Paynetics: Terms and Conditions

Weavr (Europe), Ltd is acting on behalf of Paynetics A.D., as a registered agent on the territory of the EU member states, and is entered into the public register of e-money institutions’ agents kept by the Bulgarian National Bank.

CARDHOLDER AGREEMENT – CONSUMERS

SECTION 01. INTRODUCTION

1.1. These terms and conditions (together with any documents incorporated by reference below, the “Agreement”) set forth the terms and conditions under which Paynetics AD, UIC 131574695 (hereinafter referred to as “the Issuer” or “Paynetics”) issues to individual consumers (the “Customer”, “Cardholder”, “You”, “Your”) for use by the Customer with regard to the issuance and use of Paynetics Consumer Debit Mastercard Cards.

1.2. This Agreement constitutes a contract between You and Paynetics. It contains important information that may affect your rights, use of the Card and your ability to recover your money. 

1.3. This Agreement applies to your Card(s) issued by Paynetics in addition to our Tariff and Privacy Policy. 

1.4. Please read carefully all these legally binding documents and keep a copy or download a copy of them for your records and future reference. By submitting your order for a Card to Paynetics You indicate that You have accepted this Agreement. 

1.5. Thus, by ordering your Card(s) You shall be deemed to have accepted and fully understood this Agreement, including our Tariff and Privacy Policy and You agree to comply with them in your use of the Card(s). 

1.6. Any appendices or schedule to this Agreement form part of our Agreement with You and will have effect as if set out in the body of this Agreement.

1.7. The whole text of this document, as well as the documents derived from it, including those in the Annexes, have been written in the Catalan, Spanish and English languages, the three versions being considered official, although in case of doubt or inconsistency between the different versions, the English language version is fixed as the priority one and shall prevail.

SECTION 02. DEFINITIONS

2.1. “Agreement” shall mean this document together with: Fee Tariff of Paynetics AD (the “Fee Tariff”), Privacy Policy and any other appendix explicitly specified herein, incorporated in the Agreement by reference.

2.2. “Agent” shall mean Paystratus Group Ltd, with company number 11677111, having its seat and registered address at Kemp House, 160 City Road, London, United Kingdom, EC1V 2NX, which: a) is registered agent of Paynetics AD under Art. 19 of the Bulgarian Payment Services and Payment Systems Act; b) assists Paynetics AD with the provision of the Services hereunder and maintains the Website;

2.3. “Fee Tariff” shall mean the tariff adopted by Paynetics for the fees collected by Paynetics when issuing and servicing the Paynetics Business Debit Mastercard. The Fee Tariff may define the transaction limits for Card operations.

2.4. “Paynetics”, “we”, “us”, “our” shall mean Paynetics AD, seat and registered address: Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia (Bulgari), entered the commercial Register kept by the Registry Agency under UIC: 131574695. Paynetics AD is an electronic money company holding a licence for operating as an electronic money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 of 11 April 2016, and is entered in the register kept by the Bulgarian National Bank, which is accessible here. The Bulgarian National Bank supervises the activities of Paynetics AD.

2.5. “Paynetics Account” shall mean a non-deposit non-interest-bearing account associated with a Card or Cards and maintained for the purpose of enabling Payment transactions. The Paynetics account shall only be used for loading of funds to the Card as provided for in Section 3 of this Agreement.

2.6. “Paynetics Business Debit Mastercard” or “Card” shall mean a Debit Card for individuals issued by Paynetics AD: a type of payment instrument with electronically recorded balance which is repeatedly used for identification of the Cardholder and for remote access to the Payment account. The Card has the MasterCard logo, it is linked to the Paynetics Account of the Customer and using it, under this Agreement, a payment order is submitted. The Card may be physical or virtual.

2.7. “Privacy Policy” means Paynetics privacy policy which you can view here and which, together with this Agreement, describes the basis upon which any personal data We collect from You, either directly or from our authorised partners or that You provide to Us or Them, will be processed, handled and shared by Us, as may be amended from time to time in accordance with its terms and as further explained and defined in this Agreement. If there is any discrepancy between the terms of our privacy policy and the relevant policies and/or terms and conditions of our partners in relation to our services and our treatment of your data, then the provisions of our Privacy Policy shall apply

2.8. “MasterCard” shall mean MasterCard International Incorporated or its successors.

2,9. “Card Organisation” shall mean MasterCard International (‘MasterCard’), VISA Europe (‘VISA’) or any other association or organisation maintaining a card payment system applicable under this Agreement, including any affiliate, subsidiary, or successor company of them, of which Paynetics is a member and is entitled to issue cards and accept payments, including using Cards accepted by such Card Organisation.

2.10. “PIN” shall mean a unique personal identification number, representing a combination of numbers and digits, known only to the Cardholder, serving to identify the Cardholder by entering it to the keyboard of the ATM and POS when performing Payment Transaction with the Card. The PIN can be changed via ATM.

2.11. “CVC2” shall mean a three-digit code or password for Secure Internet Payments issued for each card. CVC2 is a strictly personalised code for access to funds available on the Card, which is entered using a virtual POS terminal. Each CVC2 entry using a virtual POS terminal serves to prove the identity of the Cardholder.

2.12. “Payment Transaction” shall mean a payment made by the Cardholder using the Card including: a transaction at a physical POS terminal; ATM transaction, an Internet transaction using a virtual POS terminal.

2.13. “Blocking the Card” shall mean a temporary discontinuation of the Card service by Paynetics resulting in an objective impossibility to use the Card. Paynetics shall keep a record of blocked cards.

2.14. “Deactivating the Card” shall mean the final discontinuation of the Card service by Paynetics.

2.15. “Automated Teller Machine (ATM)” shall mean a device allowing cash withdrawal, payment of services, transfer of funds between payment accounts, receipt of statements and execution of other payment and non-payment transactions.

2.16. “POS (Point of Sale, Point of Service) Terminal” shall mean a device where the Card is used to pay for the purchase of goods or services in commercial premises.

2.17. “Virtual POS Terminal” shall mean a logically defined POS terminal device by which payment of goods and services are performed via the Internet.

2.18. “Limits” shall mean the Payment Transaction’s limits that apply to your Card and your Paynetics account, which are part of this Agreement and are listed in the “Tariff”.

2.19. “Tariff” shall mean the fees and limits applicable to the services appointed in this Agreement. The Tariff, as amended from time to time, shall be available on the Website.

2.20. “Identification” or “KYC Procedure” shall mean an identification procedure that requires at least provision of a valid passport/ID card and bank statement or other identification document, as well as a selfie of the person, together with the presented identity document in real time. The identification is done with an automated system and Paynetics and/or the Agent may require additional information.

2.21. “Payee” the recipient of a Payment Transaction or other credit resulting from use of the Payment Card.

2.22. “Prohibited Transaction” shall mean any of the following types of transactions or activities:

• Any sales of ‘pyramid’ type, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs.
• Sale, supply or purchase of illegal items or items promoting or facilitating illegal activities. 
• Sale, supply or purchase of counterfeit products or products infringing intellectual property rights. 
• Products or services for the processing or aggregation of payments by third parties. 
• Money laundering. 
• Terrorism financing or propaganda. 
• Pornography, escort services and selling and/or advertising sexual services. 
• Using the Card in a manner and/or for purposes violating the applicable law and/or regulations of the Card Organisation.
  

2.23. “Website” shall mean the website operated by Paystratus Group Ltd, acting as agent of Paynetics, at the following URL: https://weavr.io/NAME/

2.24. We reserve the right to further add other categories of prohibited transactions by adding such categories either to this Agreement or to a separate document posted on the Website.

SECTION 03. DESCRIPTION OF THE CARD

3.1. The Card shall be issued to the Customer by Paynetics and will be linked to the Paynetics Account of the Customer opened in any of the currencies maintained by Paynetics. These cards can be used for transactions in the country or abroad. The card includes the following requisite details: validity period, unique card number, name of cardholder, currency and CVV2/CVC2.

3.2. The Card is issued under the MasterCard brand based on the license granted by MasterCard International.

3.3. Unless otherwise provided herein, the following Payment transactions can be carried out using the Card:

• Cash Withdraw via ATM. 
• Payment for goods or services via POS terminal. 
• Periodic transactions. 
• Payment for goods or services online via VPOS Terminal. 
• Obtaining an Account statement. 
• Change of PIN by the Cardholder on the ATM.
  

3.4. Transactions under clause 3.3 above can be carried out on all terminal devices bearing the MasterCard logo and maintaining the respective functions.

3.5. Payment transactions with the Card shall be implemented immediately after receiving a due order, and the Paynetics account shall be debited within: a) 10 days in case of cash withdrawal via ATMs or b) 15 days for all other transactions other than the ones under item a).

3.6. The Card Payment transactions will be subject to the limits set by Paynetics under the Tariff.

3.7. Following Card activation, the Card can be used for transactions with the funds available in the associated Paynetics Account.

3.8. Cardholders may use the Card only personally and may not provide it for use to anyone else. If a Cardholder provides access and/or any other means for use of the Card by a third party, the Customer shall be fully liable for all transactions initiated by such third parties.

3.9. Paynetics may refuse to perform a transaction with a Card if there aren’t sufficient available funds in the Customer’s Paynetics Account to cover the amount of the Payment transaction and all applicable fees as per the Tariff. If any action results in a negative balance in the Paynetics Account, the Customer shall recover the respective amount ensuring a positive balance in the Account, and Paynetics shall be entitled to take all necessary steps in accordance with the Agreement for the collection of amounts due from the Paynetics Account.

3.10. By accepting this Agreement, the Customer agrees that:

• Paynetics is not a bank and that the Paynetics Account is not a bank account. 
• No interest shall be accrued on your Paynetics Account balance. 
• The funds available in the Paynetics Account are not a deposit and the Customer may not claim any interest thereon. 
• Paynetics shall deduct the value of all transactions performed with the Card, including all applicable fees, from the Paynetics Account balance.

3.11. Paynetics has the right to change at any time a) the authentication methods used to verify the identity of Cardholders and b) the scope of services provided by Paynetics at any time, and by excluding the possibility for their use in case of newly introduced technical characteristics of the services, regulatory changes or for safety reasons, or for other reasons. Paynetics shall promptly notify the Customer in writing or by email about any such changes.

