E-Money Solution Terms and Conditions
("Terms and Conditions")
Version: 5 / 2024
NOTE: PLEASE BE AWARE THAT YOU CAN ONLY USE OUR SERVICES IF YOU ARE HOLDING AN ACCOUNT WITH THE PARTNER INSTITUTION.
1. General Provisions
1.1. Thank you for choosing our services. The E-Money Solution allows you to use electronic money to load funds onto or withdraw funds from your payment account ("Account") with the Partner Institution ("Partner Institution") at authorised Distribution Outlets ("Distribution Outlets"). A deposit or withdrawal is processed via electronic money onto or from your Account.
1.2. The electronic money is issued and operated by Prepaid Services Company Limited ("we" "us") whose registered office is at is at Part Floor 27, 25 Canada Square, Canary Wharf, London E14 5LQ, United Kingdom (company number 05761861).
1.3. We operate our service under an electronic money licence granted by the UK Financial Conduct Authority (FCA) and is thus subject to the supervision of the FCA (FCA registration number 900021).
1.4. Please read these Terms and Conditions carefully as these are the terms that govern the use of our E-Money Solution.
2. Requirements for the use of the E-Money Solution
2.1. You must hold an Account with the Partner Institution and your identity needs to have been duly verified by the Partner Institution.
2.2. You must log onto your Account within the Partner Institution’s software for mobile operating systems or mobile devices via an application ("Banking App") and choose to use our E-Money Solution to make a loading or a withdrawing of funds using electronic money.
2.3. To use our E-Money Solution you must authorize the Partner Institution to provide us with the information and documents required to proceed to the verification of your identity. Such data and information will be processed by us in accordance with applicable laws and regulations – please also see Section 8 (Data Protection) for further information.
2.4. You must agree to the Terms and Conditions.
3. Using our E-Money Solution
3.1. Our E-Money Solution will enable you to load funds onto and withdraw funds from your Account with the Partner Institution.
3.2. When you are logged onto your Account within the Banking App, you need to choose the transaction type you want to initiate (deposit or withdrawal) and indicate the amount of the transaction you want to make. Based on such information, we will generate a barcode for your desired transaction (deposit or withdrawal) ("the Barcode") and this will be presented to you in the Banking App. Please note that the use of the E-Money Solution is subject to certain thresholds, which are made available to you in Banking App.
3.3. In accordance with applicable strong customer authentication ("SCA") requirements, the authorization of the transaction by the creation of the Barcode has to be preceded by an authentication of the Customer, by the combination of two different and in particular independent components (so-called two-factor authentication). The two-factor authentication is realised by the Partner Institution within the Banking App.
3.4. Each Barcode provided is unique and personal and usable for one transaction only. You are prohibited from providing any of your Barcodes to another person. You are informed of the limited validity period of the Barcode created by the Partner Institution.
3.5. Please visit one of the Distribution Outlets near your location, which will be indicated to you within the Banking App. Upon presenting the Barcode at the Distribution Outlet, you irrevocably authorise us to process the transaction required.
3.6. A transaction executed in compliance with the information provided by you and linked to the Barcode created is deemed to be made by you and under your responsibility.
3.7. If you find that your Barcode is not functioning and cannot be scanned at the Distribution Outlet, you should tell us immediately, by using one of the communication channels listed on our website. If it is not possible to remedy the defect, the Barcode will be cancelled, and you will have to generate a new Barcode.
4. Loading funds onto your Account via electronic money
4.1. You can make a loading by purchasing electronic money at a Distribution Outlet and redeeming that electronic money for a transaction to the Partner Institution.
4.2. You have to go to a Distribution Outlet and present the Barcode for scanning. Upon presenting the Barcode at the Distribution Outlet, you irrevocably authorise us to issue immediately the electronic money and process the payment transaction to the Partner Institution.
4.3. By scanning the Barcode, the Distribution Outlet will verify the validity of the Barcode and the details of the transaction. If the Barcode is not valid you will not be authorized to proceed to the transaction and will have to generate a new Barcode.
4.4. If your Barcode is valid, you will have to pay the Distribution Outlet the amount defined in the Barcode for which we will issue the electronic money related to the amount of the transaction.
4.5. The Distribution Outlet will hand over to you a receipt ticket showing the details of the transaction made by the E-Money Solution. At the same time, we will confirm the transaction to the Partner Institution that will credit your Account with the same amount.
4.6. You can check the transaction records of all the transactions made by E-money Solution at any time on your Banking App.
5. Withdrawing from your Account via electronic money
5.1. In order to make a withdrawing transaction you have to indicate the amount of the withdrawing transaction in the Banking App.
