This Agreement contains twenty one sections, including a Tariff. The main terms used in this Agreement are defined in section twenty below.

Transcription

1 ipay International Services Pte Ltd Legal Agreement for LeuPay Services Last update: December, 1 st, 2014 This Agreement contains twenty one sections, including a Tariff. The main terms used in this Agreement are defined in section twenty below. Consumer advisory: ipay International Services Pte Ltd, Singapore, the Issuer and holder of the stored value facility (stored value), does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully. 1. Legal relationship and Service 1.1 This Agreement is between ipay International Services Pte Ltd and Client. ipay International Services Pte Ltd, having its seat and registered office at: 10 Collyer Quay #10-01 Ocean Financial Center, Singapore (049315), Registration N: D, (referred to as ipay ) and Client. 1.2 Use of the Service is subject to the Agreement. The Agreement will be effective from the date of acceptance by Client ("Effective Date"). By accepting the Agreement, Client agrees to use the Service in accordance with the requirements of the Agreement. Client can accept the Agreement by: (i) Clicking to Accept or Agree to the Agreement, where this option is made available to Client by ipay on the website for the Service or via the Mobile Application for the Service. Clicking to Accept or Agree to the Agreement, where this option is made available to Client by ipay on the website or Mobile Application for the Service represents an advanced digital signature made by Client and therefore the electronic document of the Agreement is deemed as duly signed by Client, or (ii) Signing the Agreement on a hard copy, if requested by ipay; or (iii) Actually using the Service. In this case, Client agrees that ipay will treat use of the Service by Client as acceptance of the Agreement from the moment of first use of Service. 1.3 The Service is described in Section Definitions below in this Agreement and constitutes of issuing of stored value (e-money) upon receipt of funds by ipay, providing of account for e-money with multicurrency balances and IBANs, money transfers within the system of ipay, SEPA and International money transfers, issuing and authorizing of transactions with prepaid cards and NFC sticker, with the logo of MasterCard, VISA, JCB and other Card Organizations and Mobile Application for smart phones. A description of the main characteristics of the Service is also set out on the website for the Service. Since the Service is limited to e-money, which does not qualify as a deposit or an investment service in the sense of the Law, the Client isnot protected by the deposit guarantee schemes in Singapore or any other similar schemes. Client shall not be entitled to interest on the balance of e-money or money collected by ipay that is kept by ipay under this Agreement The specifics and functionalities of the Service are set out on the website for the Service. ipay may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which ipay shall inform Client via the website for the Service or via the Client s online account. However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding this Agreement as required by the Law, or narrowing the Services, Client will be given notice by an sent to Client address Privacy: Protecting Client s privacy is very important to ipay. Client must read ipay Privacy Policy, part of this Legal Agreement, in order to better understand ipay commitment to maintain Client s privacy, as well as ipay use and disclosure of Client s information.

