FIVOPAY – PRIVACY POLICY
Effective Date: 14 Apr 2026
1. Introduction
Fivopay ("we", "our", "us") is a SaaS-based digital platform developed by Saikhlearn & Scholar Nexus Private Limited, designed to enable Credit Cooperative Societies to digitize their operations and provide financial services to their members. The mobile application under this policy is currently branded as "CME Credit+" (the "App"). As Fivopay operates on a white-label model, the application name, branding, and identity may change from time to time based on the respective Credit Cooperative Society using the platform.
Powered by Fivopay:
All white-labeled applications are powered by Fivopay infrastructure. The underlying technology, platform capabilities, and system architecture remain owned and operated by Fivopay, and may be identified through subtle branding, disclosures, or references within the application or associated materials.
This Privacy Policy explains how we collect, use, disclose, and safeguard your information when you use the Fivopay mobile application and related services.
By using the CME Credit+ app (the "App") or any white-labeled version of the Fivopay platform, you agree to the terms of this Privacy Policy.
2. Information We Collect
a) Personal Information
Name
Mobile number
Email address
Address
KYC details (Aadhaar, PAN, etc., if applicable)
KYC Clarification:
KYC information collected through the platform is strictly for use by the respective Credit Cooperative Society. Such data is processed via authorized third-party KYC/KYV API providers. Fivopay acts only as a technology platform and does not independently use, store for its own purpose, or process KYC data beyond enabling its secure transmission to the concerned society and service providers.
b) Financial Information
Bank account details
Transaction history
Loan and deposit records
c) Device & Usage Data
IP address
Device type
Operating system
App usage behavior
d) Location Data
We may collect location data to enhance service delivery and fraud prevention.
3. How We Use Your Information
To provide and manage services
To facilitate platform workflows for societies
To improve user experience
To comply with legal obligations
To prevent fraud and enhance security
Fivopay does not independently utilize KYC data for its own business purposes. All KYC-related usage is restricted to the respective Credit Cooperative Society and its authorized verification partners.
4. Data Sharing & Disclosure
We do not sell your personal data. We may share your data with:
Credit Cooperative Societies using Fivopay
Authorized payment gateway providers and banking partners for transaction processing
Regulatory authorities when required
Third-party service providers under strict confidentiality agreements
All financial transaction data is processed by third-party payment systems, and their respective privacy policies apply.
5. Data Security
We implement industry-standard security measures including encryption, secure APIs, and access controls to protect your data.
6. Data Retention
We retain your data as long as necessary to provide services or comply with legal requirements.
7. User Rights
You have the right to:
Access your data
Request correction
Request deletion (subject to regulatory requirements)
8. Third-Party Services
Fivopay integrates with third-party service providers to enable specific functionalities. These include, but are not limited to:
ZoopSign (e-sign and document execution services)
Cashfree (payment gateway services)
Fast2SMS (communication and OTP delivery)
Digitap (KYC and verification services)
Other third-party providers as may be integrated from time to time based on business and operational requirements
These providers operate under their own terms and privacy policies. All financial transactions, KYC processing, communications, and related services are governed by the respective third-party provider policies.
Fivopay acts only as a technology integrator and does not control, guarantee, or assume liability for the services, performance, availability, or outcomes of these third-party providers.
Integration with additional third-party services may be introduced or modified at any time without prior notice, as required for platform functionality, regulatory compliance, or service enhancement.
9. Children’s Privacy
Our services are not intended for users under 18 years of age.
10. Changes to This Policy
We may update this policy periodically. Users will be notified of significant changes.
11. Contact Us
Saikhlearn & Scholar Nexus Private Limited
Email: info@fivopay.com
FIVOPAY – TERMS & CONDITIONS (Applicable to CME Credit+ and other white-labeled versions)
Effective Date: 14 Apr 2026
1. Acceptance of Terms
By accessing or using Fivopay, you agree to comply with these Terms & Conditions.
2. Services
Fivopay acts strictly as a Technology Service Provider (TSP), offering a SaaS-based digital infrastructure that enables Credit Cooperative Societies to digitize operations, manage members, and facilitate financial workflows.
Fivopay does not:
Hold, store, or pool user funds
Act as a bank, NBFC, or financial intermediary
Execute or settle financial transactions
All monetary transactions (including deposits, withdrawals, repayments, and transfers) are processed exclusively through authorized third-party payment gateway providers and banking partners.
Branding & Attribution:
The application may be presented under a white-labeled brand of the respective Credit Cooperative Society.
Notwithstanding such branding, the platform is powered by Fivopay.
Fivopay reserves the right to include a "Powered by Fivopay" attribution within the application interface, legal documents, or technical disclosures.
Non-Removal of Attribution:
The "Powered by Fivopay" attribution shall not be removed, altered, obscured, or modified without prior written consent from Fivopay.
Credit Cooperative Societies and associated parties agree not to misrepresent the ownership, development, or operation of the underlying platform.
Any unauthorized removal or modification of such attribution may result in suspension of services or termination of access at Fivopay’s discretion.
3. User Eligibility
Must be a registered member of a participating Credit Cooperative Society
Must provide accurate information
4. User Responsibilities
Users agree to use the Fivopay platform in a lawful and responsible manner.
