Terms and Conditions for business Virtual Debit Card

Version 1.0

Definitions and Interpretation

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.

  • 1.1.Virtual Debit Card is a payment instrument that uses the Visa network and is branded by Visa, which is owned by Wallester and issued by Wallester in co-operation with M-PAY and which the Customer may use to perform operations top up the payment on Card Account and see payment card transactions and other information related to it.
  • 1.2.Please note that M-PAY is not a virtual debit card issuer.
  • 1.3.Before ordering the Virtual Debit Card, We ask You read and agree to these Terms and Conditions and and Wallester's Visa Payment Card Terms and Conditions available on Visa Payment Card Terms and Conditions
  • 1.4.Virtual Debit Card currency – Euro.
  • 1.5.Virtual Debit Card is a digital payment cardissued without a physical carrier.
  • 1.6.Virtual Debit Card can be issued to the Customer legal entity registered in UK, EU/EEA only.
  • 1.7.Virtual Debit Card can be used for online payments only.
  • 1.8.The Virtual Debit Card is not a credit, charge, or pre-paid card. The Customer will not earn any interest on any funds sent to the Card Account;
  • 1.9.The Virtual Card is not linked to a Customer`s payment Account, the Virtual Card is linked to separate Card Account for Virtual Debit Card transactions in M-PAY system.
  • 2.1.To apply for your Virtual Debit Card, you must register and hold an active M-PAY Account. Your use the Virtual Card is subject to the M-PAY General Terms and Conditions as may be varied by us from time to time.
  • 2.2.To order a Virtual Debit Card, you must log in to our Remote System, select Cards> Payment Cards and order a Virtual Debit Card.
  • 2.3.Approval or refusal to issue a Virtual Debit Card will be made by the M-PAY and/or Wallester.
  • 2.4.The Cardholder may start performing operations once the Virtual Debit Card has been activated.
  • 2.5.M-PAY reserves the right to request further information pertaining to transactions you undertake in line with applicable regulations at any time failure to which may result in limitation on usage of the Virtual Debit Card including suspension or termination of the account.
  • 2.6.You may also be asked to submit documentation to us for purposes of identification in accordance with our Customer Due Diligence, or regulatory requirements or when need be to update your details. We may also use electronic methods to satisfy our Customer Due Diligence requirements available in our custodian as obtained during the registration of your M-PAY Account, this will include but not limited to (for example: name, address, phone number, date of birth, etc.) and your personal background; information related to transactions arising from your relationship with and through us, and from other financial institutions; information you provide upon request for any of our products and services; information for the provision of products and services; and information about financial behavior such as your payment history and credit worthiness. We may collect and confirm this information during the course of our relationship. We may obtain this information from a variety of sources, including from you, from service arrangements you make with or through us, from credit reporting agencies and financial institutions, from registries, from references you provide to us and from other sources, as is necessary for the provision of our products and services.
  • 3.1.You will be able to use funds available in your M-PAY Card Account to transact using your Virtual Debit Card.
  • 3.2.There must be sufficient value in your M-PAY Card Account to cover the value that you wish to use for purchase and the purchasing fee (if any).
  • 3.3.Only the Customer can add money to the Virtual Debit Card account. The Cardholder will not be able to add money to the Card Account.
  • 3.4.Virtual Debit Card`s transaction limits apply as per M-PAY and Wallester`s Terms and Conditions and subject to regulatory guidelines.
  • 3.5.If found non-compliant and we find you’re liable for claim costs, We’ll use your Security deposit to partly cover Our damage and refund you any balance. The Security deposit might have a different value.
  • 3.6.We reserve the right to suspend or terminate the right add money to the Card Account at any time without notice.
  • 3.7.The Customer solely owns the funds representing the available balance and is the beneficial owner of these funds.

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.