2 1.6 A copy of the Agreement will be provided to Client in printable form during the sign-up process. A copy of the Agreement, as amended from time to time, is available to Client on the website for the Service and in the online account. Client may request to be provided with a copy of the Agreement, and a link to the Agreement will be sent to Client address for printing. 1.7 The Agreement and all communication with Client will be in English language. Where ipay has provided Client with a translation of the English-language version of the Agreement or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Agreement and communication will govern the relationship with ipay. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence. 1.8 Client declares that Client is registering for the Service on Client s behalf only and that Client is not acting on behalf or on account of third party, unless Client makes registration for the Service on behalf and under the instruction of the entity of which Client is employee or legal representative. 2. Eligibility. Types of Accounts and Cards 2.1 To be eligible for the Services, Client must (i) be a resident of one of the countries listed on the website for the Service; and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to AML/FT purposes, officially published and notified by Regulators or black lists of card fraudsters of ipay or Card Organizations. Client further represents and warrants that Client is not acting on behalf of, or for the benefit of, anyone else, unless in case of a natural person, opening the account for and under the direction of the company or legal person or entity, that employs such a natural person. 2.2 Personal, Business and Premium Accounts. ipay offers three different types of accounts for e-money: Personal, Business and Premium accounts. Unless otherwise agreed, one Client may hold not more than one Personal account or Premium Account and one Business Account. By opening a Business account and accepting the terms as outlined in this Agreement, the Client attests that Client is not opening and/or using the Account primarily for personal, family, or household purposes and that the account comprises the account for e-money and the Reserve Account. 2.3 Basic accounts: Customers enrolling for the Services online will register for Basic accounts. The spending limits on the basic accounts are set out in the Tariff and are imposed for regulatory reasons. Some functionalities of the Service, such as outbound money transfers, cash withdrawal, loading of accounts in cash and other may be limited for Basic accounts for risk, security and regulatory reasons. The funding and receiving limits can be viewed in the online account. To change the limits and obtain verified status and Standard or Premium Account Client must follow the verification procedure available in the Client s online account. /p> 2.4 Verified status and Standard accounts. Clients enrolling for the Services on a face-to-face principle in the office of ipay or via Agents/Distributors of ipay or Clients, who have successfully completed the verification procedure available in the online account for the Service or other customer verification procedure of ipay, may be eligible for Standard account. For online customer verification, Client has to upload (i) copy of valid ID document and either (ii) proof of address or (iii) funding of account via bank transfer from a bank account and in case of Business accounts (iv) provide supplemental business information on legal representatives, type of business and other. ipay may from time to time, make available to Client other methods or procedures for customer verification. By highlighting a Client as Verified or change of type of account from Basic to Standard ipay only represents that the Verified user has completed the steps of the process to obtain Verified status. ipay may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as ipay may require in this regard. The spending limits on the standard accounts are set out in the Tariff. The funding and receiving limits can be viewed in the online account. To change the limits Client has to contact ipay via and explain the reasons for request for change of limits. 2.5 The spending limits via Mobile application for the Service, set out in the Tariff, may be different (more stringent) from the other limits for regulatory, risk and security reasons. The funding limits via Mobile application for the Service may be different (more stringent) from the other limits for regulatory, risk and security reasons and are set out in the online account for the Service. 2.6 For regulatory, risk and security reasons ipay may impose or change the limits unilaterally and without the consent of

3 Client, for which ipay shall inform Client via the website for the Service or via the Client s online account, unless ipay is not permitted by law to notify Client in certain cases. ipay is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and ipay shall not be liable in case of decline of request. 2.7 Upon registration for the Service and during this Agreement, Client must provide current, complete and accurate information, as requested by ipay and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without delay. 