Last updated: February 10, 2019
This Agreement (“Agreement” or “Terms” or “Terms and Conditions”) describes the terms and conditions governing the use of your Account, e-Wallet and Equicex.
The Virtual Card and the Physical Card (both referred to as “Card”) are either issued by PSI-Pay Ltd. In all cases the electronic money on the Account accessed by the Card is issued by PSI-Pay.
By purchasing, accepting or using a Virtual Card or a Physical-Card, you agree to be bound by the Terms and Conditions contained in this Agreement as it may be amended from time to time. You further agree that you are bound by this Agreement if you use any Card, whether you purchased it or it was received from Equicex or from another party. Please read this Agreement carefully and keep it for future reference. The current version of these Terms and Conditions can be found on Equicex’s website www.equicex.io . You do not need to log onto your Account to view these Terms and Conditions.
As used in this Agreement, the following terms have the following meanings. The singular shall include the plural, and the plural the singular. All captions are intended solely for convenience of reference and shall in no way limit any of the provisions of these Terms.
“ATM” means an automatic teller machine from which cash can be dispensed when you use your Card.
“Business Day(s)” means any weekday other than bank holidays in the United Kingdom.
“Card” and “Card” mean the Virtual Card and/or the Physical Card, which access your Account.
“Card Organisation” means Visa,and any other organisation so designated by us, which provides their payment products to PSI-Pay for provision to its Account Holders.
“Card Organisation Rules” means all applicable rules, regulations, procedures and other requirements issued by or formed in respect of a relevant Cards Organisation, as amended, replaced or supplemented from time to time;
“Card Service” and/or “Card Services” means all of the functionality on your Card, provided to you by us.
“Chargeback” means an amount representing the value of a Transaction which the Card issuer has refused to settle to the Acquiring Partner or in respect of which the issuer seeks reimbursement in accordance with the Card Scheme Rules;
“Cooling-Off-Period” means a period of fourteen (14) days, after which you obtained your Card and/or Account in which you can cancel your Card and/or Account without incurring a penalty or a Fee.
“Currency Conversion Fee” means the Fee which is charged to an Account when funds are moved from one currency to another within their e-Wallets whether fiat currency or cryptocurrency.
“Data Controller” has the meaning given to it under the Data Protection Law;
“Data Processor” has the meaning given to it under the Data Protection Law;
“Data Protection Law” means (as amended, superseded or replaced from time to time and to the extent applicable to a Party, its business or services or obligations under this Platform Services Agreement or the subject matter in question):
(i) the Data Protection Act 1998;
(ii) any legislation or regulations which implement Directive 95/46/EC;
(iii) Privacy and Electronic Communications (EC Directive) Regulations 2003;
(iv) the GDPR; and
(v) all legally binding guidance and codes of practice issued by any regulator with jurisdiction over the data processing arrangements contemplated in this Platform Services Agreement;
“e-Wallet” and “e-Wallet Account” means the electronic purse holding e-money or cryptocurrencies for each Account Holder and may be denominated in different fiat currencies and cryptocurrencies at our sole discretion.
“Fees” means those charges that may be applied to your Account to pay Equicex for a transaction and/or an activity on your Account, e-Wallet or Card. These Fees can be found in Section IX – “Fees and Limits” of this Agreement, or which have been otherwise disclosed to you at the time you obtained your Card, or has been disclosed to you, with two (2) month’s notice, as having been modified by Equicex.
“GDPR” means Regulation (EU) 2016/679, known as the General Data Protection Regulation;
“Load Method” and “Loading Methods” means all of the methods that we offer to enable you to load money from your funds sources outside of PSI-Pay. These may include, but are not limited to, loads of funds by Credit Card/Debit Card purchases, transfers from your bank account and wire/telegraphic transfers.
“Personal Data” has the meaning given to it under the Data Protection Law;
“Personal Information” means, but is not limited to the following: (1) your name and address; (2) your current government issued identification document with your picture; and (3) proof of your address; (4) all information we collect from your use of the Account, together with any other additional personal information we may require from you from time to time.