3.12. The Customer shall be fully responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card shall be considered a dispute between the Customer and the merchant. Paynetics shall assume no responsibility and shall not provide any warranties regarding such goods or services purchased with the Card, and shall not be responsible for their quantity or quality. All such disputes should be addressed directly to the merchant providing the respective goods or services.

3.13. Paynetics reserves the right to refuse to authorise a Payment transaction if it does not meet the requirements of the Agreement or violates the provisions of a regulatory act or the regulations of a Card Organisation. In such a case, Paynetics shall promptly inform the Customer about the reasons for that refusal, unless this is prohibited by a regulatory act.

3.14. Paynetics shall not be liable if a merchant refuses to accept a Card or if Paynetics hasn’t authorised a certain payment transaction in compliance with the Agreement.

3.15. The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to any person other than the Cardholder.

SECTION 04. CARD ISSUANCE AND LOADING

4.1. Paynetics shall enter into agreements with and shall issue Cards to individuals.

4.2. The Agreement shall be considered to be effective as from the moment when the Customer receives a confirmation by Paynetics that the Customer has been approved by Paynetics. Paynetics may refuse to enter into an agreement with a certain individual or to issue a Card without stating any reason.

4.3. Each Card has a validity period within which the Cardholder may use the Card. The Card shall expire on the last day of the month/year indicated on its front side. All transactions initiated after the expiration or cancellation of the Card shall not be authorised or effected.

4.4. Paynetics shall issue the Card within ten working days from the date of signing the Agreement and, if the Card is not virtual, shall deliver it to the Cardholder. The Card may be delivered by a courier service or through the Agent.

4.5. The Card, if not virtual, shall only be personally delivered to the Cardholder by Paynetics or its representative. Upon receipt of the Card, the Cardholder shall be required to produce their identity card for identification purposes. The Cardholder shall be required to put their signature on the signature spot on the reverse side of the Card immediately after receiving it.

4.6. Along with the Card, Paynetics may provide the Cardholder with a PIN. The Cardholder should memorise their PIN and then destroy the media on which it is recorded. The Cardholder should always keep their PIN, should not record it anywhere or use it if someone else can see the PIN. If the Cardholder suspects that someone else knows the user identifiers, passwords, or PIN, they should immediately inform Paynetics and change them immediately.

4.7. The Card may be loaded via bank transfer to the Paynetics Account associated with the Card (“Funding Source”).

4.8. We must verify that the Funding Source is valid and legal. For that purpose. We may require You to confirm your Funding Source by such verification methods that We chose for that purpose.

4.9. You can fund subsequently (reload) your Card via additional bank transfers, as appointed in item 1 above.

4.10. Whenever Card(s) is funded by debiting an account at your financial institution, and We are advised of insufficient funds in such an Account, We may represent such transaction at your financial institution.

4.11. The Customer may request Paynetics to issue a new card in the following cases:

• In case of destruction or damage to the Card.
• In case of loss, theft or other misappropriation of the Card. 
• In case of a forgotten PIN. 
• Upon expiration of the validity period. Upon the expiration of the Card, only the cards used within the past two months before the expiration date will automatically be renewed. The Customer shall pay a fee for the Card renewal in accordance with the Fee Tariff effective as of the date of renewal.
  

4.12. In the cases under clause 4.11, the Customer shall be required to return the old Card, which shall be destroyed in the presence of an employee. In case of failure to return the Card, the Customer shall pay a fee according to the Fee Tariff. The Customer shall not pay a fee for failure to return the Card if, in accordance with the Agreement, they have requested blocking of the Card due to loss/theft.

4.13. When the Cardholder receives their Card, it will be inactive. The Cardholder should activate the Card prior to using it. Otherwise, any transactions attempted by the Cardholder shall be rejected. The Card shall be activated online by following the instructions for activation provided by the Agent.

SECTION 05. CARD USE

5.1. The Cardholder shall use the Card only in person and in compliance with the provisions for issuance and use set out in the Agreement and the Agreement. The Cardholder may not perform any unauthorised transactions with the Card.

5.2. The Cardholder shall safeguard the Card, the information recorded thereon and the personalised security features of the Card.

5.3. The physical card may be used on any device accepting cards with the MasterCard® brand, while your virtual Card may only be used for online transactions or transactions performed by phone using mobile applications.

5.4. Any payment transaction with the Card shall be allowed only after verifying: the accessible cash, the Card status and its limits, and identification of the Cardholder by one of the following methods:

• In case of cash withdrawal from an ATM: by entering a PIN. 
• In case of payment for goods or services by a POS terminal: by entering a PIN and/or signature on the POS slip note. The requirement under this Clause shall not be applied in case of contactless payments for amounts under the maximum set by Paynetics.
• The maximum amount for a contactless transaction, beyond which customer verification is required by entering a PIN, shall be approved and confirmed by the International Card Organisation for each country. The signature on the slip note from the terminal device should be identical to the signature on the reverse side of the Card and shall verify the authorisation and the correct execution of the transactions. At the merchant’s request, the Cardholder shall also present a document for identification and verification of their signature. Failure to provide an ID shall represent a reasonable ground for refusing to effect the payment transaction.  
• In case of online payments, no PIN shall be used, but the Card authenticity shall be confirmed by a CVC/CVV and a one-time payment code.
  

5.5. The Cardholder may carry out transactions with the Card to the amount of the available cash in the account to which the Card was issued, in accordance with the limits set to their Card.

5.6. The Customer needs to make sure there are sufficient funds in the account to which the Card was issued in order to carry out payment transactions with the Card. The Customer should ensure sufficient funds in the Account to which the Card has been issued in order to perform payment transactions with the Card. If the Cardholder performs payment transactions with amounts in excess of the available cash or otherwise exceed it in connection to the Card use, the excess amount shall be recorded as an unauthorised overdraft and charged with an interest rate equivalent to the legal interest rate and the Customer must make an immediate payment of the amount in excess plus the accrued interest.

5.7. It is possible that some merchants may not accept payments made with the Card. It is a responsibility of the Cardholder to check the policy of each merchant. Paynetics holds no responsibility if a merchant refuses to accept a Card payment.

5.8. Merchants in certain business sectors (e.g. car rental companies, hotels, and other service providers) have the practice to estimate the potential funds that can be spent with them and to require retention of the total amount of the potential funds so estimated. In some cases, that total amount may exceed the amount effectively spent. In such cases, the initially withheld funds from the Card may be held for up to 15 days and the amount will not be available. Paynetics may release such amounts only with the Merchant’s consent.

5.9. If the Card is lost, stolen or damaged, Paynetics shall replace it at the Customer’s request by charging a Replacement Fee which shall be deducted from the Paynetics Account. If a card has been reported lost, stolen or misappropriated but later is found, then the Cardholder should immediately inform Paynetics about it and destroy the Card.

5.10. The Card, physical or virtual, allows Payment transactions related to payment for goods and services, at the initiative of or through the Payee. Your consent to the payment operations to be performed at the initiative of or through the Payee is provided by providing the Payee with the Card identification data (card number, validity period, CVC2 / CVV2 card code), with which you give consent to the Payee to initiate Payment transactions with your Paynetics Card and Paynetics to execute them, and you will be bound by the consequences of their execution. 

In the cases when you agree with the Card to perform payment transactions at the initiative of or through the Payee, including through the application, you provide this consent by entering/filling in the Card number, your name, the validity period of the Card, the CVC2 / CVV2 card code and a one-time code (3 D secure) that you will receive for the purpose of giving consent. 

In case you have given consent with the Paynetics Card to perform payment transactions on the initiative of or through the Payee, Paynetics performs these transactions as regularly authorized by you, based on the consent of the recipient and is not responsible for damages or lost profits from performance.

5.11. In addition to the above in clause 5.10 for Payment Transactions related to Paynetics cards made on the initiative of or through the Payee, You will have the right to request from Paynetics a refund of the entire amount of an already executed and authorized payment transaction in up to 56 days from the date on which your Paynetics Account was debited, and the following conditions are met at the same time: 

• At the time of authorization to execute the payment transaction, its exact value is not specified. 
• The value of the Payment transaction exceeds your expected value in view of your previous expenses for such transactions, the terms of these General Terms, etc. case-specific circumstances. You cannot refer to reasons related to a currency exchange when the reference exchange rate agreed with Paynetics has been applied. At the request of Paynetics, you must provide evidence of the existence of the conditions in points (1) and (2) above.
  

5.12. Within 10 working days of receiving your request, Paynetics refunds the entire amount of the Payment transaction or refuses to refund it, indicating the grounds for refusal and the authorities to which you can object if you do not accept the stated grounds for refusal. The refund includes the entire amount of the executed payment transaction, whereas the value date for crediting your Paynetics Account will be no later than the date on which your account was debited with the amount of the Payment transaction.

5.13. You will not be entitled to a refund under item clause 5.11 when you have given your consent to perform the payment transaction directly to Paynetics and, where applicable – Paynetics or the Payee has informed you or provided you with information about the upcoming payment transaction under an agreed manner at least 28 days before the date of its performing.

SECTION 06. AUTHORISATION OF PAYMENT TRANSACTIONS

6.1. Each payment transaction should be approved at the time when it is initiated by the Cardholder. 

6.2. Each payment order and authorisation shall be obtained from Paynetics in an electronic form.

6.3. In order to ensure extra security when performing online payments, Paynetics registers all Cards issued by the company for the Secure Online Payments service (3-D Secure). The programmes of the International Card Organisations providing such service are the MasterCard Secure Code and Verified by Visa. For each payment on the websites of merchants involved in the MasterCard Secure Code and Verified by Visa programmes, the Cardholder shall receive a text message (SMS) containing a one-time verification code for the payment. Entering the payment verification code is a further identification besides entering the CVV2/CVC2 code on the Card. In the event of misuse of the Card online after learning the verification code from third parties and/or in case of payments with the Card to merchants not involved in the MasterCard Secure Code or Verified by Visa programmes, Paynetics shall not be held liable, and the losses incurred shall be covered by the Customer. 

6.4. Also, Paynetics shall not be held liable for any non-received SMS with a confirmation code in case of failure of the respective mobile communication providers to deliver such notifications or in case of wrongly provided cell phone number. Paynetics shall not be a party to the relationship with the online payment system operator and shall not be held liable with regard to such relationship.

