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User Agreement

Terms and Conditions of

User Agreement

  1. INTRODUCTORY PROVISIONS
    1. PayWiser Limited, company code 10677553, with a registered office at 36-38 Westbourne Grove, Bayswater, London W2 5SH, UK, (hereinafter referred to as PayWiser) is a company registered in accordance with UK law and listed in the Companies House of UK.
    2. PayWiser is a distributor of electronic money for PayrNet Limited, a company incorporated in England and Wales (company number: 09883437) with its head office at “PayrNet, WeWork, 3 Waterhouse Square, 138 Holborn, London, EC1N 2SW, UK” and registered office at “Kemp House, 152 City Road, London, United Kingdom, EC1V 2NX” (hereinafter referred to in this Agreement as “Payrnet”). Payrnet is an Electronic Money Institution (“EMI”) and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (“EMR 2011”) (register reference 900594) for the issuing of electronic money and payment services. PayWiser provides all services related to electronic money and payment services through Payrnet.
    3. These General Terms and Conditions for Electronic money issuance and redemption and payment services (hereinafter: Terms) represents a framework contract (hereinafter: Contract), which constitutes the business conditions between PayWiser and Users. These Terms cover the rights and obligations of Users and how the services are used.
    4. These Terms apply to all Users of the services, unless otherwise agreed by special agreement between PayWiser and individual User.
    5. Any individual service or product within PayWiser’s scope of services may also have its own additional Terms and Conditions. If there are third party providers or contractors, they will be listed in the Terms and Conditions.
    6. An integral part of these Terms is the Price List, which is available on the website www.paywiser.com and on PayWiser Mobile Application, as well as all other terms, policies and other information on the services.
  2. DEFINITIONS
    1. The following words, when used in this Contract or any document referred to herein, shall have the following meaning:
      • Account/Payment Account means the electronic money and payment account the User has opened or is about to open with PayWiser and is operated by PayWiser;
      • Business Day means a day established by PayWiser on which PayWiser participating in the execution of a payment transaction, carries out activities necessary for such payment transaction. PayWiser may establish different Business Days for the provision of different services and/or for the execution of different payment transactions. Unless the Contract or its annexes establishes otherwise, a Business Day of PayWiser means a day, other than Saturday or Sunday, or other national or banking holiday day, set forth by the legal acts of the UK and participating stakeholders;
      • Confidential Information means any information which is marked as “Confidential” or “Proprietary” or should be reasonably expected to be confidential having regard to the context of disclosure or the nature of the information; including, without prejudice to the generality of the foregoing, business plans, data, strategies, methods, User and User lists, technical specifications, transaction data and User data shall be deemed confidential;
      • Consumer means a natural person who operates under this Contract and does not pursue aims which are not consistent with business, commercial or professional activity of this person;
      • Contract means this framework contract and its annexes, if any.
      • User means a natural or legal person who uses or has requested to use or has at any point been recorded or acknowledged as the participating entity within the services provided by PayWiser;
      • User’s Account means the User’s profile or any kind of user track history, transaction history or other information in regards to the user in PayWiser’s system.
      • Verified User means a User that is issued a Payment Account with higher limitations and more features/functionalities (Full Payment Account);
      • KYC process means “Know-Your-Customer” process through which PayWiser collects all necessary information on the User according to Applicable laws;
      • Commission fee means a fee (charge) applied by PayWiser for the payment transaction and/or related payment services, services linked to the Account or which is related to these services;
      • Durable medium means any instrument which enables the User to store information addressed personally to that User in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored;
      • Electronic money means electronically, including magnetically, stored monetary value as represented by a claim on the PayWiser which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the PayWiser. Electronic money is issued to Users by PayWiser (the issuer of electronic money) under these terms and conditions;
      • Foreign country means a country other than a member state;
      • Member State means a Member State of the European Union, of the European Economic Area, as well as Monaco, San Marino and Switzerland.
      • PayWiser Wallet is an account service for Verified Users that enable the User to use electronic money in order to make payment transactions with other Verified Users or transfer the funds to 3rd party recipients (for instance account holders at 3rd party financial institutions, providers of goods and services etc) through PayWiser mobile application or via WEB interface.
      • PayWiser Mobile Application is a mobile application that enables the User to use the services connected to the PayWiser Wallet. The PayWiser Mobile application can be downloaded free of charge from official marketplaces (App Store, Google Play, etc.) to Users mobile device.
      • PayWiser Merchants means merchants who accept payments via PayWiser Mobile application or PayWiser Wallet for their goods and services;
      • Payment order generally means any instruction (payment request) by the payer or payee to his payment service provider requesting the execution of a payment transaction;
      • Payment transaction means depositing, transfer or withdrawal of funds initiated by or on behalf of the payer or by the payee irrespective of the obligations of the payer and the payee on which the transaction is based;
      • Party means PayWiser or the User;
      • Payment instrument means any personalized device and/or certain procedures agreed between the User and PayWiser and used by the User for the initiation of a Payment order;
      • Payer means a natural or legal person who holds a payment account and allows a Payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a Payment order;
      • Payee means a natural or legal person who is the intended recipient of funds which have been the subject of a Payment transaction;
      • SEPA stands for Single Euro Payments Area. It enables clients to make and receive payments in euro, under uniform rules and procedures, inside or outside national borders, under the same basic conditions and with the same rights and obligations, regardless of their geographical area.
      • Services means the services provided by PayWiser under this Contract;
      • Statement means a document prepared and provided by PayWiser, which includes information about Payment transactions executed during the specific period of time;
      • Strong User authentication measures means an authentication based on the use of two or more elements categorized as knowledge (something only the User knows), possession (something only the User possesses) and inherence (something the User is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;
      • TARGET 2 means a payment system owned and operated by the Eurosystem. It is Europe’s leading platform for large-value payments processing and is used in real time by both central banks and commercial banks in the EU to process payments in euro.
      • Third party means any natural or legal person, other than the Parties;
      • Unique identifier means a combination of letters, numbers or symbols specified to the payment service User by the payment service provider and to be provided by the payment service User to identify unambiguously another payment service User and/or the payment account of that other payment service User for a payment transaction. The Unique Identifier may be the individual number by IBAN number;
      • Video identification means identification of persons using video and audio connection over the Internet network according to the prescribed procedure. The result of the procedure is information collected during the process and the decision whether or not the person’s identity is confirmed.
      • Applicable laws means Electronic Money Regulations 2011, Payment Services Regulations 2017, Proceeds of Crime Act 2002 (POCA), the Terrorism Act 2000 and the Money Laundering, Terrorist Financing and Transfer of Funds 2017 as amended from time to time.
  3. APPLICATION OF THE CONTRACT
    1. In addition to these Terms and all its changes, relationships pertaining to the provision of Services shall also be governed by Applicable laws and other legal acts of the UK, Price List and additional annexes signed by the Parties as well as the principles of soundness, justice and fairness in the provision of Payment services.
    2. These terms determine the main terms and conditions between the User and PayWiser when the User registers in PayWiser’ system, opens a Payment Account and uses other Services provided by PayWiser connected to the Payment Account.
    3. Upon registering for the service, the User explicitly confirms that he/she is aware of the content of these Terms and agrees with them.
    4. The User has the right to request at any time from PayWiser a copy of these Terms and all other documents, which are a part of the contractual relationship, in paper form or on another durable medium.
  4. SERVICES PROVIDED BY PAYWISER AND ITS PARTNERS
    1. PayWiser provides to Users the service of opening a Payment Account, which is opened with Payrnet.
    2. Special conditions for electronic money services provided through the Payment Account with Payrnet apply and are available on www.paywiser.com or subpages therein.
    3. PayWiser Wallet is a service for Verified Users that enables the User to manage its Payment Account and has a set of functionalities related to payments (Top-up, Payment transactions, Internal Transactions, Redemption etc.) and other functionalities (PIN change etc.). The User manages its PayWiser Wallet through PayWiser Mobile Application or via Web interface.
    4. PayWiser Mobile Application is a mobile application that enables the User to use the services connected to the PayWiser Wallet.
    5. The User can open a Payment Account with PayWiser on www.paywiser.com or subpages therein.
    6. The User can open a Payment Account with PayWiser by installing the PayWiser Mobile Application for free on his/hers mobile device and registering to use the PayWiser Wallet. The PayWiser Mobile Application can be downloaded free of charge from official marketplaces (App Store, Google Play, etc.).
    7. Special Terms and Conditions for the use of PayWiser Mobile Application apply and are presented to the User prior to the installation of the application. The Terms and Conditions for the use of PayWiser Mobile Application are available on www.paywiser.com or subpages therein.