“PIN” means Personal Identification Number, the four (4) digit code provided to you for use when you use your Card at an ATM and at participating merchants.
“Security Code” means the three (3) digit code that is provided to you in your Message Centre when you obtain a Virtual-Card, or is printed on the reverse of the Physical-Card.
“Service” and/or “Services” means all Equicex functionality provided to you, including but not limited to the Account-to-Account Service.
“Virtual Card” means a virtual prepaid Card, which is issued with no physical plastic card attached, for use at certain online and/or telephone/mail order merchants.
“we” and “our” and “us” means PSI-Pay and/or Equicex, and/or our affiliates and assigns as appropriate.
“Withdrawal Method” means any of the methods offered by PSI-Pay, at our sole discretion, that allows Account Holders to move funds from their Account to an external account.
“you” , “your” and yours means the person who is purchasing, accepting or using Cards.
2. Eligible Users
The Products and Services described in this Agreement are only available to individuals who are over eighteen (18) years of age and have been approved in advance by us. We may, in our sole discretion, at any time, refuse to allow you to purchase, fund or use any of these Products and Services.
3. Products and Services
Your Account with us is set up by you completing an application process with us. An Account may also set up for you by another party. Your Account consists of one or more e-Wallets and any other PSI-Pay Product(s) purchased by or provided to you.
You must have a Account before you can obtain a Card.
If you have a current and valid Account and request a Card, such request is your active consent to us using the Personal Information and Account history that we have on file in your Account to determine if you are eligible to receive a Card.
Such consent shall also be consent to allow us to verify your Personal Information against private and governmental information sources to which we have access.
If we approve you to receive a Virtual Card, it will be provided to you as is described in Section 4.A below. If we approve you to receive a Physical Card, it will be provided to you via private courier service if you so select in accordance with the terms in Section 4. B below.
As with obtaining your Account you can take advantage of the Cooling Off Period to cancel your Card.
4. Card Products and Services
The Virtual Card
You may have purchased or have been provided one or more Virtual Cards. After you are approved for a Virtual Card, you will be notified by an email to your external email address that you provided to us, that you can access the Virtual Card number, Security Code, and the expiration date of your Virtual Card in your Account. we will make this information available to you within twenty-four (24) hours after you being approved for your Virtual Card. You must have a verified account Level 2 in order to be eligible for a Virtual Card.
A Virtual Card is not a Physical Card.
Your Virtual Card holds its own e-money balance. You may fund your Virtual Card with the funds from any one of your e-Wallets. You may move funds from your Virtual Card back to your e-Wallet for extra security. Funds in your e-Wallets or on your Physical Card are not available when you use your Virtual Card until you have transferred the funds from your e-Wallets and/or your Physical Card to your Virtual Card. Funds that are on your Physical Card must be first transferred to one of your e-Wallet(s) and can then be transferred to your Virtual Card.
Your Virtual-Card can be used at any Internet website, telephone or mail order merchant that accepts the relevant Card Organisation cards unless that merchant or category of merchants has been blocked by us. Should we, in our absolute and unfettered discretion, choose to block usage of your Card at any merchant or merchant group, we will notify you two (2) months in advance, unless ordered to do so sooner by the relevant Card Organisation or a relevant governmental agency, at which time you may cancel your Card according to the conditions of Section 8 – “Cancelling your Card”.
To use your Virtual Card, provide the card number, the Security Code, if applicable, and the expiration date to the merchant. we reserve the right in our sole discretion to prohibit acceptance of your Virtual Card at certain merchants.
We neither accept nor assume any liability to ensure that goods or services that you purchase using your Virtual-Card are as advertised for sale or will meet your satisfaction.
You may have purchased a Physical Card at the time you obtained your Account, or at any time thereafter. Your Physical Card holds its own e-money balance. Funds that are in any of your e-Wallets or are on your Virtual Card are not available when you use your Physical Card until you have transferred the funds from one or more of your e-Wallets to your Physical Card. Funds that are on your Virtual Card must be first transferred to your e-Wallet and can then be transferred to your Physical Card.