  • 5.1.Once a transaction is authorized, it cannot be withdrawn or revoked.
  • 5.2.You shall be responsible for ensuring the correctness and accuracy of all purchases made with the Virtual Debit Card. Any loss due to negligence of usage of your Virtual Debit Card will not be covered by us.
  • 5.3.We will immediately debit the amount in the M-PAY Card Account for all Purchases from your Virtual Debit Card. If you attempt to spend more than the amount on your Card Account balance, your transaction will be declined.
  • 5.4.You must not use the Virtual Debit Card: after this Agreement has been terminated; or the Virtual Debit Card expirer date has passed or for payment of any illegal purchase.
  • 5.5.You can stop a Virtual Debit Card purchase after it has been authorized by requesting the participating retailer to stop it. You may also request the participating retailer for reversal or refund.
  • 5.6.Statements will be available within your M-PAY statements in Remote System.
  • 5.7.You are responsible for monitoring your M-PAY Card Account balance and for ensuring that there are always enough funds on the Virtual Debit Card to pay for Virtual Debit Card purchases at participating retailers.
  • 5.8.You are responsible for all authorized transactions on the Virtual Debit Card.
  • 5.9.You agree that online card payments are subject to all laws and regulations including any exchange rate control regulations. You may therefore be required to pay the participating retailers at the prevailing exchange rate which may fluctuate before Card or completion of payment and shipment.
  • 5.10.Once you have notified us of an unauthorized or incorrectly executed transaction on your Virtual Debit Card, we will promptly investigate your claim. In some cases, we may ask you to give us further information about the transaction (for instance, to enable us to confirm that the transaction was properly authenticated). You agree to cooperate with law enforcement bodies if requested to do so.
  • 5.11.M-PAY and Wallester reserve the right to suspend and/or close your Virtual Debit Card in case receives a valid complaint from a participating retailer until such complaint is resolved.
  • 5.12.We will not be liable for defects or fraud or poor goods or services by a participating retailer. We will also not be liable for payments made to an unintended recipient using your Virtual Debit Card. Any queries or complaints about such goods or services should be addressed to the relevant participating retailer(s).
  • 5.13.Should you fail to reach an amicable agreement with the participating retailer, you may contact M-PAY`S Customer support and you may lodge a dispute. Customer support will guide you on any forms or details required to be filled in order to correctly lodge the dispute. On receipt of a duly lodged dispute form, we will contact Wallester for resolution.
  • 5.14.All Customer’ complaints and claims (as well as disputes) will be handled by the M-PAY as a first instance. All Customer’ complaints and claims regarding the Virtual Debit Card or the transaction made with the Virtual Debit Card, the M-PAY shall forward directly to Wallester without any delay.
  • 5.15.In relation to any dispute between you and a participating retailer, provided you are able to satisfy us that you have already made all efforts to resolve the dispute with the relevant participating retailer, we and Wallester will attempt to assist you so far as is reasonably practicable. We may charge you a Fee as referenced in the Fees Schedule for any such assistance we may give you with any such dispute. If there is an irresolvable dispute with a participating retailer in circumstances where the Virtual Debit Card has been used for a transaction, you will be liable for the transaction and will have to resolve this directly with the relevant participating retailer.
  • 6.1.The Virtual Debit Card is issued by Wallester AS, a company incorporated under the laws of Estonia, registration number 11812882, registered office at F.R. Kreutzwaldi tn 4, 10120 Tallinn, Estonia, a licensed payment institution and principal member of Visa, holding valid license from the Estonian Financial Supervision and Resolution Authority.
  • 7.1.You must treat your Virtual Debit Card number and CVV with caution just like your M-PAY Account details. You must keep the Virtual Debit Card number and other security information provided to you secure. Do not share your Virtual Debit Card Credentials with any person.
  • 7.2.You must take all reasonable care and precaution to ensure that the Virtual Debit Card Credentials are not lost, misplaced or stolen.
  • 7.3.We recommend that you check the balance on your Card Account regularly. You may view your Card Account balance or recent transactions at any time.
  • 7.4.If you lose your Virtual Debit Card details or if they are stolen, or you suspect that your Virtual Debit Card has been used by someone other than you, you must suspend your Virtual Debit Card and inform us immediately.
  • 8.1.In the event that you do not use your Virtual Debit Card in accordance with these Terms and Conditions or we find that you are using the Virtual Debit Card fraudulently, we reserve the right to charge you for any reasonable costs or loss that we incur in taking action to stop you from wrongfully using your Virtual Debit Card.
