If you are an EU/EEA resident, the terms and conditions specified in section A. Paynetics Account and Card Terms and Conditions for EU/EEA Residents shall apply to your Account, Card and any other associated services provided to you by Paynetics AD. By submitting your order for an Account with a Card and by clicking “I Accept” in the relevant box, you indicate that you have accepted Paynetics Account and Card Terms and Conditions for EU/EEA Residents.

If you are a UK resident, the terms and conditions specified in section B. Paynetics Account and Card Terms for UK Residents shall apply to your Account, Card and any other associated services provided to you by Paynetics UK Limited. By submitting your order for an Account with a Card and by clicking “I Accept” in the relevant box, you indicate that you have accepted Paynetics Account and Card Terms for UK Residents.

A.Paynetics Account and Card Terms and Conditions for EU/EEA Residents

Introduction

These terms and conditions (together with the Tariff and any other documents incorporated by reference, the “Agreement”) set out the terms and conditions that apply to your Account, Card and any other associated services provided to you by Paynetics AD (“Paynetics”, “we” “us”, “our”) under this Agreement.

This Agreement constitutes a legal contract between you and Paynetics. It contains important information that may affect your rights, use of any of our services and your ability to recover your money. Please read all of the documents forming part of this Agreement carefully and keep a copy or download a copy of them for your records and future reference.

This Agreement shall be governed by and construed in accordance with the laws of Republic of Bulgaria, without giving effect to conflict of law principles, and subject to mandatory provisions under the laws of your country of residence. To the extent that the Bulgarian law is in conflict with laws of your country of residence, the law of Republic of Bulgaria shall prevail to the maximum extent possible. If not prohibited by the laws of your country of residence, disputes shall be settled by the Bulgarian courts.

You can request a copy of this Agreement at any time throughout its duration by contacting Customer Relations Centre. By submitting your order for an Account with a Card to Paynetics and by clicking “I Accept” in the relevant box, you indicate that you have accepted this Agreement.

You should read this Agreement alongside Privacy Policy which you can view here https://paynetics.digital/privacy-and-security-policy/. Our Privacy Policy (as it may be amended from time to time in accordance with its terms), together with this Agreement, describes the basis upon which any personal data we collect about you, either directly or from our authorised partners or that you provide to us or them, will be processed, handled, and shared by us.

1.DEFINITIONS

In this Agreement:

“Account” or “Paynetics Account” means a payment account opened and maintained for you by Paynetics under this Agreement, which is used for the execution of payment transactions and/or card payments. The Account might be denominated in EUR or GBP and, if provided for hereinbelow, may be allocated International Bank Account Number (IBAN) or account number and sort code.

“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.

“Fee Tariff“ shall mean the tariff adopted by Paynetics for the fees collected by Paynetics for payment transactions performed with the Account or Card. The Fee Tariff may define the transaction limits for Account and Card operations.

“App” or “Mobile App” means the Mobile App, which is accessible from Google Play Store and Apple Play Store and through which we provide you with payment services as described hereunder.

“ATM" means an automated teller machine that can be used for cash withdrawals using a Card, and sometimes for other payment and non-payment transactions.

“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.

“Business Day” means a day (excluding Saturdays and Sundays) on which the banks in Republic of Bulgaria generally are open in for normal business.

“Card” means any debit Mastercard© card issued to you by Paynetics that is linked to your Account. The Card is a type of payment instrument which allows you to access the Account`s balance to make debit card payments. The Card may be physical or virtual.

“Card Organization” means 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 any 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.

“Card Payment” 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, whereby the balance onto your Account is debited with the amount of the Card Transaction, together with the applicable fees, if any.

“Competent Authority” means a body acting in accordance with defined statutory functions and exercising public authority and public power for the purposes of payment services, electronic money, or other financial regulation, including the Bulgarian National Bank (“BNB”) and the European Banking Authority (“EBA”).

“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.

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

“End User”, “Cardholder”, “you”, “yours” means a natural person who has been approved by Paynetics, has accepted this Agreement for the provision of Paynetics` payment services by clicking “I Accept” in the relevant box upon installation of the Mobile App and uses the payment services of Paynetics as provided for in the present Agreement.

“Faster Payments” means a payments system which allows sending and receiving payments in GBP in the UK between participating payment service providers.

“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.

“Mastercard” means Mastercard International Incorporated or its successors.

“Paynetics”, “we”, “us”, “our” means:

Paynetics AD, a company incorporated in Republic of Bulgaria, under registration number 131574695 and having its registered office at 76A James Bourchier Blvd., 1407 Sofia, Republic of Bulgaria. For the purposes of EEA services, Paynetics AD is an electronic money institution holding a license 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 on http://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm. Paynetics AD is licensed by the Bulgarian National Bank (“BNB”) to issue, distribute and redeem electronic money and to provide payment services, such as opening and maintaining payment accounts and issuing of payment cards, in accordance with the Payment Services Directive 2015/2366 (PSD2), the E-Money Directive 2009/110 (“EMD”) and the Bulgarian Payment Services and Payment Systems Act (“PSPSA”). The ‎Bulgarian National Bank supervises the activities of Paynetics AD‎.

“PIN” shall mean a unique four-digit personal identification number, which can be used to confirm Card payments.

“P2P Transfer/ P2P Transaction” shall mean an act initiated by a payer of transferring funds from payer`s account opened at Paynetics to a beneficiary/payee`s payment account opened at Paynetics, both parties involved in the payment operation shall have access and use the App and active payment accounts opened therein.

“Technical Provider” means the operator that performs certain technical and operational functions in relation to our services, including the operation of the Mobile App, which connects End Users with Paynetics.

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

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

“Payment Transaction” shall mean an act, initiated by you as an accountholder and payer or initiated by the payee, of loading, transferring or withdrawing funds from your Account, irrespective of any underlying obligations between you and the payee (in case of ordered payment transfers).

“Credit Transfer” shall mean a payment service for crediting a beneficiary/payee’s payment account with a Payment Transaction or a series of Payment Transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer.

“Privacy Policy” means our privacy policy which you can view here: Privacy & Security Policy - Paynetics 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.

“Prohibited Transaction” means any of transactions or activities as listed below or as may be subsequently made available on the Website from time to time:

1. Any sales of ‘pyramid’ type, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs;

2. Sale, supply or purchase of illegal items or items promoting or facilitating illegal activities;

3. Sale, supply or purchase of counterfeit products or products infringing intellectual property rights;

4. Products or services for the processing or aggregation of payments by third parties;

5. Money laundering;

6. Terrorism financing or propaganda;

7. Pornography, escort services and selling and/ or advertising sexual services;

8. Using the Card or Account in a manner and/or for purposes that violated any applicable law and/or regulations of the Card Organisation, SEPA or Faster Payments.

“SEPA” means Single Euro Payments Area scheme, which allows sending and receiving payments in EUR between participating payment service providers.