6.5. The Cardholder shall send an irrevocable order to Paynetics and shall agree to carry out the payment transaction, and also shall give an unconditional consent and order to Paynetics to use the funds in the Paynetics Account and to deduct any fees and commissions payable in relation to there to:

1. In case of payment by a physical card at a POS terminal: by providing the Card, placing it on the respective POS terminal and/or entering a PIN to effect the particular payment. 
2. In case of online payment of goods or services: by entering a CVV2 number/three-digit code of the Card and the one-time transaction cod, if requested. 
3. In the case of transactions effected by an ATM: by inserting the card into the ATM device and entering a PIN in the ATM device.
   

6.6. The consent to a Payment Transaction may not be withdrawn or cancelled after it has been received by Paynetics.

SECTION 07. PAYMENT TRANSACTIONS

7.1. Paynetics may refuse to carry out any payment transaction ordered with the Card if it doesn’t meet the requirements of this Agreement, including, but not limited to, any of the following circumstances:

• Paynetics has a good reason to suspect that the transaction is unauthorized or involved in fraud or illegal activity. 
• The Cardholder hasn’t given an exact order to implement the transaction or has given an incomplete order. 
• Paynetics has a good reason to believe that there has been a violation of the Agreement. 
• For a reason related to compliance with rules and regulations of MasterCard®. 
• If there are no sufficient funds in the Paynetics Account or if the transaction violates the set limits. 
• By law or by order of a regulatory body. 
• Due to a technical impossibility to carry out the transaction.
• Merchants may not authorize a payment unless they have obtained permission from Paynetics.
  

7.2. The Cardholder shall be responsible to provide a correct and accurate order for execution of a payment transaction. If the instructions provided by the Cardholder are incorrect, inaccurate, or incomplete, Paynetics shall not be liable for errors or inaccuracies in the transaction. If a payment transaction is carried out in accordance with the instructions provided by the Cardholder, it shall be deemed to be accurately implemented.

7.3. Each payment transaction made with the Card shall be final and irreversible, except in the following situations at the discretion of Paynetics:

• An error on the part of the merchant has been confirmed. 
• An illegal activity in connection with the Card has been detected;
• A violation of the Agreement has been established.
  

7.4. The maximum period for completion of payment services provided with the Card shall be determined by the rules of Card Organisations and card operators within the terms set out in article 87 and article 88 of the Law on Payment Services and Payment Systems (LPSPS), adopted by the 44th National Assembly on 22 February 2018 of Bulgarian National Bank.

7.5. The implementation of a payment transaction ordered with the Card may be delayed due to the performance of Paynetics’ obligations under the applicable anti-money laundering laws, including if Paynetics suspects that the transaction is involved in frauds, illegal or unacceptable activities or constitutes an unauthorised transaction.

SECTION 08. FEES AND EXCHANGE RATES

8.1. The Customer shall be charged for the Card issuance and service, and each transaction performed using the Card, by applying the Fee Tariff effective on the date of collecting the fee or the date of effecting the transaction, respectively. The fees due by the Customer shall be collected ex officio from the Paynetics account to which the Card has been issued.

8.2. By accepting this Agreement, the Customer enables Paynetics to debit the Paynetics Account for all applicable fees in relation to a given transaction made with the Card. All fees shall be determined in the currency of the Paynetics Account. Such fees shall include the fees of relevant third parties whose services are necessary to enable the payment services hereunder to be performed and remitting these fees to the relevant third parties or their Agent.

8.3. Paynetics reserves the right to change the fees due on a current basis in accordance with the Agreement, and based on such changes, the procedure for changing the Agreement mentioned herein shall be applied. Changes in the reference exchange rate shall apply immediately without prior notice.

8.4. If the ordered payment transaction is in a currency other than the currency denominated for the Paynetics Account, then the amount deducted from the balance shall be the amount of the transaction converted into the currency denominated for the Paynetics account, using the exchange rates used applied by MasterCard®; these exchange rates shall have the meaning of a reference exchange rate in compliance with the Law on Payment Services and Payment Systems (LPSPS), adopted by the 44th National Assembly on 22 February 2018 of Bulgarian National Bank, and the changes shall be applied immediately to the relations under the Agreement. The exchange rate shall be determined on the date of the final settlement of the transaction. A fee for foreign currency transactions as described in the Fee Tariff shall also be applied.

SECTION 09. COMMUNICATION PROCEDURE

9.1. The Agreement shall be executed in English and the communication between the parties thereto shall also be carried out in English, unless otherwise provided therein.

9.2. Representatives of the Customer or persons authorised by them may receive information about the payment transactions made with the Card electronically.

9.3. If any changes are made to the initial contact details provided by the Customer upon signing the Agreement, the Customer should inform Paynetics about it in writing within 7 days. Otherwise, all notifications, invitations or other notices sent to the last Customer’s electronic address known to Paynetics shall be deemed to have been delivered.

9.4. Paynetics Customer Relations Centre shall be open from 9 am to 6 pm, EET, from Monday to Friday. The contact details can be found on the website. The contact details in case of lost or stolen or non-functioning cards shall be available on the website. For monitoring purposes, we may record any conversation with the Customer Relations Centre.

9.5. Paynetics shall provide access to the required information about the Card transactions by means of electronic statements about payment transactions and history of transactions on the Website. 

9.6. Statements shall not be provided on paper. Information about the Card shall be updated, if there was any activity with the Card, including information on all collected fees. From the moment of downloading the statement from the Website the Customer shall be considered to be informed about the relevant transaction, whether they have actually downloaded the said statement or not. The Customer shall be charged for obtaining additional information or for obtaining it in a manner different from the manner described herein.

SECTION 10. SECURITY MEASURES

10.1. The Cardholder must keep the Card with diligence by taking all necessary measures against its loss, destruction, damage, or disclosing data recorded on the Card or its personalised security features by third parties. Pursuant to article 75 of the  Law on Payment Services and Payment Systems (LPSPS), adopted by the 44th National Assembly on 22 February 2018 of Bulgarian National Bank, the Customer and the Cardholder shall have the following obligations:

1. To use the Card in accordance with the terms and conditions for their issuance and use.
2. To notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card immediately after becoming aware thereof.
3. Upon receipt of the Card, to make all reasonable efforts to preserve their personalised security features, including not to record any information about those security features on the Card and not to keep such information together with the Card.
   

10.2. If the Card has been held by an ATM, the Cardholder must immediately notify Paynetics. If Paynetics is not able to give back the card to its Cardholder, Paynetics shall issue a new Card to the same Account.

10.3. In the event of loss, misappropriation, destruction, damage, counterfeit or other unauthorised use of the Card, the Cardholder must immediately notify Paynetics by providing their personal details or the Card number, if possible. Notification can be made via the Paynetics Customer Relations Centre or by sending a message on the website via the contact form. Notification can also be made by phone, at the phone number listed on the website. Paynetics makes all reasonable efforts to stop using the Card by blocking the Card transactions after receiving a notification by the Cardholder.

10.4. Without prejudice to clause 10.3 above, in order to ensure the safety of the Card, the Customer/Cardholder must provide at least the following:

• Not to disclose to and/or allow any third party to use in any manner whatsoever the user identifiers, passwords or PINs. 
• To ensure the safety of their personal devices (mobile phones, computers, tablets) and to protect their personal devices from unauthorised access.
• To regularly change their password to access the virtual Paynetics Card. 
• To use up-to-date virus, malware, and spyware software and a firewall to reduce the risk of security breaches.
  

10.5. Paynetics may, at any time at its sole discretion, block or deactivate the Card for reasons related to the following:

• In the cases under Clause 10.1. 
• If there are reasons to doubt the security of the Card. 
• If Paynetics becomes aware or suspects that the Card is being used in an unauthorised, unlawful or deceptive manner. 
• For reasons related to the law enforcement of any applicable jurisdiction or the instructions provided by a Card Organisation. 
• If the Agreement is terminated. 
• At the request of the Customer: the request can be sent in writing to the following address: 76A James Boucher Blvd., Ground Floor, 1407 Sofia (Bulgari), or using the contact form on the website. 
• If Paynetics discovers or suspects non-compliance with the Agreement. 
• In case of placing a lien on the Customer’s Paynetics Account.
  

10.6. In the cases under clause 10.5, if possible, before blocking/deactivation or immediately afterwards at the latest, Paynetics shall notify the Customer about the blocking/deactivation of the Card and the reasons for it, unless providing such information is forbidden for security reasons or to comply with regulatory requirements preventing such reasons from being disclosed to the Customer.

10.7. The Card shall be unblocked as soon as possible after the reasons for blocking cease to exist. If the Card has been blocked due to Customer’s/Cardholder’s fault, the Customer shall pay a fee in accordance with the Fee Tariff.

SECTION 11. LIABILITY

11.1. The Customer shall be required to notify Paynetics in writing of any unauthorised or improperly executed transaction with the Card without undue delay after becoming aware of the unauthorised or improperly executed transaction, but no later than 13 months from the date of debiting the Customer’s Paynetics Account. The Customer shall be considered to be informed of an unauthorised or improperly executed transaction as from the moment of downloading the relevant statement from the website. 

11.2. Paynetics shall not be held liable for any unauthorised or improperly executed payment transactions under this section 11 where Paynetics has not received a notice within two months from the date when Customer’s Paynetics Account was debited.

11.3. Upon receipt of notification under clause 11.1 hereof, the Cardholder has the right to receive a refund of the funds as per this section. Paynetics shall verify the authenticity of the payment transaction, its proper registration and reporting, and whether the transaction has been affected by a technical malfunction or other defect.

11.4. In the event that Paynetics establishes an unauthorised transaction and where there are no reasonable grounds for suspecting that the Customer/Cardholder acted fraudulently, Paynetics shall refund to the Customer the value of the unauthorised transaction within the statutory timelines. If necessary, Paynetics shall restore the Customer’s Payment Account to the status it would be if the unauthorised transaction was not effected.

11.5. The provision of clause 11.3 hereof, shall not apply, and the Customer shall bear all losses, irrespective of their amount, relating to unauthorised transactions if the Customer/Cardholder has caused them by fraud or failure to perform one or more of the obligations under the Agreement.

11.6. Paynetics shall be held liable for any non-executed or improperly executed transaction unless it proves that the payment service provider of the recipient has failed to receive the amount of the transaction within the deadline. In such cases, Paynetics shall promptly reimburse the amount of the transaction and, if applicable, shall restore the account to the status in which it would have been before the transaction was effected. Upon Customer’s request, Paynetics shall take due steps to track the transaction and inform the Customer about the outcome.

