privacy-policy/; and
e) The Grievance Redressal Policy of LivQuik, available at https://livquik.com/ppi/grievance-policy/.
Please read all documents carefully. If you do not agree with these Terms or any of the policies referenced herein, you must immediately cease using the Platform and the Elixir Card. In the event of any conflict or inconsistency between these Terms and the terms of LivQuik, the terms of LivQuik shall prevail.
2. DEFINITIONS
In these Terms, unless the context otherwise requires, the following terms shall have the meanings ascribed to them below:
"Applicable Law" means all applicable statutes, acts, ordinances, rules, regulations, notifications, guidelines, and orders of any governmental authority, tribunal, or court in India, including the regulations and directions issued by the RBI.
"Elixir Card" or "PPI" refers to the co-branded prepaid payment instrument, issued by LivQuik, that is offered to Users through the Platform.
"Full-KYC PPI" means a PPI issued after completing the full Know Your Customer process as prescribed by the RBI, with enhanced balance and transaction limits.
"KYC" or "Know Your Customer" refers to the process of identifying and verifying the identity of a customer as mandated by the RBI from time to time.
"LivQuik" refers to LivQuik Technology (India) Private Limited, the RBI-authorized entity that issues the Elixir Card and holds the funds in an escrow account.
"Merchant" means any physical or virtual establishment, located in India, that is authorized to accept payments through the Elixir Card.
"OTP" means One-Time Password, a temporary, secure code used for authenticating a User or a Transaction.
"Platform" refers collectively to the Elixir Club mobile application and the website operated by Elixir to provide the services described herein.
"RBI" means the Reserve Bank of India.
"Small PPI" means a PPI issued after obtaining minimum customer details as prescribed by the RBI, with restricted limits and features.
"Transaction" includes any payment made to a Merchant, loading of funds onto the Elixir Card, or any fund transfer initiated by the User from the Elixir Card.
"User", "you", or "your" refers to any individual who registers for or uses the Elixir Card and the Platform.
"V-CIP" means Video-based Customer Identification Process, a method of completing KYC verification through a remote, video-based interaction as permitted by the RBI.
"We", "us", "our", or "Elixir" refers to Paperstack Technologies Private Limited, the co-branding partner and program manager.
3. LEGAL RELATIONSHIP AND SCOPE OF SERVICES
3.1. Role of LivQuik (Issuer): LivQuik is the sole RBI-authorized issuer of the Elixir Card. All funds loaded onto your Elixir Card are held by LivQuik in an escrow account maintained with a partner bank, in full compliance with RBI regulations. LivQuik is solely responsible for the issuance, redemption, and settlement of all transactions undertaken with the Elixir Card.
3.2. Role of Elixir (Co-branding Partner): Elixir is a technology and distribution partner. We operate the Platform which serves as the interface for you to apply for, manage, and use your Elixir Card. Elixir does not issue the PPI, hold your funds, or handle payment settlements. Elixir's role is limited to providing the front-end application, customer onboarding support, and card management features.
3.3. No Banking Services: You acknowledge that Elixir is not a bank or a financial institution and does not provide any banking or financial services.
4. ELIGIBILITY AND ENROLMENT
4.1. Eligibility Criteria: To be eligible to register for and use an Elixir Card, you must:
a) Be an individual and a resident of India;
b) Be 18 years of age or older;
c) Have a valid mobile number registered with an Indian telecom operator; and
d) Be competent to enter into a legally binding contract under the Indian Contract Act, 1872.
4.2. Enrolment and KYC Authorization:
a) To register, you must provide accurate and complete information as prompted during the onboarding process on the Platform.
b) You authorize Elixir and LivQuik (and any third party appointed by LivQuik) to perform your KYC process as required by Applicable Law. You consent to the collection, verification, audit, and maintenance of your correct and updated information, which may include verifying your information against third-party databases.
c) You expressly authorize Elixir and LivQuik to share your information with government authorities, regulatory bodies (including CERSAI, CKYCR, UIDAI), and other authorized third parties for identity verification, fraud detection, and regulatory compliance.
d) If you refuse to comply with KYC requirements, we may have to deny or limit your access to the Elixir Card and Platform.