5.2. We will generate a Barcode for the withdrawing transaction that will be provided to you within the Banking App.
5.3. By requesting the generation of the Barcode you ask the Partner Institution to authorise the transaction and reserve that amount within your Account with the Partner institution, in order for you to receive that amount in electronic money from the Partner Institution. If you do not have sufficient funds on your Account, the Barcode will not be created, and the request for the transaction will be cancelled.
5.4. To withdraw your funds, you must go to a Distribution Outlet and present the Barcode for scanning. Upon presenting your Barcode the transaction as requested by you and authorised by the Partner Institution will be executed and you will be able to request redemption of the electronic money amount assigned to you at the Distribution Outlet against cash.
5.5. The Distribution Outlet will redeem the e-money to you in cash (banknotes and coins) and hand over to you a receipt showing the details of the transaction made by E-money Solution.
6. Your duty to take due care, security and Barcode protection
6.1. You must keep your credentials for your Account, the Banking App and your Barcode safe and protect it from access by unauthorised third parties. All transactions made using your Barcode will be treated as being authorised by you.
6.2. If you believe any of your transactions are incorrectly executed, you must notify us without undue delay but within 13 months of the date of the debit. If you believe your Barcode has been stolen, you must inform us without undue delay by one of the contact options listed on our website www.paysafecard.com, so that any remaining electronic money funds can be blocked.
6.3. Subject to Section 7 (Liability) below, unless we have reason to suspect fraud, deliberate or negligent behaviour on your part and as long as your claim is made within the time limit specified, we will provide you with a new Barcode for the amount under investigation.
7. Liability
7.1. If you are affected by something which is our fault, we will only be responsible for loss you suffer as a direct result up to a maximum of the amount of the transaction requested or executed by the E-money Solution and not for any other loss (for example, loss of reputation).
7.2. In the case of a transaction that was incorrectly executed due to an error by us, we shall, as soon as practicable, and at our sole discretion either
7.2.1. issue you with a new Barcode to process the transaction or, (ii) transfer to your Payment Account the payment amount including all fees deducted therefrom.
7.3. This shall not apply, and you shall be responsible for all losses:
· if you have acted fraudulently or compromised the security of the E-money Solution with intent or gross negligence;
· if you have failed to comply with the present Terms and Conditions, in particular with Section 6;
· or if you fail to dispute and bring the incorrectly executed transaction to our attention within 13 months from the date of the transaction.
7.4. In the case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and recovering such payments.
7.5. Subject to the foregoing, we shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control, or the control of the intermediary affected.
7.6. We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.
7.7. Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.
7.8. We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from your use of the E-money Solution provided in these Terms and Conditions.
7.9. We accept no responsibility or liability for a Partner Institution refusing to open a Payment Account or refusing to issue a Barcode to you. 7.10. We are not liable to you for any losses caused by acts of God, riots, war, natural disasters or other occurrences which are beyond our reasonable
7.9.1. control.
7.10. We do not guarantee the permanent availability of the E-money Solution, in particular the availability of the systems of Distribution Outlets or the availability of the systems of Partner Institutions.
7.11. By accepting these T&Cs you acknowledge that the UK Financial Services Compensation Scheme (FSCS) does not apply to the E-Money Solution.
8. Data Protection
8.1. All personal data is handled in accordance with our Privacy Policy which is available at www.paysafecard.com.
8.2. To use our E-money Solution you must authorize the Partner Institution holding your Payment Account to provide us with the information and documents required to proceed to the verification of your identity.
9. Complaints
9.1. If you are unhappy in any way with our E-Money Solution or the way our service is managed, tell us by e-mailing info@paysafecard.com so we can investigate the circumstances for you.
9.2. If your request is related to a transaction executed by the E-Money Solution, you will need to provide us with the transaction details or the receipt ticket that was given to you at the Distribution Outlet.
9.3. Any complaints you make regarding the E-Money Solution will be dealt with swiftly and fairly. Should you be unsatisfied with the way we handle your complaint, you are also able to take your complaint to the Financial Ombudsman Service in South Quay Plaza, 183 Marsh Wall, London E14 9SR, phone 0800 023 4567 or +44 (0)20 7964 0500 (for calls from abroad) or by e-mail to complaint.info@financial-ombudsman.org.uk. In the case of complaints that cannot be otherwise resolved, English courts have non-exclusive jurisdiction.
10. Governing law
10.1. These terms and conditions are governed by laws of England and Wales. If any clauses or parts of clauses are ineffective, the effectiveness of the remainder of the clause and the contract shall not be affected. The English courts have non-exclusive jurisdiction.
