Version 2.0

Effective as of 08.11.2021

These M-PAY Terms of Service (the “Terms”) govern the legal relationship between You as an individual or legal entity („User“, „You“ or „you“) and MAAYAN PAYMENTS LTD, a company incorporated under the laws of England (registered number: 12552087) whose registered office is at Unit 3h/G Dockland Business Centre, 10 Tiller Road, London, United Kingdom, E14 8PX. We call ourselves “M-PAY” in this Terms for short or just “We”, “Our” or “Us”. Maayan Payments Ltd is 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/). FCA reference number of MAAYAN PAYMENTS LTD: 927556

Email us info@m-pay.me
Call us +44 2037692770
Via Remote System


You also agree to the additional documents on Our website www.m-pay.me:

  • Privacy policy;
  • AML policy;
  • Complaints Handling Policy.

To make easier for You to use this Terms, We have divided it in three parts: PART I “GENERAL” general terms of the Terms; PART II “ACCOUNT TERMS” applies to electronic money and Account opening and maintenance; PART III “PAYMENT CARD TERMS” applies to payment cards.

Headings of section, clauses and other headings in the Terms are indicated for convenience only and do not affect the interpretation of the Terms


Unless expressly stated otherwise, the following terms shall have the following meaning:

Account - an account opened for You with Us in Our Remote System where Your funds are recorded;

Authenticator - codes, passwords and other identifiers or actions, creation or use of which is possible via Mobile app "M-PAY" and which We use for Your authentication and/or for confirmation of the Payment orders initiated in the Remote System.

Business Day - a day within Our working hours, which is not Saturday, Sunday, or holiday in the United Kingdom (“UK”). Our working hours are from 9am to 5pm UK time;

Mobile app "M-PAY" - is our mobile application (available for download on Google Play and AppStore) which is suitable only for Android or iOS, are connected to Your mobile device and is used for creation or use an Authenticator.

Payment - an action initiated by You for making a money transfer or withdrawing money;

Payment orders - Your instruction to Us to execute a Payment;

Price List - Standard Fees or Unique Fees, depending on which of them is applied to the Agreement between You and Us

Remote System - remote access system provided by Us to You, which, subject to the Terms, enable You to use Our services and communicate with Us remotely;

Standard Fees - Our standard price list, which is published on Website and contains fees and charges payable by You for the services provided by Us;

Unique Fees - Our unique (tailor-made) price list, developed individually for You, which contains fees and charges payable by You for the services provided by Us

Website - Our website www.m-pay.me.


  • 1.1. M-PAY grants You rights to use M-PAY services in accordance with the provisions of this Terms
  • 1.2. This Terms together with the Price List (the Price List is an integral part of this Terms) forms a legal agreement (the “Agreement”) between You and Us and governs Your use of Our payment services, Remote System, and other services (the “Services”). The Price List also governs the legal relationship between You and Us. We do not provide any consulting services or advice.
  • 1.3. By entering into the Agreement You confirm:
    • A. that prior to entering into the Agreement, We have provided You online on Our Website with these Terms and the Standard Fees;
    • B. that You have carefully read and fully understood these Terms and the Standard Fees;
    • C. Your agreement according to which M-PAY is entitled to provide Services to You according to the Terms and Standard Fees;
    • D. that You understand that in order to use Our Services (for Your authentication and / or confirmation of activities in the Remote System) You need to download the Mobile app "M-PAY" which is suitable only for Android and iOS.
  • 1.4. If in Our discretion Standard Fees cannot be applied to the Agreement between You and Us, We will apply You the Unique Fees. We will notify You on the Unique Fees before the conclusion of the Agreement by sending such information to the e-mail address provided by You during registration. Simultaneously We will inform You about the method of giving consent or refusal to the Unique Fees. Upon receiving a refusal to the Unique Fees, You revoke Your registration to Our services.
  • 1.5. The Terms and Standard Fees, as well as amendments to them, are published on Our Website and upon Your request We will send You a printout. We will inform You about changes in the Unique Fees with a notification in the Remote System.
  • 1.6. If You wish to use Our Services, You should register through Our website www.m-pay.me and accept these Terms by clicking the "I accept" button. You confirm that all information submitted by You is valid at the time of entering into these Agreement.
  • 1.7. When You have registered for Our Services and accepted these Terms and Price List, We may perform due diligence and may require You to supply additional documentation for Us to be able to carry out any necessary steps in accordance with applicable laws and regulations as determined by Us in our sole discretion. You shall assist Us in that regard.
  • 1.8. Upon successful registration, You will receive a confirmation email of the conclusion of the Agreement to Your registered email address. We have the right not to accept Your registration and refuse to conclude the Agreement without explaining the reasons for the refusal.
  • 1.9. The Agreement is concluded for an indefinite period.
  • 1.10. The Parties shall communicate in English.
  • 1.11. You must have full legal capacity, all necessary consents and have the authority to enter into the Agreement and use Our Services; You are properly empowered and have obtained all necessary corporate or other authority pursuant to its constitutional and organisational documents. You are not prevented by any legal disability or subject to any law or regulation from performing Your obligations under this Agreement and any related transactions contemplated by them. If you are an individual, you must be at least 18 years old.
  • 1.12. By using Our Services, You agree to be bound by all terms and conditions of the Agreement.
  • 1.13. You need Our written consent to transfer Your rights or Your obligations under this Agreement to another person.
  • 1.14. You must be solely and fully liable for the declaration/registration of all Accounts with Us, as well as all operations within the Account, to tax authorities where You are considered as tax resident.
  • 1.15. The UK deposit guarantee scheme does not apply to the Accounts opened with Us. However, We will ensure that Our customers’ funds are kept in a segregated bank account opened for the benefit of Our customers and it will not be used to keep Our own funds or other parties which are not considered to be Our customers.
  • 1.16. If any terms of this Agreement are determined to be unenforceable, the remaining terms will continue in full force and effect, and these terms will be construed as if the unenforceable term had never existed.
  • 1.17. The laws of England and Wales apply to the Agreement.