2.8 The Card is not issued and/or activated automatically to Client. The Card is issued and/or activated after a valid and correct application or registration by Client made via the online account or directly to ipay, approval by ipay and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by ipay. The Card is issued in the currency requested by Client and supported by ipay. The Card is sent to the address of Client or collected personally by Client from ipay or one of its Agents, Distributors or sub-contractors. The Card may be used only by the cardholder and only after its activation, as instructed by ipay. 3. Funding of account and Receipt of money: Client may purchase or receive e-money in the following ways, as allowed by the Service 3.1Funding with a stored card: Client may decide to register a valid card (stored card), of which Client is authorized holder, which will be used to fund the purchase of e-money for the Service. Purchase of e-money via stored card may be for amount defined by Client or for the amount determined by ipay, necessary for crediting of Client s account, in order to complete a payment transaction or charge Client as per this Agreement. By adding a stored card Client consents to use the stored card for funding transactions, that the funding transactions in compliance with this Agreement can no longer be revoked and that ipay may check if the stored card is in good standing with the issuing institution or Operator, including, but not limited via procedure for verification of a stored card or in other ways. The limits for funding via stored card are set out in the online account. Client may change the limits, as allowed by the Service, by completing successfully the procedure for verification of stored card, available in the online account of Client ipay will store information which Client provides, such as stored card details, and will process funding transactions through the appropriate Card Organization. Client agrees that the stored card details will be used by ipay to: (a) Debit or charge the stored card for the purchase of e-money and/or processing of a funding or payment transaction, including all related fees, as applicable; (b) Debit or charge the stored card for processing of all payments, which are required to charge Client for any other fees or charges arising from this Agreement or use of the Service; (c) Upon explicit request by Client and consent of ipay or in other cases of reversal of payment operation or refund of sums, to credit, if possible, to Client s stored card such amounts as may be necessary to effect any Reversal of a funding or payment transaction or refunds of amounts, through the Service If Client chooses to register multiple stored cards, Client must select the priority order, to be followed by ipay for funding transactions. Client has to select the order for debiting of Client s account from available account balance or stored card. Client may via the Service enable, and disable afterwards, the functionality for automatic funding of Client s account from the stored card with the purpose for payment on physical POS or virtual POS (in Internet) in which case there will be no funding fee for such funding operation. In order to enable this option, ipay may have requirements for verification of stored card or others, as requested by ipay. If Client activates this option, Client (1) cannot dispute or make chargeback of the funding operation and (2) agrees that if the stored card cannot be debited for some reason and Client has enough balance in Client s account, then the Client s balance may be debited for the performance of the payment transaction. 3.2 Funding via bank transfer: Client can order a credit transfer from a bank account to Client s account for e-money provided by ipay. Upon receipt of the amount of the transfer by ipay, ipay will issue stored value in the same amount and currency as the amount and currency received by ipay and in the same business day as the date of receipt of the funds by ipay. ipay is not responsible for and does not control when ipay will receive the funds from Client s payment services provider and weather the payment services provider of Client or correspondent banks will charge Client fees for the transfer and will transfer the full amount to ipay. Client will be notified through information in the online account in the balance and transaction history on the amount of issued money and date of credit operation.

4 3.3 In order to receive the amount in the account, Client must provide the correct number of Client s account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client. The limits for funding via bank transfer are set out in the online account. Client may change the limits for Basic account, as allowed by the Service, by completing successfully the procedure for customer verification and upgrade to Standard account, available in the online account or other procedure, as may be requested by ipay. In case Client wishes to change the funding limits of a Standard account, Client has to contact ipay and explain the reasons for request for change of limits. 3.4 Client agrees that ipay may impose different limitations on amounts of purchased e-money, or special requirements, or not accept bank transfer from certain banks, upon discretion of ipay. 3.5 The credit value date for the payee's account (Client s account) and the amount of the funding transactions shall be available no later than the Business day on which the amount of the funding transaction is credited to ipay account. 