4.3. Specific Terms for Aadhaar OTP-based e-KYC Accounts:
If you are onboarded using Aadhaar OTP-based e-KYC in a non-face-to-face mode, the following conditions apply:
a) Declaration: By accepting these terms, you declare that you have not opened any other account with LivQuik or any other Regulated Entity using the OTP-based e-KYC process.
b) Validity and Upgrade: Your account will be valid for one (1) year. You must complete your full Customer Due Diligence (CDD) through a Video-based Customer Identification Process (V-CIP) or biometric verification within this period. If you fail to do so, your Elixir Card will be closed.
c) Aggregate Limits: The aggregate balance of all your deposit accounts with LivQuik shall not exceed ₹1,00,000. The aggregate of all credits in a financial year across all your accounts with LivQuik shall not exceed ₹2,00,000. If these limits are breached, your account will become non-operational until full CDD is completed.
d) Mobile Number: All transaction alerts and OTPs will be sent only to the mobile number registered with your Aadhaar. Any change to your mobile number is only possible after updating it in your Aadhaar records.
5. ELIXIR CARD: TYPES, LIMITS, AND USAGE
The Elixir Card is available in two variants as per RBI guidelines:
5.1. Small PPI (Minimum-KYC)
Loading: Reloadable. Funds can be loaded from a verified bank account, credit card, or full-KYC PPI.
Balance Limit: Maximum balance at any point in time cannot exceed ₹10,000.
Load Limits: Total amount loaded during any month shall not exceed ₹10,000. Total amount loaded during a financial year shall not exceed ₹1,20,000.
Usage: Can be used only for payments to Merchants (online and offline).
Restrictions: Cash withdrawal, ATM usage, and fund transfers are not permitted.
5.2. Full-KYC PPI
KYC Requirement: Full KYC must be completed via Aadhaar-based e-KYC or Video-based Customer Identification Process (V-CIP).
Balance Limit: Maximum balance at any point in time cannot exceed ₹2,00,000.
Usage: Can be used for Merchant payments, ATM withdrawals, and fund transfers.
Fund Transfer Limits:
Transfers to pre-registered beneficiaries: Up to ₹2,00,000 per month.
Transfers to all other beneficiaries (bank accounts, other PPIs): Up to ₹10,000 per month.
Cash Withdrawal: Permitted up to a maximum of ₹2,000 per transaction, subject to an overall monthly limit of ₹10,000 across all channels (ATMs, PoS devices, etc.).
6. CARD VALIDITY, EXPIRY, AND DORMANCY
6.1. Validity: The Elixir Card (the physical or virtual card) is valid for the period mentioned on the card (typically 5 years). The underlying wallet that holds your funds has a perpetual validity.
6.2. Expiry and Renewal:
a) Upon expiry of the card, the associated wallet remains active. You may request a new card to continue usage.
b) By accepting these Terms, you provide your consent for LivQuik to automatically renew your card if it is actively transacting.
c) Any outstanding balance on an expired or blocked card remains protected in your wallet.
6.3. Handling of Unclaimed Balance: If you do not claim your outstanding balance for a period of three (3) years after the card's expiry date, the balance will be transferred to LivQuik's Profit & Loss account. However, you can claim this amount at any time by contacting LivQuik, and it will be refunded to your bank account.
6.4. Dormancy: An Elixir Card with no financial transaction for a consecutive period of one (1) year shall be considered inactive. Reactivation may require re-verification as per LivQuik’s policy.
7. FEES AND CHARGES
7.1. Standard Fees: Currently, there are no fees for the issuance or activation of the Elixir Card. Elixir and/or LivQuik reserve the right to introduce fees in the future, which will be communicated to you in advance.