Remote System

  • 1.18.We will provide You with Our Services remotely via Remote System.
  • 1.19.To use Our Remote System, You must meet and comply with the following minimum system requirements:
    • Processor: Intel Core i3 or better
    • Memory: 2 GB RAM 4.13.2.
    • Operating system: Windows 7 / Linux up to date distro / OSX
    • Browser: Firefox / Chrome / Edge 4.13.3.
    • Operating system for mobile devices: iOS 12 or higher / Android 8.0 or higher.
  • 1.20.We will identify You for accessing the Remote System with a Login (Your e-mail specified during registration), unique password created by You and one-time password generated in the Mobile app "M-PAY" (the “Personalised security credentials”).
  • 1.21.You shall keep confidential Your Personalised security credentials for the Remote System.
  • 1.22.Your Personalised security credentials are confidential, and You shall not disclose them and shall keep protected against third party access; shall keep them safe.
  • 1.23.If Your Personalised security credentials is disclosed or could have been disclosed to a third party, You shall immediately notify Us in writing or by telephone and We will block access to Our remote services in the fastest possible way until the new Personalised security credentials is supplied.
  • 1.24.Access to the Remote System will be blocked if You will erroneously enter Your Personalised security credentials five times.
  • 1.25.We have the right, but not the obligation to completely or partially block Your access to Remote Services if We believe that Your Personalised security credentials was released or could have been released to a third party or illegal actions have taken place, to ensure safety, integrity and confidentiality of services, You and / or other Users, or to prevent possible losses to Us or You, as well as to execute decrees and orders of government bodies and/ or officials that are subject to mandatory enforcement according to the respective law.
  • 1.26.From time to time, the parties (You and Us) will send each other documents / notifications / requests / applications via Remote System and the parties (You and Us) agree that all these documents are considered sent and received by the parties at the moment of respective transmission if they are sent at Business Day or the next day if they are sent during non-Business Day. We will consider any documents / notifications / requests / applications received via Remote System with Your Personalised security credentials, as sent by You.
  • 1.27.You agree that the main and official communication channel for receiving any types of documents / notifications / requests / applications is the messaging system in the Remote System and all documents / notifications / requests / applications and information reflected in the Remote System will be considered binding for You, and that such information is equivalent to the information issued by Us as a written document, statement or acknowledgement.
  • 1.28.Cases, when We limit access to the Remote System temporarily, but not longer than for 24 (twenty four) hours, due to the Remote System repair, development works and other similar cases, and if We have informed You about such cases at least 2 (two) Business Days in advance, shall not be considered the Remote System operation disorders.

Charges and Fees

  • 1.29.You shall pay charges and fees for the services provided by Us pursuant to the Standard Fees /the Unique Fees or the Terms. All Our charges and fees are non-refundable.
  • 1.30.You shall pay to Us fees and charges for the services provided as set in the Standard Fees /the Unique Fees as at the moment of provision of the respective service by Us.
  • 1.31.All applicable fees and charges payable to Us will be deducted from Your Account.
  • 1.32.Subject to this Agreement, You are obliged to pay all fees and charges due for Your use of Our Services regardless of the suspension or the services blocking.

