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Showing contexts for: Razorpay in Razorpay Software Private Limited vs The State Of Karnataka And Anr on 22 September, 2022Matching Fragments
3. Brief facts that lead the petitioner to this Court in the subject petition, as borne out from the pleadings, are as follows:-
The petitioner is Razorpay Software Private Limited engaged in the business of payment gateway/aggregation, developing and implementing payment solutions, facilitating the initiation and receipt of electronic payments effected through credit cards, debit cards, net-banking and other payment methods offered by and routed through the infrastructure established by the National Payments Corporation of India. It is the claim of the petitioner that in the regular course of business funds from multiple vendors/retail customers/merchants are pooled in a nodal account held in the name of the petitioner with a scheduled bank. The bank in the case at hand is Yes Bank and it is compartmentalized for each merchant. As per the transaction cycle, monies disbursed to the concerned merchants by the petitioner into the bank account provided by the merchants.