Do’s
Provide accurate and up-to-date information
Maintain confidentiality of login credentials, OTPs, and device access
Use the platform only for legitimate financial and society-related activities
Comply with applicable laws, society rules, and payment partner guidelines
Immediately report any unauthorized access or suspicious activity to the concerned society
Don’ts
Do not engage in fraudulent, illegal, or misleading activities
Do not attempt to hack, reverse-engineer, or disrupt the platform
Do not misuse payment systems for money laundering, unauthorized transfers, or prohibited transactions
Do not share sensitive credentials (passwords, OTPs) with any third party
Do not use the platform for activities that violate AML/CTF regulations or society policies
Breach & Enforcement
In case of any violation, misuse, or suspicious activity, access to the platform may be restricted, suspended, or permanently terminated without prior notice.
The respective Credit Cooperative Society retains the authority to take necessary action including account blocking, reporting to authorities, and recovery actions.
Fivopay reserves the right to restrict platform access based on inputs from societies, regulators, or partners, without assuming liability for such actions.
5. Transactions
All financial transactions are processed and executed solely by authorized payment gateway providers and banking institutions.
Fivopay only provides the digital interface and workflow enablement.
At no point does Fivopay take custody, control, or possession of user funds.
Transaction success, failure, delays, reversals, or disputes are governed by the respective payment gateway or banking partner policies.
Chargebacks & Refunds:
All chargebacks, refunds, and related disputes are the sole responsibility of the respective Credit Cooperative Society.
Fivopay does not initiate, process, or settle refunds or chargebacks.
Any claims regarding refunds must be raised directly with the concerned society or payment service provider.
Fivopay shall not be responsible or liable for:
Any loss of funds during transactions
Failed, delayed, or incorrect transactions
Chargebacks, refunds, or dispute resolutions
Unauthorized transactions arising from user negligence or third-party breaches
Users are advised to review the terms and policies of the respective payment gateway providers and societies before initiating transactions.
6. Fees & Charges
Applicable charges may be levied by the society or payment partners. Fivopay may introduce platform fees with prior notice.
7. Data Ownership
Users own their personal data
Societies own their operational data
Fivopay retains rights to platform and technology
8. Limitation of Liability
To the maximum extent permitted by law, Fivopay (Saikhlearn & Scholar Nexus Private Limited) shall not be liable for:
Any direct, indirect, incidental, or consequential financial loss
Loss of funds occurring during or as a result of transactions processed via third-party payment gateways
Any act, omission, failure, or downtime of banking partners, payment gateways, or external service providers
Unauthorized access resulting from user negligence (e.g., sharing OTPs, passwords)
Fivopay’s role is limited strictly to providing technology infrastructure and does not extend to financial custody, transaction settlement, or fund management.
9. Termination
We may suspend or terminate access if:
Terms are violated
Suspicious activity is detected
10. Anti-Money Laundering (AML) & Counter-Terrorism Financing (CTF)
Fivopay is committed to supporting applicable Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations in India.
Fivopay acts solely as a Technology Service Provider and does not undertake financial transactions or fund handling.
All AML/KYC obligations are the responsibility of the respective Credit Cooperative Society and their authorized financial and KYC partners.
Societies are required to comply with all applicable AML/CTF laws, including verification of member identities and monitoring of suspicious transactions.
Fivopay may provide technology tools to support compliance workflows but does not independently verify, monitor, or report financial transactions.
Fivopay reserves the right to suspend or restrict platform access in case of suspected fraudulent, illegal, or suspicious activities, based on inputs from societies, regulators, or partners.
Suspicious Activity Reporting (SAR) & Escalation
Identification, monitoring, investigation, and reporting of suspicious transactions or activities are the sole responsibility of the respective Credit Cooperative Society.
All SAR filings, regulatory reporting, and escalation to authorities shall be carried out by the concerned society and/or its authorized partners.
Fivopay does not independently conduct transaction monitoring or file SAR reports.
Upon formal request from a society, Fivopay may provide technical assistance such as data access, logs, or system-level support strictly for investigation purposes.
Audit Logs & Data Trails
Fivopay maintains system-generated audit logs and activity trails for operational, security, and troubleshooting purposes.
These logs are limited to platform-level events (such as user actions, access logs, and system interactions) and do not constitute financial recordkeeping or compliance monitoring.
Audit logs may be shared with the respective Credit Cooperative Society upon valid request for compliance, investigation, or reconciliation purposes.
Responsibility for maintaining regulatory records, financial audit trails, and compliance documentation rests solely with the Credit Cooperative Society.
11. Governing Law
These terms are governed by the laws of India.
12. Dispute Resolution
Disputes shall be subject to jurisdiction of courts in Pune, Maharashtra.
13. Modifications
We reserve the right to modify these terms at any time.
14. Contact Information
Saikhlearn & Scholar Nexus Private Limited
Email: info@fivopay.com
Notes for Google Play Compliance
Ensure Privacy Policy URL is hosted publicly
Include clear data usage disclosure
Mention third-party SDKs (if any)
Add grievance officer details (mandatory for India compliance)