11.7. The Customer shall pay a fee in accordance with the Fee Tariff in the cases where it appears that their notification under clause 11.1 hereof is unjustified.

11.8. In the event that you have grounds for recovering amounts from incorrectly performed or unauthorized transactions, we will recover them as soon as possible upon receipt of your claim or any additional information we may request in order to investigate your right to a refund. However, if, following an investigation, we have reasonable grounds to believe that the refund is not actually due to you for any reason or that we have made an unreasonable refund, we will have the right to request a refund of the previous refund, and you will be liable. For any loss caused to us or to you.

11.9. Where Paynetics acts as the payee’s payment service provider and has not executed or has incorrectly executed a payment transaction, Paynetics shall immediately credit the payee’s account specified in the payment order with the amount of the executed or incorrectly executed payment transaction or in case of duplicate transaction-shall refund the account of the payee in the condition in which he would be without the execution of the incorrectly executed payment transaction.

11.10. Paynetics shall not be held liable to the Customer for damages and losses arising from:

• Any transaction for which the Customer/Cardholder has failed to use the Card in accordance with the Agreement. 
• Any transaction performed in accordance with the information which the Customer/Cardholder has provided to Paynetics where it is established that the information provided is incorrect or inaccurate. 
• Any unusual or unforeseeable circumstance beyond the control of Paynetics. 
• Refusal of a merchant to accept a Card or payment. 
• Malfunction of a mobile device or other equipment, software or services required for the successful technical performance of an operation which is beyond the control of Paynetics. 
• Compliance with the applicable legal or regulatory requirements or guidelines provided by the Card Organisation. 
• Any unauthorized transaction in which you have acted fraudulently or when you have intentionally or grossly negligently not used the Card in accordance with these General Terms and Conditions:

• Loss of Customer’s revenue, goodwill, lost benefits or expected savings. 
• Any loss or damage which is not a direct result nor a direct consequence of a breach of the Agreement by Paynetics. 
• For any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data, or other proprietary material in connection to the Card and the Agreement.
  

11.11. Paynetics shall not be held liable in case of unjustified refusal of third parties to accept transactions with the Paynetics Card or, if the payment initiated by the Cardholder cannot be made with the Card due to technical, communication, or other reasons beyond the control of Paynetics.

11.12. Paynetics shall not be a party to the relationship between the Customer and merchants, including utility providers, when performing transactions with the Card and shall not be held liable for the quality of goods and/or services provided by the merchant or for possible disputes arising between the merchant and the Customer for this reason.

11.13. Paynetics shall not be held liable if a notification of destruction, loss, theft, forgery or other misappropriation of a Card made by the Cardholder is untrue and Paynetics has taken the necessary steps to protect the Cardholder by refusing to approve transactions with such Card.

11.14. The Customer shall be responsible for all obligations arising out of the Card use and shall be liable to Paynetics for all damages caused by the Card improper and/or non-compliant use under the Agreement.

11.15. In the event of non-performance of the Customer’s obligations to Paynetics in connection with the Card use, the Customer may not make objections based on its relations with third parties and/or Cardholders.

SECTION 12. CHANGES TO THE GENERAL TERMS AND CONDITIONS

12.1. Paynetics shall notify the Customers about any changes to the Agreement, including the Fee Tariff, and the date on which such changes shall take effect, by posting on the Website and/or via email. Modifications to exchange rates, if they are in favour of the Customer, shall have an immediate effect where they are the result of a modification to the reference rate of the MasterCard exchange rates for the respective period. All other changes shall enter into force after expiration of 2 months as of their notification.

12.2. If the Customer does not approve of the changes to the Agreement as per clause 12.1 hereof, the Customer has to inform Paynetics promptly. Paynetics shall assume that the Customer has approved the changes to the documents under  clause 12.1 hereof if the Customer has not informed Paynetics that the Customer does not approve these changes In case the Customer has informed Paynetics that the latter does not accept the changes, this Agreement shall be terminated within seven days after posting the notice under  clause 12.1 hereof.

12.3. Paynetics shall not notify the Customer about any modifications associated to extending the scope of the provided services, modifications that are more favourable to the Customer, or reproductive modifications in the regulatory acts.

SECTION 13. TERM OF THE AGREEMENT. TERMINATION. VALIDITY PERIOD OF THE CARD

13.1. The Agreement shall be deemed to have been made and shall become effective the moment it is signed by the Customer and approved by Paynetics. The Agreement shall be valid until the same is terminated in any of the ways provided in the Agreement.

13.2. The Agreement shall be made for a validity period coinciding with the validity period of the Card(s), including in the cases of re-issuance of the Card within the validity period provided in the Agreement.

13.3. Upon expiration of the term referred to in  clause 13.2 above, a new Card(s) shall be issued, and the Agreement shall be automatically renewed for a new period of time equal to the validity period of the new Card(s) if it is not terminated by one of the parties in the ways specified in the Agreement. 

13.4. The Card shall not be reissued if the Customer makes a written request to terminate the Agreement by the end of the month preceding the month of its expiry.

13.5. The Agreement shall be terminated:

• In the cases under clause 13.3. 
• Upon closing the payment account to which a Card has been issued.
  

1. By the Customer:
   a) Upon expiry of the Card and a written request for termination of the Agreement.
   b) On the date of submitting a written request for termination of the Agreement.
   
2. By Paynetics:
   а) With a one-month written notice.
   b) Without a notice: in case of breach of the provisions of the Agreement or the Agreement by the Customer or a Cardholder.
   c) If this is a requirement to Paynetics by a regulatory authority or a Card Organisation, or it is required in order to comply with regulations or prohibitions on money laundering or terrorist financing.
   d) In other cases provided by law or in the Agreement.
   

13.6. Upon the occurrence of the conditions under clause 13.5, the Customer’s right to use the Card (s) shall be terminated, and the Cards shall be deactivated. The Customer shall be required to return the cards issued under the Agreement, and all Paynetics receivables under the Agreement, if any, shall become payable.

13.7. The Customer shall be responsible for all transactions performed prior to termination of the Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Card prior to such termination.

SECTION 14. LEGAL PROTECTION PROCEDURE

14.1. Paynetics shall review any objections submitted or disputes raised by the Customer or its signatory in connection with the payment services provided and shall notify the Customer of its decision within fifteen business days from their submission.

14.2. If Paynetics fails to announce its decision within the time limit referred to in clause 14.1 above or the decision is not to the Customer’s satisfaction, the Customer may refer the dispute to the Conciliation Committee for Payment Disputes with the Commission for Consumer Protection.

14.3. The Agreement and the Agreement shall be governed by the relevant Bulgarian laws. Any disputes related to their interpretation or implementation shall be finally settled by the competent Bulgarian court.

14.4. For customers based in the European Union, the Payment Account and/or Mastercard cards as applicable are issued by Paynetics AD with company address 76A James Bourchier Blvd, 1407 Sofia, Bulgaria, company registration number 131574695. Paynetics AD is an electronic money institution authorised and regulated by the Bulgarian National Bank for the issuance of e-money and provision of payment services in the EU. Weavr (Europe) Ltd is acting on behalf of Paynetics AD, as a registered agent on the territory of the EU member states, and is entered into the public register of e-money institutions’ agents kept by the Bulgarian National Bank.

14.5. For customers based in the United Kingdom, the Payment Account and/or Mastercard cards as applicable are issued by Paynetics UK, Company number 1248133. Paynetics UK is a wholly owned subsidiary of Paynetics AD with its registered address at 1st Floor, 18 Devonshire Row, London, England, EC2M 4RH. Paynetics UK is an electronic money institution authorised and regulated by the Financial Conduct Authority (firm reference number 942777) for the issuance of e-money and provision of payment services in the UK. Weavr Ltd is a distributor of Paynetics UK on the territory of the UK.

14.6. Paystratus Group Limited provides software and support services to Weavr Ltd and Weavr Europe Ltd.

14.7. To ensure your funds are safe, Paynetics AD and Paynetics UK follow a process known as ‘safeguarding’ which is a regulatory requirement for all EMIs. In this process, Paynetics AD, respectively Paynetics UK, keeps your money separate from its own (firm) money and places it in a safeguarding account with a Bank.

14.8. Electronic Money issued is not covered by any Deposit Guarantee Scheme which is a government backed scheme offering protection to customers’ funds of up to €100,000 in the EU (£85,000 in the UK under the FSCS) per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated Bank and separated from Paynetics’ accounts and funds. For further details on the safeguarding, visit here.

SECTION 15. MISCELLANEOUS

15.1. The Agreement has been executed based on and in compliance with the Law on Payment Services and Payment Systems (LPSPS), adopted by the 44th National Assembly on 22 February 2018 of Bulgarian National Bank, the regulatory acts issued in terms of its implementation and other relevant regulatory acts.

15.2. Personal data shall be processed by means of automatic devices in compliance with the European Union Law, the Law on Personal Data Protection and the international treaties to which the Republic of Bulgaria is a party. In order to meet its statutory obligations, Paynetics shall apply customer due diligence procedures, and in addition shall provide information to the National Revenue Agency and other competent government authorities.

15.3. Paynetics may transfer its rights and obligations under the Agreement to another company or individual at any time. The Customer shall be entitled to transfer its rights and obligations under the Agreement and the Agreement to another individual or company only after obtaining written consent from Paynetics.

15.4. If a court or competent authority establishes that a certain provision in the Agreement (or any part of any provision) is invalid, illegal, or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the Agreement shall not be affected.

CONSUMER ACCOUNT AND CARD TERMS

1. WHO WE ARE

We are Paynetics UK Limited. Where these terms refer to “Paynetics”, “we”, “us” or “our”, this means Paynetics UK Limited, a limited company in England and Wales (company number: 12481335) with its head office and registered address at 1st Floor, 18 Devonshire Row, London, England, EC2M 4RH. We operate the website at https://www.paynetics.digital/. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 942777) for the issuing of electronic money.

2. SUMMARY OF OUR SERVICES

2.1. If you sign up to use our services, and we onboard you as a client, we will provide you with:
a) an electronic money account in GBP (the “GBP Account”) with a debit card linked to it (the “GBP Card”); and /or
b) an electronic money account in Euro (the “Euro Account”) with a debit card linked to it (the “Euro Card”).