7.2. Merchant Surcharges: Certain Merchants may levy a surcharge for using a card. This charge is imposed by the Merchant and is not governed by Elixir or LivQuik. You are advised to check with the Merchant before completing a Transaction.
8. USER OBLIGATIONS AND SECURITY
8.1. Your Responsibilities: You are solely responsible for securing your credentials (PIN, OTPs, etc.), promptly reporting unauthorized transactions, and ensuring your personal information is up-to-date.
8.2. Prohibited Use: You agree not to use the Elixir Card for any purpose that is unlawful, fraudulent, or in violation of these Terms, including the purchase of any illegal goods or services.
9. REFUNDS AND REVERSALS
9.1. Voluntary Closure Refunds
If you choose to close your Elixir Card account, the outstanding balance (if any) will be refunded within 7–10 working days to:
a) The original source account from which the funds were loaded; or
b) A bank account provided and verified by you, if the original source is unavailable or inactive.
9.2. Refunds on Failed or Cancelled Transactions
a) If a transaction (e.g., load, transfer, or merchant payment) fails or is reversed, and the amount was debited from your Elixir Card, the corresponding refund will be re-applied to your Elixir Card.
b) If the transaction was funded using a third-party instrument (such as UPI, debit card, or credit card), the refund will be processed back to the original payment source, subject to payment network or issuer timelines.
c) Refunds may be subject to applicable service charges, taxes, or deductions based on payment processing rules.
d) You may raise a refund request via the Elixir Club app by contacting in-app support or writing to support@elixir.club.
e) Once your refund is processed, you will be notified via email or SMS and may be provided with a reference ID for tracking purposes.
9.3. Refund Timelines
Refunds are typically processed within 7 business days of a successful request or reversal trigger. In some cases (e.g., bank/network outages or regulatory constraints), processing may take longer. Such delays shall not constitute a service breach.
9.4. Non-Refundable Scenarios
Refunds shall not be entertained under the following circumstances:
a) Transactions processed using incorrect details provided by you (e.g., wrong UPI ID, account number, or merchant);
b) Transactions completed as per system logic but later disputed without valid grounds;
c) Requests for refunds related to merchant product/service dissatisfaction, cancellations, or disputes — these must be addressed directly with the merchant.
9.5. Merchant Refunds Disclaimer
Elixir is not responsible for refunds, cancellations, return of goods, or service issues arising from merchant transactions. All such claims must be handled between you and the respective merchant or aggregator platform.
9.6. Exceeding Prescribed Card Limits
In cases where a refund is re-applied to your Elixir Card, it may temporarily exceed the maximum allowable balance under RBI rules. Such credits will not be blocked but may require adjustment in subsequent load cycles.
9.7. Audit Monitoring of Refund Activity
Elixir and LivQuik may monitor frequent or high-value refund/reversal requests for fraud prevention and regulatory compliance. Such transactions may be subject to additional verification, and users may be contacted to substantiate claims.
10. SUSPENSION AND TERMINATION
Elixir and/or LivQuik reserve the right to suspend or terminate your Elixir Card account if you breach these Terms, engage in suspicious activity, or if directed by a regulatory authority.
11. DISPUTE RESOLUTION AND GRIEVANCE REDRESSAL
11.1. Disputes: All transaction disputes related to payment networks (e.g., Rupay, Visa, Mastercard) shall be governed by the respective network's guidelines. For all disputes, LivQuik will be the sole arbitrator between you and the Merchant.
11.2. Grievance Redressal: For any complaints, please follow the escalation matrix:
Level 1: Elixir Customer Support
Email: support@elixir.club
Helpline: +91-8861595165
Level 2: LivQuik Grievance Officer
If your issue is not resolved, escalate to LivQuik's Grievance Officer as per their policy: https://livquik.com/ppi/grievance-policy/.