Issuance and redeemability of electronic money; Prohibition of interest

  • 1.33.All funds in your Account are legally termed as electronic money.
  • 1.34.We must on receipt of funds, issue without delay electronic money at par value and at Your as an electronic money holder request of, redeem at any time and at par value the monetary value of the electronic money held.
  • 1.35.We must not award interest in respect of the holding of electronic money or any other benefit related to the length of time during which an electronic money holder holds electronic money.

Identity Verification

  • 1.36.You hereby consent to collaborate with Us in all events when We or any third service provider is obligated under relevant laws to check or verify Your identity and validate financial sources. Such requests/ applications may include a request to disclose more detailed information to Us for adequate identification of You or any other related person, including the verification of Your information in the third party‘s databases or any other sources. To enable You to use Our services, We may request for any additional information. We reserve the right to block, suspend or limit Your access to Your Account and/or other services if We fail to obtain or verify such additional information.
  • 1.37.By consenting to the Terms, You agree that We or any authorized third party may carry out such verification.
  • 1.38.We shall ensure that all data are always exact and valid. If We suspect that Your data are outdated or incomplete, We are entitled to contact You and request that You pass verification one more time. In this event, We may suspend or restrict Your access to Our Services and restrict services for the period of your identity check. We shall not be liable for any losses caused by Your failure to promptly update Your data.
  • 1.39.You must notify Us immediately (but not later than within 3 Business Days) of any changes in the information or documents submitted to Us
  • 1.40.You must notify Us immediately (but not later than within 1 Business Day), if You are a corporation, where beneficial ownership of your corporation changes by more than 10%.
  • 1.41.You understand and are aware that failure to comply with these rules regarding the accuracy, veracity, validity, and relevance of the information provided or other material breach of the Agreement poses a risk of incurring significant financial penalties up to the suspension of our financial activities - license from financial regulator due to non-compliance with legal requirements on prevention of money laundering, financing of terrorism, proliferation, or other illicit activities. This will affect our reputation and negatively affect business development.
    In the event of any such material breach, where You have posed the above risk to Us, We are entitled to impose on You a fine for each case of breach for EUR 1,000.00 (One thousand euro), which will be deducted from Your Account.
  • 1.42.In relation to the prevention of money laundering or terrorism and proliferation financing, tax frauds or other illicit activities, We have the right to refuse cooperation with You, including to refuse/refrain from Payment order execution, if You or a person related thereto, including its beneficial owner, is a person: against whom sanctions and/or restrictions of international organizations or sanctions and/or restrictions applied to/by specific countries’ or other international or local sanctions; the Payment order initiated by You or in favour of You is directly or indirectly related to a person against whom international or local sanctions have been imposed; We have knowledge or suspicions that You, beneficial owner or any person related to You has performed or attempted to carry out activities aimed at money laundering or financing of terrorism and proliferation, tax frauds or other illicit activities; Your activities do not comply with the requirements of the regulatory enactments regulating the area on prevention of money laundering or financing of terrorism and proliferation, tax frauds or other illicit activities.
  • 1.43.We shall not be obliged to explain You the reasons for refusal to cooperate, including Payment order execution, in accordance with the Terms.

Prevention of Money Laundering and Terrorism Financing

  • 1.44.We at all times adhere to Know-Your-Customer (KYC) principles upon the establishment of and during the business relationship with Our customer.
  • 1.45.In order to comply with legal requirements on prevention of money laundering or financing of terrorism and proliferation, tax frauds or other illicit activities, We may request from You and You shall provide the necessary documentation and information for due diligence, including beneficial owner, personal and economic activity of You and beneficial owner, financial position, origin of funds and explanations on financial operation or objective of operations.
  • 1.46.We have a right to refrain from provision or performance of financial services if We have information or reasonable grounds to believe that Our Customer or related person is involved in money laundering or terrorism and proliferation financing, tax frauds or other illicit activities.
  • 1.47.We shall not be liable for any loss caused to You or third parties in result of providing financial services or refusing from execution of services, suspending, or terminating if We have acted within the legal framework of regulations ensuring prevention of money laundering or terrorism and proliferation financing, tax frauds or other illicit activities.
  • 1.48.Our additional terms and conditions and requirements on the prevention of money laundering or financing of terrorism and proliferation, tax fraud or other illicit activities are included in Our AML policy.
  • 1.49.Based on the Terms and Our AML policy, We may block access to the Remote System/Our Services from certain countries.

