|Card Account||means an account, which is used to settle Card transactions|
|Cardholder||means the person authorised by the Customer to use the Card to spend Available Balance in the person’s capacity as a representative of the Business and not in its own personal capacity. For the avoidance of doubt a Cardholder is not acting as a consumer for the purposes of this Agreement|
|Customer||means the Customer legal entity of M-PAY who applies for a Virtual Debit Card|
|Losses||means any loss to you or to us or to Wallester that result from the use of your Virtual Debit Card, including any transfer of funds, any debit or other account activity|
|M-PAY||means, Maayan Payments Ltd., an Electronic Money Institution authorized and regulated by the Financial Conduct Authority (FCA) (FCA is a financial regulatory body in the United Kingdom that focuses on the regulation of financial services firms, https://www.fca.org.uk/)|
|Personal Data||means any information relating to an identified or identifiable natural person; an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person|
|Security deposit||is the amount that we are authorized to held during the business relationship, to cover Our partial losses, e.g. fines, penalties, chargebacks, reputational damages caused by the Customer|
|Virtual Debit Card||means a non-physical debit card issued by Wallester AS in co-operation with the M-PAY to a Customer under a Visa card scheme.|
|Visa||means international card organization Visa Europe Services LLC London branch, branch number BR007632 and registered office at 1 Sheldon Square, London W2 6TT, United Kingdom|
|Wallester||means, a licensed payment institution and principal member of Visa, holding valid license from the Estonian Financial Supervision and Resolution Authority and a valid confirmation/license from foreign Regulatory Bodies to provide services on the territory of Estonia and EU countries|
These terms and conditions apply to your business Virtual Debit Card. You accept these terms and conditions by activating your Virtual Debit Card. You should read them carefully before activating your Virtual Debit Card. In these terms and conditions “you” means the Customer and/or the named debit Cardholder authorised by the Customer to use the Virtual Debit Card. “We”, “us” or “our” means M-PAY.
Transactions may be restricted by individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons, we reserve our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations.
Neither Party shall be liable to the other Party for any delay or failure to perform its obligations under these Terms and Conditions as a result of epidemic, pandemic, revolution or other civil disorders; belligerent aggression by an enemy; strikes; lack of available resources from persons other than parties to this Agreement; labour disputes; electrical equipment or system availability delay or failure; fires; floods; acts of God; government or regulatory intervention; or, without limiting the foregoing, any other causes not within its control, and which by the exercise of reasonable diligence it is unable to prevent, whether of the class of causes hereinbefore enumerated or not. If such delay or failure continues for at least thirty (30) days, then either Party may terminate their engagement by notice in writing to the other.
I have carefully read and accept the Terms and Conditions of Virtual Debit Card. I know the latest version of Terms and Conditions of Virtual Debit Card can be inquired on M-PAY’s official website.
I apply for a Virtual Debit Card business and promise that the information provided to the M-PAY is true, effective and complete. The M-PAY has the right to accept and rely on any surface real information and documents provided by me. In case of forgery or fraud, I shall be liable.