2.2. Where these terms refer to:
a) “Account”, this means the GBP Account and/or the Euro Account;
b) “Cards”, this means the Euro Card and/or the GBP Card. A Card is a type of payment instrument which allows you to access an Account’s separate balance dedicated to the Card to make debit card payments. The Card may be physical or virtual.

2.3. Our services allow you to:
a) send money in your Account to third parties (which we refer to in these terms as beneficiaries), such as friends, family, or persons you owe money to (this type of payment is referred to in these terms as a “Push Payment”);
b) to spend money in your Account at a merchant using your Cards (this type of payment is referred to in these terms as a “Card Payment“);
c) withdraw cash from your Account using your Cards at an ATM (referred to in these terms as “Cash Withdrawal“);
d) exchange money in GBP for money in EUR by transferring money from your GBP Account to your Euro Account; and
e) exchange money in EUR for money in GBP by transferring money from your Euro Account to your GBP Account.

2.4. An APP Scam is where a person uses a fraudulent or dishonest act or course of conduct to manipulate, deceive or persuade another person to transfer money from the payer’s account to another account not controlled by the payer, where:
a) the beneficiary is not who the payer intended to pay; or
b) the payment is not for the purpose intended.

2.5. We only reimburse victims of APP Scams in certain limited circumstances, including where money is sent from your GBP Account via faster payments. This does not include overseas payments or any payment method other than faster payments (please see clause 11for more detail). It is therefore extremely important that you are vigilant when making requests to execute Push Payments. If you have any concerns at all about any Push Payments you are going to ask us to execute on your behalf, please get in touch with us before instructing the Push Payment.

3. THESE TERMS

3.1. This document sets out the terms and conditions of our services. It also sets out other important things that you need to know. These terms and conditions, along with the fees page (which you can access by clicking on the following LINK) (the “Fees Page“) apply to our services and form a legal agreement (the “Agreement”) between you (being the holder of the Account and the Cards) and us.

3.2. You can terminate these terms at any time by emailing or contacting our customer services team using the details set out in clause 29.1 (the “Customer Relations Centre”). We can terminate these terms at any time by providing you with 2 months’ notice via e-mail.

3.3. You should be aware of the following when reading these terms:
a) the web or mobile application which enables you to access your Account is developed, provided and maintained by a third party – “Technical Provider”,
b) technical provider means the operator that performs certain technical and operational functions in relation to our services, including the operation of web or mobile application which connects the customers with Paynetics. For the sake of brevity, the web, or mobile application through which you can access our services are collectively herein after referred to as “Platform” or “Online Platform”;
c) the Online Platform further described in clause 8 (the “Platform”) will have the Technical Provider’s branding on it. However, it is important for you to know that the Technical Provider does not provide you with any payment services. In other words, we, and not the Technical Provider, issue you with electronic money and your Accounts. We also execute all Push Payments through your Accounts. If you have any queries in this regard, please contact our Customer Relations Centre.
d) the Website means the following website: LINK
e) these terms are concluded in English -if you are reading a non-English version, please note that this is provided for reference only, and the English version is the version which applies;
f) when we refer to a business day, we mean a day other than a Saturday or Sunday or bank holiday in England.

4. INFORMATION ON YOUR ACCOUNT

4.1. Your Account are electronic money accounts within which you can hold electronic money. Your GBP Account can hold electronic money in GBP and your Euro Account can hold electronic money in Euro.

4.2. Electronic money is an electronic alternative to money. When you send money to your Account, we will credit the relevant Account with a corresponding amount of electronic money. In these terms, when we refer to ‘money’ in your Account, what we mean is electronic money.

4.3. Once you have money in your Account, you will be able to use our services.

4.4. Your Account differ from bank accounts in that money in your Account:
a) will not be invested or lent to third parties;
b) will not accrue interest; and
c) will not be covered by the Financial Services Compensation Scheme.
Money in your Account will be safeguarded, as explained in Clause 6.

4.5. You can credit your GBP Account:
а) by making a payment via bank transfer using the details of the IBAN or account number and sort code linked to your GBP Account as the beneficiary account details; and 

4.6. You can credit your Euro Account by making a payment via bank transfer, using the details of the IBAN linked to your Euro Account as the beneficiary account details.

4.7. If you send money to the wrong account by mistake when trying to credit one of your Account, you should contact the financial institution from which you sent money to us. We cannot accept responsibility for sending money by mistake using the services of other financial institutions. 

4.8. Please note that someone other than you can credit your Account by making a payment via bank transfer using the details of:
a) the IBAN or account number and sort code linked to your GBP Account as the beneficiary account details (for top-ups of your GBP Account);
b) the IBAN linked to your Euro Account as the beneficiary account details (for top-ups of your Euro Account); or
c) by sending money to one of your Account from their own account with us.

4.9. You may be charged a fee every time your Account is topped up. Please see the Fees Page for more information.

4.10. We will deduct money from your relevant Account when you execute a Card Payment, a Cash Withdrawal, a Push Payment or exchange money from GBP to EUR or vice versa. We will also deduct money from your Account when you owe us fees.

4.11. You can find out when money has been added to and taken from your Account by checking the Platform.

4.12. You can send money from your Account to an account you hold with another financial institution by executing a Push Payment and providing your (non-Paynetics) account details as the beneficiary account details.

4.13. We can hold money in your Account indefinitely. However, if you have not used the money in your Account for more than two years, we shall try to contact you to establish whether you still want to have an Account with us. If we are unable to get in touch with you, we reserve the right to send the money in your Account, less our costs, to the last known (non-Paynetics) account we have on file for you. Any money will be converted to the currency this (non-Paynetics) account is denominated in, using our standard exchange rate.

4.14. We may refuse to top up your Account if:
a) it would breach a restriction on your Account (please see clause 13);
b) your Account is inactive, blocked or terminated;
c) the sender has provided incorrect/invalid Account details for payment;
d) Paynetics reasonably believes the payment is fraudulent, illegal, or unauthorised or related to a prohibited transaction (please see clause 13.2).

5. ACCESS TO YOUR ACCOUNT BY THIRD PARTY PROVIDERS

5.1. You may choose to allow (and provided you have given them your explicit consent):
a) Providers of account information service (i.e. an online service which accesses one or more payment accounts to provide a consolidated view of such accounts) to access information on your Account; and/or
b) Providers of payment initiation service (i.e. an online service which allows a third party to initiate payments on behalf of the account holder from their account and at their request) to initiate payments (other than Card payments) from your Account.

5.2. Only those providers of account information or payment initiation services that are authorised with the Financial Conduct Authority to provide the relevant service in the UK, can be given access to your Account. The Financial Conduct Authority’s register (available at https://register.fca.org.uk/) will tell you whether a provider is authorised in the UK, and we recommend you check it before using their services.

5.3. We will treat any instruction from such providers of account information or payment initiation services as if it was from you. Some providers may use your Account security details to provide their service. You should always consider the implications of sharing your security information.

5.4. We can deny providers of account information or payment initiation services access to your Account if we are concerned about unauthorised or fraudulent access. We will notify you of the denial of access and the reasons for it beforehand if possible or otherwise immediately afterwards (unless doing so would compromise our security measures or would be unlawful). The access to your Account may be restored once the reasons for denying the access no longer justify such denial.

6. HOW WE PROTECT MONEY IN YOUR ACCOUNT

When we receive money for your Account, we credit the relevant Account with electronic money, and we place the equivalent amount of money in segregated bank accounts with mainstream banks.
This is commonly known as safeguarding.

6.1. Safeguarding means that in the unlikely event that we get into financial difficulties, the money which we safeguard will be protected from the claims of our creditors, and it should be returned to you in full, less the costs incurred by insolvency practitioners in distributing the safeguarded funds.

6.2. Segregated bank accounts are bank accounts which we hold with mainstream banks, and which only hold client money and not our own money.

6.3. Money will not be safeguarded by us on your behalf, when it is deducted from your Account.

7. PUSH PAYMENTS

7.1. A Push Payment is us sending money from one of your Account to:
a) another one of your Account or one of your non-Paynetics accounts;
b) to an account belonging to someone other than you, which can be a Paynetics account or a non-Paynetics account.

7.2. We use, and make available to you, various methods to execute Push Payments, including SEPA, Faster Payments. We do not guarantee that any particular payment method will be made available to you.

7.3. When we refer to a “beneficiary” in these terms, we mean a person who will receive the money subject to the Push Payment. The beneficiary account is the account, held by the beneficiary, that you want the money to be sent to.

7.4. You can make a request for a Push Payment to be executed via the Platform or through a payment initiation service provider. You will need to let us know:
a) the amount and currency of the Push Payment you wish to make;
b) the name of the beneficiary;
c) the reason for the payment; and LINK if the Push Payment is to a  non-Paynetics account, the account’s sort code and account  number or for international Push Payments the account’s BIC and IBAN or account number and any other information we request from you.

7.5. The time of receipt of your request for a Push Payment is when we receive it, which will typically be on the same day you make the request. If you future date a Push Payment, then we will be deemed to have received your request to execute the Push Payment on the date you want your Push Payment to be executed.

7.6. We have implemented confirmation of payee for Push Payments from your GBP Account where the beneficiary account is located in the UK. This means that when you provide us with new beneficiary account details, we will check through the confirmation of payee system that the name of the beneficiary you have provided us with matches the name on the account with the sort code and account number you have provided us with. You will be provided with four possible outcomes from the confirmation of payee system:
a) Yes, the name and account type you supplied matches the details on the account;
b) No, the name is a close match;
c) No, the name doesn’t match the name held on the account;
d) Unavailable, it has not been possible to check the name because: timeout, account doesn’t exist etc.
c) You should take extreme caution when placing a request to execute a Push Payment, where the name you have provided us with does not match, exactly or at all, the name on the account with the sort code and account number you have provided us with.
d) You should not take the fact that the name you have provided us with matches the name on the account, with the sort code and account number you have provided us with, as an assurance that you are not the subject of an APP Scam. If you have any concerns that you might be the victim of an APP Scam, you must contact us prior to executing the Push Payment.

7.7. We confirm the details of each Push Payment order placed. After a Push Payment order is processed, you will be able to see the confirmation of the Push Payment on the Platform.

7.8. If you see confirmation of a Push Payment you did not place with us, you must contact us as soon as possible via the Customer Relations Centre.