3.6 Funding in cash: Client can purchase e-money in cash only in the places where this funding is allowed by ipay and only for type of accounts and limits for funding in cash, approved by ipay. Funding in cash is possible in the offices, stores or points of sale of some of the authorized Agents, Distributors or subcontractors of ipay, listed on the website for the Service. Funding in cash is available in limited places and countries, stated on the website for the Service ( authorized points for cash-in ). The authorized points for cash-in services may charge Client at their discretion a fee for the cash-in service on top of the amount to be funded in cash. ipay shall issue e-money in the same amount as the amount paid in cash by Client, less fee for cash-in (if there is such) and shall make the amount available to Client immediately after the receipt of funds, or in case of a payee, who is not a consumer at latest on the next Business day after the receipt of the funds. In some cases, such as co-branded programs with Agents, Distributors or sub-contractors, upon discretion of ipay, ipay may make the amount available to Client earlier than the receipt of funds by ipay. Limits on funding in cash operations may vary depending on place and country and are notified to Client on the website for the Service or on spot. 3.7 Funding transactions with some funding methods may be rejected or limited by ipay for regulatory reasons (AML/FT), risk and security or in order to avoid conflict between various Services by ipay or on other grounds, or may be rejected or delayed, for reasons beyond ipay control. ipay does not guarantee the acceptance of any particular funding method, and may make changes or discontinue the acceptance of any particular funding method at any time and without prior notice to Client, for which ipay is not liable. 3.8 Client agrees that Client cannot make a successful Chargeback after a funding transaction, on the ground goods not delivered or similar, as the purchased e-money (purchased goods) is issued (delivered) by ipay upon receipt of funds. 3.9 Funding of Business accounts in case of acquiring services: Clients using the services of ipay for accepting of payments with cards with the logo of Card Organizations, such as mypos and/or ipos or similar, may agree in a separate agreement for the acquiring services that ipay pays the amounts collected via the acquiring services and due to Client by crediting the Business accounts of Client. In such cases additional rules on limits, reserves, collaterals and other rules, credit value and availability of the amount, set out in the acquiring services agreement, will apply the Business account of Client Receipt of money: Client s account may be funded with e-money via receipt of money from Client from other Client s accounts in the system of ipay or from other bank accounts. In order to receive money from a Client s accounts in the system of ipay, Client has to provide to the payer either Client s registered for the Service or Client s registered mobile phone for the Service or the number of Client s account, available in the online account of Client. In order to receive money from a bank account (inbound money transfer), Client must provide to the payer the correct number of Client s account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client. 4. Send money: Client can make money transfers via the Service, in the following ways, and as allowed by the Service: 4.1 Client may send money via the Service to other Clients, registered for the Service. In order to send money via the Service Client must use the correct , registered for the Service, of payee (recipient), or correct mobile phone number, registered for the Service, or payee or correct account number of payee and submit a correct payment order via the Service. 4.2 In case Client sends money to a person, who is not registered for the Service, ipay shall debit the account of Client and shall notify the recipient via the or mobile phone number provided by Client on the transfer. Only after due registration for the Service and identification and verification of the recipient, ipay shall make available to the recipient the amounts transferred. In case the recipient does not register for the Service or is not dully identified and verified by ipay, within 30 days of sending of the above notice, or in case the recipient refuses to accept the e-money, ipay shall return the amount to the

5 account of the Client, less the applicable fee in the Tariff. Client agrees not to hold ipay liable for any damages resulting from a recipient's lack of due registration for or inability or ineligibility to use the Service or recipient s decision not to accept a payment made through the Service. 5. Outbound money transfers. SEPA credit transfer, International transfers and Domestic transfers: 5.1SEPA credit transfer: Client can make via the Service outbound money transfers from Client s account and balance in EUR to any bank account in EUR in SEPA country. ipay will perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer Client must provide full and correct names of beneficiary, correct beneficiary IBAN in EUR in SEPA country and BIC of PSP of beneficiary (bank of recipient), available in the online page of Client. 5.2 International transfer: Client can make via the Service outbound money transfers from Client s account and balances to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. ipay will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN and BIC for PSP of beneficiary or other number of beneficiary account and SWIFT code of PSP of beneficiary, and other data, as requested by the Service in the online account of Client. 5.3 Domestic transfer: For some countries, ipay may support the functionality for domestic transfer. Client has to check the Tariff and the online account for availability of domestic transfers. To make a correct payment order for domestic transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN in domestic currency and BIC for PSP of beneficiary in the country, where domestic transfer is available via the Service, or other data, as requested by the Service in the online account of Client. 