“Strong Customer Authentication” or “SCA” means an authentication method based on the use of two or more elements categorized as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data. SCA is performed when you access your Account online, you initiate an electronic payment transaction or carry out any action through a remote channel which may imply a risk of payment fraud or other abuses.

“QR (Quick Response) Code Payment” shall mean a payment method where payment is performed by scanning a flat, two-dimensional abstract pattern, made from black bars and squares set on a white background, which contains encrypted information (QR Code), through a mobile application;

“Tariff” means the fees and limits applicable to your Account, Card and any other services provided to you under this Agreement. The Tariff, as amended from time to time, is available on the Website.

“Website” means the following website: https://mymonty.com/

2.ABOUT OUR SERVICES

2.1.  Your Account is maintained by Paynetics and the Card is issued to you by Paynetics.  Paynetics is not a bank and your Account is not a bank account. The funds available in your Account are not a deposit. No interest will accrue on your Account balance. Your Card is a debit card linked to your Account, it is not a credit or charge card.

2.2.  The Bulgarian Deposit Insurance Fund or any other applicable compensation scheme or fund do not apply to funds held in your Account. Instead, Paynetics protects your funds through a process known as ‘safeguarding’, in line with its regulatory requirements. In this process, Paynetics keeps your money separate from our own funds and places it in a safeguarding account with a bank or covers it by an insurance policy or a comparable guarantee.

2.3.  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 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. We or the Тechnical Provider may require you to provide additional information at any time for the duration of this Agreement.

2.4.  This Agreement will only become effective once you receive a confirmation that Paynetics has approved your application. Paynetics will not be obliged to provide any of the services under this Agreement before such confirmation is provided. Paynetics may refuse to approve any application and/or enter into an agreement for its services for any reason.

2.5.  To be eligible for our Account and associated services, you must be: (a) 18 years of age or over; (b) EU/EEA resident; (c) you must have passed all our identification procedures and checks; (d) you must have provided us with a valid email address and telephone number; (e) you must not have a previous Paynetics Card which has been deactivated by us; (f) you must not have committed a violation of this Agreement and (g) you must not have another profile in the App with which you have already successfully passed the identification procedure. We can close your Account or stop providing our services if we find out you are not eligible for it.

2.6.  The Account and Card are issued to individuals only. You may only use your Account and Card personally and do not have the right to transfer their use to anyone else. In case you allow access to or provide any other means to use your Account or Card to any other person, you will bear full responsibility for all payments initiated by them.

2.7.  You must not use your Account or Card for or in relation to (including sending or receiving proceeds from):

2.7.1.       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;

2.7.2.       Prohibited Transaction under this Agreement; or

2.7.3.       trading or business purposes.

3.RECEIVING/SENDING PAYMENTS

3.1.  When this Agreement becomes effective, Paynetics will set up and maintain:

3.1.1.  an EUR Account with a dedicated IBAN and one or more Cards in EUR; the EUR Account may be used for sending or receiving payments via SEPA in EUR and the Card(s) may be used for Card payments and cash withdrawals in EUR; or

3.1.2.       a GBP Account with an account number and sort code and one or more Cards in GBP; the GBP Account may be used for sending and receiving payments via Faster Payments and the Card(s) may be used for Card payments and cash withdrawals in GBP.

3.2. Limits may apply to your Account and Card, such as limits on minimum load payments to your Account, the maximum balance that can be held on your Account, the value of individual Account and/or Card payments or an aggregate value or number of payments in a particular time period. The applicable limits are as set out in the Tariff and may be changed by us from time to time. To ‎manage our risk, ‎particularly with respect to money laundering, fraud, ‎or security concerns, we may also apply ‎internal controls, ‎including ‎limits, to certain types of transactions from time to time but for security ‎purposes, will not disclose them.‎

4.        LOADING FUNDS TO YOUR ACCOUNT

4.1. The minimum load amount to top up your Account is indicated in the Tariff.

4.2.  The balance of the Account should never exceed the limits set out in the Tariff.

4.3. You can load your Account using the following methods:

4.3.1. EUR Account can be loaded by receiving payments via SEPA or by top-up operations with a card;

4.3.2.       GBP Account can be loaded by receiving payments via Faster Payments or top-up operations with a card.

4.4. The received funds will be credited to your Account immediately after Paynetics receives the funds.

4.5. Paynetics may refuse to execute an incoming payment and your Account will not be credited if:

4.5.1.     your Account or payment breaches any of the limits as set out in the Tariff;

4.5.2.       your Account is inactive, blocked or terminated;

4.5.3.       the sender has provided incorrect/invalid Account details for payment;

4.5.4.       Paynetics reasonably believes the payment is fraudulent, illegal or unauthorized;

4.5.5.       Paynetics reasonably believes the payment is related to a Prohibited Transaction.

4.6.  If an incoming payment is refused for any of the reasons set out above, the funds may be sent back to the sender without prior notice to you.

4.7.  Paynetics will charge you a top up fee every time your Account is loaded as set out in the Tariff.

5.        MAKING PAYMENTS FROM YOUR ACCOUNT

5.1.  You must make sure that your Account has sufficient funds available to cover the amount of a given payment and all applicable fees. Paynetics may refuse to perform any given payment if your Account does not have sufficient balance to cover the amount of the payment and all applicable fees.

5.2.  You may instruct outgoing credit transfers only in the currency in which your Account is denominated.

5.3.  Paynetics will execute your payment instructions for payments from your Account on the same day it receives them (or the future day agreed if it is in the future). The time of receipt of your payment instruction is when Paynetics receives it (which will typically be on the same day you instruct the payment) or, if the payment instruction specifies the payment is to take place on a future day, then your payment instruction will be treated as received on that future day. Payment instructions received on a Business Day after 16:30 PM EET (for Payments in euro) or on a holiday/non-working day, will be considered as received on the following Business Day. You cannot cancel a payment after you have authorized it and Paynetics has received your payment instruction for it, except that you can cancel a future payment, such as a recurring Card payment if you notify Paynetics of cancellation no later than the end of the business day before the payment is due to be made via the App. Cancelling a future dated payment such as a recurring Card payment with us will not cancel the agreement with the organization you are paying to. You should tell the organization collecting the payment about the changes to your instructions.

5.4.  After receiving your payment instruction for payment from your Account (including Card payments), Paynetics will credit the recipient’s account within the timescales set out below.

5.5.    When you are the payee, your Paynetics Account will be credited with the relevant amount on the day of receipt of the amount onto an account in the name of Paynetics, in its capacity as a payee`s payment services provider. If the amount has been received onto an account in the name of Paynetics after 16:30 PM EET on a Business Day or on holiday/non-working day, it shall be considered that the amount has been received on the next Business Day.

5.6.    In order to comply with the applicable law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics, Paynetics reserves the right to request additional documents and information, including original paper copies, regarding a particular payment transaction carried out from or to your Account. In the event that You fail to comply with your undertaking under the preceding sentence, Paynetics may refuse or delay the execution of the relevant payment transaction. In such cases, Paynetics shall not be liable for any damages or losses of any nature suffered as a result of a refused and/or delayed payment transaction.