7.9. We can refuse requests from you to execute Push Payment. If we do so, we shall, unless it would be unlawful for us to do so, notify you of the refusal and the reasons for that refusal. We will also let you know the procedure for rectifying any factual errors that led to that refusal.

7.10. If you think that you have provided us with incorrect details, you must contact us via the Customer Relations Centre as soon as possible.

7.11. You can only execute a Push Payment if you have enough money in the relevant Account. Your request to execute a Push Payment will be rejected if you try to execute a Push Payment but there is not enough money in the relevant Account to cover the amount of the payment and any applicable fees.

7.12. You may cancel a request to execute a Push Payment, at any time before the end of the business day before the Push Payment is due to be executed, via the Customer Relations Centre.

7.13. How long will it take for money sent via a Push Payment to reach the beneficiary account? We are obliged by the Payment Services Regulations 2017 to tell you the maximum amount of time it is allowed to take, for money in your Account to arrive with the beneficiary’s bank. In most cases, it will take less time than this. If you want details of the amount of time, it is likely to take, please call us.

7.14. When might we delay or not execute a Push Payment, when you have sent us a request to execute a Push Payment? We might do this when we have established that there are reasonable grounds to suspect that your request to execute a Push Payment has been placed, subsequent to fraud or dishonesty perpetrated by a person other than you.

8. THE PLATFORM

8.1. The Platform allows you to (among other things):
a) view the balance of money in your Account;
b) make requests for us to execute Push Payments on your behalf;
c) view the details of the transactions on each of your Account, including:
            II. Card Payments;
            III. Cash Withdrawals;
            IV. Push Payments; and
            V. foreign exchange transactions.

d) find out our foreign exchange rates for if you wanted to exchange money from EUR to GBP or GBP to EUR.

8.2. You can gain access to the Platform via the internet (if it is a web application) or via mobile application which you can download on the App Store or [●]. You require the following operating systems [iOS[x] and [android equivalent] to download our App.

9. CARDS

9.1. Cards are issued under the Mastercard brand pursuant to license granted by Mastercard International or under the Visa brand pursuant to license granted by Visa Europe Limited. The Card allows you to make Card Payments with merchants which accept Mastercard© or Visa© and enter into Cash Withdrawals at ATMs which accept Mastercard© or Visa©.

9.2. We issue both physical Cards and ‘virtual’ Cards. A ‘virtual’ Card is not a physical card, rather you will be provided with the card number, expiry date and security code via the Platform. You can then use these details to make Card Payments with merchants.

9.3. The value of Card Payments and Cash Withdrawals and all applicable fees will be deducted from the balance of money in the Account linked to the Card you used.

9.4. You will be responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card will be considered a dispute between you and the merchant, and should be addressed directly to that merchant. We do not accept any responsibility or liability for the quality, safety, legality or any other aspect relating to goods or services purchased with the Card and do not provide any warranties regarding such goods or services.

9.5. We will not be liable if a merchant refuses to accept your Card or if we have refused to execute a Card Payment or Cash Withdrawal whilst acting in accordance with this Agreement.

9.6. Your Cards cannot be transferred and/or made available to use by anyone but you.

9.7. Each Card has a validity period within which you may use the Card. If your Card is physical, it will expire on the last day of the month/year indicated on its front. If your Card is virtual, it will expire on the last day of the month/year indicated on the Platform or on the expiry date sent to you by e-mail . All Card Payments and Cash Withdrawals initiated after the expiration or cancellation of the Card will not be authorised or executed.

9.8. Your physical Cards will be sent to you via post within 10 business days of the date your application is accepted. You may have to produce identification to receive your physical Cards. You must sign on the signature strip on the reverse side of your physical Cards immediately after receiving it. Your virtual Cards will be issued via the Platform immediately after your application is approved by us. 

9.9. When you receive the physical Card, it will be inactive. You have to activate the physical Card before using it. The physical Card can be activated online by following the instructions for activation provided to you.

9.10. You will be provided with a PIN to use with your physical Cards. You can change your PIN at an ATM. You should memorise your PIN and then ensure that any media on which it is recorded is destroyed or at the very least not kept with your physical Card. You have important obligations to keep your security details, such as your PIN, safe.

9.11. You may request a new physical Card if your existing Card is lost, stolen or destroyed. You will be charged a fee for replacing the physical Card (please see our Fees Page).

9.12. You can give us an instruction and consent to a Card Payment and a Cash Withdrawal being executed, using your Card, by any one of the following methods:
a) in case of Cash Withdrawal from an ATM, by entering a PIN;
b) in case of Card Payments in-store, by entering a PIN and/or signature on the receipt or by tapping/waving the physical Card (or a device where it is held) over a card reader for contactless payments;
c) in case of Card Payments online or over the phone, by providing your Card details and any other security information or credentials, when requested.

9.13. Your consent for a Card Payment may cover a single payment or a series of recurring payments on the Card (such as where you give your Card details to a merchant to be used for Card Payments in the future) for a set or variable amount. Please be careful when providing your consent.

9.14. If there is insufficient money in your GBP Account or your Euro Account to complete a Card Payment or Cash Withdrawal, including all applicable fees, funds will be automatically transferred from your Account in the other currency to your relevant currency Account at then prevailing currency conversion rates. If there is insufficient balance in both your Euro Account and your GBP Account to complete a Card Payment or a Cash Withdrawal, including all applicable fees, the relevant transaction will be refused. See clause 19 for more detail on the applicable currency conversion rates and fees.

9.15. Merchants in certain business sectors (e.g., car rental companies, hotels, and other service providers) estimate the amount of the final Card Payment to them and require us to “pre-authorise” or withhold the estimated amount in the Account your Card is linked to. Sometimes, that withheld amount may exceed the final amount spent. In such cases, the initially withheld funds will not be available to you for up to 15 days until the final Card Payment request is received by us or released by the merchant. We may release such amounts only with the merchant’s consent.

10. YOUR OBLIGATIONS TO KEEP THE PLATFORM AND YOUR CARDS SAFE

10.1. You must take all reasonable steps to keep your Card, the Platform and your password used to gain access to the Platform (the “Password”), safe. This includes you:
a) not telling anyone your Password or PIN, or otherwise being careless with the secrecy of your Password and PIN;
b) notifying us, via the Customer Relations Centre, without undue delay:
            I. upon the loss or theft of your Card;
            II. upon you suspecting that someone other than you knows your Password or PIN;
            III. Upon you suspecting that someone other than you is able to gain access to the Platform;

c) changing your Password and/or your PIN as soon as reasonably possible if you suspect that someone, other than you, knows your Password and/or your PIN;
d) ensuring that your Password is not stored by the browser or cached or otherwise recorded by the computer or other device used to gain access to the Platform;
e) maintaining the security of your computer systems, including having an anti-virus software, on the computer or other device you use to gain access to the Platform;
f) ensuring that the e-mail account(s), phone number, mobile phone number, computer and other network used to communicate with us are secure and only accessed by you; and
g) taking all reasonable measures to keep your Card safe;
h) not writing down your Password or PIN unless it is done in a way to make it difficult for anyone else to recognise them;
i) not recording your PIN on your Card or keeping your PIN together with the Card;
j) not allowing anyone else to use in any manner whatsoever your Card, your PIN, the Platform or your Password;
k) keeping your Cards and any personal devices (mobile phones, computers, tablets) that can be used to execute Card Payments secure and not letting anyone else use them to execute Card Payments or Cash Withdrawals;
l) not choose a Password or PIN that would be easy for someone to guess, such as letters or digits that:
            I. are easily associated with you, for example your telephone number or date of birth;
            II. are part of the data imprinted on the Card;
            III. consist of the same digits (1111) or the sequence of running digits (1234); or
            IV. are identical to previously selected PINs/passwords.

m) use up-to-date virus, malware, and spyware software and a firewall on any devices used to access your Cards or the Platform to reduce the risk of security breaches.

10.2. You have to notify us via the Customer Relations Centre if:
a) your Card has been withheld by an ATM;
b) your Card is lost, stolen or misappropriated; and/or
c) you believe there has been unauthorised use of your Card or Account or anyone else may be able to use or access the Platform, your Account, Card, or security details.

10.3. We will make all reasonable efforts to stop the use of your Cards after receiving a notification from you.

10.4. We may restrict, block or deactivate the Platform and/or one or more of your Cards if:
a) we are concerned about the security of your Cards;
b) we become aware or suspect that the Platform and/or your Cards or security details relating to them might be used in an unauthorised, unlawful or fraudulent manner;
c) we believe we need to do so to comply with the law or a court order in any applicable jurisdiction;
d) we receive an instruction to do so by a card organisation (such as VISA or Mastercard) or regulatory authority or government agency;
e) this Agreement is terminated for any reason;
f) you ask us to do so;
g) you have breached any term of this Agreement in a material way.

10.5. We will, if possible, notify you before restricting, blocking or deactivating your Cards and the reasons for it. If we are unable to notify you beforehand, we will notify you immediately afterwards. We will not notify you if doing so would compromise our security measures or would be unlawful.

10.6. The Cards will be unblocked or re-activated (or replaced) as soon as possible after the reasons for blocking cease to exist.

11. AUTHORISED PUSH PAYMENT SCAMS

11.1. Unless stated in clause 11.2 that we will not reimburse you, we will reimburse you the amount of money that you have lost, as a result of an APP Scam, up to a maximum of £415,000, less an excess of £100, where all the following apply:
a) you have been the victim of an APP Scam;
b) the money which was the subject of the APP Scam was sent via a Push Payment from your GBP Account with us:
            I. to a payment account which is denominated in GBP and located in the UK and not controlled by you; and
            II. via the faster payments scheme.

a) We will not deduct an excess from the amount we reimburse you, if you were a Vulnerable Customer at the time the relevant Push Payment was executed and the vulnerability affected your ability to protect yourself from the APP Scam. A Vulnerable Customer is someone who, due to their personal circumstances, is especially susceptible to harm – particularly when we have not acted with appropriate levels of care

11.2. We will not reimburse you under clause 11.1, if one of the following circumstances applies:
a) we determine that you:
            I. are a party to the fraud;
            II. are claiming fraudulently or dishonestly;
            III. are claiming for an amount which is the subject of a civil dispute or other civil legal action or which was paid for an unlawful purpose;

b) any of the circumstances described in clause 11.1. para (b), letter (I) or letter (II), is not fulfilled;
c) you reported the Push Payment as being as a result of an APP Scam more than 13 months after the Push Payment was executed;
d) the Push Payment was executed prior to 7 October 2024;
e) where we can demonstrate that you have, as a result of gross negligence, not complied with one or more of the requirements set out in the Consumer Standard of Caution and this had a material impact on your ability to protect yourself from the scam, unless you were a Vulnerable Customer at the time the payment was executed and this had a material impact on your ability to protect yourself from the scam;
f) on other grounds explicitly provided for in the applicable APP Scam rules of the regulatory authorities in the UK, such as Pay.UK, Payment Systems Regulator, FCA, as amended and supplemented from time to time.