6. Payment orders for send money and outbound money transfers: 6.1 Client may submit payment orders for send money online via Client s online account or via the Mobile app (for Send money), or in other ways if allowed by the Service. Client may submit payment orders for outbound money transfers online via Client s online account. Client is fully liable for providing full and correct payment order and correct and full beneficiary data. 6.2Receipt of payment order and Irrevocability: By clicking the button Confirm or Yes in the online account for the Service or Mobile app, and if requested by ipay, after entry of a secured code for confirmation of the payment order, Client confirms that Client is making confirmed and irrevocable payment order to ipay to execute the payment order and debit Client s account with the amount of the transfer, and all applicable fees. Confirmed order received by ipay cannot be revoked by Client. Payment orders received by ipay after 12:00 pm (cut-off time) or in a day, which is not Business day, shall be deemed as received by ipay in the next Business day for ipay. 6.3 ipay shall execute the authorized payment order of Client, provided that Client has enough balance in the currency of the transactions to cover the amount of the transfer and the applicable fees. ipay may refuse to execute a specific transaction if there is not enough balance of e-money in the respective currency, or ipay reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Agreement or any law or regulation. 6.4 Deadline for performance of correct payment orders for money transfers: (i) Send money within the same day as of the date of placement of correct payment order; (ii) Deadline for performance for SEPA credit transfers: ipay shall debit the balance in EUR of Client and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for SEPA credit transfers received by 12:00 pm in a Business day. Payment orders for SEPA transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Usually SEPA credit transfers will be received by the payee within deadline of maximum 2 Business days. (iii) Deadline for performance of International money transfers: ipay shall debit the balance of Client in the respective

6 currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for International money transfers received by 12:00 pm in a Business day. Payment orders for International money transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Client agrees that ipay may set other deadlines for performance for International money transfers (non SEPA transfers), which shall be notified to Client on the website for the Service or in the online account. (iii) Deadline for performance of Domestic money transfers: ipay shall debit the balance of Client in the respective domestic currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for Domestic transfers received by 12:00 pm in a Business day. Payment orders for Domestic transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. The receipt of money by the payee (recipient) depends on the PSP of payee. Client agrees that ipay may set other deadlines for performance for Domestic money transfers, which shall be notified to Client on the website for the Service or in the online account. 6.5 Client acknowledges and agrees that a payment order has been executed correctly by ipay, even if Client has submitted a payment order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to ipay, as a result of which Client has to cover the charges for the return, reversal or cancellation of incorrect payment order. 7. Payment transactions with Cards: 7.1 If ipay has issued Card to Client, Client or authorized cardholder may make payment orders and transactions with the Card, linked to Client s account and on account of e-money held by Client. The Card must be activated as instructed by ipay. Card must be signed by Client. The payment transaction may be payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by ipay in Tariff or on ipay website for the Service. 7.2 The payment order executed with Card will be received by ipay in electronic form. The Client s consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device; or (e) via contactless way the chip in the Tag is read by the POS device of Merchant with or without entry of valid PIN (PIN may be Not requested for transactions for small amounts, determined by Card Organization). 7.3 Card, which has been personalized with the names of a cardholder, must be used only by the cardholder to whom the Card is issued. Card, which has not been personalized with names of cardholder, may be used by Client or third parties, to whom Client provides or makes available the Card for which Client is fully responsible. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to e-money in Client s account, unless otherwise agreed with Client. 7.4 The spending limits with Cards are set out in the Tariff. To minimize the risk from losses and/or unauthorized transactions with Card, Client must set even more strict limits on Cards, as the Service allows via the online account and manage the security of the Card, as allowed by the Service, via the online account, Mobile App or SMS commands, available in the online account. Requests for blocking and unblocking of Cards may be made by the Client of the account (main cardholder) or by the cardholder of Card, personalized with names of such cardholder (cardholder of additional Card). 8. Refusal, reversal of unauthorized transaction and reversal of incorrect payment orders: 8.1 Where ipay refuses to execute a payment order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by other relevant EU or national legislation. ipay shall provide or make available the notification to Client via or via the online account at the earliest opportunity. ipay may charge a fee for providing additional information for such a notification if the refusal is objectively justified.