5.7.    Paynetics will deduct the value of payments together with all applicable fees from the balance on your Account.  Card payments in a currency different from your Account will always be deducted from your Account at then prevailing currency conversion rates. If there is insufficient balance on your Account to complete the payment, including all applicable fees, the payment will be refused. See clause 11 for more detail on the applicable currency conversion rates and fees.

5.8.    You agree you will not make any attempts to interrupt or impair the functionality of our information system, including but not limited to, not to spread files containing viruses, damaged files or other similar software which may be used for accessing, modifying, deleting, or damaging data files.

6.ACCESS TO YOUR ACCOUNT BY THIRD PARTY PROVIDERS

6.1.    You may choose to allow (and provided you have given them your explicit consent):

6.1.1.                  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

6.1.2.                  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.

6.2.    Only those providers of account information or payment initiation services that are authorized with the BNB or by another European regulator to provide the relevant service in an EU member state, as applicable, can be given access to your Account. The EBA established a central register accessible at EUCLID - Register (europa.eu) that contains information about payment and electronic money institutions authorized or registered within the EU and the EEA countries, which provide account information or payment initiation services. In addition, each EU member State has established a register of authorized or registered payment and electronic money institutions at national level where information is updated on regular basis.

6.3.        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 possible implications of sharing your security information.

6.4.        ‎We can deny providers of account information or payment initiation services access to your Account if we are concerned about unauthorized 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.‎

7.GIVING INSTRUCTIONS FOR PAYMENTS FROM YOUR ACCOUNT

7.1.For a payment from your Account to be properly executed, you must provide us the following information when you instruct us to make the payment (in addition to any other information we may ask for):

7.1.1.       For POS transactions your instruction will be considered as given through the App when you, following the instructions of the merchant, access the App by entering a PIN (something that you know) or placing a fingerprint or using another biometric method for identification and authentication as might be applicable (something that you are) and holding your mobile device (something that you possess) over the POS to make the payment;

7.1.2.       For Credit Transfers, P2P operations, QR Code Payments and Virtual POS Terminal operations your instruction will be considered given when you access the App on your mobile device (something that you possess) and:

7.1.2.1.            For Credit Transfers – submit a payment order containing information about the IBAN (if your Account is in EUR) or sort code and account number (if your Account is in GBP) of your Account, beneficiary`s (payee`s) name, IBAN or sort code and account number of beneficiary`s payment account, amount, currency, execution date, grounds (information about the beneficiary), additional clarifications and confirm the payment order by entering your PIN (something that you know) or placing your fingerprint or using another biometric method for identification and authentication as might be applicable (something that you are);

7.1.2.2.            For P2P Transfers/QR Code Payments – enter information about the Paynetics` account you want to make the transfer to (you can choose the payment account by entering the mobile phone number of the beneficiary or by scanning the QR code generated by the beneficiary whose Paynetics` account will the amount be transferred to) and confirm the payment order by entering your PIN (something that you know) or placing your fingerprint or using another biometric method for identification and authentication as might be applicable (something that you are). The P2P payment order can be executed only if you and the beneficiary have active Paynetics` accounts;

7.1.2.3.            For ATM and Physical POS Terminal operations - you give an instruction for the execution of the payment operation by inserting in or tapping the Card over the ATM/POS terminal device and entering a PIN;

7.1.2.4.            For Virtual POS Terminal operations (purchases of goods and services on the Internet, e-commerce transactions on 3D secure merchants` websites) -  you give an instruction for the execution of the payment operation by entering your Card details (unique number, cardholder`s name, validity term and CVC2/CVV2 code) and by confirming the payment order as follows: you will receive a notification about the purchase on your mobile phone device, in order to see it you should access the App by entering your PIN (something that you know) or placing your fingerprint or using another biometric method for identification and authentication as might be applicable (something that you are), then you should confirm the payment order by selecting the notification and entering your PIN (something that you know) or placing your fingerprint or using another biometric method for identification and authentication as might be applicable (something that you are);

7.1.3.       for payments to an account outside the EEA via SEPA (to countries that participate in SEPA): in addition to the information set out at 7.1.2.1., you might also need to provide the sender’s (originator) address and may also be required to provide the recipient’s (beneficiary) bank’s BIC;

7.2.        for any payments above EUR 15,000 or its equivalent in another currency: the sender (originator) and / or recipient (beneficiary) could also be required to provide a declaration to prove the origin of funds; ‎If you provide us with incorrect or incomplete information or refuse to provide information, we ‎may refuse to execute the payment, the funds could be lost and irrecoverable or there could be ‎a delay in the recipient receiving the payment. ‎

7.3.You give us instructions and consent to a payment from your Account in one of the following ways:

7.3.1.       using the App;

7.3.2.       giving us instructions via a third party (such as payment initiation service provider);

7.3.3.       using Cards (see clause 10 below on how you instruct us to make payments using a Card).

Paynetics adheres to the requirement for SCA set forth in the applicable law. You may be required to provide security details, such as a PIN, and/or use a particular authentication method depending on the method you use. We will tell you which authentication can be used or if they are unable for any particular type of service.  Paynetics reserves the right to change or introduce new authentication methods at any time, including for reasons relating to changes in the law, technical characteristics of the services or security.

7.4.Paynetics may refuse to carry out any instructed payment from your Account if it does not meet the requirements of this Agreement, including, but not limited to any of the following circumstances:

7.4.1.       Paynetics reasonably suspects that the payment is unauthorized or involved in fraud or illegal activity;

7.4.2.       your instruction is unclear, incorrect or incomplete;

7.4.3.       Paynetics reasonably believes that there has been a violation of this Agreement;

7.4.4.       you have failed to use the authentication method and/or provide security information required;

7.4.5.       there are insufficient funds in the Account to cover the payment and any applicable fees;

7.4.6.       the payment violates any applicable limits;

7.4.7.       carrying out your instruction might cause us to break the law, order of a regulatory body, code, rule of Card Organisation or other duty applicable to Paynetics;

7.4.8.       due to a technical impossibility to carry out the payment;

7.4.9.       Paynetics reasonably believes payment is related to a Prohibited Transaction.

7.5.        If we refuse to execute the payment, we will notify you as soon as possible unless it would not be unlawful for us to do so. If ‎possible, we will provide the reasons for refusal to execute the payment and where those reasons relate to factual matters, the procedure for ‎rectifying any factual errors that led to such refusal.‎

7.6.        The execution of any payment to or from your Account (including Card payments) may be delayed or refused due to the performance of Paynetics’ security or legal compliance checks, including if Paynetics suspects that the payment is involved in fraudulent, illegal, or unacceptable activities or constitutes an unauthorized payment.

8.DESCRIPTION OF THE CARD

8.1.           Your Card is issued to you by Paynetics and is linked to your Account in EUR or GBP, as applicable, maintained by Paynetics. Your Card can be used in your country of residence or abroad.