Amendments to the Agreement

  • 1.50.You have the right and obligation to follow the amendments made to the Terms, Standard Fees and/or Unique Fees. Information on amendments to these Terms and the Standard Fees You can find on our Website. Information on amendments to the Unique Fees We will send You via the Remote System
  • 1.51.We may propose to You at any time an amendment to the Terms, Standard Fees and/or Unique Fees no later than:
    • months before the effective date of the amendment to the Agreement specified in the proposal, if You are consumer, or
    • days before the effective date of the amendment to the Terms, Standard Fees and/or Unique Fees specified in the proposal if You are not a consumer.
  • 1.52.It is agreed between You and Us that it shall be deemed that You have accepted Our proposal for an amendment to the Terms, Standard Fees and/or Unique Fees if:
    • 1.52.1.We have proposed the amendment to the Terms, Standard Fees and/or Unique Fees no later than 2 months before the proposed effective date of the amendment, if You are a consumer, or no later than 10 days before the proposed effective date of the amendment if You are not a consumer;
    • 1.52.1.if You have not rejected the proposal for an amendment to the Terms, Standard Fees and/or Unique Fees before the effective date of the amendment;
  • 1.53.If You disagree with the amendments to the Agreement, You have the right to submit a written notice of termination of the Agreement to Us before the respective amendments come into force. In this case, You must pay all fees specified in the Agreement and perform other obligations arising from the Agreement. If We have not received Your written notice by the effective date of the amendments to the Agreement, You shall be deemed to have fully agreed to the amendments.
  • 1.54.If any amendments of the Agreement are required by law or related to a new service or option added to the existing services or a reduction in the service price or any other change that does not limit your rights or increase your liability, such amendments may be made without prior notification with an immediate effect.

Validity and Termination of the Agreement

  • 1.55.You may terminate the Agreement at Your own discretion at any time; in such case this Terms shall terminate upon expiry of a one-month notice period if You are a consumer or of a two-month period if You are not a consumer. No termination of this Agreement shall affect any of Your rights or obligations that arose before the date of termination and shall survive such termination due to their features.
  • 1.56.We are entitled to close the Account and terminate the Agreement unilaterally by notifying You 2 (two) months in advance (except for the cases specified in Clause 1.57. of the Terms) without explaining the reasons.
  • 1.57.We are entitled to immediately close the Account and terminate the Agreement unilaterally without prior notice, notifying You in writing if:
    • 1.57.1.You are not duly performing Your obligations under this Agreement or in performing Your obligations violate the provisions of this Agreement;
    • 1.57.2.You have provided Us with false information or documents;
    • 1.57.3.You have not provided to Us within the set timeframe the requested information (documents) or has provided false or incomplete information (documents);
    • 1.57.4.We believe or have established that the documents provided by You are counterfeit and/or information (documents) do not correspond to the actual circumstances;
    • 1.57.5.We believe or have established that there is an unidentified and unauthorized individual acting on behalf of You;
    • 1.57.6.We believe or have established that the true beneficiary indicated by You is a different person;
    • 1.57.7.We believe or have determined that You have tried or are using Our services for illegal purposes - for fraud or other illegal activity;
    • 1.57.8.You have a negative account balance;
    • 1.57.9.We have reasonable grounds to suspect that You or funds in the Account are involved in money laundering or terrorism and proliferation financing, tax frauds or other illicit activities;
    • 1.57.10.We have information about extraordinary circumstances beyond Our control that may affect the safety or confidentiality of Your and / or other Our customers' funds or inflict losses;
    • 1.57.11.We have information that You are involved in an illegal activity and / or other negative information about You or related to You that could damage Our reputation;
    • 1.57.12.Our right to terminate the Terms immediately results from the regulatory enactments binding to Us;
    • 1.57.13.at our discretion if You have not performed transactions on the Account for more than 6 (six) consecutive months and its balance is equal to 0 (zero).
  • 1.58.Prior to closing the Account, We will debit the Account for the funds due to Us pursuant to the Agreement or other agreements concluded with Us and will transfer the remaining amount to the account specified by You, applying the fee.
  • 1.59.Prior to closing the Account for any reason, You must transfer all funds from the Account to an account opened with another financial institution. If there are funds left on the Account and they are not transferred from the closed Account within 1 month after its closure, We are entitled to charge the funds in the closed Account with a 0.1% (minimum 1 GBP) daily fee and / or We are entitled to charge other fee and charges provided in Your Price List.
  • 1.60.The Terms between an electronic money issuer and an electronic money holder terminates when the right to use electronic money for the purpose of making payment transactions ceases.