11.3. The Consumer Standard of Caution requires you to:
a) have regard to any intervention made by us (including through the confirmation of payee system) and/or any competent national authority (such as the Police or the National Crime Agency);
b) upon learning or suspecting that you were the victim of an APP Scam, report it promptly to us;
c) respond to any reasonable and proportionate requests for information made by us;
d) (upon our request) report the scam to the police or consent to us reporting the scam to the police on your behalf.

11.4. It will be more likely that we can demonstrate that you have been grossly negligent in complying with the Consumer Standard of Caution if:
a) you proceed with a Push Payment, despite having been told that the name of the beneficiary you have provided us with does not match the name on the account that you have provided us with the sort code and account number of;
b) you rely upon a confirmation that the name of the beneficiary you have provided us with matches the name on the account you have provided us with the sort code and account number of as proof that you are not the victim of an APP Scam.

11.5. If you are entitled to a refund from us, as a result of you being the victim of an APP Scam, we will reimburse you within five business days of you telling us about the APP Scam unless we “stop the clock”. If we avail ourselves of the “stop-the clock” opportunity and ask you to provide us with additional information and/or documents to be able to assess your APP Scam claim, you should cooperate in good faith with us and provide us with all information and/or documents reasonably requested within your possession or knowledge. We are entitled to “stop-the clock” to gather further information to assess your claim for reimbursement. If we “stop the clock”, we must in any event decide whether your claim is to reimbursed or not within 35 business days of you telling us about the reimbursement scam. 

11.6. If you think that you are entitled to reimbursement under this clause 11, please get in touch with us via the Customer Relations Centre as soon as possible.

12. LIABILITY FOR UNAUTHORISED AND INCORRECTLY EXECUTED PUSH PAYMENTS AND CARD PAYMENTS

12.1. If:
a) money sent by us via a Push Payment has been sent to the wrong account; or
b) money sent by us via a Push Payment and/or a Card Payment has been sent without your authorisation or a cash Withdrawal has been made without your authorisation, then you must contact us via the Customer Relations Centre as soon as possible, and in any event within 13 months of the date of the relevant transaction.

12.2. You are entitled to a refund where:
a) money sent via a Push Payment has been sent to the wrong account; or
b) money sent via a Push Payment and/or a Card Payment has been sent without your authorisation; or
c) money has been withdrawn from your Account without your authorisation, and you have notified us within 13 months of the relevant transaction having been executed.

12.3. You will be liable for up to £35 of losses arising from:
a) someone other than you being able to access the Platform and execute an unauthorised Push Payment; and
b) someone other than you using your Card to execute a Card Payment or a Cash Withdrawal,
b) unless one of the below circumstances applies in which case we are fully liable:
a) you couldn’t have known that your Card was at risk of being misused prior to it being misused;
b) the Push Payment or Card Payment or Cash Withdrawal (as appropriate) happened because someone we are responsible for made a mistake;
c) the Push Payment was made after you told us that someone knew your Password or could gain access to the Platform and if we had acted on this information, this would have prevented your loss;
d) the Card Payment or Cash Withdrawal was made after you told us that you had lost your Card or that someone else had access to it and if we had acted on this information, this would have prevented your loss;
e) we didn’t give you a way to tell us about someone other than you being able to access the Platform or your Card being out of your control and if we had done, this would have prevented the loss;
f) the law required us to make you follow certain security procedures when you instructed us to make the Push Payment via the Platform, and we didn’t do this.

12.4. You are not entitled to any refund:
a) where you have acted fraudulently or have intentionally or carelessly failed to keep your Card, your PIN, the Platform, or your Password safe (including in accordance with clause 10) unless you told us about this before the Push Payment or the Card Payment or Cash Withdrawal was made. For example, we wouldn’t make a refund if you gave someone your Password or your Card, and they made a Push Payment or a Card Payment or a Cash Withdrawal without you knowing about it;
b) if we can prove to you that the beneficiary’s bank received the amount of the Push Payment on time – in this case, you or the beneficiary may be able to recover any losses from the beneficiary’s bank.

12.5. If you are entitled to a refund, we will refund you by the end of the business day following the day we become aware, unless we suspect fraud and notify the appropriate authorities. If we subsequently reasonably believe that you were not entitled to the refund, we will have the right to deduct the amount of the refund from any funds on Account you hold with us and reserve the right to recover the value of the refunded payment by any other legal means.

12.6. If you gave us the wrong beneficiary account details, we will not issue you with a refund, but we will try and trace the money subject to Push Payment for you. We may charge you a reasonable fee for tracing this money.

12.7. If it takes longer than it should for money to be deposited in the beneficiary account, please let us know, and we can make a request to the beneficiary’s account provider to treat the Push Payment as if it was made on time.

13. RESTRICTIONS ON YOUR USE OF OUR SERVICES

13.1. To use our services, you must:
a) be 18 years of age or older;
b) be an individual who is a UK resident;

13.2. You must not use our services:
a) for trading or business purposes;
b) for any fraudulent purposes;
c) any activities which do not comply with any applicable laws or regulations, including but not limited to laws relating to money laundering, fraud, financial services or consumer protection;
d) for any activities listed on our website or the Partner’s website as prohibited;
e) in relation to any ‘pyramid’ arrangement, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs;
f) for the sale, supply, or purchase of illegal items or items promoting or facilitating illegal activities;
g) for the sale, supply, or purchase of counterfeit products or products infringing intellectual property rights;
h) for products or services for the processing or aggregation of payments by third parties;
i) for money laundering;
j) for terrorist financing or propaganda;
k) for pornography, escort services and selling and/ or advertising sexual services.

13.3. We can stop providing you with our services if you breach this clause 13.

13.4. We may impose restrictions on your use of our services so that we can comply with our regulatory obligations and risk appetite. These restrictions will be set out on the Fees Page and/or the Website, and may change from time to time. These restrictions may include the following:
a) limits on minimum amount you can top up your Account by;
b) a maximum balance of your Account;
c) a maximum amount of a single Push Payment, Card Payment and Cash Withdrawal you can carry out;
d) a maximum volume of Push Payments, Card Payments and Cash Withdrawals in a given time period;
e) a maximum number of Push Payments, Card Payments and Cash Withdrawals you can execute in a given time period.

13.5. We may:
a) refuse to top up your Account, if the top-up would cause your Account to exceed its limit or if we suspect the payment is fraudulent or against the law in some other way;
b) refuse to execute a Push Payment, a Card Payment or a Cash Withdrawal if it would breach a restriction.

13.6. In addition, we may also apply internal controls, including limits, to certain types of transactions from time to time, but for security purposes, we may be prohibited to disclose them to you.

14. COMPLAINTS

14.1. If you feel that we have not met your expectations in the delivery of our services or if you think that we have made a mistake, please let us know. You may let us know by contacting the Customer Relations Centre.

14.2. You can find more information on how we handle complaints on our website (LINK). We will provide you with a copy of our complaints’ procedure upon request or if we receive a complaint from you.

14.3. In most cases, we will review your complaint and provide a full response within 15 business days of the date of the complaint. In exceptional circumstances, where we are unable to respond to your complaint in full within that timeframe, we will send you a holding response setting out the reasons for the delay and the timeframe within which you will receive a full response, which in any case will be within 35 business days of the date of the complaint.

14.4. If we fail to provide a full response to your complaint within the time limit referred to above or have failed to resolve your complaint to your satisfaction, you may refer your complaints to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567, email [email protected] ). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

15. WHERE CAN YOU GET INFORMATION ON HOW WE HANDLE PERSONAL DATA?

15.1. We are a Controller of your personal data. Details of how we process your personal data are set out in our privacy policy, which is available on the following weblink

15.2. By agreeing to these terms, you are providing your explicit consent to us accessing, processing and retaining your personal data for the provision of payment services.

16. OUR DUTY OF CONFIDENTIALITY

16.1. We shall keep your confidential information (such as your name and address and details of contracts you have entered into) confidential and shall not use such confidential information except for the purpose of exercising or performing our rights and obligations under these terms.

16.2. Please note that we may disclose confidential information to:
a) our staff and advisers (for example legal and compliance firms) and any partners we work with, provided that we ensure they keep it confidential;
b) the Technical Provider;
c) the extent required by law or by any governmental or other regulatory authority or by a court or other authority of competent jurisdiction;
d) the bank we use to provide us with banking facilities in the normal course of business.

17. INFORMATION WE REQUIRE AND CHECKS WE CARRY OUT WHEN ONBOARDING YOU AS A CLIENT AND THROUGHOUT THE TERM OF OUR RELATIONSHIP

17.1. Before we provide any of our services to you, you will have to successfully complete our process for verifying your identity. The process may involve you providing us with a valid passport / ID card and a bank statement or other identification documents, as well as a selfie, together with the presented identity document in real time, or any other procedure we may specify. We may use ID verification agencies or other automated platforms to verify your identity.

17.2. We may require additional documentation and information from you during the lifetime of these terms. You should provide us with true and complete information and/or documents upon onboarding you as a client and during the lifetime of these terms. If you do not provide us with the information or documentation we require, we may withhold our services and freeze your money until we receive the documentation or information that we require. If you provide us with false or misleading information and/or documents, we may terminate this Agreement with 2 months` notice and withhold our services and freeze your money until the date this Agreement is terminated.

17.3. We reserve the right to carry out all and any necessary money laundering, terrorist financing, fraud or other illegal activity checks including due diligence in relation to the beneficiary before executing a Push Payment or a Card Payment.

17.4. We, or someone acting for us, may carry out electronic verification checks in order to verify your identity. This will leave a soft footprint on your credit history.

18. OTHER IMPORTANT TERMS

18.1. We may transfer our rights under these terms and associated contracts to another organisation without your consent. We shall let you know in advance before doing so. You cannot transfer your Card, your access to the Platform or your Account or any other rights under these terms to anyone.