If you are issued a Physical Card, Equicex will mail your Physical Card to the address that was provided to us. Your Physical Card will be issued within five (5) Business Days after you being approved for the Physical Card. You will be charged a fee to have the Card delivered by private courier.
Your Physical Card will display your name, a card number, a Security Code, and the expiration date of your Physical Card. Once you receive your Physical Card, you will be required to log onto Equicex’s website at www.equicex.io to authenticate yourself, activate your Physical Card and obtain your PIN. You may create your own PIN or one will be provided to you by Equicex.
DO NOT KEEP A WRITTEN RECORD OF YOUR PIN.
Your Physical Card can be used at any merchant worldwide that accepts the relevant Card Organisation. Should we, in our absolute and unfettered discretion, choose to block usage of your Card at any merchant or merchant group, we will notify you two (2) months in advance, unless ordered to do so sooner by the relevant Card Organisation or a relevant governmental agency, at which time you may cancel your Card according to the conditions of Section 8 – “Cancelling your Card”.
You can use your Physical Card by: (1) inserting your Physical Card into a Point-of-Sale ( “POS”) terminal and entering your PIN into the POS terminal; (2) inserting your Physical Card into a POS terminal and signing the transaction receipt; and (3) swiping the magnetic stripe on your Physical Card through the card swipe mechanism on a POS terminal, and either entering your PIN on a PIN pad, or signing a transaction receipt.
Your Physical Card can also be used to withdraw available funds at any ATM which accepts the relevant Card Organisation cards by inserting your Physical Card into the ATM and entering your PIN
- We neither accept nor assume any liability to ensure that goods or services that you purchase using your Card are as advertised for sale or will meet your satisfaction.
- Your Cards are not credit cards. No interest will be paid on the funds you transfer onto or maintain on your cards and such funds are not insured by us or any government agency.
- Your Card is an Electronic Money ( “e-Money”) product and as such the UK FSCS Deposit Guarantee Scheme does not apply to your Cards. This means that in the unlikely event that Equicex became insolvent, your Cards may become unusable and any funds associated with your Cards may be lost. Your first use of your Card and by entering into this Agreement you are indicating that you understand and accept these risks.
- As a responsible e-money issuer we take the security of your money very seriously. Your funds are held in a secure, segregated bank account at a major European Bank, specifically for the purpose of redeeming transactions made via your Cards. In the unlikely event of any insolvency or other loss of your funds, funds that have reached our segregated Client account will be protected against claims by the bank and by any other creditors of Equicex.
5. Protecting Your Card
Your Card information is important information which you agree to keep confidential in order to prevent others from using your Cards without your authorization. Specifically, under this Agreement and for your protection, you agree:
not to use your Card as a means of identifying yourself to any other person; and,
not to discuss your Card number(s) or Security Code(s) or PIN, or otherwise make these available to any other person, unless you intend to make a purchase from that person’s business and,
to use your Card only in a manner authorized under the Terms of this Agreement; and,
to promptly notify Equicex of any loss, compromise or theft of your Card number(s), expiration date and/or PIN; and,
that any unauthorized person who obtains access to your Card information may use the funds on your Card up to the full balance on your Card, and in such event, your maximum liability is for the first €50 of losses arising from any unauthorized transactions that take place prior to your notifying us of loss, theft or misuse. You will not be held liable for any further losses once you have notified us of unauthorized transactions unless we reasonably determine that you acted fraudulently or with gross negligence (in which cases you shall be liable for all losses). we will block your card to protect your funds once you have advised us of any unauthorized transactions.
You will never be asked by Equicex , whether by via email, regular mail or telephone, for any reason, to disclose your card’s pin. We will never send you an email requesting that you access Equicex’s website by clicking on an embedded link in the email and then require you to provide your card information or pin. If you receive such an embedded link, you are cautioned not to open it! It is not from Equicex and is likely fraudulent.
You can check the Personal Information that Equicex has on you by accessing your Account on Equicex’s website. Please ensure that your Personal Information is up to date, as Equicex uses this information in order to contact you. When you update your Personal Information Equicex will validate the changed Personal Information to ensure that you are still eligible to have a Card. If your new Personal Information prohibits you from having a Card Equicex is required by law to immediately cancel your Card with no previous notice to you.