Consumer Protection

  • 1.61.As a consumer, You are authorized to unilaterally withdraw from the Agreement within 14 days after entering into the Agreement. You are not obliged to state any reason for such withdrawal and We may not impose You any sanctions in connection with Your withdrawal. This withdrawal period takes effect from the date that your application is accepted by Us.
  • 1.62.If You exercise Your right to withdraw from the Agreement, the time limit for withdrawal is considered to have been observed if You dispatch the notice of withdrawal to Us within the designated time limit.
  • 1.63.If You withdraw from the Agreement, We may require immediate payment of fees and charges payable to Us hereunder for the services We have provided You until Your withdrawal has occurred.
  • 1.64.Your right to withdraw from the Agreement will expire after lapse of the 14-day period.
  • 1.65.If you have a complaint, please contact Us. You will need to tell us: Your name and the Account number, when the problem arose and how you would like us to put the matter right. We will look into Your complaint and respond to You via Remote System. We will communicate with you in English. We will handle Your complaint in compliance with Complaints Handling Policy published on Our Website.
  • 1.66.If You are not satisfied with the way We have handled Your complaint, You can refer it to the Financial Ombudsman Service within six months of the date we sent (or should have sent) our final response to you.
    Their address is: Exchange Tower London E14 9SR.
    Phone from UK: 0800 023 4567.
    You can find more information on their website https://www.financial-ombudsman.org.uk/.
  • 1.67.If your complaint is about our service relating to payments or electronic money, you can also make a complaint to the Financial Conduct Authority.


  • 1.68.We perform the Processing of Personal Data in accordance with Our Privacy Policy available on Our Website.
  • 1.69.We may collect and disclose personal information to third parties as explained in our Privacy Statement. To view this, visit www.m-pay.me or email info@m-pay.me. We collect personal information, for example, when You transact with us (e.g., using the Services) and other companies; submit information on applications, forms, and by other means; use or visit our or other apps or online sites; enter a promotion; register for communications; or join a loyalty program. We also collect information from many sources and may collect, track and combine information across devices, platforms and channels. Information disclosed may include financial data (e.g., information on transactions with us and other financial matters), contact information, identification, computer, mobile device and social network information. Recipients may include financial and non-financial companies, service providers, government agencies and direct marketers. You may direct us to limit certain disclosures, and Your choice will apply until You change Your choice or we delete Your data. To limit disclosures (opt out), email info@m-pay.me.


  • 1.70.Neither Party will be liable for any failure or delay in performing an obligation under this Terms that is due to any of the following causes, to the extent beyond its reasonable control: acts of God, accident, riots, war, terrorist act, epidemic, pandemic, quarantine, civil commotion, breakdown of communication facilities, breakdown of web host, breakdown of internet service provider, natural catastrophes, governmental acts or omissions, changes in laws or regulations, national strikes, fire, explosion, generalized lack of availability of raw materials or energy. For the avoidance of doubt, Force Majeure shall not include (a) financial distress nor the inability of either party to make a profit or avoid a financial loss, (b) changes in market prices or conditions, or (c) a party's financial inability to perform its obligations hereunder.


  • 2.1.Under the Terms, We undertake to open and maintain the Account for You and You are authorized to use the Account to execute Payment orders in compliance with the Terms.
  • 2.2.Only You are authorized to dispose with the Account. Other person than You may dispose with the Account only based on specific power of attorney granted by You in the appropriate form and requirements, which we will inform on a case-by-case basis. This authorized person will also be named "User", "You" or "you" within this Terms. We are not obliged to verify the validity of a power of attorney (including the fact of revocation thereof), except if the power of attorney was issued to a third party in the presence of Our employee and certified by Our employee. We are not responsible for transactions with the Account if you have not notified Us in writing about the revocation of a power of attorney in writing.

Consent to execute Payment transaction, its withdrawal

  • 2.3.The Payment transaction is authorized if You give Us Your consent with it. Your consent (authorization) is given to Us through the Remote System with an Authenticator created via Mobile app "M-PAY". Consent to execute Payment transaction can be given also via the payee or the payment initiation service provider, on condition that We provide such option to execute payment.
  • 2.4.You must give Your consent (authorization) to execute payment transaction prior to its execution.
  • 2.5.The Payment order is considered submitted to Us by assigning the status “PROCESSING” to the Payment order in the Remote System.
  • 2.6.You are entitled to withdraw Your consent (authorization) to execute a payment transaction by withdrawing the Payment order. You are entitled to withdraw the Payment order while this Payment order has the status “PROCESSING” (Clause 2.5).
  • 2.7.In case the consent to execute a payment transaction is given through the payment initiation service provider, by the moment the payment order is submitted to the respective provider.
  • 2.8.To withdraw the Payment order You shall submit to Us the withdrawal notice via Remote System. The withdrawal notice shall refer to the transaction number assigned to the respective payment or specify any other information requested by Us.