7 8.2 In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by ipay in accordance to the law. Client, or a person explicitly authorized by Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to ipay via , without undue delay and within 30 days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation in the interest of Consumer. This term shall not release Client from Client obligation to notify ipay immediately and without delay in case of loss, theft, misappropriation or unauthorised use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or ipay to limit the risks and damages. Client who is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction. 8.3 ipay will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by the applicable law. In case of incorrect payment order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, ipay may assist the Client to submit a new and correct payment order if ipay has not executed the incorrect payment order, for which ipay may charge the Client a fee. In case ipay has executed the incorrect payment order as per the Agreement and the law, the Client can to make a request for reversal via to ipay and ipay will initiate a reversal procedure, for which ipay will charge Client with the respective fee. ipay cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client s account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of ipay. 8.4 In case of unauthorized transaction ipay shall conduct a procedure for proving authentic and correct execution of payment transaction and if this procedure is completed in favor of Client, ipay shall reverse the operation and return the amount to Client account, less the applicable fee in the Tariff, within the deadline provided in the law. 8.5 Client agrees that ipay may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures before the Card Organizations have expired or in other cases according to the rules of the respective Card Organization, in which cases ipay shall not owe Reversal or compensation to Client. 8.6 When Client receives a payment, Client is liable to ipay for the full amount of the payment plus any Fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to ipay an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the Tariff and other charges related to the Reversal, Chargeback or Claim. ipay may debit Client s account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice. 8.7 Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or partial amount, than the following rules shall apply: (i) Reversal or refund of full amount of transaction the amount of the transaction is refunded in the original type of currency; or (ii) Partial reversal or refund of amount of transaction the amount subject to reversal or refund is refunded in the currency of the transaction; or (iii) If payment has been made with Card via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded in the currency of Card; or (iv) If payment has been made with e-money via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded to Funding instrument if possible, or if not possible is refunded in Client s account in the currency of the transaction. 8.8 Other rules for use of the Service: Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes arising from use of the Service and which by law are obligations of Client, is Client s exclusive responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws ipay may at ipay discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. ipay may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service Client acknowledges and agrees that: (a) The sales of Goods and Services are transactions between the Merchant and Client and not with ipay, or any Branches, Agents or affiliates of ipay, unless ipay is expressly designated as a Seller (Merchant) in the transaction (for example, purchase of other prepaid cards of ipay, such as GIFTCARD or other). ipay is not liable for the

8 performance of obligation of Merchants ipay provides to Client information on balance/s, IBAN numbers and other unique account identifiers, information on transactions, history of transactions, status of account, status of other payment instruments, status of Client from customer verification point of view, notifications to Client and other important information via to Client s registered or via the online account of Client, via SMS to the registered mobile phone of Client or via the website for the Service Client will be able to view Client transactions free of charge in Client s account transaction history, which is updated regularly, and Client agrees not to receive paper statements. ipay may send to Client registered on a monthly basis a link to the Client s account to check Client s balance and/or transaction history. Upon Client request ipay may, at ipay discretion, provide Client with additional statements, paper or otherwise, of the transactions but in this case ipay may charge Client a reasonable administration fee. ipay may charge Client a fee for other information services, different from the standard information services, provided via the Service or additional services provided by ipay, as provided in the Tariff. 9. Payment instruments security features. Security measures and Safety Requirements: 9.1 ipay has provided to Client personalized security features for using all payment instruments, included in the Service, such as, but not limited to, password and entry of OTP for access to online account and making a payment order, embossed number of the card, PIN, CCV of the card, password for Mobile Application and others, which are necessary tools for preserving the security of the payment instruments of Client. ipay will make sure that the personalised security features of the payment instruments are not accessible to parties other than the Client or user entitled to use the payment instrument, without prejudice to the obligations on Client. 