8.2.    The Card is issued under the Mastercard brand pursuant to license granted by Mastercard International.

8.3.        Unless specified otherwise in this Agreement, your Card can be used to pay merchants for goods or services at (whether in-store, online or over the phone) and for cash withdrawals at ATMs. If you have been issued with a virtual Card, it can only be used to pay merchants online and for contactless payments. Your Card can be used at all card acceptance terminal devices bearing the Mastercard logo which maintain the necessary functions.

8.4.        Card payments will be executed immediately after Paynetics receives the payment request.

8.5.        The value of all Card payments, including all applicable fees, will be deducted from your Account balance, see clause 5.7.

8.6.        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. Paynetics does not accept any responsibility or liability for the quality, safety, legality or any other aspect relating to and does not provide any warranties regarding such goods or services purchased with the Card.

8.7.        Paynetics will not be liable if a merchant refuses to accept a Card or if Paynetics has refused to executed a payment in accordance with this Agreement.

8.8.        The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to anyone else.

9.CARD ISSUANCE, LOADING, ACTIVATION AND REPLACEMENT

9.1.        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 App or on the expiry date sent to you by e-mail‎. All Card payments initiated after the expiration or cancellation of the Card will not be authorized or executed.

9.2.        Paynetics will issue the Card within 10 business days from the date your application is accepted and, if the Card is not virtual, will deliver it to you personally. If your Card is virtual, ‎the Card will be made available to you via the App immediately after your application is approved by Paynetics.

9.3.        ‎The physical Card will be personally delivered to you and you may be required to produce an ID document to collect it. You must sign on the signature strip on the reverse side of the physical Card immediately after receiving it.

9.4.           You will be provided with a PIN to use with your Card. You can change your PIN at an ATM. You should memorize your PIN and then destroy the media on which it is recorded. You have important obligations to keep your security details such as PIN safe (see clause 14 below).

9.5.           You may request Paynetics to issue a new Card in the following cases:

9.5.1.                in case of destruction or damage to the Card;

9.5.2.                in case of loss, theft or other misappropriation of the Card,

9.5.3.                in case of a forgotten PIN, and

9.5.4.                upon expiry of your Card’s validity period.

9.6.           If your Card is replaced because it was lost or damaged, or in case of a forgotten PIN or upon expiry of your Card’s validity period, you will be charged a Replacement Fee (see Tariff) which will be deducted from your Account. If your Card has been reported stolen or misappropriated you will be charged a fee that is directly related to the cost of replacement (see Tariff). If your Card has been reported lost, stolen or misappropriated but later is found, then you should immediately inform Paynetics about it and destroy the Card.

9.7.           When you receive the Card it will be inactive. You have to activate the Card before using it. Otherwise, any Card payments attempted by you will be rejected. The Card can be activated online by following the instructions for activation provided to you.

9.8.           Paynetics shall have the right to block your Card if any of the circumstances described in clause 7.4 occur.

10.   GIVING INSTRUCTIONS FOR CARD PAYMENTS

10.1.        You give us an instruction and consent to a payment made using your Card using any one of the following methods:

10.1.1.    in case of cash withdrawal from an ATM: by entering a PIN;

10.1.2.    in case of payment for goods or services in-store: by tapping/waving the Card (or a device where it is held) over a card reader for contactless payments, and by entering a PIN;

10.1.3.    in case of online payments for goods or services online or via the phone: as described in 7.1.2.4. above.

10.2.        Your consent for a Card payment may cover a single payment or a series of recurring payments on a 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.

10.3.        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 to “pre-authorise” or withhold the estimated amount on the Card. 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. Paynetics may release such amounts only with the merchant’s consent.

10.4.        You are responsible for providing a correct and accurate instructions for execution of a payment. If the instructions provided by you are incorrect, inaccurate or incomplete, Paynetics will not be liable for errors or inaccuracies in the transaction. If a payment is carried out in accordance with the instructions provided by you, it will be deemed to have been correctly executed.

11.   FEES AND EXCHANGE RATES

11.1.        Fees that apply to your Account, Card and associated services and/or transactions are as set out in the Tariff. All fees will be determined in the currency of the Account and will be deducted from the Account.

11.2.        Paynetics reserves the right to change the applicable fees in accordance with this Agreement (see further clause 16). Changes in the reference exchange rate will apply immediately without prior notice.

11.3.        If a payment received or sent into/from your Account is in a currency other than the currency of the Account, then the payment amount will be ‎converted into the currency of the destination account using an exchange rate made up of a reference rate (available at ‎‎the App) plus the currency conversion mark-up fee as set out in the Tariff. The exchange rate will be determined at the time (with respect to payments into Account) the payment is received or ‎‎(with respect to payments from Account) the payment instruction is received by ‎Paynetics.‎

11.4.        If a payment using a Card is in a currency other than the currency of the Account, then the amount deducted will be the amount of the Card payment converted to the currency of the Account using the reference exchange rate applied by MasterCard® (available at Mastercard Currency Converter | Currency Exchange Rate Calculator) plus the currency conversion mark-up fee set out in the Tariff for Card payments. The exchange rate shall be determined on the date on which the Card payment is processed. The ‎exchange rate is not set by Paynetics and varies throughout the day meaning it may ‎change between the date the Card payment is made and the date it is processed. Paynetics provides information on the total currency conversion charges ‎applicable with respect to Card payments, expressed as a percentage mark-up over the ‎latest available euro foreign exchange reference rates issued by the European Central ‎Bank on the ‎Website‎.‎

12.   NEGATIVE BALANCE

12.1.        If any action results in a negative balance in your Account, you must reimburse Paynetics the amount of the negative balance immediately upon request. Paynetics may charge the amount of the negative balance against the funds on any other Accounts held by you, and any subsequently loaded funds. Paynetics may suspend the Account and Card until it is reimbursed for the negative balance in full and may take legal action against you to recover such amount.

13.   COMMUNICATION PROCEDURE

13.1.        The Agreement is executed in English and all communications between you and us will be in English, unless expressly agreed otherwise in this Agreement.

13.2.        Your representatives or persons authorized by you may receive information about the payments made with the Card/Account electronically.

13.3.        We can communicate with you (including to provide any information or notifications in relation to this Agreement) using any of the following methods:

13.3.1.    via the App;

13.3.2.    by email;

13.3.3.    by phone (including by sending you an SMS);

13.3.4.    by writing to your home address.

We will tell you if any of these communication methods are not available. We will also tell you if you need any technical requirements or software to communicate with us.

13.4.        We will use the contact information you have most recently given us to communicate with you. If any of your contact details change, you must inform Paynetics about it as soon as possible by updating your details via the App. All notifications, invitations or other notices sent to your last email address last known to Paynetics will be deemed to have been delivered.

13.5.        You can contact Paynetics via Customer Relations Centre (see contact details at clause 22).

13.6.        Paynetics will provide information about your Account and Card transactions and fees by means of electronic statements which will be accessible on the App. Paynetics will also notify you at least once per month by SMS or email that your statement is ready. Statements will not be provided on paper. You should carefully review your Account and Card transaction information regularly. Your statements will remain available on the App for you to access for ‎1 (one) year. You may wish to download or print your statements for your future reference.  You will be charged a fee (see Tariff) if you ask us to provide additional information or provide it in a different manner than as described here.