Payment order

  • 2.9.You shall submit to Us the Payment order in a form pursuant to the Agreement, Our and law requirements.
  • 2.10.You are solely responsible for the accuracy and completeness of the information You have indicated in the Payment order, as well as on the legality of the purposes of the Payment order initiated by You.
  • 2.11.For Us to execute the Payment order You need to specify all requested information in the Payment order form. The requested information in the Payment order form may differ depending on the type of payment, payment currency, the payee's account jurisdiction and other payment details.
  • 2.12.If We have established that not all information necessary for Us for execution of the Payment order has been indicated in the Payment order form or the Payment order form contains errors or other faults, We will request from You further information or ask You to adjust the information provided in the Payment order within the term specified by Us. In such case, We shall execute the payment after provision of the requested information or after You adjust the information provided in the Payment order form, if this information is received by Us within the term specified by Us and the Payment order is authorized. Otherwise, We are entitled to refuse the execution of the Payment order and We shall not be held responsible for any loss inflicted on You or any third parties.
  • 2.13.If You have established that the Payment order contains erroneous or incomplete information, You may ask Us to adjust the submitted Payment order while this Payment order has the status “PROCESSING”. In such case You shall submit to Us the information on adjustments to be made in the Payment order via Remote System.
  • 2.14.You may submit the Payment order in the currency We execute payments only. Information on the respective currencies is available on Our website.
  • 2.15.Payment orders shall be completed in English or another language if such a condition for the execution of the payment follow the requirements of the payment scheme, the jurisdiction of the payee's account, or from a specific payment currency or due to other requirements. Unless We specify otherwise, the Payment Order must be completed in the language in which the Payment order form is developed.

Conditions for execution of Payment order

  • 2.16.You shall ensure that the amount necessary for the execution of the Payment order and for payment of the related fees is freely available in the Account, which is to be debited for the respective payment. If there are insufficient funds on the Account, We are entitled to refuse such payment order any time.
  • 2.17.You can send and receive funds within Our Remote Systems (Internal payments).
  • 2.18.The execution time of Payment orders is specified in these Terms and Your fees plan.
  • 2.20.If the Payment is made within the United Kingdom in sterling, or involving only one currency conversion between the euro and sterling, is made within the EEA, then the maximum period of time during which the funds are credited to the payee's payment service provider's account may not exceed four Business Days from acceptance. We do not guarantee the execution of a Payment within any specific timespan if the Payment Order is addressed to a Payment Service Provider located in a third country (other than the United Kingdom or a Member State) or is denominated in a third country currency and at least one Payment Order execution chain is not in the United Kingdom or a Member State; if, during the execution of the Payment order, the correspondent partners participating in the Payment order execution chain suspended the execution of the payment, made an error or due to other actions or omission of the participating correspondent partners/third parties.
  • 2.21.If the execution time of the Payment transaction is a date that is not a Business Day for Us or the payment initiation service provider, the Payment transaction execution can be started on the following Business Day.
  • 2.22.If You have submitted the Payment order on a Business Day after the cut-off time for acceptance of payment orders, the Parties agree that the Payment order is submitted on the next Business Day.
  • 2.23.If You fail to comply with the Terms or should the execution of the payment order be prohibited by the law, We or the financial institution participating in the Payment order execution chain are entitled to refuse execution of the Payment order.
  • 2.24.We shall have the right to refuse execution of the Payment order that requires a currency exchange if We do not carry out the exchange of the respective currency exchange (Clause 2.14).
  • 2.25.We inform You that We, executing the Payments and performing other services upon Your instruction, uses services of third parties including services of the correspondent partners.