9.2 Client is able to control the security of the payment instruments, by enabling or disabling them for certain transactions, such as Internet transactions, ATM cash withdrawal or other, receipt of SMS or after each transaction with Card, and imposing limits, which are more stringent than ipay s default spending limits via the Service (online account, Mobile App or SMS commands via registered mobile number or in other available ways). Client agrees to use these security control mechanisms available via the Service in order to minimize the risks of unauthorized access to Client s account and unauthorized transactions. Client must use the functionalities of the Service for disabling cards for Internet transactions and cash withdrawals only with one click or with SMS and enabling such Internet transactions or cash withdrawals only when Client wishes to make such transactions. 9.3 Client agrees to use the Client s credentials, such as username and password and other personalized security features for Client s payment instruments only in accordance with this Agreement and with the law. Client must not provide and must not allow disclosure of the personalized security features to a third party even where the Card or payment instrument is PIN based, because even in this case Card or payment instrument can be comprised and result in unauthorized transactions, for which Client is fully liable. Client must not disclose the credentials for access to a Business account (username and password), because they may be identical with the credentials for access to Client personal account and there is a risk of unauthorized transactions. The breach of this obligation is breach of Client s obligation for protection of personalized security characteristics of payment instrument and Client will be fully liable for unauthorized transactions as a result of Client s breach of this obligation willfully or with gross negligence. 9.4 If Client is using the Service in a business capacity or as a Client of Business account, Client agrees that: (i) all employees, agents, representatives and others having access to Client Credentials or personalized security characteristics of payment instrument/s of Client, will be considered as properly authorised to use Client account and/or make any payment orders via all payment instruments and perform all actions to which Client is entitled and will legally bind the Client, business, partnership or other legal entity concerned; (ii) Client or a person explicitly authorized by Client has the right to authorize users of Business account of Client and/or payment instruments related to it, whose rights for ordering payment transactions, reversal, receiving of information, authorizing or removal of other users and other rights are defined by ipay on the website of the Service or in the online account and can be additionally individualized by Client or a person explicitly authorized by Client according to the functionalities of the Service. (iii) Each payment order from authorized user will be considered as approved by Client and irrevocable according to the rules on Receipt of Payment Order and Irrevocability above. In case Client wishes to limit rights for access to the Business account of certain authorized users, the legal representative of Client or a person explicitly authorized by Client according to ipay requirements, can perform this operation via the online account or send to ipay a request dully signed by Client via the Client s registered .

9 9.5 Client acknowledges and agrees that all Cards linked to Client s account are providing access to the e-money in Client s account and Client shall be liable for all transactions and charges arising of the use of Cards, associated with Client s account. 9.6 If Client believes that Client s account or other payment instruments have been used in an unauthorised manner or in case of unauthorized transactions, Client has to contact ipay without undue delay. Client agrees to notify ipay via the Contact Center or via "Contact us" on ipay website for the Service, immediately and without delay in case of loss, theft, misappropriation or unauthorised use of credentials and/or personalized security features and/or payment instruments, including, but not limited to Cards, and to take all preventive and security measures as allowed by the Service, including to disable the compromised payment instruments via the Service, or allow ipay to do it and limit the risks of unauthorized transactions and damages. Client also agrees to notify ipay without undue delay and in the same manner of any other breach of security regarding the Service of which Client have knowledge. 9.7 ipay may suspend the use of the Service in part of wholly, including block the Card, or account, where it suspects that their security may have been compromised or that unauthorised or fraudulent use has taken place. ipay will inform Client in advance or, if that is not possible, immediately after, of the suspension of the use of the Service, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. ipay will provide the Service or replacement credentials or personalized security characteristics to Client, as soon as practicable after the reasons for the suspension cease to exist and on condition that Client has performed all obligations towards ipay. 9.8 More information on security measures, which Client must and is able to take, is provided on web page of ipay for the Service or in the online account. 10. Protection of Client personal information and Professional Secrecy Obligation of ipay: 10.1 ipay is entitled to process personal data, in compliance with the law on the protection of individuals with regard to the processing of personal data, as amended, when this is necessary to safeguard the prevention, investigation and detection of payment fraud. For information about ipay data protection Policy, Client has to read the Privacy Policy of ipay, available on the website for the Service. Client may request that an electronic copy of ipay Privacy Policy is sent to Client in PDF form by contacting ipay through the "Contact us" on the website for the Service Professional Secrecy Obligation of ipay: ipay, including its personnel and Agent, must maintain secrecy of the information entrusted to ipay in the context of its professional activity. Client acknowledges and agrees that ipay shall approve or decline payment transactions without disclosing information on Balance in Account to third parties. Client