Level 3: RBI Ombudsman
If your complaint is not resolved within 30 days, you may approach the Ombudsman for Digital Transactions.
12. LIMITATION OF LIABILITY AND INDEMNITY
12.1. Limitation of Liability: Our liability is limited to the extent of the funds on your Elixir Card. We are not liable for losses from a Merchant's refusal to accept the card, technical failures beyond our control, or your failure to secure your account.
12.2. Indemnity: You agree to indemnify Elixir and LivQuik against any claims or losses arising from your breach of these Terms or violation of Applicable Law.
13. INTELLECTUAL PROPERTY
All rights to the Platform are the exclusive property of Elixir. You are granted a limited license for personal, non-commercial use only.
14. DATA PRIVACY
The collection and use of your data are governed by Elixir's Privacy Policy and LivQuik's Privacy Policy.
15. MODIFICATION OF TERMS
We reserve the right to modify these Terms at any time. We will notify you of material changes, and your continued use of the card will constitute acceptance.
16. GOVERNING LAW AND JURISDICTION
These Terms are governed by Indian law. All disputes shall be subject to the exclusive jurisdiction of the competent courts in New Delhi.
© [2025] Paperstack Technologies Private Limited. All rights reserved.
Last Updated: 4 July, 2025
1. INTRODUCTION AND ACCEPTANCE OF TERMS
These Terms and Conditions ("Terms") constitute a legally binding agreement between you ("you," "your," or "User") and Paperstack Technologies Private Limited ("Elixir," "we," "us," or "our"). These Terms govern your access to and use of the Elixir prepaid card ("Elixir Card" or "PPI"), the Elixir Club mobile application, and the corresponding website (collectively, the "Platform").
The Elixir Card is a co-branded prepaid payment instrument ("PPI") issued by LivQuik Technology (India) Private Limited ("LivQuik"), a non-bank entity authorized by the Reserve Bank of India ("RBI") to issue PPIs. Elixir is the co-branding partner and program manager responsible for distributing and managing the Elixir Card through the Platform.
By completing the sign-up process, accessing the Platform, or using the Elixir Card, you represent that you have read, understood, and agree to be bound by:
a) These Terms and Conditions;
b) The terms and conditions of LivQuik, the PPI Issuer, available at https://livquik.com/ppi/terms-and-conditions/;
c) The Privacy Policy of Elixir, available at http://joinelixir.club/privacy-policy
d) The Privacy Policy of LivQuik, available at https://livquik.com/ppi/privacy-policy/; and
e) The Grievance Redressal Policy of LivQuik, available at https://livquik.com/ppi/grievance-policy/.
Please read all documents carefully. If you do not agree with these Terms or any of the policies referenced herein, you must immediately cease using the Platform and the Elixir Card. In the event of any conflict or inconsistency between these Terms and the terms of LivQuik, the terms of LivQuik shall prevail.
2. DEFINITIONS
In these Terms, unless the context otherwise requires, the following terms shall have the meanings ascribed to them below:
"Applicable Law" means all applicable statutes, acts, ordinances, rules, regulations, notifications, guidelines, and orders of any governmental authority, tribunal, or court in India, including the regulations and directions issued by the RBI.
"Elixir Card" or "PPI" refers to the co-branded prepaid payment instrument, issued by LivQuik, that is offered to Users through the Platform.
"Full-KYC PPI" means a PPI issued after completing the full Know Your Customer process as prescribed by the RBI, with enhanced balance and transaction limits.
"KYC" or "Know Your Customer" refers to the process of identifying and verifying the identity of a customer as mandated by the RBI from time to time.
"LivQuik" refers to LivQuik Technology (India) Private Limited, the RBI-authorized entity that issues the Elixir Card and holds the funds in an escrow account.
"Merchant" means any physical or virtual establishment, located in India, that is authorized to accept payments through the Elixir Card.
"OTP" means One-Time Password, a temporary, secure code used for authenticating a User or a Transaction.