6. Using Your Card
Each time you use your Card to make a purchase at a merchant, or ATM, the amount of the transaction will be immediately deducted from your available balance as applicable. we will also deduct from your available balance all applicable. You are not allowed to exceed the balance on your Card by any individual transaction or series of transactions with the transaction’s relevant Fees as are provided in your account.
Your Virtual Card is valid for thirty-six (36) months and will be automatically renewed. We will notify you about the renewal of your Virtual Card at least once prior to renewal. You will be required to activate your Virtual Card according to the instructions provided by Equicex via an email to your Account Message Centre prior to the expiration date of your Virtual-Card. we will not send you a Physical Card.
Your Physical Card is valid for thirty-six (36) months and will be automatically renewed. We will send you a replacement Physical Card at least one (1) month before the expiration of your Physical-Card. You will be required to activate your new Physical Card according to the instructions provided by Equicex when you receive your Physical Card.
8. Card Cancellations
You have a legal right to cancel your Card up to fourteen (14) days after you have applied and paid for your Card without being charged a fee. This fourteen (14) day period is known as the “Cooling-Off-Period”. If you have made transactions on your Card during this Cooling-Off-Period, you will be responsible for these transactions.
Should you wish to cancel your Card you may do so on written notice to Equicex. Upon receipt of this notice, you may withdraw any remaining funds on your Card by: (1) using your Virtual Card to purchase goods or services at any Internet/mail/telephone merchant website that accepts Cards; (2) using your Physical Card to purchase goods or services at any merchant that has the ability to accept the relevant Card Organisation cards; (3) using your Physical Card to withdraw funds at an ATM which accepts Cards; or (4) transferring any of the remaining funds on your Card to your Account and request a redemption of your funds from your Account. Should you request a redemption of the remaining funds on your Card by transferring them to your Account, Equicex will transfer your funds to your Account at no charge.
If you choose to have the funds that were on your cancelled Card and have been transferred to your Account and desire these funds to be redeemed to you, Equicex will do so at no charge to you.
Subject to relevant regulations in force at the time, we reserve the right to block access to or to cancel your Card if: (1) you load funds onto your Account and then move these funds to your Card from any source that you do not have the legal right from which to transfer funds; (2) you violate the Terms of this Agreement; or (3) we are so directed by the order of a court of competent jurisdiction. If ordered by a court of competent jurisdiction or other legal or regulatory agency, Equicex may be required to withhold repayment of your funds to you.
9. Refunds and Chargebacks
If at any time you become aware of an unauthorised transaction made using your Card you must notify Equicex by calling the Customer Service number on Equicex’s website immediately and without undue delay and, in any event, within thirteen (13) months of the date of the transaction. we reserve the right to refuse a refund under this Clause XV where you fail to notify us within thirteen (13) months of the date of the transaction.
Disputes for Fraud
Once you have notified us of an alleged fraudulent transaction on your Card, we will promptly investigate your claim. Unless we suspect a potential fraud on your part, we will immediately refund the claimed amount to you. However, if Equicex has evidence of a potential fraud on your part, prior to making a refund to you, we may ask you to provide us further information about the transaction (for instance, to enable us to confirm that the transaction was properly authenticated). You also affirm that you will cooperate with police or other governmental enforcement bodies if requested to do so.
Disputes for Incorrectly Executed Transactions
We will promptly investigate your complaint and will immediately correct any error made by a merchant or by an ATM owner.
We will refund any incorrectly executed transaction immediately unless we have any reason to believe that the incident has been caused by a breach of this Agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity. If the investigations show that any disputed transaction was authorized by you, or you have acted fraudulently or with gross negligence, you may be liable any loss we suffer because of the use of the Card.
Except for disputes relating to Fraud or Incorrectly Executed Transactions, the following Terms apply.