  • 8.2.Like other payment cards, we cannot guarantee a participating retailer will accept your Virtual Debit Card, or that we will necessarily authorize any particular transaction. This may be because of a systems problem, or a technical issue beyond our reasonable control, or force majeure or because we are concerned that your Virtual Debit Card is being misused. Accordingly, we shall not be liable in any event that a participating retailer refuses to accept your payment, or if we do not authorize a transaction, or if we cancel or suspend use of your Virtual Debit Card.
  • 8.3.Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use or inability to use your Virtual Debit Card, or the use of your Card by any third party. We shall not accept any liability arising from any authorized transactions that occur due to carelessness, ignorance, theft or misuse of your Virtual Debit Card. As soon as you discover or suspect that your Virtual Debit Card credentials are compromised or there are unauthorized transactions on your Virtual Debit Card you shall notify us immediately.
  • 8.4.We and/or Wallester may restrict or refuse to authorize any use of your Virtual Debit Card in any legal jurisdiction if using the Virtual Debit Card is causing or could cause a breach of the Terms and Conditions or if we suspect criminal or fraudulent use of the Virtual Debit Card.
  • 8.5.We will not liable to you in case: any of your instructions are not clear; you provide incorrect information while transacting using your Virtual Debit Card; Any currency exchange rate inflation that will affect your purchases.
  • 8.6.You are responsible for all authorized use of a valid Virtual Debit Card.
  • 8.7.You are liable for all Losses that result from these situations:
    • 8.7.1.You authorize someone else to use your Virtual Debit Card;
    • 8.7.2.You make fraudulent or worthless deposits or transfers;
    • 8.7.3.Your use of your Virtual Debit Card when there is insufficient funds in your Card Account.
  • 8.8.You are liable for Losses if you contribute to someone else’s unauthorized use of your Virtual Debit Card.
  • 8.9.You may not use the Virtual Debit Card for any illegal or unlawful transaction, and you agree to hold us harmless and indemnify us if you do. We may decline to authorize any transaction that we believe may be unlawful or illegal.
  • 9.1.You can find our fees for Virtual Debit Card in Fees Schedule here: https://m-pay.me/fees.html
  • 9.2.All Fees will be debited directly through your Virtual Debit Card from your Card Account.
  • 9.3.We may charge Fees in connection with any of our services and facilities that you have made use of or requested based on our Fees Schedule. The Fees Schedule is subject to changes.
  • 9.4.We may charge you an administration charge as set out in the Fee Schedule in the following circumstances:
    • 9.4.1.in the event that you make any payment to us that is subsequently reversed after sixty (60) days due to inadequate account information or inadequate KYC documentation, and
    • 9.4.2.to cover our reasonable costs and expenses in providing you with manual support on the Account not otherwise required under the Agreement (e.g. a request for legal, police, court or other judicial support).
  • 9.5.We may charge you a Fee for chargebacks as set out in the Fees Schedule where a receiving bank declines receipt of a payment following a request to transfer the funds from the Virtual Debit Card.
  • 9.6.We have the right to review and change the amount of available balance you are able to have in the Card Account and the spending limits on the Virtual Debit Card at any time and will notify you accordingly.
  • 10.1.You agree that we can use your personal information in accordance with our Privacy policy which is set out at http://m-pay.me.
  • 10.2.Virtual Debit Card issuer may also use your personal information in accordance with its privacy policy. Please note that us and the Virtual Debit Card issuer are each independent data controllers. Each privacy policy includes details of the personal information collected, how it will be used, and who it is passed onto.
  • 10.3.To comply with applicable KYC-and anti-money laundering rules and regulations we, the Virtual Debit Card issuer, shall be entitled to carry out all necessary verifications regarding the Cardholders identity.
  • 11.1.We and/or Wallester may terminate this Agreement at any time for such reasons as we shall communicate to you.
  • 11.2.We and/or Wallester may terminate the Agreement without prior notice if:
    • 11.2.1.you breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner; or
    • 11.2.2.we and/or Wallester are required to do so by law or by the card scheme (for example, where the provision of the Virtual Debit Card to you becomes unlawful);
    • 11.2.3.we and/or Wallester reasonably believe the Virtual Debit Card is deliberately being used by you to commit fraud or for other illegal purposes, or we discover that any of the information you provided us with when you applied for the Virtual Debit Card was incorrect.
    • 11.2.4.If we and/or Wallester terminate the Agreement without prior notice, we will tell you as soon as practicable afterwards unless we are prohibited by law from doing so.
  • 11.3.You may terminate this Agreement by cancelling your Virtual Debit Card and paying off all debts, if any. If you continue using your Virtual Debit Card you will be deemed to have accepted this Agreement.

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.

Customer Declaration

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.