"Platform" refers collectively to the Elixir Club mobile application and the website operated by Elixir to provide the services described herein.
"RBI" means the Reserve Bank of India.
"Small PPI" means a PPI issued after obtaining minimum customer details as prescribed by the RBI, with restricted limits and features.
"Transaction" includes any payment made to a Merchant, loading of funds onto the Elixir Card, or any fund transfer initiated by the User from the Elixir Card.
"User", "you", or "your" refers to any individual who registers for or uses the Elixir Card and the Platform.
"V-CIP" means Video-based Customer Identification Process, a method of completing KYC verification through a remote, video-based interaction as permitted by the RBI.
"We", "us", "our", or "Elixir" refers to Paperstack Technologies Private Limited, the co-branding partner and program manager.
3. LEGAL RELATIONSHIP AND SCOPE OF SERVICES
3.1. Role of LivQuik (Issuer): LivQuik is the sole RBI-authorized issuer of the Elixir Card. All funds loaded onto your Elixir Card are held by LivQuik in an escrow account maintained with a partner bank, in full compliance with RBI regulations. LivQuik is solely responsible for the issuance, redemption, and settlement of all transactions undertaken with the Elixir Card.
3.2. Role of Elixir (Co-branding Partner): Elixir is a technology and distribution partner. We operate the Platform which serves as the interface for you to apply for, manage, and use your Elixir Card. Elixir does not issue the PPI, hold your funds, or handle payment settlements. Elixir's role is limited to providing the front-end application, customer onboarding support, and card management features.
3.3. No Banking Services: You acknowledge that Elixir is not a bank or a financial institution and does not provide any banking or financial services.
4. ELIGIBILITY AND ENROLMENT
4.1. Eligibility Criteria: To be eligible to register for and use an Elixir Card, you must:
a) Be an individual and a resident of India;
b) Be 18 years of age or older;
c) Have a valid mobile number registered with an Indian telecom operator; and
d) Be competent to enter into a legally binding contract under the Indian Contract Act, 1872.
4.2. Enrolment and KYC Authorization:
a) To register, you must provide accurate and complete information as prompted during the onboarding process on the Platform.
b) You authorize Elixir and LivQuik (and any third party appointed by LivQuik) to perform your KYC process as required by Applicable Law. You consent to the collection, verification, audit, and maintenance of your correct and updated information, which may include verifying your information against third-party databases.
c) You expressly authorize Elixir and LivQuik to share your information with government authorities, regulatory bodies (including CERSAI, CKYCR, UIDAI), and other authorized third parties for identity verification, fraud detection, and regulatory compliance.
d) If you refuse to comply with KYC requirements, we may have to deny or limit your access to the Elixir Card and Platform.
4.3. Specific Terms for Aadhaar OTP-based e-KYC Accounts:
If you are onboarded using Aadhaar OTP-based e-KYC in a non-face-to-face mode, the following conditions apply:
a) Declaration: By accepting these terms, you declare that you have not opened any other account with LivQuik or any other Regulated Entity using the OTP-based e-KYC process.
b) Validity and Upgrade: Your account will be valid for one (1) year. You must complete your full Customer Due Diligence (CDD) through a Video-based Customer Identification Process (V-CIP) or biometric verification within this period. If you fail to do so, your Elixir Card will be closed.
c) Aggregate Limits: The aggregate balance of all your deposit accounts with LivQuik shall not exceed ₹1,00,000. The aggregate of all credits in a financial year across all your accounts with LivQuik shall not exceed ₹2,00,000. If these limits are breached, your account will become non-operational until full CDD is completed.
d) Mobile Number: All transaction alerts and OTPs will be sent only to the mobile number registered with your Aadhaar. Any change to your mobile number is only possible after updating it in your Aadhaar records.