14.   SECURITY MEASURES

14.1.        You must use your Card and Account in accordance with the terms and conditions set out in this Agreement. You have important obligations to do everything you reasonably can to keep your Account and Card safe and to notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card or Account immediately after becoming aware of it as further described below.

Your obligations to keep your Account and Card safe

14.2.        You will be provided with or will be able to set up certain security details (such as your Card PIN and any password, passcode or other login details which can be used to access or make payments with your Account or Card via the App). You must:

14.2.1.    take all reasonable measures to keep your Account, Card and security details safe;

14.2.2.    not write down any of your security details (such as PIN or password) unless it is done in a way to make it difficult for anyone else to recognize them;

14.2.3.    not record security details such as PIN on the Card or keep such information together with the Card;

14.2.4.    not to disclose to and/or allow anyone else (other than authorised providers of account information services or payment initiation services) to use in any manner whatsoever your security details such as user identifiers, passwords or PINs;

14.2.5.    keep your Card and any personal devices (mobile phones, computers, tablets) that can be used to access your Account, Cards or security details secure and not let anyone else use them to make payments;

14.2.6.    not choose security details such as PIN or password to access your Card or Account that is easy for someone to guess such as letters or digits that:

14.2.6.1.          are easily associated with you, for example your telephone number or date of birth;

14.2.6.2.          are part of the data imprinted on the Card;

14.2.6.3.          consist of the same digits (1111) or the sequence of running digits (1234); or

14.2.6.4.          are identical to previously selected PIN/password.

14.2.7.    use up-to-date virus, malware, and spyware software and a firewall on any devices used to access your Account or cards to reduce the risk of security breaches.

Your obligation to notify us

14.3.        If your Card has been withheld by an ATM, you must immediately notify Paynetics. If Paynetics is not able to return the Card to you, Paynetics will issue a new Card to replace it.

14.4.        You must immediately notify Paynetics Customer Relations Centre (using contact details at clause 22) if:

14.4.1.    your Card is lost, stolen or misappropriated; or

14.4.2.    you believe there has been unauthorised use of your Card or Account or anyone else may be able to use or access your Account, Card or security details to access them.

Paynetics will make all reasonable efforts to stop the use of Account and/or Card by blocking the Account and/or Card payments after receiving a notification from you.

14.5.        Paynetics may restrict, block or deactivate the Card or Account if:

14.5.1.    Paynetics is concerned about the security of the Card or Account or the security details relating to them;

14.5.2.    Paynetics becomes aware or suspects that the Account, Card or security details relating to them are being used in an unauthorised, unlawful or fraudulent manner;

14.5.3.    Paynetics reasonably believes it needs to do so to comply with the law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics;

14.5.4.    this Agreement is terminated for any reason;

14.5.5.    you request us to do so;

14.5.6.    you have breached any term of this Agreement in a material way.

14.6.        We will, if possible, notify you before restricting, blocking or deactivating your Account or Card that we will do so 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.

14.7.        Your Card and/ or Account will be unblocked or re-activated (or replaced) as soon as possible after the reasons for blocking cease to exist.

Communicating with you about fraud or security threats

14.8.        We may need to contact you urgently in the event of suspected or actual fraud or security ‎threats to your Account, Card and/or security details. To do so, we may ‎use an SMS, ‎telephone, e-mail or another secure procedure. When we contact you, we may also give you ‎information on how you can minimise any risk to your Account, Card or security details ‎depending on the nature of the security threat.‎ But will never ask you to disclose your full security details (such as PIN, password or passcode) or ask you to transfer money to a new account for security reasons.

15.   LIABILITY & REFUNDS

15.1.        You must notify Paynetics in writing of any unauthorised or incorrectly executed payments on your Card or Account without undue delay after becoming aware of such unauthorised or incorrectly executed payment and in any case no later than 13 months from the date the payment was debited to your Account. You can notify us of such unauthorised or incorrectly executed payments by contacting the Customer Relations Centre (see clause 22 for details).

15.2.        If you notify us of an unauthorised or incorrectly executed payment in accordance with clause 15.1, you may be entitled to receive a refund of the funds as detailed below. Paynetics will verify the authenticity of the payment, its proper recording and reporting, and whether the transaction has been affected by a technical malfunction or other defect.

15.3.        If you are entitled to a refund for an incorrectly executed or unauthorised payment, we will refund you 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 after we refund you, our investigation leads us to reasonably that you were not entitled to the refund, we will have the right deduct the amount of the refund from any funds on Accounts you hold with us and reserve the right to recover the value of the refunded payment by any other legal means.

Unauthorised payments from your Account or Card

15.4.        If Paynetics establishes you have not authorised a payment from your Account or using your Card (for example, someone else made it) and there are no reasonable grounds for suspecting that you acted fraudulently, Paynetics will refund the value of the unauthorised payment by no later than the end of the business day after you notify Paynetics of the unauthorised payment. The refund will include any fees to restore your Account to the position it would have been at if the unauthorised payment was not made. Paynetics may hold you responsible for up to first EUR 50 for services provided in the EU incurred as losses with respect to unauthorised payments arising from the loss, theft or misappropriation of your Card or security details before you notify Paynetics.

15.5.        You will not be entitled to a refund and you will bear all losses, irrespective of their amount, relating to an unauthorised payment if:

15.5.1.    the payment was authorised by you;

15.5.2.    you have acted fraudulently;

15.5.3.    you have intentionally or with gross negligence have failed to comply with one or more of the obligations under this Agreement (for example, with regards to keeping your Account and Card safe or to notify us of any unauthorised payments).

Non-executed or Incorrectly executed payments from your Account or Card

15.6.        Without prejudice to the provisions of the clauses 5.6, 7.4, 9.8 and 14.5, if Paynetics fails to execute or incorrectly executes a payment from your Account or made using a Card,  Paynetics will promptly reimburse the amount of the payment (including any fees to restore the Account to the position it would have been at if the defective payment was not made), unless Paynetics can show that the recipient’s payment service provider has received the payment (in which case they will be liable). In this case, on your request, Paynetics will make reasonable efforts to trace the payment and inform you about the outcome.

15.7.        Pаynetics will not be liable for any payment executed in accordance with the payment instructions given by you. If the payment instruction you have given us was incorrect or incomplete (for example, you have made a mistake in giving us the recipient’s account details), Paynetics will make reasonable efforts to recover the payment amount. Paynetics may charge you a fee for any such recovery as indicated in the Tariff. If Paynetics is not able to recover the payment amount, Paynetics will, on your written request, provide you with the relevant information about the payment.

Late or incorrectly executed payments to your Account

15.8.        Without prejudice to the provisions of the clauses 5.6, 7.4 and 14.5, if Paynetics has received a payment for your Account but has not executed or incorrectly executed the payment (for example, where Paynetics is responsible for crediting your Account with the received payment later than it should have been), Paynetics 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 in time).