    8. PayWiser Wallet may also be accessed via Web interface on other supported devices (PC etc.). Information and link to Web interface are available on www.paywiser.com or subpages therein.
    9. These Terms regulate the opening of the PayWiser Payment Account and the use of PayWiser Wallet and its functionalities, as well as all rights and obligations of both Parties regarding the opening and use of the PayWiser Payment Account and other Services.
    10. Verified User are entitled to order a VISA Debit Card upon successful verification for the PayWiser Payment Account. Special Terms and Conditions apply for the service of issuing of a VISA Debit Card, which are available on the website www.paywiser.com or subpages therein and on PayWiser Mobile Application.
    11. Any additional service, that is not regulated in these Terms, can be subject to separate Terms and Conditions available on www.paywiser.com or subpages therein and on PayWiser Mobile Application.
    12. By agreeing to these Terms and Conditions, the User agrees that the purpose and intended nature of the business relationship is opening of a Payment Account for the purpose of execution of payment transactions.
  5. GENERAL PROVISIONS ON THE ACCOUNT OPENING AND IDENTIFICATION
    1. The User must first submit the application of registering and opening the User’s account at PayWiser, complete the onboarding procedure and upload all requested documents:
      • Natural persons – the User shall provide including, but not limited to, the following information and documents to PayWiser – ID card or passport, which shall indicate at least name, surname, personal code, date of birth and etc., the filled User’s questionnaire, other information or documents, which PayWiser may request based on the individual circumstances and which would allow PayWiser to verify the User’s identity;
      • Legal entities (Corporates) – the User shall provide including, but not limited to the following information and documents to PayWiser – Business license or the extract from the public registers of the relevant authority about the User as legal entity, which shall indicate at least the basic information about User – registered name, registered location, registration number, tax registry number, power of attorney which shows that the legal representative of the legal entity is enable to concluded this Contract with PayWiser, the filled User’s questionnaire, other information or documents, which PayWiser may request based on the individual circumstances and which would allow PayWiser to verify the User’s identity.
    2. The level of information to be provided is dependent on the product or service of PayWiser the User wants to use (Full Payment Account, Business Account).
    3. Special Terms and Conditions for electronic money services upon opening a Payment Account for natural persons/Consumers (Payment Account) are accessible on www.paywiser.com or subpages therein.
    4. Special Terms and Conditions for electronic money services upon opening a Payment Account for legal entities/Corporates (Business Account) are accessible on www.paywiser.com or subpages therein.
    5. The User is informed and agrees that PayWiser has the right to require the User to provide the original documents and/or the copies of documents approved by a notary or another person authorized by the particular state.
    6. In order to ensure the User identification or to perform other necessary duties, PayWiser has the right to demand the User to complete specific procedure or video identification through any partner of PayWiser.
    7. The User confirms that all the data provided during the registration process is correct and up to date. During the ongoing business relationship, if there are any changes in the provided data, the User is obligated to provide updated information as soon as possible, but not later than 5 (five) Business Days after the changes.
    8. Before registering in the PayWiser’s system, the User has a possibility to get acquainted with this Terms which are available on the PayWiser’s website www.paywiser.com or subpages therein in English language. After the User reads the current version of this Terms, the User shall mark the relevant “check-box” by pressing “yes”. In case if User chooses to press “no” or does not mark any “check-box”, it means that contractual relationship is not concluded between PayWiser and the User.
    9. PayWiser has the right to refuse to register the new User without indicating the reasons, however, PayWiser assures that the refusal to register will always be based on significant reasons which PayWiser does not have to or does not have the right to reveal.
    10. Once the documents and information provided by the User is checked by PayWiser and there is no basis which may allow to refuse to provide Service in accordance with applicable laws and internal policies of PayWiser, the User is entitled to start to use the Services provided by PayWiser and the User’s Account.
    11. The User is entitled to open one Account unless PayWiser explicitly approves the opening of additional accounts.
    12. PayWiser does not allow Users who are domiciled in countries where there is an increased or high risk of money laundering or terrorist financing (at-risk country) using the PayWiser services.
    13. If the User KYC process reveals that the Mobile Number Holder (MSISDN) and thus the User is a citizen or has a permanent or temporary residence in a country on the list of increased or high risk of money laundering and terrorist financing, PayWiser reserves the right to terminate the contract and close the User’s Payment Account and refund him the amount of balance remaining in User’s Payment Account.
  6. REGISTRATION, VERIFICATION AND USE OF PAYWISER WALLET
    1. The User accesses and manages its Payment Account through PayWiser Wallet or other interfaces provided by PayWiser or affiliates.
    2. PayWiser Wallet can be accessed by installing the PayWiser Mobile Application for free on User’s mobile device and registering to use the PayWiser Mobile Application. PayWiser Wallet may also be accessed via Web interface.
    3. After the KYC procedure resulted in an successful verification and customer acceptance, the User becomes a Verified User, the Payment Account is opened and the user is granted access to it.
    4. Verified User is issued a Payment Account with limitations and features/functionalities set out by PayWiser (Full Payment Account). If these Terms do not state otherwise, all services and functionalities of the Payment Account are accessible to Verified Users.
    5. Full Payment Account for Verified Users
      1. A new User can open a Full Payment Account at any time by completing the KYC process and becoming a Verified User.
      2. The User firstly has to register with his/her mobile phone number (MSISDN), which has to be confirmed by entering a one-time password received in an SMS message. The User has to provide and confirm its e-mail address, which also has to be verified.
      3. User’s Payment Account is uniquely linked to the email address and mobile phone number provided in the registration process. Change of the e-mail address or mobile phone number is possible for Verified Users after the registration process is completed. A single email address and mobile phone number can only be registered with one User account at a time. Only one of each email address and mobile phone number may be linked to one Payment Account at a time. If the same mobile phone number or email address registered with existing User Payment Account is submitted in the process of opening a new User Payment Account, the process declines to continue.
      4. Prior to successfully registering, the User has to accept the Terms.
      5. The mandatory information to become a Verified User is:
        • Full name (Name and Surname),
        • Personal number and/or Date of birth,
        • Residential address,
        • Personal document details (document number, expiry date, issuing date, country and issuing government agency),
        • Gender,
        • Nationality,
        • Proof of address,
        • »Selfie« (picture of the User),
        • Picture of both sides of the provided personal document with signature,
        • E-mail address,
        • Mobile-phone number (MSISDN).
      6. PayWiser reserves the right to request any additional information at any time at its own discretion, pending a denial to open an account or freeze or close existing account if additional information is not submitted within time and content required.
      7. PayWiser collects personal information about the User and other information about the User through the PayWiser Mobile Application or WEB Interface. During the collection of requested information, the User is required to enter their personal identification information and submit a photo of both sides of their identification document and a photo of the User taken while using the desktop/mobile application (»selfie«). A video conference is conducted to verify the information, using a third-party provider. The facial image of the User and the original of the identity document that is clearly shown by the User is recorded at the time of direct video streaming.
      8. Depending on KYC level required, PayWiser agents or third party agents can be present during the video session or shortly after and at any point of the information assessment,  verification, control or audit, with a power to influence the result of onboarding process or account status.
      9. After successfully completing the KYC process and customer acceptance, the User becomes a Verified User and a unique identification number (User ID) is assigned to the User.
      10. Full Payment Account means that the Verified User can conduct transactions and use all services through PayWiser Payment Account with all functionalities set out in these Terms and Conditions. Limitations of transactions may apply in accordance with internal policies of PayWiser.
      11. PayWiser reserves the right to freeze or close the User Account at its own discretion.
    6. Using PayWiser Wallet and PayWiser Mobile Application or Web interface
      1. The User is obliged to use the PayWiser Wallet in accordance with these Terms, Price List and any instructions available on PayWiser Mobile Application or publicly published and accessible on www.paywiser.com or subpages therein, in accordance with the applicable regulations, manner and content that are consistent with the purpose for which the PayWiser services are provided.
      2. In the event of any breach, the infringing User is liable to PayWiser and third parties for all damage suffered, and PayWiser has the right to prevent the User from continuing to use the PayWiser Wallet and all Services.
      3. When using the PayWiser Wallet through PayWiser Mobile Application, data is transmitted via the User’s mobile phone and, in certain cases, SMS communications or dial-up or other connections. The use of the services of the User’s mobile operator depends on the terms and prices thereof.
      4. The User, who enables the use of his/her mobile telephone to other persons is solely responsible for any damages that arise as a consequence of such actions.
      5. Limitations on the use of the PayWiser Wallet are determined in accordance with the Applicable laws and at the same time in accordance with the internal rules of PayWiser and are set out in these Terms and instructions available on PayWiser Mobile Application or publicly published and accessible on www.paywiser.com or subpages therein.
      6. All functionalities of PayWiser Wallet are defined in these Terms.
  7. PAYMENT SERVICES IN PAYWISER WALLET
    1. PayWiser reserves the right to terminate, freeze or refuse any services, including but not limited to access to User Account, transaction requests, inflows and outflows of funds on his own discretion and in accordance with applicable laws and internal policies of PayWiser.
    2. PayWiser reserves the right to hold any funds on user account if there are reasons to suspect any unlawful activities or behaviour inconsistent with applicable laws and internal policies of PayWiser. Such funds may be held until the issues are resolved.
    3. Verified Users may perform different types of payment transactions from PayWiser Wallet.
    4. PayWiser payment Account supports euro (EUR) and pounds (GBP) holdings and transactions. PayWiser may support additional currencies from time to time.
    5. Each payment request is authorized and confirmed, quarantined or rejected by the PayWiser system.
    6. Quarantined payment requests are subject to PayWiser internal approval process.
    7. The Payment Account Balance is reduced/enlarged immediately after a successful payment transaction.
    8. PayWiser shall approve and execute any payment transaction for which the User has submitted a payment request or consent (Confirmation), unless the conditions for rejecting the transaction exist.
    9. PayWiser refuses to carry out the transaction if:
      • by executing the payment request, the User exceeds the value limits of Applicable laws or other restrictions set by PayWiser or self-made restrictions by the User,
      • the User does not have sufficient funds in the Payment Account,
      • the User enters an incorrect PIN code to confirm the payment transaction,
      • the User account is blocked, frozen or suspended,
      • the PayWiser system and/or electronic communications network is disrupted at the time of requesting the transaction,
      • if PayWiser suspects possible misuse of the Payment Account.
      • Any other reason subject to PayWiser discretion.
    10. PayWiser shall, on the basis of the conditions set out in the previous point, confirm or reject the payment transaction and immediately inform the User accordingly via the PayWiser Mobile Application or Web interface.
    11. Within the limits of the User’s Payment Account and subject to the limitations set out in these Terms, the User may perform the following actions (payment transactions):
      • Top-up of the Payment Account,
      • Payment transactions for goods and services,
      • Perform Internal Transaction,
      • Redeem funds from the Payment Account.
    12. Different types of payment transactions are described below.
    13. Other services/functionalities of the PayWiser Wallet (PIN change etc.) are performed through PayWiser Mobile Application or Web interface and are subject to Terms on the Use of PayWiser Mobile Application.
    14. Top-up of the Payment Account
      1. Top-up function of Verified Users are subject to the limits set out by PayWiser.
      2. User can Top-up (fill) its Payment Account:
        • By transferring funds from a bank account: the User completes a payment order to the User’s Payment Account held by PayWiser. The approval reference and purpose are completed by the User in accordance with the instructions published on the website www.paywiser.com or subpages therein and in the PayWiser Mobile Application. The instructions are accessible by selecting the »Deposit« section of the PayWiser Mobile Application or Web interface and copying the transactional information (Account Number, Reference etc.) to the payment order. The funds in the Payment Account of the User who correctly filled in the payment order information shall be increased immediately upon receipt of the funds into the PayWiser account. In case the User incorrectly fills in the transfer information, PayWiser returns the funds to the payer.
        • By using a Debit or Credit card (Mastercard, VISA or other): The User completes the required information on the »Deposit« form inside the PayWiser Wallet according to the instructions published on the website www.paywiser.com or subpages therein and in the PayWiser Mobile Application. The funds in the User’s Payment Account are increased immediately after a successful transaction.
        • With receipt of funds from another User (Internal Transaction): in order to recharge in this way, a User wishing to recharge their Payment Account may forward a request for funds transfer to another User or another User may send the funds to another User’s Payment Account. Receiving funds from another User immediately increases the balance of funds in the Payment Account.
      3. Prior to allowing a Top-up transaction, the PayWiser checks the information of the payer and payee and the status and limitations of the payer and payee.
      4. Any request for account top-up is authorized, validated or denied by PayWiser.
    15. Payment transactions for the purchase goods and services
      1. Payment transactions for the purchase of goods and services of Verified User may be subject to limitations in accordance with internal policies of PayWiser.
      2. Verified User, who has obtained a PayWiser VISA Debit Card in accordance with the Terms and Conditions for the service of issuing a VISA Debit Card (available on the website www.paywiser.com or subpages therein and on PayWiser Mobile Application) may pay for goods and services at any point of sale that accepts VISA Debit Cards.
    16. Internal transactions
      1. Internal Transactions between PayWiser Users (i.e. Verified Users who have a valid Payment Account and use PayWiser Wallet) are enabled for Users, meaning that PayWiser Users may  transfers electronic money from their Payment Account to the account of another User or receive money from another User.
      2. Internal transactions are transfers of funds from one PayWiser Payment Account to another PayWiser Payment Account, held in the name of different Users.
      3. Internal transactions of Verified User may be subject to limitations in accordance with internal policies of PayWiser.
      4. By using the PayWiser Wallet via PayWiser Mobile Application or Web interface, a User can send (»Send function«) or request (»Request function«) the transfer of the PayWiser e-money from/to another User’s Payment Account.
      5. A User can send funds to another User of PayWiser Wallet (»Send function«). Send function means that the User initiates the transfer from his/hers Payment Account to a Payment Account of another User.
      6. A User can request funds from another User of PayWiser Wallet (»Request function«). Request function means that the User would like to initiate the transfer from another User’s Payment Account to his/her Payment Account. Request function is dependent on the confirmation from the User who receives the Request. After the User agrees to and confirms the Request, the procedure is the same as if he/she would initiate a Send function.
      7. PayWiser performs payment transactions between Users on the basis of a payment function (Send or Request) ordered by the Users. Send function is initiated by the payer, Request function is initiated by the payee. The Request transaction is initiated only after the User (payer) accepts and confirms the Request.
      8. PayWiser accepts Internal Transaction requests (Send or Request) from Users and providers 24 hours a day, all days of the year.
      9. Conditions for carrying out the transfer:
        • the proper balance in payer’s PayWiser Wallet,
        • checking if the limits of transactions for both the payer and the payee are respected.
      10. If the conditions of the preceding paragraph are fulfilled, PayWiser shall immediately carry out a transfer of funds or, if the conditions are not fulfilled, reject the transaction.
    17. Redemption of funds
      1. Verified User may redeem funds within the limits set out in these Terms or other special Terms (ex. Card Terms).
      2. The User may, at any time, in accordance with these Terms and the applicable Price List published on the website www.paywiser.com or subpages therein and on PayWiser Mobile Application, redeem funds from the Payment Account.
      3. Funds can be redeemed by:
        • By transferring funds to a IBAN account – the User can transfer funds from his Payment Account using the  PayWiser Mobile Application or Web interface to any IBAN account in the SEPA area at any time, in accordance with these Terms and the applicable Price List published on the website www.paywiser.com or subpages therein and on PayWiser Mobile Application. This is done by filling in all the required fields in the »Withdraw« section of the PayWiser Mobile Application and confirming the transfer. The funds are transferred from the PayWiser’s fiduciary account to the bank account specified by the User on the same or the next business day (depending on the time of receipt of the User’s withdrawal request and the payment system operating schedule). If the User does not have access to the online application, he/she can apply for the redeeming of funds via e-mail and PayWiser shall provide further instructions.
        • By cash withdrawal from ATM machine if the User of the Payment Account has obtained a VISA Debit Card (Special Terms apply for the service of issuing a VISA Debit Card, which are available on the website www.paywiser.com or subpages therein and on PayWiser Mobile Application).
      4. Ordering the redemption of e-money
      5. Verified Users may submit to PayWiser a request for the redemption of funds (Withdrawal request).
      6. Within the PayWiser system, PayWiser accepts redemption requests in accordance with the working hours. For PayWiser redemption requests, PayWiser is deemed to have received the redemption request on the day it received the redemption request from the User. For requests received after 1pm or Saturday, Sunday, national holidays in UK and holidays in countries where PayWiser’s partners operate (not limited to 1.1., Easter Friday, Easter Monday, 1.5., 25.12. And 26.12.), which represent a non-working day for the TARGET2 payment system, are deemed to have been received the next business day.
      7. Conditions for carrying out the redemption:
        • the proper balance in User’s PayWiser Wallet,
        • checking if the limits of transactions are respected,
        • no reason for the suspension of the transaction according to PayWiser’s internal policies or applicable laws.
      8. PayWiser will, as a rule, make payments to the bank account specified by the User, provided that the conditions from the previous point and any other restrictions from these conditions are fulfilled, within three working days at the latest.
  8. TERMS OF ELECTRONIC MONEY ISSUANCE AND REDEMPTION
    1. Money held on User’s Payment Account is considered Electronic money which shall be issued by Payrnet after the User’s transfer or deposit money to the Payment Account.
    2. Special conditions apply for services related to the issuance and redemption of electronic money and are published on the website www.paywiser.com.
    3. After a deposit is performed by the User or money transfer to User’s Account is successful and after Payrnet receives the money, Payrnet issues electronic money at the nominal value and credits it to User’s Payment Account. The Electronic money is credited to and held on User’s Payment Account.
    4. The specific method of Top-up (depositing or transferring funds to User’s Payment Account) is selected by the User in the PayWiser Wallet by choosing particular function, which contains instructions for depositing money for each mean of payment (bank transfer, Debit or Credit Card, SEPA, SWIFT, etc.).
    5. Payrnet shall issue Electronic money at par value on the receipt of funds from Users.
    6. The User is informed and acknowledges that the Electronic money held on User’s Account is not a deposit and PayWiser does not, in any circumstances, pay any interest for Electronic money held on User’s Account and does not provide any other benefits associated with the time period the Electronic money is stored.
    7. At User’s request, Electronic money held on User’s Account shall be redeemed at their nominal value at any time, unless otherwise agreed by PayWiser and the User.
    8. When Electronic money is requested to be redeemed before the expiry of this Contract, the User may request the return of part or all of the monetary value of the electronic money.
    9. The User submits a request for redemption of Electronic money by generating a Payment order to transfer Electronic money from User’s Account held in PayWiser to any other account specified by the User.
    10. No specific conditions for redemption of Electronic money that would differ from the standard conditions for transfers and other Payment transactions performed to the User’s Account shall be applied. The amount of redeemed or transferred Electronic money is chosen by the User.
    11. No additional fee for Electronic money redemption is applied. In the event of redemption of Electronic money, the User pays the usual Commission fee for a money transfer or withdrawal which depends on the method of Electronic money transfer or withdrawal chosen by the User. Standard Commission fees for money transfer or withdrawal are applied, according to PayWiser Price List.
    12. When the User applies for redeeming Electronic money at the expiration of this Contract or no more than 1 (one) year from the expiration of this Contract, all monetary value of the Electronic money held by the User is redeemed.
    13. Provided that the User terminates this Contract and submits the request to close his/her Payment Account and delete User’s Payment Account from PayWiser system, or PayWiser terminates the provision of PayWiser’ Services to User and deletes User’s Account from PayWiser system in cases specified in present Contract, money held on User’s Account shall be transferred to User’s bank account or to the account in another electronic payment system indicated by the User. PayWiser has the right to deduct from the repaid money the amounts that belongs to PayWiser (prices for Services provided by PayWiser and expenses which have not been paid by the User, including but not limited to, damages and default interests incurred by PayWiser due to a breach of this present Contract committed by the User, which have been imposed by financial institutions and (or) other competent authority of the state. In the event of a dispute between PayWiser and the User, PayWiser has the right to detain money under dispute until the dispute is resolved.
    14. In case PayWiser fails to repay the money to the User due to reasons beyond the control of PayWiser (for example, other account indicated by the User where money shall be transferred is closed, technical problems incurred by the payment service provider, where the User has another account and etc.), the User shall be notified thereof within reasonable time frame. The User shall immediately indicate another account or provide additional information necessary to repay the money.
  9. GENERAL TERMS ON THE PROVISION OF THE PAYMENT SERVICES
    1. Authentication data and information to be provided in Payment order
      1. Authentication data for accessing the User Payment Account through PayWiser Wallet are set by the User. Authentication data shall refer to:
        • Login name and password. Login name is the combination of the number provided to the User after registration process is finished and PayWiser issued the confirmation that the User is able to use the Services. Password – a static alphanumeric string exclusively and personally determined by the User. PayWiser shall not have access to the password, nor shall request it from the User at any time.
        • Special code which the User will receive to his/her mobile phone after initiating the Payment transaction (optional). The User shall confirm the special code received to his/her mobile by entering the password. The Payment transaction shall not be executed without the entering special code.
      2. The maximum time without activity by the User after being authenticated for accessing its Account online shall not exceed 5 minutes. After 5 minutes, the session is over, and the User has to login again. If the authentication data are incorrectly entered three times, PayWiser shall be entitled to block these authentication data.  The User shall be alerted before the block is made permanent. In case of blocking User’s account in accordance with incorrectly entered authentication data, the User shall apply to PayWiser and make the verification again. Only after the successful verification, the User shall be entitled to receive new authentication data on request.
      3. Unique identifier shall be provided by the User in order for a Payment order to be properly initiated or executed. PayWiser shall credit the funds to and debit them from the Account according to the Unique Identifier specified in the Payment order received by PayWiser.
      4. PayWiser is not liable if the Unique identifier is not provided in the Payment order and/or it is incorrectly entered by the User. However, PayWiser shall make reasonable efforts to recover the funds involved in the Payment transaction.
      5. The User is informed and agrees that the PayWiser has the right to request additional and/or other mandatory information (for example amount and currency, Payee’s name, surname/name of the legal entity/code of the payment) which must be submitted to PayWiser in order execute properly the Payment order.
    2. The form of and procedure for giving consent to initiate a Payment order or execute a Payment transaction
      1. The Payment transaction is considered to be authorized only when the User expresses its consent for the execution of Payment transaction in PayWiser Wallet.
      2. The consent shall be authorized by using the authentication data – login details during the time of the creation of the Account and/or security code. The consent may be expressed by other form and manner needed for the concrete service.
      3. The Consent of the User (Payer) shall be submitted prior to the execution of the Payment transaction.
      4. In the case of a direct debit, the User’s (Payer’s) consent must be given to PayWiser and in the cases established by PayWiser such Consent may be given to the Payee or to the Payee’s payment service provider.
      5. The procedure of revocation of the Payment order:
        1. Consent may be withdrawn by the Payer at any time, but no later than at the moment of irrevocability in accordance with the Clauses 9.2.5.2 – 9.2.5.5 of these Terms. Consent to execute a series of payment transactions may also be withdrawn, in which case any future Payment transaction shall be considered to be unauthorized.
        2. The User shall not revoke a Payment order once it has been received by the Company, except for cases provided in this Contract;
        3. Where the Payment transactions is initiated by or through the Payee, the Payer shall not revoke the Payment order after giving consent to execute the Payment transaction to the Payee;
        4. In the case provided for in the Clause 9.3.6 of this Contract, the User may revoke the Payment order at the latest by the end of the Business day preceding the agreed day.
        5. Upon expiry of the time limits laid down in the Clauses 9.2.5.2 – 9.2.5.4 of this Contract, the Payment order may be revoked only if agreed between the User and PayWiser, and in the cases provided for in the Clause 9.2.5.3 of this Contract, the consent of the Payee is required.
    3. Moment of receipt of the Payment order, requirements applied to the Payment order and refusal to execute the Payment order
      1. The User shall ensure that in User’s Payment Account has enough funds necessary for the execution of the User’s Payment order. If the User does not have sufficient funds at the moment when the User’s Payment order is presented, PayWiser has the right to refuse to execute the User’s Payment order, unless otherwise agreed by the Parties.
      2. PayWiser shall process Payment orders given by the User without undue delay, provided that at the moment of maturity there are enough funds on the User’s Account, from which the payment is to be debited.
      3. In case where the User is the Payer, the Payment order is considered received by PayWiser on the day of its reception, or, if the moment of reception of the Payment order is not the Business day of PayWiser, the Payment order is considered received on the next business day of PayWiser.
      4. The Payment order that was received by PayWiser on the Business day of PayWiser, but not on business hours set by PayWiser, is considered received on the next business day of PayWiser.
      5. Funds from the Payer’s Account shall not be debited before the Payment order is received by PayWiser.
      6. If the User initiating a Payment order and PayWiser agree that execution of the Payment order shall start on a specific day or at the end of a certain period or on the day on which the Payer has put funds at the PayWiser’s disposal, the time of receipt is deemed to be the agreed day. If the agreed day is not a Business day for PayWiser, the Payment order received shall be deemed to have been received on the following Business day.
      7. Payment orders inside the system of PayWiser are executed immediately (up to a few minutes, unless the Payment transaction is suspended due to cases set forth by legal acts and this Contract), regardless of business hours of PayWiser.
      8. PayWiser has the right to record and store any Payment orders submitted by any of the agreed means and to record and store information about all Payment transactions performed by the User or according to Payment orders of the User. Records mentioned above may be submitted by PayWiser to the User and/or Third party, who have the right to receive such data under the basis set forth in the applicable laws or contractual basis, as evidence confirming the submission of Payment orders and/or executed Payment transactions.
      9. PayWiser has the right to refuse to execute a Payment order in case of a reasonable doubt that the Payment order has been submitted by the User or an authorized representative of the User or if Payment order or the submitted documents are not legitimate. In such cases, PayWiser has the right to demand from the User to additionally confirm the submitted Payment order and/or submit documents confirming the rights of persons to manage the funds held on the Account or other documents indicated by PayWiser in a way acceptable to PayWiser at expense of the User. PayWiser is not liable for the losses which may arise due to refusal to execute the submitted Payment order due to the reason of the refusal to provide additional information or documents by the User.
      10. The User is informed and agrees that PayWiser has the right to involve Third parties to partially or fully execute the Payment order of the User, if the User’s interests and/or the essence of the Payment order requires so. In the event that the essence of the Payment order of the User requires sending and executing the Payment transaction further by another financial institution, but this institution suspends the Payment order, PayWiser is not liable for such actions of that financial institution, but makes attempts to find out the reasons for the suspension of the Payment order.
      11. PayWiser has the right to suspend and/or terminate the execution of the Payment order of the User, if required by applicable laws or in case it is necessary for other reasons beyond control of PayWiser.
      12. In case PayWiser has refused to execute Payment order submitted by the User, PayWiser shall immediately, without undue delay, inform the User thereon about  the reasons for it and the procedure for correcting any factual mistakes that led to the refusal, except when such notification is technically impossible or forbidden by legal acts.
      13. PayWiser shall not accept and execute Payment orders of the User in case such operations are suspended by applicable laws due to circumstances relating to the User.
      14. If money transferred by the Payment order is returned due to reasons beyond the control of PayWiser (inaccurate data of the Payment order, the account of the Payee is closed, etc.), the returned amount is credited to the Payment Account of the User. Commission fees paid by the Payer for the Payment order execution are not returned.
    4. The terms of the execution of the Services
      1. The time limits of the execution of Payment transactions to payment accounts and the duration of execution of other Services are specified in present Terms.
      2. When the Payment operation shall be executed in euro (EUR) or pounds (GBP) in the UK or other Member States and the User is the Payer, PayWiser ensures that the amount of the Payment operation is credited to the account of the payment service provider of the Payee until the end of the nearest business day, except the exceptions foreseen in clause 9.4.3.
      3. Where payment transfers in the UK are made in euro (EUR) or pounds (GBP), PayWiser shall ensure that after the Payment order is received, the amount of the Payment transaction is credited to the Payee’s payment service provider’s account on the same Business day if the Payment order is received on that business day by 12:00 noon. If the Payment order is received after 12:00 noon, PayWiser shall ensure that the amount of the Payment transaction is credited to the Payee’s payment service provider account no later than the following Business day.
      4. Parties can agree, that the Payment order shall be executed on concrete day or at the end of certain period. In such case PayWiser shall ensure that the amount of the Payment transaction is credited to the Payee’s payment service provider’s account on the day of the execution of the Payment order.
      5. When the Payment operation shall be executed in the currencies of non-euro area Member States in the UK and to other Member States and the User is the Payer, PayWiser ensures that the amount of the Payment order is credited to the account of the payment service provider of the Payee until the end of the nearest Business day but not later than within 4 (four) Business days after receipt of the Payment order.
    5. Spending limits for the Payment Transactions
      1. These Terms establish a maximum spending limits for Payment Transactions in Article 6.
      2. Special limitations may be imposed on the User’s Payment Account according to the Terms and internal policies of PayWiser. User shall be notified of such limitations prior to using the services.
      3. Maximum spending limits may also be established by the User in PayWiser Wallet.
    6. Blocking the Account and/or suspension of the Services to the User
      1. The User shall co-operate with PayWiser to investigate any suspicious, suspected illegal, fraudulent or improper activity.
      2. PayWiser is entitled to block the funds collected on the User’s Payment Account as follows:
        • PayWiser has a suspicion that the funds collected on the User’s Payment Account are intended for the commitment of a crime, resulted from the crime or participation thereon;
        • if there is a suspicion that an unauthorized payment transaction was carried out through the User’s Account;
        • the User is in delay in discharging its obligations under these Terms;
        • bankruptcy is declared in respect of the User’s assets, restructuring is initiated, the bankruptcy petition is cancelled owing to the lack of funds for the remuneration of the trustee in bankruptcy, the User enters into liquidation, or the risk of insolvency on the User’s side excessively increases within a short period;
        • for the purposes of corrective accounting and settlement;
        • the User is using PayWiser Services and fraudulent acts have been proved on the User’s side or criminal proceedings are initiated against the User or its employees in the matter of fraudulent acts; or if actions of the User fail to comply with the rules of PayWiser banking partners and such conduct may cause PayWiser a damage.
      3. PayWiser reserves the right to suspend, at any time and at its sole discretion, the User Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds), inter alia, for audit:
        • where PayWiser believes it is necessary or desirable to protect the security of the User account;
        • if any transactions are made which PayWiser in its sole discretion deems to be made in breach of this Terms or in breach of the security requirements of the User Account; or
        • if any transactions are made which PayWiser in its sole discretion deems to be suspicious, unauthorized or fraudulent, including without limitation in relation to money laundering, terrorism financing, fraud or other illegal activities; or
        • upon the insolvency, liquidation, winding up, bankruptcy, administration, receivership or dissolution of the User, or where PayWiser reasonably considers that there is a threat of the same in relation to the User; or
        • where anything occurs which in the opinion of PayWiser suggests that the User shall be unable to provide the User’s products/services and/or otherwise fulfil the contacts that it has with its Users;
        • if the transactions are for the sale of goods and/or services which fall outside of the agreed business activities of the User, or where the User presents a transaction and fails to deliver the relevant goods and/or services.
      4. PayWiser will make reasonable efforts to inform the User of any such suspension in advance, or if this is not practicable, immediately afterwards and give its reasons for such suspension unless informing the User would compromise security measures or is otherwise prohibited by law or regulatory requirements.
      5. In addition, PayWiser reserves the right (at its sole discretion) to suspend the User Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds) at any time where it is required to do so under relevant and applicable laws and regulations or competent authority. PayWiser will make reasonable efforts to inform the User of any such suspension unless PayWiser is prohibited from doing so by law or under an order from a competent court or authority.
    7. Information provided to the User about the Payment transactions
      1. PayWiser is obligated to provide the information to the User (before the execution of Payment order) about the possible maximum terms of the execution of certain Payment order, the payable Commission fees and how this Commission fees are split up.
      2. PayWiser shall provide the Statement to the User about the provided Payment transactions, which shows as follows:
        • information enabling the Payer to identify each Payment transaction and information relating to the Payee;
        • the amount of the Payment transaction in the currency indicated in the Payment order;
        • the Commission fees payable for the Payment transactions and how the Commission fees are split up;
        • the applicable currency exchange rate and the amount of Payment transaction after the currency exchange rate, in case if during the execution of Payment transaction, the currency was exchange;
        • the date of write down of funds from the Account;
        • the date of incomes to the Account;
        • other information which shall be provided to the User in accordance with the applicable laws of the UK.
      3. The Statement is provided through the PayWiser Mobile Application or Web interface of the User.
      4. PayWiser is obligated to inform the User about the suspected or executed fraud by other persons or the threats for the security of Services by sending a message within the PayWiser Mobile Application or Web interface and by choosing one additional option from the following – by sending the e-mail, by telephone or other method which is at that time safe and the most suitable to the particular situation.
  10. COMMISION FEES PAYBALE FOR THE SERVICES PROVIDED BY PAYWISER, DEFAULT INTEREST AND CURRENCY EXCHANGE
    1. PayWiser shall charge fees related to its standard Services in accordance with this Terms and the Price List which is attached to this Terms and shall be considered as an inseparable part of this Terms.
    2. PayWiser shall charge individual fees to the User for non-standards Services not defined herein and/or in the Price List and the User shall be informed thereon before using such services.
    3. Unless otherwise indicated, fees are quoted in Euro.
    4. For the Payment services and/or related services performed by PayWiser, the User shall pay the Commission fee to PayWiser. The Commission fee is indicated in the Price List and/or the additional agreement with the User. In case if the User fails to fulfil its obligation to pay the Commission fee to PayWiser, the User shall pay to PayWiser penalties (the fines or default interest) set forth in the Price List, additional agreement and/or applicable laws of the UK.
    5. Any Commission fees payable by the User shall be deducted from the User’s Payment Account balance. If the User account balance is insufficient, PayWiser reserves the right to invoice the User for any shortfall.
    6. Where PayWiser has no possibility to deduct any Commission fee payable by the User for the provided Services from the balance of the User’s Payment Account, PayWiser shall issue the separate invoice for the amount owed. Invoices are payable within 10 (ten) days of the date of the invoice. In case of overdue payments, PayWiser reserves the right to charge default interest in the amount of 0,02 % and/or terminate this Contract with immediate effect by giving written notice to the User.
    7. In case if during the performance of the Payment transaction there are not enough funds for execution of Payment transaction and payment of Commission fee in the Account of the User, PayWiser shall have the right to refuse and not to execute the Payment transaction.
    8.  The currency exchange rates are provided to the User before the Payment order.
    9. Currency exchange is based on the exchange rate of PayWiser, which is valid at the moment of conversion and is constantly updated and published on website of PayWiser.
    10.  PayWiser applies the changed basic exchange rate of currency immediately without a separate notice.  PayWiser informs the User about such changes in a manner described in this Contract.
    11. In case if the currency in which the order to execute the Payment transaction is different than the currency in which the Account is debited, the conversion of such currencies shall be performed in accordance with the procedure established by PayWiser, which shall be published on PayWiser website www.paywiser.com and on PayWiser Mobile Application.
    12. If the User is a Consumer, at the beginning of each calendar year PayWiser will provide the Consumer with a Statement of Commission fees related to Consumer’s Account. Statement of Commission fees will be provided in Consumer’s Account free of charge. In case of termination of this Contract, Statement of Commission fees shall be provided for a period from beginning of calendar year until termination of this Contract day.
  11. COMMUNICATION BETWEEN THE USER AND PAYWISER
    1. The person who becomes the User of PayWiser confirms that the User accepts that all communication, including the personal communication between PayWiser and the User, shall be executed in English, unless otherwise agreed by both Parties. All communication, information about any changes to the Services and the Prices, other important information shall be provided in English, unless Parties agree otherwise.
    2. The information shall be provided to the User personally or by announcing it publicly:
      • the information may be provided personally to the User through the PayWiser Mobile Application or Web interface, sent by post to the address of the User registration address, via e-mail indicated during the process of the opening of the Account, by call or SMS using telephone number indicated during the process of opening of the Account and other telecommunication instruments, including electronic means;
      • the information may be published on the PayWiser website www.paywiser.com and on PayWiser Mobile Application. PayWiser shall send the User a Notification on newly uploaded information through PayWiser Mobile Application or Web interface. The information provided publicly is considered to be duly delivered to the User, except the cases of mandatory requirements of the applicable of the UK and/or the cases when PayWiser is obligated to inform the User personally.
    3. The User acknowledges that any communication between PayWiser and the User shall take place personally and primarily through the PayWiser Mobile Application or Web interface and e-mail indicated during the process of opening of the Payment Account. Disclosure of any information by PayWiser through PayWiser Mobile Application or Web interface and via the e-mail means that the relevant information is duly delivered to the User and is effective.
    4. E-mail communication is possible to addresses that are given on the website of PayWiser and the e-mail addresses given by the User during the registration session to PayWiser system. E-mail message is considered to be duly delivered on the following Business Day.
    5. In case of communication by telephone, the User shall be verified on the basis of the User` s data. Phone communication between PayWiser and the User is possible at times published on the website of PayWiser. The message given to the User through telephone is considered to be duly delivered at the moment of the conversation with the User.
    6. In case of communication through the post, letters are delivered to the other party’s address.
    7. The information announced on the PayWiser website, PayWiser Mobile Application or Web interface is considered to be duly delivered on the day of the announcing/publishing such information.
    8. The User agrees that PayWiser may record, with prior notice, any ongoing communication between PayWiser and the User using any available technical means, and will archive all the records, as well as the copies of any information and documents that PayWiser will receive from the User and Third parties. The User agrees that PayWiser may at any time use this information for the purposes stated in this Contract or for ensuring compliance with this Contract.
    9. The User is entitled to get the information about this Contract as well as the Contract as itself in paper version or any other durable medium, in which PayWiser is able to provide such information.
    10. If the User would like to contact PayWiser about a concern relating to this Contract, the User may contact PayWiser via in-app support or email support@paywiser.com. PayWiser will try to resolve any issues the Users may have about their Payment Account or the Services. PayWiser shall provide the answer within 15 (fifteen) Business Days of receiving User’s concern unless the concern is of a “simple” nature and can be resolved with 1 (one) Business Day from the receipt day. PayWiser shall inform the User if exceptional circumstances arise, in which case it may take up to 30 (thirty) Business Days to address User’s concern.
    11. The parties shall inform each other without undue delay of any changes to their contact information. Upon the request of PayWiser, the User shall provide any relevant new documents that prove that the contact information have changed. The failure to fulfil these obligations means that the notice sent on the basis of the latest contact information provided to the other Party is duly delivered and any obligation fulfilled in accordance with such contact information is executed properly. The User acknowledge that PayWiser has the right to inform about the change of its contact information by way of publicly announcement and/or by sending such information via e-mail via e-mail indicated during the process of the opening of the Payment Account.
    12. The Parties must promptly inform each other of any circumstances relevant to the proper performance of this Contract. Upon the request of PayWiser, the User is obliged to provide additional information to PayWiser (for example, a change of the sample signature of the User or the User’s representative, the initiation and setting-up of the User’s bankruptcy, the User’s liquidation, reorganization, conversion, etc.) regardless of whether this information has been provided to the public registers.
  12. AMENDMENTS AND CHANGES OF FEES, TERMS OF THE CONTRACT, TERMS OF SERVICES
    1. This Contract is subject to be changed from time to time.
    2. PayWiser has the right to change this Contract, applicable prices and Commission fees and/or the terms of Services by offering the changed Contract to the User in paper or other durable medium at least 60 (sixty) calendar days before such changes will entry into force. PayWiser has the right to change this Contract, applicable prices and Commission fees and/or the terms of Services by offering the changed Contract to the User personally in paper or other durable medium (through the PayWiser Mobile Application or Web interface or e-mail indicated during the process of opening of the Payment Account at least 60 (sixty) calendar days before such changes will entry into force.
    3. The User has the right to accept the proposed changes or reject it.
    4. If no objection notice is received by PayWiser within the time frame stipulated clause 12.2, the User is deemed to have accepted the changes and such changes come into force on the date of entry into force. If the User agrees with the changes to this Contract, applicable Prices and Commission fees and/or the terms of Services, then the User is not entitled subsequently to submit to PayWiser User’s objection and/or claims regarding the content of such changes.
    5. The User has the right to terminate the Contract immediately at any time and without charges after receiving the information about changes and before any changes stipulated in provided information becomes effective. If the User does not use his right to terminate this Contract until the day when such changes come into force, the User shall be deemed as accepted the changes to this Contract.
    6. The termination of this Contract in accordance to the clause 12.5. shall not release the User from its obligations to PayWiser arising prior to the date of termination of this Contract to be properly executed.
  13. SECURITY AND CORRECTIVE MEASURES
    1. The User is responsible for the safety of devices used to log in to the PayWiser Wallet (via PayWiser Mobile Application or Web interface) and shall not leave them unattended, in public places or otherwise easily accessible to third persons.
    2. It is recommended to update software, applications, anti-virus programs, browsers and other programs in time.
    3. It is recommended to protect devices with passwords, PIN codes, Facial-recognition or other safety instruments.
    4. It is recommended to evaluate received emails with cautiousness, even if PayWiser is indicated as the sender. PayWiser will never request the User to download attachments or install software. Attachments to fraud e-mails may contain viruses which can harm devices or pose a risk to the safety of the User account.
    5. It is recommended not to click on unknown links, open unknown documents, install software or application from unknown, unreliable sources or visit unsafe websites.
    6. As soon as the User is aware of the loss, theft, misappropriation or fraudulent use of the payment instrument or the device, which has been used to access the PayWiser Wallet, the User must immediately notify PayWiser or any other entity designated by it. The notification shall be submitted to PayWiser through the PayWiser Mobile Application or Web interface and at the same by sending an e-mail to PayWiser.
    7. If the User notices any suspicious activity on his Payment Account and thinks that third persons may have logged into his/her Payment Account for the use of the Services, the User shall:
      • immediately inform PayWiser thereof at any time and in a manner indicated in this section and request to block the User’s Payment Account;
      • in order to continue to use the Payment Account, the User shall change the password, use other additional account confirmation instruments or use safer instruments and delete unsafe additional login confirmation instruments.
    8. The blocking of the Account and the payment instrument, if the later has been given to the User
      1. In addition to the clauses of sub-section 9.6, PayWiser has the right to block the Payment Account (to stop the execution of the Payment transaction at all or partly) and/or the Payment Account in such cases as follows:
        • in case of the objectively justified reasons related to the security of the funds and/or the Payment Account and/or issued Payment Card, the alleged unauthorized or fraudulent use of the funds and/or the Payment Account and/or issued Payment Card;
        • in case if the User does not follow with the terms of the present Contract;
        • in case if PayWiser has the reasonable suspicions that funds in the Account may be used by the other persons for the unlawful actions, including but not limited to the commission of criminal activities;
        • in case of other basis set forth by applicable laws of the UK.
    9. The notices provided by the User regarding the unauthorized or improperly executed Payment operations
      1. The User is obligated to check the information about the executed Payment transactions at least 1 (one) time per month, so that the User may notice unauthorized or improperly executed Payment transactions and notify PayWiser in a timely manner.
      2. The User is obligated to inform PayWiser in writing about the unauthorized or improperly executed Payment transactions, including the noticed mistakes, inaccuracies in the extract immediately from the acknowledge of such circumstances and in any case not later than 13 (thirteen) months from the debit date.
      3. In case if the User does not notify PayWiser about the circumstances described in the clause 13.9.2 of this Contract within the terms specified in the same clause 13.9.2 then it shall be considered that the User unconditionally confirmed the Payment transactions executed in the Account of the User.
    10. The liability of the User for unauthorized Payments operations and the liability of PayWiser for the unauthorized Payment operations
      1. In case if the User is the Consumer and he denies the authorization of the executed Payment transaction or declares that the Payment transaction was executed improperly, PayWiser is obligated to prove that the Payment transaction was authorized, it has been properly registered, entered in the accounts and was not affected by technical disturbances or other deficiencies in the Services provided by PayWiser.
      2. In accordance to the terms indicated in the clause 13.9.2 of this Contract or having determined that the Payment transaction was not authorized by the User, PayWiser without undue delay, but no later than by the end of the next Business Day, return the amount of the unauthorized Payment transaction to the User and, where applicable – restores the balance of the Account from which this amount was written down and which would have existed if the unauthorized Payment transaction had not been executed, unless PayWiser has reasonable suspicion of fraud and informs the supervisory authority about such suspicions in accordance with the rules of such notice prepared by supervisory authority.
      3. If the User is the Consumer, the User bears all the losses up to the amount of 50 (fifty) Euros that have arisen due to unauthorized payment transactions if these loses have been incurred due to:
        • usage of a lost or stolen payment instrument;
        • misappropriation of a payment instrument;
      4. The Clause 13.10.3 of this Contract shall not be applied if:
        • the loss, theft or misappropriation of a Payment instrument was not detectable to the Payer prior to a payment, except where the Payer has acted fraudulently as defined in the Clause 10.10.7 of this Contract; or
        • the loss was caused by acts or lack of action of an employee, agent or branch of PayWiser or of an entity to which its activities were outsourced;
      5. The Payer shall not bear any financial consequences resulting from use of the lost, stolen or misappropriated Payment instrument after notification in accordance with the Clause 13.6 of this Contract, except where the Payer has acted fraudulently.
      6. The Payer (who is the Consumer) shall bear all of the losses relating to any unauthorised payment transactions if they were incurred by the Payer acting fraudulently or failing to fulfil one or more of the obligations set out in the point 13.1-13.6 of this Contract with intent or gross negligence. In such cases, the maximum amount referred to in the point 13.10.3 of this Contract shall not apply. In case of possible fraud made by User, PayWiser informs about such suspicions to the supervisory authority in accordance with the rules of such notice prepared by the supervisory authority.
      7. If the User is not the Consumer, the User shall bear all losses for the reasons specified in the Clause 10.10.3 of this Contract, except as otherwise provided in this Contract.
      8. The Payment Account may be blocked by the User’s initiative (including the payment instrument if such is given to the User) if the User submits a respective request to PayWiser. PayWiser has the right to demand that the request submitted by the User be subsequently approved in writing or in another manner acceptable to PayWiser.
      9. If PayWiser has reasonable doubts that the request indicated in the clause 13.10.8 of this Contract is not submitted by the User, PayWiser has the right to refuse to block the Account (including the payment instrument if such is given to the User). In such cases, PayWiser shall not be liable for any losses that may result from the failure to comply with the said request.
    11. Liability of PayWiser for proper execution of Payment transaction
      1. In case of improper execution of the Payment transaction and where the User is a legal entity, PayWiser is liable only due to the fault of transaction. PayWiser is not liable for Third parties’ mistakes.
      2. If the User initiating the Payment order executes a Payment order by using a Unique Identifier, such Payment order shall be deemed to be executed properly if it was executed according to the specified Unique Identifier. PayWiser has the right, but it is not obliged to check whether the Unique Identifier presented in the Payment order received by PayWiser corresponds to the Account holder’s name and surname (name).
      3. If the Unique Identifier is presented to PayWiser with the amount to be credited or debited from the Account, the Payment order is deemed to be executed properly if it was executed according to the specified Unique Identifier. If PayWiser carries out the said inspection (for example, due to the prevention of money laundering risk) and find out clear mismatch between the Unique Identifier submitted to PayWiser and the Account holder’s name, PayWiser shall have the right not to execute such a Payment order.
      4. If the User (Payer) initiates properly the Payment order and the Payment transaction is not executed or is executed improperly, PayWiser, at the request of such User, shall immediately and without charge take measures to trace the Payment transaction and to inform about the User of the results of the search.
      5. PayWiser is liable for applying the Commission fees or giving back the already paid Commission fee in case if the Payment order was not executed or executed improperly due to the fault of PayWiser.
      6. PayWiser is not liable for the indirect losses incurred by the User and related to the not executed Payment order or improperly executed Payment order. PayWiser is liable only for the direct losses of the User.
      7. PayWiser is not liable for claims raised between the Payee and Payer and such claims are not reviewed by PayWiser. The User may submit the claim to PayWiser only regarding the non-performance or improperly performance of the obligations of PayWiser.
      8. Limitations of liability of PayWiser are not to be applied if such limitations are prohibited by the applicable laws.
    12. Conditions of refunding to the Payer the amounts of Payment Transactions initiated by or through the Payee
      1. The User (Payer) shall have the right to recover from PayWiser the full amount of the authorized and already executed Payment transaction initiated by or through the Payee and the Payer shall not incur losses because of interest payable to or receivable from PayWiser, provided that both of the following conditions are met:
        • when authorizing the Payment transaction its precise amount is not specified;
        • the Payment transaction amount exceeds the amount which could have been reasonably expected by the User (Payer) considering his previous expenditure, terms and conditions of the contract and other circumstances, except for the circumstances relating to the exchange of currency, when upon executing the Payment transaction the currency exchange agreed between the User (Payer) and PayWiser was applied. If, upon giving his consent to execute the Payment transaction, the User (Payer) indicates the maximum permissible amount of such Payment transactions (one Payment transaction or several such Payment transactions executed over a certain period), it shall be considered that such particular maximum amount of the Payment transactions could have been reasonably expected by the User (Payer).
      2. At the request of PayWiser, the User (Payer) must immediately provide information about the existence of the conditions specified in items 13.12.1. above.
      3. The User (Payer) shall not be entitled to the refund of amounts of Payment transactions initiated by or through the Payee under clause 13.12.1 of this Contract, if the User (Payer) has given consent directly to PayWiser and PayWiser or the Payee has furnished the User (Payer) in the agreed manner with the information about the future Payment transaction or created conditions to get familiarized with it at least four weeks before the planned execution of the Payment transaction.
      4. The User (Payer) shall have the right to ask PayWiser to refund the amount of the Payment transaction initiated by or through the Payee within 8 (eight) weeks of the day on which the funds were debited from the Account.
      5. Upon receipt of the request of the User (Payer) to refund the Payment transaction amount, PayWiser shall refund the full amount within 10 (ten) Business Days or shall state the reasons for its refusal to refund such amount and the notify the User of the procedure of appealing against the refusal. If the Payment transaction amount is refunded to the Payer, the Commissions paid to PayWiser and related with the execution of such Payment transaction shall not be refunded.
      6. Conditions of refunding to the Payer the amounts of Payment Transactions initiated by or through the Payee as stated in the Clause 13.12.1-10.12.5 of this Contract will be applied only in case the User is a Consumer.
  14. CONFIDENTIALITY AND PERSONAL DATA
    1. During the term of this Contract and thereafter, each party shall use and reproduce the other party’s Confidential Information only for purposes of this Agreement and only to the extent necessary for such purpose and will restrict disclosure of the other party’s Confidential Information to its employees, consultants, advisors or independent contractors with a need to know and will not disclose the other party’s Confidential Information to any third party without the prior written approval of the other party.
    2. Notwithstanding the foregoing, it will not be a breach of this Contract for either Party to disclose Confidential Information of the other Party if required to do so under law or in a judicial or governmental investigation or proceeding.
    3. The confidentiality obligations shall not apply to information that:
      • is or becomes public knowledge through no action or fault of the other Party;
      • is known to either Party without restriction, prior to receipt from the other Party under this Contract, from its own independent sources as evidenced by such party’s written records, and which was not acquired, directly or indirectly, from the other Party;
      • either Party receives from any Third party reasonably known by such receiving party to have a legal right to transmit such information, and not under any obligation to keep such information confidential; or
      • information independently developed by either Party’s employees or agents provided that either Party can show that those same employees or agents had no access to the Confidential Information received hereunder.
    4. The User agrees for PayWiser to manage his/her personal data with an aim to provide Services to the User and execute other responsibilities under the present Contract. PayWiser guarantees security of personal data received while executing the present Agreement. Personal data is used to the extent necessary to execute the present Contract. The above-mentioned personal data cannot be disclosed to Third parties without a consent from the subject of this data, except for cases stated by the applicable law or the present Contract.
    5. The main principles of processing of personal data, storage period and other issues are specified in PayWiser’s Privacy Policy, which is available on the website of PayWiser.  The User acknowledges that he/she has read the Privacy Policy of PayWiser and it will comply with all of the terms and conditions provided in this policy.
    6. PayWiser will process personal data in accordance with the General Data Protection Regulation (GDPR), Privacy Policy, these Terms and any User consent, which also provides information on the handling of PayWiser’s personal data and User rights in connection with the processing of their personal data.
    7. The set of required information, which is generally processed by PayWiser when concluding a contract or identifying a customer, depends on the type of identification process and services intended to be used.
    8. In cases where PayWiser requires additional information to fulfil its obligations under the Applicable laws on AML or to implement its measures related to the prevention of money laundering and terrorist financing, it may also request other information from the User, his authorized representative or legal representative.
    9. PayWiser will process the data for the duration of the contractual relationship with the User, until the fulfilment of all obligations arising from the contractual relationship, and for the time stipulated in Applicable laws on AML and other regulations.
    10. PayWiser shall retain such information for at least 10 years from the date of termination of the contract.
    11. PayWiser in connection with the use of the PayWiser Wallet, processes and stores the transaction data as follows, for up to a maximum of 10 years from the completion of each payment transaction:
      • User account identification,
      • transaction information (payee, amount, type of payment point, costs etc.),
      • actions in ordering and processing the payment transaction (action, date and time).
    12. PayWiser may, in cases and to the extent that the transmission of data (including personal data of a user) is required for the provision of services, to transmit the data to other users (e.g. payees upon payment or settlement of complaints regarding payments, to an official body which are entitled to request information in accordance with the law etc.)
    13. PayWiser processes and stores personal and other user data and transactional data in accordance with these Terms and Privacy Policy.
  15. TERM AND TERMINATION
    1. Unless otherwise agreed in writing, this Contract has been made for indefinite period.
    2. The User may at any time terminate this Contract by notifying PayWiser at least 30 (thirty) days prior to the date of termination.
    3. PayWiser may terminate this Contract by notifying the User 60 (sixty) days prior to the date of termination.
    4. PayWiser may also terminate this Contract by notifying the User 60 (sixty) days prior to the date of termination, if the User has not made any Payment transactions for more than 12 (twelve) consecutive months. Before the termination based on such legal basis, PayWiser has to inform User of such intent.
    5. This Contract may be terminated by mutual agreement between parties at any time.
    6. PayWiser may terminate this Contract immediately if PayWiser reasonably suspects or determines that the User:
      • is in violation of applicable laws or regulations including those connected with anti-money laundering or counter-terrorist financing;
      • has provided false or misleading information or documentation to PayWiser, failed to provide the documents and information connected with its Account and using the Services or failed to keep such documents and information up-to-date;
      • is using the Services to make or receive payments for activities related to those provided in the restricted activities, or;
      • is otherwise using the Services for malicious, illegal or immoral purposes.
    7. If it is allowed to do so under the applicable laws and regulations, PayWiser will notify the User about the underlying reasons of termination of this Contract as soon as possible.
    8. Upon termination of this Contract, the User will receive – on a paper version or on other durable medium – the breakdown of all Payment transactions completed throughout the entire term of this Contract, up to 36 months before the date of termination.
    9. The termination of this Contract shall not release the parties from their obligations to each other arising prior to the date of termination of this Contract to be properly executed.
  16. COMPLAINTS, PROTECTION OF RIGHTS OF THE USER AND DISPUTES RESOLUTION
    1. If you feel that we have not met your expectations in the delivery of our Services, in the first instance contact Paywiser Limited using the contact email address for complaints set out on www.paywiser.com. We have internal procedures for handling complaints fairly and promptly in accordance with the Financial Conduct Authority’s requirements. A copy of our complaints procedure is available upon request.
    2. If you are an eligible complainant you may be able to take your complaint to the Financial Ombudsman Service should you not be satisfied with our final response. Eligibility criteria and information on the procedures involved are available from http://www.financial ombudsman.org.uk.
    3. In addition, please note that disputes may be submitted for online resolution to the European Commission Online Dispute Resolution platform.
    4. The disputes between PayWiser and User shall be primarily solved through negotiations.
    5. In case if the dispute cannot be solved through negotiations, the User can submit a complaint by post or e-mail, specifying User’s name, contact details, relevant information, which would indicate why the User reasonably believes that PayWiser violated the legal rights and interests of the User while providing the Services. The User can add other available evidence that justifies the need for such a complaint. If the User would like to submit a formal complaint, the User shall send the email to support@paywiser.com.
    6. Upon receipt of a complaint from the User, PayWiser confirms receipt of the complaint and indicates the time limit within which the reply will be submitted. In each case, the deadline for submitting a reply may vary as it directly depends on the extent and complexity of the complaint filed, but PayWiser will make the maximum effort to provide the response to the User within the shortest possible time, but not later than 15 (fifteen) Business Days. In case if PayWiser is not able to provide the final answer within 15 (fifteen) Business Days, PayWiser shall inform the User about that and indicate the time when the answer will be provided, however the term shall not be longer than 30 (thirty) Business Days. The complaints submitted by the User are solved free of charge.
    7. In case if the dispute cannot be settled through negotiations, disputes may be solved in the courts of the UK in accordance with the laws and procedure set forth by the laws of the UK.
  17. FINAL PROVISIONS
    1. These Terms shall be governed by the Applicable laws of the UK. Any disputes arising from the contractual relationship and the use of PayWiser Wallet and services shall be settled by a competent court in UK.
    2. These Terms shall be published on the PayWiser website, www.paywiser.com and made accessible on PayWiser Mobile Application.
    3. User may not transfer or assign any rights or obligations he/she may have under this Contract without PayWiser’ prior written consent.
    4. PayWiser reserves the right to transfer or assign this Contract and all rights or obligations under this Contract with prior notice to the User accordingly to the rules and procedures set forth in this Contract at least 60 (sixty) calendar days before such changes will entry into force. The User has the right to accept that changes or reject it. If the User does not agree with the such changes, the User has the right to immediately and without no commission fee to terminate this Contract until the day the amendments begin to apply expressing a disagreement with the changes. The disagreement shall be provided via User’s Account and additionally through the e-mail. If the User does not use his right to terminate this Contract until the day when such changes come into force, the User shall be deemed as accepted the changes.
    5. Force Majeure
      1. PayWiser and the User shall not be held liable for the default on, or inadequate discharge of,  or for any failure to comply with this Contract, the obligations if such default or inadequate discharge was caused by force majeure (e.g. to acts of God, war, warlike conditions blockade, embargoes, riots, governmental restriction, labour disturbances, wrecks, epidemics, quarantine, fire, flood, earthquake, explosion, any unforeseen change in circumstances, or any other causes beyond its reasonable control);
      2. The User shall notify PayWiser about the force majeure on PayWiser’ system, via email or in writing within 10 (ten) calendar days after the day of occurrence of such circumstances.
      3. PayWiser shall notify the User about force majeure circumstances through PayWiser Mobile Application and/or via email.
    6. Mistakes
      1. The User who notices that the funds that do not belong to him have been transferred to Account must immediately notify PayWiser to the effect. In such cases the User, as unauthorized beneficiary of transferred funds of the Payment transaction, shall be deprived of the right to dispose of the transferred funds and must forthwith remit such funds to Account designated by PayWiser.
      2. PayWiser shall have the right to debit the amounts incorrectly credited to the Account through its own fault without a separate consent of the User, as unauthorized beneficiary of transferred funds of the Payment transaction and remit such funds to their due beneficiary.
      3. If any part of this Contract is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Contract, which shall continue to be valid and enforce.

These Terms and Conditions shall take effect on 1/1/2021.

PayWiser Limited
www.paywiser.com
info@paywiser.com