5. ELIXIR CARD: TYPES, LIMITS, AND USAGE
The Elixir Card is available in two variants as per RBI guidelines:
5.1. Small PPI (Minimum-KYC)
Loading: Reloadable. Funds can be loaded from a verified bank account, credit card, or full-KYC PPI.
Balance Limit: Maximum balance at any point in time cannot exceed ₹10,000.
Load Limits: Total amount loaded during any month shall not exceed ₹10,000. Total amount loaded during a financial year shall not exceed ₹1,20,000.
Usage: Can be used only for payments to Merchants (online and offline).
Restrictions: Cash withdrawal, ATM usage, and fund transfers are not permitted.
5.2. Full-KYC PPI
KYC Requirement: Full KYC must be completed via Aadhaar-based e-KYC or Video-based Customer Identification Process (V-CIP).
Balance Limit: Maximum balance at any point in time cannot exceed ₹2,00,000.
Usage: Can be used for Merchant payments, ATM withdrawals, and fund transfers.
Fund Transfer Limits:
Transfers to pre-registered beneficiaries: Up to ₹2,00,000 per month.
Transfers to all other beneficiaries (bank accounts, other PPIs): Up to ₹10,000 per month.
Cash Withdrawal: Permitted up to a maximum of ₹2,000 per transaction, subject to an overall monthly limit of ₹10,000 across all channels (ATMs, PoS devices, etc.).
6. CARD VALIDITY, EXPIRY, AND DORMANCY
6.1. Validity: The Elixir Card (the physical or virtual card) is valid for the period mentioned on the card (typically 5 years). The underlying wallet that holds your funds has a perpetual validity.
6.2. Expiry and Renewal:
a) Upon expiry of the card, the associated wallet remains active. You may request a new card to continue usage.
b) By accepting these Terms, you provide your consent for LivQuik to automatically renew your card if it is actively transacting.
c) Any outstanding balance on an expired or blocked card remains protected in your wallet.
6.3. Handling of Unclaimed Balance: If you do not claim your outstanding balance for a period of three (3) years after the card's expiry date, the balance will be transferred to LivQuik's Profit & Loss account. However, you can claim this amount at any time by contacting LivQuik, and it will be refunded to your bank account.
6.4. Dormancy: An Elixir Card with no financial transaction for a consecutive period of one (1) year shall be considered inactive. Reactivation may require re-verification as per LivQuik’s policy.
7. FEES AND CHARGES
7.1. Standard Fees: Currently, there are no fees for the issuance or activation of the Elixir Card. Elixir and/or LivQuik reserve the right to introduce fees in the future, which will be communicated to you in advance.
7.2. Merchant Surcharges: Certain Merchants may levy a surcharge for using a card. This charge is imposed by the Merchant and is not governed by Elixir or LivQuik. You are advised to check with the Merchant before completing a Transaction.
8. USER OBLIGATIONS AND SECURITY
8.1. Your Responsibilities: You are solely responsible for securing your credentials (PIN, OTPs, etc.), promptly reporting unauthorized transactions, and ensuring your personal information is up-to-date.
8.2. Prohibited Use: You agree not to use the Elixir Card for any purpose that is unlawful, fraudulent, or in violation of these Terms, including the purchase of any illegal goods or services.
9. REFUNDS AND REVERSALS
9.1. Voluntary Closure Refunds
If you choose to close your Elixir Card account, the outstanding balance (if any) will be refunded within 7–10 working days to:
a) The original source account from which the funds were loaded; or
b) A bank account provided and verified by you, if the original source is unavailable or inactive.
9.2. Refunds on Failed or Cancelled Transactions
a) If a transaction (e.g., load, transfer, or merchant payment) fails or is reversed, and the amount was debited from your Elixir Card, the corresponding refund will be re-applied to your Elixir Card.
b) If the transaction was funded using a third-party instrument (such as UPI, debit card, or credit card), the refund will be processed back to the original payment source, subject to payment network or issuer timelines.
c) Refunds may be subject to applicable service charges, taxes, or deductions based on payment processing rules.
d) You may raise a refund request via the Elixir Club app by contacting in-app support or writing to support@elixir.club.
e) Once your refund is processed, you will be notified via email or SMS and may be provided with a reference ID for tracking purposes.
9.3. Refund Timelines
Refunds are typically processed within 7 business days of a successful request or reversal trigger. In some cases (e.g., bank/network outages or regulatory constraints), processing may take longer. Such delays shall not constitute a service breach.
9.4. Non-Refundable Scenarios
Refunds shall not be entertained under the following circumstances:
a) Transactions processed using incorrect details provided by you (e.g., wrong UPI ID, account number, or merchant);
b) Transactions completed as per system logic but later disputed without valid grounds;
c) Requests for refunds related to merchant product/service dissatisfaction, cancellations, or disputes — these must be addressed directly with the merchant.
9.5. Merchant Refunds Disclaimer
Elixir is not responsible for refunds, cancellations, return of goods, or service issues arising from merchant transactions. All such claims must be handled between you and the respective merchant or aggregator platform.
9.6. Exceeding Prescribed Card Limits
In cases where a refund is re-applied to your Elixir Card, it may temporarily exceed the maximum allowable balance under RBI rules. Such credits will not be blocked but may require adjustment in subsequent load cycles.
9.7. Audit Monitoring of Refund Activity
Elixir and LivQuik may monitor frequent or high-value refund/reversal requests for fraud prevention and regulatory compliance. Such transactions may be subject to additional verification, and users may be contacted to substantiate claims.
10. SUSPENSION AND TERMINATION
Elixir and/or LivQuik reserve the right to suspend or terminate your Elixir Card account if you breach these Terms, engage in suspicious activity, or if directed by a regulatory authority.
11. DISPUTE RESOLUTION AND GRIEVANCE REDRESSAL
11.1. Disputes: All transaction disputes related to payment networks (e.g., Rupay, Visa, Mastercard) shall be governed by the respective network's guidelines. For all disputes, LivQuik will be the sole arbitrator between you and the Merchant.
11.2. Grievance Redressal: For any complaints, please follow the escalation matrix:
Level 1: Elixir Customer Support
Email: support@elixir.club
Helpline: +91-8861595165
Level 2: LivQuik Grievance Officer
If your issue is not resolved, escalate to LivQuik's Grievance Officer as per their policy: https://livquik.com/ppi/grievance-policy/.
Level 3: RBI Ombudsman
If your complaint is not resolved within 30 days, you may approach the Ombudsman for Digital Transactions.
12. LIMITATION OF LIABILITY AND INDEMNITY
12.1. Limitation of Liability: Our liability is limited to the extent of the funds on your Elixir Card. We are not liable for losses from a Merchant's refusal to accept the card, technical failures beyond our control, or your failure to secure your account.
12.2. Indemnity: You agree to indemnify Elixir and LivQuik against any claims or losses arising from your breach of these Terms or violation of Applicable Law.
13. INTELLECTUAL PROPERTY
All rights to the Platform are the exclusive property of Elixir. You are granted a limited license for personal, non-commercial use only.
14. DATA PRIVACY
The collection and use of your data are governed by Elixir's Privacy Policy and LivQuik's Privacy Policy.
15. MODIFICATION OF TERMS
We reserve the right to modify these Terms at any time. We will notify you of material changes, and your continued use of the card will constitute acceptance.
16. GOVERNING LAW AND JURISDICTION
These Terms are governed by Indian law. All disputes shall be subject to the exclusive jurisdiction of the competent courts in New Delhi.
© [2025] Paperstack Technologies Private Limited. All rights reserved.
© 2025 Paperstack Technologies Pvt. Ltd. All rights reserved.
© 2025 Paperstack Technologies Pvt. Ltd. All rights reserved.
© 2025 Paperstack Technologies Pvt. Ltd. All rights reserved.