15.9.        If a payment is received in your Account incorrectly (for example, by mistake), Paynetics may, where it considers reasonable to do so, hold the payment and return it to the sender. In any case, Paynetics is obliged to provide certain information to the sender’s payment service provider about you and the payment to enable them to recover the funds.

Payments initiated by payee

15.10.If you authorise a payment initiated by or through the payee without knowing the final amount of the payment (for example, a Card payment initiated by the merchant when renting a car or booking a hotel room), you have the right to request Paynetics for a refund of such payment provided that all of the following conditions are met:

15.10.1.  you have asked for a refund within 8 weeks from the date on which your Paynetics Account was debited;

15.10.2.  at the time of authorisation to execute the payment, its exact amount was not specified; and

15.10.3.  the amount of the payment exceeded the amount you could have reasonably expected  taking into account your previous spending patterns, the terms of this Agreement and the case-specific circumstances. If the amount of the payment increased because of the currency exchange when the reference exchange rate agreed with Paynetics has been applied, it will not be a valid reason.

At the request of Paynetics, you must provide information to show the conditions above have been met.

15.11.Within 10 business days of receiving your request for a refund, or, where applicable, of receiving the further information Paynetics requested, Paynetics will refund the full amount of the 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 payment which will be dated back to the date on which your Account was debited.

15.12.You will not be entitled to a refund of any payment initiated by or through payee when:

15.12.1.  you have given your consent to perform the payment directly to Paynetics; and

15.12.2.  where applicable, Paynetics or the payee has informed you about the upcoming payment at least 4 weeks before it was due to be made.

General liability

15.13.Paynetics will not be liable to you for any damages or losses arising from or relating to:

15.13.1.  your failure to use the Card or Account in accordance with this Agreement;

15.13.2.  any payments executed in accordance with the information or instructions provided by you which were incorrect, inaccurate or incomplete;

15.13.3.  any unusual or unforeseeable circumstances beyond the control of Paynetics, the consequences of which could not be avoided despite Paynetics’ best efforts;

15.13.4.  refusal of a merchant, ATM or any other person to accept the Card or any other Account payment;

15.13.5.  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;

15.13.6.  compliance with the applicable legal or regulatory requirements or any rules  or guidelines provided by the Card Organisation;

15.13.7.  you acting fraudulently or with gross negligence;

15.13.8.  loss of revenue, goodwill, lost benefits or expected savings;

15.13.9.  any loss or damage which is not a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or

15.13.10.    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;

15.13.11.    the quality, safety, legality or any other aspect of goods and/or services purchased using the Card or Account or any possible disputes arising between you and the provider of such goods/services;

15.13.12.    Paynetics refusing to accept or execute any payment or restricting, blocking or deactivating your Account and/or Card in accordance with this Agreement;

15.13.13.    loss or damage beyond Paynetics’ responsibility by law.

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

15.15.You are responsible for the use of the Card and Account in accordance with this Agreement. You will be liable to Paynetics for all losses and damages caused by their improper and/or non-compliant use that does not comply with this Agreement.

16.   CHANGES TO THIS AGREEMENT

16.1.        Paynetics may make changes to this Agreement, including the fees set out in the Tariff, as set out further below for reasons which may include (but are not limited to):

16.1.1.    changes to the products or services or introducing new products or services under this Agreement;‎

16.1.2.    withdrawal of a particular part of our products or services;‎

16.1.3.    changes in market conditions or operating costs that affect Paynetics;‎

16.1.4.    changes in technology, our systems and/or payment methods;‎

16.1.5.    making this Agreement clearer or more favourable to you; or

16.1.6.    changes in relevant laws or regulations, or codes or rules that apply to Paynetics.

16.2.        Paynetics will notify you about any changes to this Agreement, including the Tariff, and the date on which such changes shall take effect, by posting a notice on the Website and/or via email, at least 2 months before the changes take effect. Paynetics can make immediate changes, without notice to you, to the exchange rates used to convert Account or Card payments where such changes are the result of changes in the reference rate we have disclosed to you or are clearer or more favourable to you.

16.3.        If you do not approve of the changes to this Agreement, you have the right to terminate this Agreement free of charge by informing Paynetics before the changes take effect. Paynetics will treat you as having accepted the changes unless you inform Paynetics that you do not approve these changes before they take effect.

17.   TERM OF THE AGREEMENT. CANCELLATION. TERMINATION. VALIDITY PERIOD OF THE CARD

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

17.2.        You can cancel your Account and Card and terminate this Agreement within 14 days of the date you receive confirmation your application has been approved by Paynetics by contacting the Customer Relations Centre. You will not be charged for cancelling within this period and the funds in your Account will be returned to you in accordance with clause 18. You will not be entitled to a refund of any payments and associated fees made from your Account or using the Card up to the date you notify Paynetics of the cancellation.

17.3.        This Agreement can be terminated by you:

17.3.1.    notifying Paynetics you do not accept changes to this Agreement in accordance with clause 16.3;

17.3.2.    notifying Paynetics of the cancellation of this Agreement in accordance with clause 17.2;

17.3.3.    providing Paynetics a written request for termination of this Agreement at any time.

17.4.        This Agreement can be terminated by Paynetics:

17.4.1.    providing you 2 months’ notice of termination of this Agreement;

17.4.2.    immediately if:

17.4.2.1.          you breach an important term or persistently breach the provisions of this Agreement;

17.4.2.2.          Paynetics reasonably believes that your Account, Card or any of its services is being used for any fraudulent or illegal purposes or in an unauthorised manner or for Prohibited Transactions;

17.4.2.3.          Paynetics is required to do so to comply with any law or regulation or a requirement by a regulatory authority or a Card Organisation;

17.4.2.4.          ‎Paynetics reasonably believe that continuing to permit use of your Account or Card may cause Paynetics to ‎breach any applicable law or regulation, code or other ‎duty applicable to it or expose Paynetics to any ‎adverse action, ‎censure, fine or penalty from any regulatory authority, law enforcement ‎or other ‎governmental agency or Card Organisation;‎

17.4.2.5.          you become bankrupt or die;

17.4.2.6.          in other cases provided by law or in the Agreement.

17.5.        If this Agreement is terminated for any reason, your right to use the Account and Card will be terminated, your Account will be closed and Card will be deactivated.  All fees and other amounts due to Paynetics under the Agreement, if any, will become payable on termination. You can request the return of any remaining funds on your Account in accordance with clause 18.

17.6.        You will be responsible for all payments performed prior to termination of this Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Account or Card prior to such termination.

18.   REDEMPTION

18.1.        You can redeem all or part of the e-money held on your Account any time for the duration of this Agreement by requesting Paynetics to ‎refund it to you.  After this Agreement is terminated, you can only request to redeem the remaining e-money on your Account in full. You can request to redeem the e-money by contacting Customer Relations Centre. You will need to ‎provide Paynetics the details of an account [which must be an account in your name] to which you would like the refund to be made and ‎any other details we may require. Paynetics may require you to provide satisfactory confirmation of ‎your identity and address before the refund is made.‎

18.2.        All redemptions will be paid in the currency of your Account in which the remaining e-money being redeemed is held, at an exchange rate (if applicable) ‎prevailing at the time of processing the redemption. ‎

18.3.        A redemption fee (see Tariff) will be charged to cover redemption costs on each ‎redemption request if:‎

18.3.1.    redemption is requested before this Agreement is terminated for any reason;‎

18.3.1.1.          you terminate this Agreement before any agreed termination date; or

18.3.1.2.          redemption is requested more than one year after the date this Agreement is terminated.‎

18.4.        The redemption fee (see Tariff) will not be charged for redemption that is requested:

18.4.1.1.          at termination of this Agreement or up to one year after that date;‎

18.4.1.2.          when you cancel this Agreement in accordance with clause 17.3.‎

18.5.        Paynetics will not refund the remaining value of e-money on your Account if you make the request for ‎redemption more than 6 ‎years after the date of termination of this Agreement.‎

19.   COMPLAINTS

19.1.        If you wish to complain about Paynetics services under this Agreement, you can do so by contacting Paynetics Customer Relations Centre.

19.2.        You can find more information on how we handle complaints on ‎the Website. We will provide you with a copy of our complaints ‎procedure on your request or if we receive a ‎complaint from you. ‎In most cases, Paynetics will review your complaint and provide a full response within 15 business days from the date the complaint is received. In exceptional circumstances, where Paynetics is unable to respond to your complaint in full within that timeframe, Paynetics will send you a holding response with 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 from the date your complaint was received.

20.              If Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Payment Disputes Conciliation Committee with the Commission for Consumer Protection (1000, Sofia, 1 Vrabcha Str, fl. 4, Bulgaria, phone: +359 2 933 05 77). Details of the service offered by the Payment Disputes Conciliation Committee are available at www.kzp.bg and https://abanksb.bg/pkps/pkps-contacts-En.html.

21.   MISCELLANEOUS

21.1.This Agreement shall be governed by the Bulgarian law. Any disputes relating to this Agreement will be finally settled by the competent Bulgarian court.

21.2.        Paynetics may transfer or assign its rights and obligations under this Agreement to another company or individual at any time. If the transfer means that another organisation will be providing the services under this Agreement to you instead of Paynetics, Paynetics will give you notice of the transfer and the date when the transfer will take effect. Unless specified otherwise in the notice, the terms of this Agreement will be binding on you and the transferee as if the transferee was the original party to this Agreement from the date the transfer takes effect.‎ This will not affect any of your legal rights relating to this Agreement or the services provided under it.

21.3.        You cannot transfer or assign any of your rights and obligations under this Agreement to another individual or company without Paynetics’ prior written consent.

21.4.        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.

22.   CUSTOMER RELATIONS CENTRE

22.1.        You can contact Paynetics Customer Relations Centre using the contact details set out below. For monitoring purposes, we may record any conversation with the Customer Relations Centre.

22.1.1.    Contact us about our services (open from 9 a.m. to 6 p.m., EET, from Monday to Friday):

22.1.1.1.          by phone: +44 808 238 7522

22.1.1.2.          by email: support@mymonty.com

22.1.1.3.          Writing us at: Contact Us | MyMonty™

22.1.2.    Report lost, stolen or misappropriated Cards or other unauthorised access to your Account (available 24 hours a day):

22.1.2.1.          ‎Via the App;

22.1.2.2.          by phone: +44 808 238 7522

B.Paynetics Account and Card Terms for UK Residents

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 1^st 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 one or more debit cards linked to it (the “GBP Card”); or

(b)         an electronic money account in Euro (the “Euro Account”) with one or more debit cards linked to it (the “Euro Card”).

2.2.Where these terms refer to:

(a)                “Account” or “Paynetics Account”, this means the GBP Account or the Euro Account;

(b)                “Agreement”, this means the present terms, along with the Tariff, our Privacy Policy, and any other appendix explicitly specified in these terms, incorporated in the Agreement by reference;

(b)         “Cards”, this means the Euro Card or the GBP Card. A Card is a type of a payment instrument which allows you to access the Account`s balance 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");

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 12 for 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 Plans | MyMonty™ (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 30.1 (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.       we work with partners (including the Partner – please see clause 4 below) who introduce potential customers to us. If one of these partners introduced you to us then we, most likely, will provide transaction information to this partner and pay them commission;

c.       the Website means the following website: https://mymonty.com/;

d.       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;

e.       when we refer to a business day, we mean a day other than a Saturday or Sunday or bank holiday in England.

4.          WHO THE PARTNER IS AND WHAT THEY DO

4.1.We work with Monty Finance UK Ltd. (the “Partner”) when providing you with the services. The Partner is a company incorporated in England & Wales with company number 13458623 and registered address at Bridge House, 181 Queen Victoria Street, London, United Kingdom, EC4V 4EG.

4.2.The Partner introduced you to us, so that we might provide you with our services. In addition, the Partner runs the Customer Relations Centre and assists us in handling any complaints that you have about our services.

4.3.The Partner operates the mobile application platform further described in clause 9 (the “Platform”) which is published in the Apple AppStore and Google Play Store, and which connects you to Paynetics and enables you to access your Cards and your Account in relation to our services. The Account, the Cards and the Platform will have the Partner’s branding on it. However, it is important for you to know that the Partner does not provide you with any payment services. In other words, we and not the Partner, issue you with electronic money, your Account, and your Cards. We also execute all Push Payments and Cards Payments and Cash Withdrawals. If you have any queries in this regard, please contact our Customer Relations Centre.

5.          INFORMATION ON YOUR ACCOUNT

5.1.Your Account is an electronic money account 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.

5.2.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.

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

5.4.Your Account differs 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 7.

5.5.You can credit your GBP Account by making a payment via bank transfer using the details of the sort code and account number linked to your GBP Account as the beneficiary account details.

5.6.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.

5.7.If you send money to the wrong account by mistake when trying to credit 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.

5.8.Please note that someone other than you can credit your Account by making a payment via bank transfer using the details of:

(a)         the 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 your Account from their own account with us.

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

5.10.We will deduct money from your Account when you execute a Card Payment, a Cash Withdrawal оr a Push Payment. We will also deduct money from your Account when you owe us fees.

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

5.12.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.

5.13.We can hold money in your Accountindefinitely. However, if you have not used the money in your Account for more than two years, we shall try and 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.

5.14.We may refuse to top-up your Account if:

(a)       it would breach a restriction on your Account (please see clause 14 and the Fees Page);

(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 14.2).

6.          ACCESS TO YOUR ACCOUNT BY THIRD PARTY PROVIDERS

6.1.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.

6.2.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.

6.3.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.

6.4.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.‎

7.          HOW WE PROTECT MONEY IN YOUR ACCOUNT

When we receive money for your Account, we credit the 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.

7.1.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.

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

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

8.          PUSH PAYMENTS

8.1.A Push Payment is us sending money from your Account to:

(a)                        your non-Payneticsaccounts;

(b)                        to an account belonging to someone other than you which can be a Payneticsaccount or a non-Payneticsaccount.

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

8.3.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.

8.4.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)                information about the beneficiary’s Paynetics account (you can choose the payment account by entering the mobile phone number of the beneficiary or by scanning the QR Code (a flat, two-dimensional abstract pattern, made from black bars and squares set on a white background, which contains encrypted information) generated by the beneficiary to whose Paynetics` account the amount will be transferred);

(d)                the reason for the payment; and

(e)                if the Push Payment is to a non-Payneticsaccount, the account’s BIC and IBAN (for Push Payments from your Euro Account) or sort code and account number (for Push Payments from your GBP Account) and any other information we request from you.

8.5.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, unless you sent a request after 2:30 PM (for Push Payments in Euro) or on a non-business day, in which case they will be considered received on the next business day. 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.

8.6.For Push Payments from your GBP Account, executed on or after 7 October 2024, where the beneficiary account is located in the UK, 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.

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.

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.

For the avoidance of doubt, confirmation of payee will not apply for any Push Payments, executed prior to 7 October 2024.

8.7.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.

8.8.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.

8.9.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.

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

8.11.You can only execute a Push Payment if you have enough money in the 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 Account to cover the amount of the payment and any applicable fees.

8.12.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.

8.13.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.

8.14.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.

9.          THE PLATFORM

9.1.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 your Account, including:

(i)                           Card Payments;

(ii)                         Cash Withdrawals; and

(iii)                       Push Payments.

9.2.You can gain access to the Platform via mobile application which you can download on the App Store or Google Play Store. You require the following operating systems - iOS or Android - to download our App.

10.     CARDS

10.1.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©.

10.2.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.

10.3.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.

10.4.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.

10.5.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.

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

10.7.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.

10.8.Your physical Card 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 Card. You must sign on the signature strip on the reverse side of your physical Card immediately after receiving it. Your virtual Card will be issued via the Platform immediately after your application is approved by us.

10.9.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 via the Platform by following the instructions for activation provided therein. If your Card is virtual, it is active immediately upon issuance and you may start using it without taking any additional actions.

10.10.                            ‎You will be required to create your PIN when you request the issuance of your physical Card via the Platform. You can change your PIN at an ATM or via the Platform. 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.

10.11.                            You may request a new physical Card if your existing Card is lost, stolen or destroyed, or upon expiry of your Card’s validity. You will be charged a fee for replacing the physical Card (please see our Fees Page).

10.12.                            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.

10.13.                            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.

10.14.                            If there is insufficient money in your Account to complete a Card Payment or Cash Withdrawal, including all applicable fees, the relevant transaction will be refused. See clause 20 for more detail on the applicable currency conversion rates and fees.

10.15.                            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.

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

11.1.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.

11.2.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.

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

11.4.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 Card(s);

(b)         we become aware or suspect that the Platform and/or your Card(s) 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.

11.5.We will, if possible, notify you before restricting, blocking or deactivating your Card(s) 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.

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

12.     AUTHORISED PUSH PAYMENT SCAMS

12.1.Unless stated in clause 12.2 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 the maximum level of reimbursement for APP Scams set by the Payment Systems Regulator  (which you can view on its website www.psr.org.uk or on our website here: APP Fraud - Paynetics), less an excess of £100, where all of 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.

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.

12.2.We will not reimburse you under clause 12.1, 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 12.1. 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.

12.3.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.

12.4.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.

12.5.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 be reimbursed or not within 35 business days of you telling us about the reimbursement scam.

12.6.If you think that you are entitled to reimbursement under this clause 12, please get in touch with us via the Customer Relations Centre as soon as possible.

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

13.1.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.

13.2.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.

13.3.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,

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 of 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.

13.4.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 11) 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.

13.5.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.

13.6.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.

13.7.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.

14.     RESTRICTIONS ON YOUR USE OF OUR SERVICES

14.1.To use our services you must:

(a)                         be 18 years of age or older;

(b)                        be an individual who is a UK resident;

(c)                         not have another Account or profile in the Platform with which you have already successfully passed the identification procedure.

14.2.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.

14.3.We can stop providing you with our services if you breach this clause 14.

14.4.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.

14.5.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.

14.6.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.‎

15.     COMPLAINTS

15.1.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.

15.2.You can find more information on how we handle complaints on our website (https://www.paynetics.digital/complaints/). We will provide you with a copy of our complaints ‎procedure upon request or if we receive a ‎complaint from you.

15.3.‎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.

15.4.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 complaint.info@financial-ombudsman.org.uk‎). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

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

16.1.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 UK Privacy Policy - Paynetics.

16.2.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.

17.     OUR DUTY OF CONFIDENTIALITY

17.1.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.

17.2.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 Partner;

(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.

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

18.1.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.

18.2.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.

18.3.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.

18.4.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.

19.     OTHER IMPORTANT TERMS

19.1.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.

19.2.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.

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

19.4.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.

19.5.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.

19.6.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.

19.7.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.

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

19.9.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.

20.     FEES AND EXCHANGE RATES

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

20.2.If money sent to your Account is in a currency other than the currency of the Account, then this money will be ‎converted into the currency of the 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.‎

20.3.If a Card Payment or Cash Withdrawal is in a currency other than the currency of the Account, then the amount deducted will be the amount of the Card Payment or Cash Withdrawal converted to the currency of the Account using the reference exchange rate applied by MasterCard® (available at https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html) 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.

21.     INDEMNITY

21.1.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.

21.2.We may deduct any monies you owe us in accordance with clause 21.1 from your Account and from your Cards and if you do not have sufficient funds, this will result in your Account having a negative balance.

22.     NEGATIVE BALANCE

If any action results in a negative balance in your Account, you must top‑up the Account by the amount of the negative balance immediately. Until the negative balance is reimbursed in full, we may:

(a)    suspend your Account 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.

23.     STATEMENTS

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 in a different manner than as described here.

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

24.1.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.

24.2.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.

25.     FUTURE PAYMENTS INITIATED VIA A CARD

25.1.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 of 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.

25.2.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.

25.3.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.

26.     GENERAL LIABILITY

26.1.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 or if the Card Payment cannot be made due to technical, communication or other reasons beyond the control of Paynetics;

(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 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;

26.2.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.

27.     TERM OF THIS AGREEMENT

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.

28.     FREEZING YOUR ACCOUNT AND YOUR CARDS

28.1.We may close and/or suspend and/or deduct an appropriate amount of money from your Account 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 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.

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

29.     REDEMPTION

29.1.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.

The standard fees (if any) for these transactions will apply.

29.2.After this Agreement has been terminated, you can only redeem the money credited to your Account by requesting that all of 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.

29.3.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. ‎

29.4.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.

29.5.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.‎

30.     HOW YOU CAN CONTACT US

30.1.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.

30.2.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 +44 808 238 7522 (available 24 hours a day)

31.     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.