acknowledges and agrees that for the purposes of charge back or fraud detection and prevention reasons, ipay may disclose necessary information related to payment transactions with Card or other payment instrument with the logo of Card Organization to Bin Sponsor and/or Card Organization or Regulator. The professional secrecy requirement ceases where the disclosure of information is authorised or required by applicable legislation. The obligation of secrecy does not affect national and foreign authorities responsible for the prudential supervision of the financial sector, provided that they act within their legal competence for the purpose of this supervision and provided the disclosed information is covered by the obligation of professional secrecy of the receiving supervisory authority Client agrees to the use of Client data in accordance with ipay s Privacy Policy. The Client expressly agrees for the use and the communication of Client s personal data to ipay and sub-contractors of ipay, such as Intercard Finance AD and/or Intercard Services AD, ipay International SA (icard and groups of companies of icard and ipay) Client Identity Verification for Anti-Money-Laundering Requirements and Fraud detection: (a) Client acknowledges that ipay is offering and continues to offer the Services to Client on the condition that Client satisfies all due diligence and identity checks that ipay may conduct, and that Client complies with ipay, Card Organization, and regulatory anti-money-laundering requirements. Identity checks may include credit checks, anti-money- laundering checks required by relevant legislation, checks required by card associations and checks to meet relevant regulatory requirements. Client will provide all assistance requested by ipay in carrying out such checks and determining compliance with anti-money-laundering requirements, including the provision of such additional registration or identity verification information as ipay may require at any time. (b) Client consents to ipay sharing with and obtaining from third parties, and to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation, for the purpose of ipay conducting applicable due diligence and identity checks, and Client agrees that such third parties may retain the information shared in this way.

10 (c) Non-satisfaction of the conditions in this clause, including that Client provides information requested by ipay to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of the Client's use of the Service and/or also termination of this Agreement without prior notice to Client Client data and issuing of cards/tags: (a) Client acknowledges that ipay shall provide Cards to Client issued by a third company ( BIN Sponsor ) and authorization of card transactions may be performed by the BIN Sponsor (licensed Issuer), where authorizations of funding transactions with stored cards will be authorized by a third company ( Acquirer ), which third party is a company Principal Member of Card Organizations and a licensed Stored value Institution. For the purposes of Card issuing, blocking and re-issuing, authorization of transactions and charge backs of unauthorized transactions with Card, as well as authorization and settlement of transactions, Client consents to ipay sharing with and obtaining from the BIN Sponsor to the extent permitted by law, information held about Client, including personal data as defined under relevant data protection legislation. Non-satisfaction of the conditions in this clause may result in decline or immediate suspension of the Client's use of the Service. 11. ipay Acceptance Policy and permissible transactions: 11.1 Client may only use the Service in bona fide and in accordance with the functionalities of the Service as defined in the online account of the Service and the use of Card as defined by the Card Organization and in compliance with this Agreement. Client agrees to use the Service only as permitted by: (i) The Agreement; (ii) Characteristics, settings and limits of the Service, including setting of limits and options by Client as allowed by the Service, as published and updated by ipay from time to time on ipay website for the Service or in User Interface for the Service; and (iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions It is strictly forbidden to use the Service in violation of the Agreement, or for any illegal purposes including but not limited fraud, money laundering, tax evasion or other illegal activities. In particular, Client shall under no circumstances use the Service for activities or execution of transactions, which without limitation involve or may involve any of the following: (a) Breach of this Agreement (including, without limitation, providing false identifying data, such as false names, address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by ipay in another way); or (b) Breach or risk of breach by Client or by ipay of any law, statute, contract, or regulation applicable (for example, those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where ipay cannot verify the identity or other data about Client according to regulatory or Internal requirements of ipay, consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or (c) Abuse by him of the reversal or chargeback process provided by Client s bank or credit card company; or (d) Use of the Service in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to ipay, Branch or Agent of ipay; or (e) Initiation of transactions that may be considered to be cash advances or assisting in cash advances from Merchants or to facilitate the purchase of cash equivalents (travellers' cheques or money orders, etc.); or (f) Infringement of ipay or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy; or (g) Use the Service in connection with any other underlying illegal transaction; (h) Use of the Service for any sale of purchase of goods and/or services, which are not acceptable to ipay as determined on ipay website for the Service or instructed in writing by ipay Client may not use the Service and/or may not accept the Agreement and ipay may temporarily stop or terminate the Service or Agreement immediately and without prior notice to Client, if: