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 the 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 Bulgarian law is in conflict
with laws of your country of residence, Bulgarian law shall prevail to the
maximum extent possible. If not prohibited by the laws of your country of
residence, disputes shall be settled by 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
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” means any e-money payment account opened and maintained
for you by Paynetics under this Agreement.
“App”
means Mobile App.
“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.
“Card” means any Paynetics
debit Mastercard© card issued to you by Paynetics
that is linked to your Account(s) . The 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.
“Card Organisation” means Mastercard International
(‘MasterCard’), VISA Europe (‘VISA’) or any other organisation
maintaining a card payment system under which Card payments are processed.
“Faster Payments” means a payments system
which allows sending and receive payments in GBP the UK between participating
payment service providers.
“Mastercard” means
Mastercard International Incorporated or its successors.
“Mobile App” means the mobile application developed by the Technical Provider
and published in the Apple AppStore and Google PlayStore, which enables you to access your
Account and/or Card.
“Paynetics”,
“we”, “us”, “our” means:
(a) where payment services under this Agreement are
provided in the UK - Paynetics AD, a company with its
seat and registered address at Ground Floor, 76A James Bourchier,
Lozenets District, Sofia Municipality, Sofia,
Bulgaria, entered in the Bulgarian Commercial Register kept by the Registry
Agency under UIC: 131574695 (“Paynetics AD”) or such
other Paynetics entity authorised
in the UK as notified to you. For the purposes of UK services, Paynetics AD is an electronic money institution deemed authorised and regulated by the UK Financial Conduct
Authority under the Temporary Permissions Regime (firm reference number 900785)
for the issuance of e-money and provision of payment services in the UK.
Details of the Temporary Permissions Regime, which allows EEA-based firms to
operate in the UK for a limited period while seeking full authorisation,
are available on the Financial Conduct Authority’s website; or
(b) where payment services under this Agreement are
provided in the EEA – Paynetics AD. For the purposes
of EEA services, Paynetics AD is an electronic money
company 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. 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.
“Technical Provider” means the operator that performs certain technical and
operational functions in relation to our services, including the operation of
Platform which connects the customers with Paynetics.
“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 or SEPA;
“SEPA” means Single Euro Payments Area scheme, which allows sending and
receiving payments in EUR between participating payment service providers.
“Tariff” means the fees and limits applicable to your Accounts, 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://resources.weavr.io/finz_consumer-programme-terms
2.
ABOUT OUR SERVICES
2.1.
Your Accounts are maintained by Paynetics
and the Card is issued to you by Paynetics. The value stored on your Accounts is
electronic money, otherwise referred to as ‘e-money’. 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 Financial Services Compensation Scheme does not apply to funds
held in your Accounts. Instead, Paynetics protects
your funds through a process known as ‘safeguarding’, in line with its
regulatory requirements. In this process, Paynetics
keep your money separate from our own funds and places it in a safeguarding account
with a bank or cover it by an insurance policy or a comparable guarantee.
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
Programme Manager may require you to provide additional information at any time
for the duration of this Agreement.
2.3.
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.
2.4.
To be eligible for our Account and associated services, you must
be: (a) 18 years of age or over; and (b) UK resident (for services provided in
the UK). We can close your Account or stop providing our services if we find
out you are not eligible for it.
2.5.
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.
2.6.
You must not use your Account or Card for or in relation to
(including sending or receiving proceeds from):
2.6.1.
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;
2.6.2.
Prohibited Transaction under this Agreement; or
2.6.3.
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, which
may be used for sending or receiving payments via SEPA in EUR and for Card
payments and cash withdrawals in EUR; and/or
3.1.2.
a GBP Account with a dedicated IBAN, an account number with sort
code and one or more Cards, which may be used for sending or receiving payments
via Faster Payments in GBP and 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;
4.3.2.
GBP Account can be loaded by receiving payments via Faster
Payments.
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 unauthorised;
4.5.5.
Paynetics reasonably believes the payment 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 with a top up fee every
time your Account is loaded as set out in the Tariff.
5.
MAKING PAYMENTS FROM YOUR
ACCOUNT
5.2.
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.
5.3. 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 day. You
cannot cancel a payment after you have authorised 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 organisation
you are paying. You should tell the organisation
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.
Type of payment |
Delivery to the recipient’s
account |
Payments
in EUR or GBP to an account in the UK or the EEA (including where there has
been a currency conversion between EUR and GBP) |
No
later than the end of the business day after your payment instruction is
received |
Payments
in any other currency or to an account outside the UK or the EEA |
Varies,
depending on the currency or country the payment is sent to |
5.5. Paynetics will deduct the value of
payments together with all applicable fees from the balance on the relevant currency
Account. Payments from your Account by
way of credit transfers in EUR or GBP will be deducted from your EUR or GBP
Account respectively. Card payments in EUR or GBP will also be deducted from
your respective currency Account. Card payments in any other currency will
always be deducted from your Account at then prevailing currency conversion
rates. If there is insufficient balance on the relevant GBP or EUR Account to complete the payment, including
all applicable fees, funds will be automatically transferred from your Account
in the other currency to your relevant currency Account at then prevailing
currency conversion rates. If there is insufficient balance on both
your EUR and GBP Accounts 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.
5.6.
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 ACCOUNTS BY THIRD
PARTY PROVIDERS
6.2.
You may choose to allow (and provided you have given them your
explicit consent):
6.2.1.
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
6.2.2.
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 GBP and EUR Accounts.
6.3. Only those providers of account
information or payment initiation services that are authorised
with the Financial Conduct Authority or another European regulator to provide
the relevant service in the UK or an EU member state, as applicable, 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.
6.4.
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.
6.5.
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.
GIVING INSTRUCTIONS FOR PAYMENTS
FROM YOUR ACCOUNTS
7.2. For a payment from your Account
(including transfers to your other Accounts) 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):
7.2.1.
for payments from your GBP Account to a UK account via Faster
Payments: the recipient’s name, account number, the payment amount and sort
code and a payment reference;
7.2.2.
for payments from your EUR Account to an EEA account via SEPA: the
recipient’s (beneficiary) name, IBAN, the payment amount, its currency and
reason for payment (this information meant for the beneficiary), additional
clarifications;
7.2.3.
for payments from your EUR Account to an account outside the EEA
via SEPA (to countries that participate in SEPA): in addition to information
set out at 7.1.2, you will also need to provide the sender’s (originator)
address and may also be required to provide the recipient’s (beneficiary)
bank’s BIC;
7.3. 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.
7.4. You give us instructions and
consent to a payment from your Account in one of the following ways:
7.4.1.
using the App;
7.4.2.
giving us instructions via a third party (such as payment
initiation service provider);
7.4.3.
using Cards (see clause 10 below on how you instruct us to make
payments using a Card);
You may be required to provide
security details 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 types 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.
7.5. 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:
7.5.1.
Paynetics reasonably suspects that the payment is unauthorised or involved in fraud or illegal activity;
7.5.2.
your instruction is unclear, incorrect or incomplete;
7.5.3.
Paynetics reasonably believes that there has been a
violation of this Agreement;
7.5.4.
you have failed to use the authentication method and/or provide
security information required;
7.5.5.
there are insufficient funds in the Account to cover the payment
and any applicable fees;
7.5.6.
the payment violates any applicable limits;
7.5.7.
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;
7.5.8.
due to a technical
impossibility to carry out the payment;
7.5.9.
Paynetics reasonably believes payment is related to
a Prohibited Transaction.
7.6. 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.
7.7. 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 unauthorised payment.
8.
DESCRIPTION OF THE CARD
8.2. Your Card is issued to you by Paynetics and is linked to your Account in EUR and/or GBP,
as applicable, maintained by Paynetics. Your Card can
be used in your country of residence or abroad.
8.3. The Card is issued under the
Mastercard brand pursuant to license granted by Mastercard International.
8.4. 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. Your
Card can be used at all card acceptance terminal devices bearing the Mastercard
logo which maintain the necessary functions.
8.5. Card payments will be executed
immediately after Paynetics receives the payment
request.
8.6. The value of all Card payments,
including all applicable fees, will be deducted from your relevant Account
balance, see clause 5.4.
8.7. 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.
8.8. 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.
8.9. 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
9.2. 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 authorised
or executed.
9.3. 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.
9.4. 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.
9.5.
You will be provided with a PIN to use with your Card. You can
change your PIN at an ATM. You should memorise 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).
9.6. You may request Paynetics to issue a new Card in the following cases:
9.6.1. in case of destruction or damage
to the Card;
9.6.2. in case of loss, theft or other
misappropriation of the Card,
9.6.3. in case of a forgotten PIN, and
9.6.4. upon expiry of your Card’s
validity period. If your Card expires, it will only be automatically replaced
if your Card was used within the last two months before its expiry date.
9.7. 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.
9.8. 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.
10.
GIVING INSTRUCTIONS FOR CARD
PAYMENTS
10.2.
You give us an instruction and consent to a payment made using
your Card using any one of the following methods:
10.2.1.
in case of cash withdrawal
from an ATM: by entering a PIN;
10.2.2.
in case of payment for goods or services in-store: by entering a
PIN and/or signature on the receipt or by tapping/waving the Card (or a device
where it is held) over a card reader for contactless payments;
10.2.3.
in case of online payments for goods or services online or via the
phone: by providing your Card details and a one-time payment code or other
security information or credentials, when requested.
10.3.
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.
10.4.
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.
10.5.
You are responsible to provide 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.
11.2.
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 relevant Card and/or Account to which they relate and
will be deducted from the relevant Account.
11.3.
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.
11.4.
If a payment received or sent into/from your Account is in a
currency other than the currency of the Account (including transfer between
your different currency Accounts), 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.
11.5.
If a payments using a Card is in a currency other than the
currency of the Account from which it is taken, 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 https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html) plus the currency conversion
mark-up fee set out in the Tariff for Card payments. The exchange rate shall be
determined on the date of 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
12.2.
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, including any subsequently loaded funds. Paynetics may suspend Accounts 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
13.2.
The Agreement is executed in English and all communications
between you and us will be in English, unless expressly agreed otherwise in
this Agreement.
13.3.
Your representatives or persons authorised
by you may receive information about the payments made with the Card/Account
electronically.
13.4.
We can communicate with you (including to provide any information
or notifications in relation to this Agreement) using any of the following
methods:
13.4.1.
via the App;
13.4.2.
by email;
13.4.3.
by phone (including by
sending you an SMS);
13.4.4.
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.
13.5.
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.
13.6.
You can contact Paynetics via Customer
Relations Centre (see contact details at clause 21).
13.7.
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 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.
14.2.
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
14.3.
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:
14.3.1.
take all reasonable measures to keep your Account, Card and
security details safe;
14.3.2.
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 recognise them;
14.3.3.
not record security details such as PIN on the Card or keep such
information together with the Card;
14.3.4.
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;
14.3.5.
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;
14.3.6.
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:
14.3.6.1. are easily associated with you, for example
your telephone number or date of birth;
14.3.6.2. are part of the data imprinted
on the Card;
14.3.6.3. consist of the same digits
(1111) or the sequence of running digits (1234); or
14.3.6.4. are identical to previously
selected PIN/password.
14.3.7.
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
14.4.
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.
14.5.
You must immediately notify Paynetics
Customer Relations Centre (using contact details at clause 21) if:
14.5.1.
your Card is lost, stolen or misappropriated; or
14.5.2.
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.
14.6.
Paynetics may restrict, block or deactivate the Card
or Account if:
14.6.1.
Paynetics
is concerned about the security of the Card or Account or the security details
relating to them;
14.6.2.
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;
14.6.3.
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;
14.6.4.
this Agreement is terminated for any reason;
14.6.5.
you request us to do so;
14.6.6.
you have breached any term of this Agreement in a material way.
14.7.
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.
14.8.
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
14.9.
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 give 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
15.2.
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 21 for details).
15.3.
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.
15.4.
In 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
15.5.
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 £35 for services provided in the UK
and 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.
15.6.
You will not be entitled to a refund and you will bear all losses,
irrespective of their amount, relating to an unauthorised
payment if:
15.6.1.
the payment was authorised by you;
15.6.2.
you have acted fraudulently;
15.6.3.
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
15.7.
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.
15.8.
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
15.9.
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).
15.10.
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
15.11.
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:
15.11.1. you have asked for a refund
within 8 weeks from the date on which your Paynetics
Account was debited;
15.11.2. at the time of authorisation to execute the payment, its exact amount was
not specified; and
15.11.3. 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.
15.12.
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.
15.13.
You will not be entitled to a refund of any payment initiated by
or through payee when:
15.13.1. you have given your consent to
perform the payment directly to Paynetics; and
15.13.2. 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
15.14.
Paynetics will not be liable to you for any damages
or losses arising from or relating to:
15.14.1. your failure to use the Card or
Account in accordance with this Agreement;
15.14.2. any payments executed in
accordance with the information or instructions provided by you which were
incorrect, inaccurate or incomplete;
15.14.3. any unusual or unforeseeable
circumstances beyond the control of Paynetics, the
consequences of which could not be avoided despite Paynetics’
best efforts;
15.14.4. refusal of a merchant, ATM or
any other person to accept the Card or any other Account payment;
15.14.5. 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;
15.14.6. compliance with the applicable
legal or regulatory requirements or any rules or guidelines provided by the Card Organisation;
15.14.7. you acting fraudulently or with
gross negligence;
15.14.8. loss of revenue, goodwill, lost
benefits or expected savings;
15.14.9. any loss or damage which is not
a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or
15.14.10. 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;
15.14.11. 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;
15.14.12. Paynetics refusing to accept or execute
any payment or restricting, blocking or deactivating your Account and/or Card
in accordance with this Agreement;
15.14.13. loss or damage beyond Paynetics’ responsibility by law.
15.15.
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.
15.16.
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.
16.2.
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):
16.2.1.
changes to the products or
services or introducing new products or services under this Agreement;
16.2.2.
withdrawal of a particular part of our products or services;
16.2.3.
changes in market conditions or operating costs that affect Paynetics;
16.2.4.
changes in technology, our systems and/or payment methods;
16.2.5.
making this Agreement clearer or more favourable
to you; or
16.2.6.
changes in relevant laws or regulations, or codes or rules that
apply to Paynetics.
16.3.
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 more favourable
to you.
16.4.
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
17.2.
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.
17.3.
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.
17.4.
This Agreement can be terminated by you:
17.4.1.
notifying Paynetics you do not accept
changes to this Agreement in accordance with clause 16.3;
17.4.2.
notifying Paynetics of the cancellation
of this Agreement in accordance with clause 17.2;
17.4.3.
providing Paynetics a written request
for termination of this Agreement at any time.
17.5.
This Agreement can be terminated by Paynetics:
17.5.1.
providing you 2 months’ notice of termination of this Agreement;
17.5.2.
immediately if:
17.5.2.1. you breach an important term or
persistently breach the provisions of this Agreement;
17.5.2.2. 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;
17.5.2.3. Paynetics is required to so to comply
with any law or regulation or a requirement by a regulatory authority or a Card
Organisation;
17.5.2.4. 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;
17.5.2.5. you become bankrupt or die;
17.5.2.6. in other cases
provided by law or in the Agreement.
17.6.
If this Agreement is terminated for any reason, your right to use
the Account and Cardwill 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.
17.7.
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.
18.2.
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.
18.3.
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.
18.4.
A redemption fee (see Tariff) will be charged to cover redemption
costs on each redemption request if:
18.4.1.
redemption is requested before this Agreement is terminated for
any reason;
18.4.1.1. you terminate this Agreement
before any agreed termination date; or
18.4.1.2. redemption is requested more
than one year after the date this Agreement is terminated.
18.5.
The redemption fee (see Tariff) will not be charged for redemption
that is requested:
18.5.1.1. at termination of this Agreement or up to one
year after that date;
18.5.1.2. when you cancel this Agreement in accordance
with clause 17.2.
18.6.
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
19.2.
If you wish to complain about Paynetics
services under this Agreement, you can do so by contacting Paynetics
Customer Relations Centre.
19.3.
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.
Where the payment services under this Agreement are provided in
the UK, 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 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.
20.2.
Where the payment services under this Agreement are provided in
the EEA, 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). 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
21.2.
Where the payment services under this Agreement are provided in
the UK, this Agreement shall be governed by the English law. Any disputes
relating to this Agreement will be finally settled by English court.
21.3.
Where the payment services under this Agreement are provided in
the EEA, this Agreement shall be governed by the Bulgarian law. Any disputes
relating to this Agreement will be finally settled by Bulgarian court.
21.4.
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.
21.5.
You cannot transfer or assign any of your rights and obligations
under this Agreement to another individual or company without Paynetics’ prior written consent.
21.6.
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.
22.2.
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.
22.2.1.
Contact us about our services (open from 9 a.m. to 6 p.m., GMT, from Monday
to Friday):
22.2.1.1. by phone: use option of Request Callback feature through the
mobile application
22.2.1.2. by email: support@finzmoney.com
22.2.1.3. through
the Finz Assistant (Chatbot/Chat)
22.2.2.
Report lost, stolen or
misappropriated Cards or other unauthorised access to
your Account (available 24 hours a day):
22.2.2.1. Via the app;
22.2.2.2. Via +44 20 3769 8510