You agree to attempt to first settle all disputes, other than disputes for alleged fraud or incorrectly executed transactions as are described in Paragraphs 1 and 2 of this Section, concerning transactions you make using the funds in your Card with the merchant(s), and/or the ATM owner with whom you made those transactions. If you notify Equicex that you dispute a transaction and you have not first attempted to settle that dispute, we reserve the right to require you to first attempt to settle the dispute before we will take any action on your behalf. If you want UPayCard to attempt to resolve the dispute (and providing you have first attempted to resolve the dispute yourself), we will attempt to resolve the dispute with the merchant(s), and/or ATM owner in accordance with the relevant European Union and/or Card Organisation regulations in force at the time of your transaction or dispute.
You may claim a refund for a transaction that you authorized provided that:
- Your authorization did not specify the exact amount when you consented to the transaction; and
- The amount of the transaction exceeded the amount that you could reasonably have expected it to be (taking into account your previous spending pattern on the Card, the Terms and Conditions and the circumstances of this case). Such a refund must be requested from us within eight (8) weeks of the amount being deducted from your Card. We may require you to provide us with evidence to substantiate your claim. We will, at minimum, but not be limited to:
- Require you to provide Equicex written documentation of the nature of the desired Equicex , and verify that you have attempted to resolve the dispute with the merchant;
- Return the disputed charge to the merchant if allowed by Card Organisation regulations,
- Place the funds in dispute in a safeguarded status until the dispute is settled through the Card Organisation dispute management process.
- The funds in dispute will not be available for your use until the dispute has been resolved in your favor.
- If the dispute is resolved in your favor, the funds will be released to you.
- If the dispute is resolved in the merchant’s or ATM owner’s favor the funds will be forwarded to such merchant or ATM owner.
If you desire Equicex to attempt to resolve a dispute with an ATM owner from whose ATM you have made a funds withdrawal with your Card, we will, as a minimum, but not be limited to:
Require you to provide Equicex with written documentation that you did not receive the funds from the ATM. Generally, ATM disputes result from the ATM not delivering funds or delivering a smaller amount than you requested. we may require you to provide additional information about the situation or take additional actions such as:
- Provide Equicex with a copy of the ATM receipt(s) you received;
- Dispute the ATM transaction, if allowed, by Card Organisation regulations.
- Place the funds in dispute in a safeguarded status until the dispute is settled through the Card Organisation’s dispute management system.
- These funds will not be available to you to spend until the dispute has been resolved in your favor.
- If the dispute is resolved in your favor, the funds will be released to you.
- If the dispute is resolved in the ATM owner’s favor the funds will be forwarded to the ATM owner.
If you are entitled to a refund for any reason for goods or services obtained with funds in your Account, you agree to accept credits to your Card as the only method of refund. We accept no liability to ensure that goods or services that you purchase will meet your satisfaction.
You are responsible for all transactions made on your Card, except as otherwise provided in this Agreement and/or by relevant law. Should your Card reach a zero balance and still have further transactions or fees outstanding due to delayed or erroneous posting of any transaction due to processing or operational errors, we reserve the absolute right to make a charge or charges to: (1) any other Cards that you may have with Equicex ; (2) any eWallet that you may have with Equicex ; (3) the loading payment mechanism that you used to fund your Account, and/or to any other Account that you many have with Equicex in order to clear any such indebtedness you have incurred and to ensure the Card does not exceed a zero balance.
10. Loss or Unauthorized Use of Your Card
If you believe that any of your Card(s) information has been lost or stolen, or that someone has used any of your Card(s) without your permission, notify Equicex immediately by using Equicex’s online services at www.equicex.io . Once you notify Equicex that any of your Card(s) have been lost or stolen, or that someone has used any of your Card(s) without your permission, we will, subject to the conditions noted in Section 9 – “Disputes, Returns, Refunds and Chargebacks”, immediately refund any fraudulent transactions that have taken place on your Card. we reserve the right to block or cancel your Card.
Should you desire we will send you a new Card by post at no cost to you and transfer all of your transaction history to your new Card. Equicex will, if required, also notify all relevant law enforcement and governmental agencies and regulators.