Incoming payments

  • 2.26.We will credit the Account with the funds due to You as the Recipient of the incoming Payment.
  • 2.27.We will make the amount of the incoming payment available to You by crediting the Account specified in the payment order immediately after the receipt (depositing) of the respective payment amount on Our account, unless the mentioned funds are freely available / without any encumbrances and restrictions or otherwise specified in regulatory enactments. We shall establish a cut-off time for acceptance of payment orders within the Business Day, specifying it on Our website and / or the Price List. If the payment amount is deposited on Our account after the cut-off time for acceptance of payment orders or on the day that is not a Business Day, such payment amount is deemed to have been received on Our account on the following Business Day.
  • 2.28.If applicable, after crediting the Payment amount to the Account, We will deduct the commission fee specified in Your Price List (if the fee is intended).
  • 2.29.If the currency of an incoming payment differs from the Account currency, We will make the currency exchange pursuant to the exchange rate determined by Us on the date of payment, unless we have agreed otherwise.
  • 2.30.We may refuse to execute an incoming payment or postpone execution thereof and request detailed information from You or the remitter bank if we have received an incoming payment with erroneous, inaccurate, or incomplete information.
  • 2.31.If You have noticed that the funds have been credited to Your Account by mistake or due to Our error, or in any other way that have no legal basis, You are obliged immediately notify Us about it no later than within 1 Business Day after noticing the wrongly credited funds. You acknowledge and understand that You have no right to dispose of funds that does not belong to You. In such cases, You give irrevocable consent and We are entitled without any additional consent from You or order from You to correct the error and debit (withhold) such funds from Your Account. If the amount of funds on Your Account is insufficient to debit the funds credited by mistake, error or without legal basis, You unconditionally commit to ensure that there is sufficient balance in Your Account to repay to Us money credited by mistake in 3 (three) Business Days from the receipt of such a request from Us.
  • 2.32.We have the right not to credit the received Payment amount in Your Account, if Your Account number is correct, but the rest of information does not match with the existing data available to Us. If We exercise Our rights under this Clause, then the funds received from other payment service providers shall be transferred back to the Payer's payment service provider or a request shall be sent to the Payer’s payment service provider to clarify the Payee’s details. We have the right to suspend crediting for the time necessary for obtaining and evaluating information and documents.
  • 2.33.Where We are obliged to return a payment or we have decided to return a payment for any reason, regardless of whether the payment was credited to Your Account or not, We may charge You a fee according Your tariff plan.

Information on payments

  • 2.34.Information on payments is accessible to You through the Account statement. As soon as We make the account statement accessible to You, it is assumed that You have information on payments specified therein.
  • 2.35.You should review your account statement and other Our notices, which are related to the transactions made, and to ascertain correctness of the transactions and their compliance with authorized payments at least once within every calendar month.
  • 2.36.We have the right to record and store any Payment Order submitted by any of the means agreed on with Us and to record and store information about all Payment operations performed by You or according to Payment Orders of You. Records mentioned in the present clause may be submitted by Us to You and/ or third persons, who have the right to receive such data under the basis set forth in the law, as evidence confirming the submission of Payment Orders and/ or executed Payment operations.

Currency exchange transactions

  • 2.38.We conduct currency exchange to the currencies whose exchange rate is stipulated by Us.
  • If the currency of the Account indicated in the payment order that shall be debited for the payment differs from the currency of the payment indicated in the payment order, we will perform currency exchange of the funds freely available in the Account in the amount necessary for the execution of the payment to the payment currency as indicated in the Payment order. The applicable exchange rate may vary from the exchange rate set by Us specified in the Payment order, if by the time of currency exchange the exchange rate set by Us has changed.
  • 2.39.If the currency of an incoming payment differs from the currency of the Account indicated in the payment order, We are entitled to convert the currency of the incoming payment to the currency of the respective Account.
  • 2.40.Where We are obliged to return a payment that has been executed involving currency exchange, We are entitled to revert the currency of the payment according to the currency exchange rate set by Us and applicable at the moment of such reversion and charge You a fee for the return a payment according Your tariff plan.
  • 2.41.You will receive the information on the currency exchange rate applied to a particular payment upon executing an order on the respective currency exchange transaction.
  • 2.42.Amendments to the set currency exchange rates We may apply immediately without any prior notice to You. Regarding transactions in foreign currency, We are entitled to apply conditions and restrictions imposed by the country of origin of the respective currency and applicable to Us when conducting transactions or providing services involving such currency.
  • 2.43.We shall apply the respective exchange rate effective as of the beginning of the day of the currency exchange transaction or recalculation. We shall assume no liability whatsoever for any damages incurred by You due to any risks related to fluctuations in currency exchange rates.


  • 2.44.We may be liable to You where We perform a Payment transaction for You that You did not authorize Us to perform. We will refund the Transaction amount to You promptly, but at the latest by the end of the Business Day following the day on which We were notified the Payment transaction concerned has not been authorized or otherwise became aware of the unauthorized Payment transaction.
  • 2.45.We may be liable to You where We fail to perform or incorrectly perform a Payment transaction that You authorize Us to perform unless it was due to Your fault.
  • 2.46.The fact that we have not charged you a fee within the Agreement or we otherwise delay the exercise of Our rights under this Agreement does not release You from Your obligations under this Agreement and from any subsequent performance of this Agreement. If We do not immediately insist on performance of the Agreement by You or if We delay in taking steps against You to comply with Your obligations under this Agreement, it does not mean that You are not obliged to fulfil these overdue obligations and does not prevent us from contacting you later.
  • 2.47.We will have no liability if We fail to perform or incorrectly perform the Payment transaction where the reason for this was due to Events Outside Our Control or Our statutory obligations.
  • 2.48.We shall not be liable for any charges of the correspondent partners that You may incur in sending funds to or receiving funds from Us.
  • 2.49.We will pass on to You all correspondent partners, clearing banks or banking systems charges and any other costs incurred or suffered by Us or by Your instruction, to reverse, recall or modify any Payment except as the result of any error on Our part. Some of these charges are levied by Us to offset the costs we incur from Our banking providers for making Payments. If Our correspondent partners, clearing banks or banking systems we use charge us more to process any Payments, we shall have to pass this cost onto you. We shall provide you with as much notice as we can.
  • 2.50.We accept no responsibility for any delay in fulfilling the Agreement attributed to the late arrival of funds or instruction of payment relative to the cut-off times of the correspondent partners or for delays or faults due to the clearing banks or banking systems.
  • 2.51.We do not assume liability for damage that is due to any unusual and unforeseeable events over which We have no control and whose consequences, in spite of exercising due care, We could not have avoided (caused, for example by Events Outside Our Control, failure of telecommunication lines, civil unrest, war or other events such as industrial action or lockouts over which We have no control). This applies equally to cases in which We are bound by any orders under law.
  • 2.52.We do not exclude or limit in any way Our liability to You where it would be unlawful to do so. This includes liability for death or personal injury caused by Our negligence; for fraud or fraudulent misrepresentation.


  • 3.1.In order to provide you with the payment card service, we have established cooperation with the company PAYRNET LIMITED, a company incorporated in in England and Wales with company number 09883437 whose registered office is at Kemp House, 152 City Road, London, United Kingdom, EC1V 2NX (“PayrNet”). The PayrNet is an Electronic Money Institution authorized and regulated by the Financial Conduct Authority. FCA reference number of PAYRNET LIMITED: 900594. One of the main activities of PayrNet is the issuance and servicing of payment cards.
  • 3.2.In our Remote System You can order a payment card, top up the payment card’s account and see payment card transactions and other information related to it.
  • 3.3.Before ordering the payment card, We ask You read and agree to the Card terms and conditions of the card issuer PayrNet (the “PayrNet Card Terms”) available on ___________.
  • 3.4.To order a payment card, You must log in to our Remote System, select Cards> Payment Cards and order a payment card.
  • 3.5.PayrNet will produce the payment card upon receipt of Your request via Our Remote System and will deliver it to You in accordance with the PayrNet Card Terms.
  • 3.6.To order the payment card, Your Account must have sufficient funds to cover the payment card issuance and delivery fee. If Your Account balance is insufficient, You will not be able to order the payment card. The Payment card fees can be found at _______.
  • 3.7.The PayrNet Card Terms are separate and independent from these Terms. We recommend You carefully read the PayrNet Card Terms which include detailed information about the payment card delivery conditions, Payment card use, payment card validity period, renewal and replacement, cash withdrawal, fees and charges, validity restrictions and limits and other important terms and conditions.
  • 3.8.All legal relations relating to the payment card usage between You and PayrNet are governed by the PayrNet Card Terms and regulations of International Card Organisations as far as they concern legal relations relating to the use of the payment card.
  • 3.9.The PayrNet Card terms will supersede these Terms for the purposes of any rights and liabilities related to Your Card.
  • 3.10.You hereby consent to the processing of the personal data that You have provided to Us and to transfer Your personal data to Payrnet for ensuring the production and servicing of Your payment card and Payment cards account in accordance with the PayrNet Card Terms, and declare Your agreement with the data protection regulations in the data privacy statement below.
    Data Privacy Statement
    The personal data entered and provided by You will be collected, processed, and used by Us and PayrNet for the purpose of processing the agreement in the context of Your use of the Remote System, Account, Payment card, to verify Your identity and comply with legal requirements on prevention of money laundering or financing of terrorism and proliferation, tax frauds or other illicit activities by Us and PayrNet.
    Insofar as is required for processing the agreement, the data may be transferred from Us to PayrNet and Vice Versa and to companies associated with Us or PayrNet. Your data will be collected, processed and used based solely on the applicable data protection regulations (e.g., with your consent).
    To ensure ordering of payment cards and the availability of information about Your payment card, including the balance on the payment card account and the account statement of this payment card, in our Remote System, PayrNet will transfer to Us the necessary data of Your payment card and data on transactions carried out by this payment card. In order to ensure the production of Your payment card and service, We will transfer to PayrNet Your data required for opening a card account, produce a payment card and sending to You.
  • 3.11.Please read more detailed terms and conditions for the processing of personal data in Our Privacy Policy available on Our website www.m-pay.me/...... and in PayrNet Privacy Policy available on ___________.