18.2. We record telephone conversations and may use them as evidence if you make a complaint. We shall destroy our recordings in accordance with our normal procedures.

18.3. You can obtain a copy of these terms. A copy is always available on the Website or via the Customer Relations Centre.

18.4. If we or you have breached these terms and the non-breaching party doesn’t enforce its rights, or delays in enforcing them, this will not prevent the non-breaching party from enforcing those or any other rights at a later date.

18.5. We shall have no liability to you if we are prevented from or delayed in performing our obligations under these terms by acts, events, omissions or accidents beyond our reasonable control, provided that you are notified of such an event and its expected duration.

18.6. Each of the clauses of these terms operate separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.

18.7. We can change these terms, including the fees you are charged, by giving you two months’ notice via email. We shall assume that you are happy with the changes unless you tell us that you want to terminate this Agreement before the changes come into force.

18.8. These terms are governed by the laws of England.

18.9. Legal proceedings can be issued in the courts of England & Wales. In addition:
a) if you live in Scotland, legal proceedings can be issued in the Scottish courts;
b) if you live in Northern Ireland, legal proceedings can be issued in the Northern Irish courts.

19. FEES AND EXCHANGE RATES

19.1. Fees that apply to our services are set out on the Fees Page.

19.2. If money sent to one of your Account is in a currency other than the currency of that Account, then this money will be converted into the currency of the relevant Account using an exchange rate made up of a reference rate (details of which are available on the Platform) plus the currency conversion mark-up fee as set out in the Fees Page. The exchange rate will be determined at the time the money is received.

19.3. If a Card Payment or Cash Withdrawal is in a currency other than the currency of the linked Account, then the amount deducted will be the amount of the Card Payment or Cash Withdrawal converted to the currency of the linked Account using the reference exchange rate applied by MasterCard® (available at LINK) plus the currency conversion mark-up fee set out in the Fees Page. The exchange rate shall be determined on the date that the Card Payment or Cash Withdrawal is processed. The reference exchange rate is not set by us and varies throughout the day, meaning it may change between the date the Card Payment or Cash Withdrawal is made and the date it is processed. We provide information on the total currency conversion charges applicable with respect to Card Payments and Cash Withdrawals, expressed as a percentage mark-up over the latest available euro foreign exchange reference rates issued by the European Central Bank on the Platform.

20. INDEMNITY

20.1. You shall indemnify us against all amounts we are required to pay to another financial institution, together with all associated losses, expenses, and costs (including all interest, penalties, legal costs (calculated on a full indemnity basis) and professional costs and expense, where both:
c) that other financial institution has compensated its customer as a result of its customer claiming to have been the victim of an APP Scam; and
d) any money which that customer paid, as part of the APP Scam, was credited or meant to be credited to your Account.

20.2. We may deduct any monies you owe us in accordance with clause 20.1 from your Account(s) and from your Card(s) and if you do not have sufficient funds, this will result in your Account, having a negative balance.

21. NEGATIVE BALANCE

21.1. If any action results in a negative balance in one or more of your Account, you must top up the relevant Account(s) by the amount of the negative balance immediately. If one Account has money in it and the other has a negative balance, then we shall be able to transfer money from the Account with money in it to the one with the negative balance. Until the negative balance is reimbursed in full, we may:
a) suspend your Account(s) and Cards;
b) charge you interest at 4% above the base rate of the Bank of England on such negative balance; and/or
c) take legal action against you to recover such amount and charge you our reasonable costs in pursuing you.

22. STATEMENTS

22.1.  We will provide you with information about transactions on your Account and fees applied by means of electronic statements, which will be accessible on the Platform. Statements will not be provided on paper. You should carefully review these statements regularly. Your statements will remain available on the Platform for you to access for 1 year. You may wish to download or print your statements for your future reference. You will be charged a fee (see Fees Page) if you ask us to provide additional information or provide it differently than as described here.

23. LATE OR INCORRECTLY EXECUTED TOP-UPS TO YOUR ACCOUNT

23.1. If we have received a payment for your Account, but we have not credited correctly or on time, we will immediately credit your Account with the correct amount including any fees to restore the Account to the position it would have been at if the payment was executed correctly and on time.

23.2. If we top up your Account when we shouldn’t have done or when this money does not belong to you, (for example someone sent it to you by mistake), we may, where we consider it reasonable to do so, take this money from your Account and return it to the sender. We are obliged to provide certain information to the sender’s payment service provider about you and the payment to enable them to recover their funds.

24. FUTURE PAYMENTS INITIATED VIA A CARD

24.1. If you authorise a Card Payment without knowing the final amount of the payment (for example, when renting a car or booking a hotel room) and you think that the final amount of the payment is too much, you have the right to ask us to process a refund of such payment provided that all the following conditions are met:
a) you have asked for a refund within 8 weeks of the Card Payment;
b) at the time of authorisation to execute the Card Payment, the exact amount of the Card Payment was not specified; and
c) the amount of the Card Payment exceeded the amount you could have reasonably expected, taking into account your previous spending patterns and the case-specific circumstances. If the amount of the Card Payment increased because of the currency exchange rates when the reference exchange rate agreed with us has been applied, this will not be a valid reason.

24.2. Within 10 business days of receiving your request for a refund, or, where applicable, of receiving the further information we requested, we will refund the full amount of the Card Payment or inform you of the refusal to refund it, together with the grounds for refusal and the authorities to which you can complain if you do not accept those grounds. The refund will include the entire amount of the Card Payment, which will be dated back to the date on which your Account was debited.

24.3. You will not be entitled to a refund of any Card Payment that was initiated by or through payee, when:
a) you have given your consent to execute the Card Payment directly to us; and
b) where applicable, we or the payee has informed you about the upcoming Card Payment at least 4 weeks before it was due to be made.

25. GENERAL LIABILITY

25.1. We will not be liable to you for any damages or losses arising from or relating to:
a) any Push Payments, Card Payments or Cash Withdrawals executed in accordance with the information or instructions provided by you which were incorrect, inaccurate, or incomplete;
b) refusal of a merchant, ATM or any other person to accept the Card as a payment method;
c) your failure to use the Card or Account in accordance with this Agreement;
d) loss of revenue, goodwill, lost benefits or expected savings;
e) you’re acting fraudulently or with gross negligence;
f) the quality, safety, legality or any other aspect of goods and/or services purchased using a Card Payment or Push Payment or any possible disputes arising between you and the provider of such goods/services;
g) any loss or damage which is not a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or
h) any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data, or other proprietary material in connection to the Card, Account and this Agreement;

25.2. None of the terms of this Agreement will limit or exclude our liability for fraud, gross negligence or any other liability which cannot be legally excluded or limited by law.

26. TERM OF THIS AGREEMENT

26.1. This Agreement will become effective when your application is approved by us. This Agreement will remain valid until it is terminated in accordance with its terms.

27. FREEZING YOUR ACCOUNTS AND YOUR CARDS

27.1. We may close and/or suspend and/or deduct an appropriate amount of money from your Account(s) and Cards immediately in exceptional circumstances. Exceptional circumstances include, for example, the following:
a) if we have good reason to suspect that you have behaved or are behaving fraudulently or otherwise criminally;
b) if we believe, acting reasonably, or if another PSP informs us that money has been credited to your Account as a result of an actual or alleged APP Scam;
c) if you haven’t given us (or someone acting on our behalf) any information we need, or we have good reason to believe that information you have provided is incorrect or not true;
d) if you’ve broken these terms and conditions in a serious or persistent way, and you haven’t put the matter right within a reasonable time of us asking you to;
e) if we have good reason to believe that your use of the Platform is harmful to us or our software, systems, or hardware;
f) if we have good reason to believe that you’re continuing to use your Account and/or Cards could damage our reputation or goodwill;
g) if you behave in a disrespectful or abusive way to our or the Partner’s staff, for example by harassing or insulting staff members or using offensive language while communicating with them;
h) if we have asked you to repay money you owe us, and you have not done so within a reasonable period of time;
i) if you’ve been declared bankrupt or deceased; or
j) if we have to do so under any law, regulation, court order or ombudsman’s or card organisation’s instructions.

27.2. If we close or suspend your Account(s) and Cards, you will only be able to send money via Push Payment to a non-Paynetics account before this Agreement is terminated. You will not be able to top up your Account, make any Card Payments or Cash Withdrawals.

28. REDEMPTION

28.1. You can redeem all or part of the money credited to your Account by either:
a) executing a Cash Withdrawal; or
b) executing a Push Payment and sending money in your Account to an account you hold with another payment service provider.
c) The standard fees (if any) for these transactions will apply.

28.2. After this Agreement has been terminated, you can only redeem the money credited to your Account by requesting that all the money in your Account is sent to an account in your name with another payment service provider (our standard fees shall apply to this payment). You can request this by contacting the Customer Relations Centre. We may require you to provide satisfactory confirmation of your identity and address before the refund is made. If you do not have an account in your name with another payment service provider, please contact the Customer Relations Centre to discuss other options.

28.3. All redemptions will be paid out in the currency of the account you want your money to be sent to. Accordingly, if this is different to the currency of the Account being redeemed, your money will be exchanged at the exchange rate (if applicable) prevailing at the time of processing the redemption.

28.4. A redemption fee (see Fees Page) will be charged to cover redemption costs on each redemption request if a redemption is requested more than one year after the date this Agreement is terminated.

28.5. We will not refund the remaining value of money in your Account if you make the request for redemption more than 6 years after the date of termination of this Agreement.

29. HOW YOU CAN CONTACT US

29.1. You can contact our Customer Relations Centre using the contact details set out in the table below. We may record any conversations with the Customer Relations Centre for monitoring purposes, and we may use them as evidence if you make a complaint. These recordings shall be destroyed in accordance with our normal procedures.

29.2. To report a lost, stolen or misappropriated Card or unauthorised access to your Platform or Account, please contact us via the Platform or via telephone to +44 20 37698510 (available 24 hours a day)

30. HOW WE CAN CONTACT YOU

If we contact you in the event of security threat or fraud, we will never ask you to give your full security details (such as PIN or Password) or ask you to transfer money to a new account for security reasons.

It is essential that you notify us as soon as any of your contact details change. You can do this via the Platform. We will not be liable for any losses you incur as a result of your contact details having changed where you have failed to inform us that they have changed.