WALLYPAY e-wallet terms and conditions

 1.    Preface

1.1.Wallypay is an E-wallet and payment instrument that is operated by MoneyQo  LLC. MoneyQo  LLC is the payment service provider, registered by the National Bank of Georgia, under the registration number  0083-2904. The company proceeds its activity pursuant to the Georgian law upon “payment system and payment service” and other statutory acts, issued by the National Bank of Goergia.

1.2.Wallypay account enables the customer to run his own funds, perform payments and transfers via cutting-edge, safe and simple E-service.   

1.3. Any customer, willing to open Wallypay account, should indispensably agree on the rules and conditions of utilizing this account.     

1.4. Present document regulates the conditions of opening/applying/closing of wallypay account along with confidentiality policy. Legal relation between the company and the customer (client) is also governed based on other documents of MoneyQo.   

1.5. When applying optional services, the approval on respective document or statement of the client, as a customer may become necessary.

1.6.The company preserves rights to modify this document any time. Modification is available on the company’s web-site.

1.7.Any modifications and or ammendments introduced to the service conditions appear on the company’s web-site. To recite with the changes or news of the company, the customer must visit the company’s web site from time to time, once in a month.  

1.8. The last, updated version of this document is available on the web-site: wallypay.eu

 

2.    Terms interpretation

a) payment system – money payment system, securities settlement system, clearing system.   

b) Money payment system – unity of common rules and standard procedures, which ensures transfer orders processing  and the money transfer transactions;    

c) Clearing system – unity of shared rules and standard procedures between three or more participants of the system, which enables processing the transfer orders, dispatched by the participants, calculating /specifying net positions as a result for further settlement and where calculating the net positions may lie on the principles, when the operator acts on behalf of the seller against any buyers and as a buyer against any sellers;

d) System operator (operator) – legal entity, which, is authorized and  responsible for payment system operation and system rule processing  whether solely or along with other legal entities, as per the applicable law of Georgia;

e) System rules – unity of rules and procedures, elaborated by the system operator, which specifies the system operation;

f) payment service provider (provider) – legal entity, which provides service to the payment service provider, pursuant to the applicable law of Georgia;

g) E-money provider– payment service provider, which issues E-money respective to the legislation of Georgia, currently in law;

h) Payment service customer ( customer)- the entity, who employs the payment service, as a payer and/or recipient.

i) Payer – the entity, who issues the payment order and/or approves issuance the payment order;

g) Recipient – the entity, the payment is made in favor of;

k) payment instrument – technical mean and/or unity of the procedure agreed between the payment service provider and the customer, throught which the payment service customer initiates the payment order.

l) E-money instrument – payment instrument, which enables application of the E-money.  

m) E-money – money nominal value provided by the customer to the provider in pursuit of payment transaction performance, which is electronically saved ( including magnetic train) and which is recognized as a payment means by the third persons, other than the issuer himself;

n) Commission – commission or any other monetary liability, which, principally forms a cost for rendering service to the customer by the provider.

o) Payment account – one or more accounts opened  on the name of the customer, including E-money account, applied for payment transaction performance;

p) authentication – the procedure, which enables the payment service provider to identify the payment service customer and/or validity of the payment instrument, including checking the safety personified specifications employed by the customer;

q) Identification – procuring the identification data upon the person, which enables his scrutinizing and  selecting out of  other persons;

r) verification – procuring the information (documents), which enables the accountable person to check the accuracy of the identification data , procured, whereas to make sure that he is aware of the identity of beneficiary holder, when the matter concerns with the beneficiary owner.    

s) The company -  the payment service provider, registered in accordance with the applicable law of Georgia;

t) client/customer – person, which enters into a business relation or concludes a one time deal with MoneyQo LLC to employ its service;

 

3.    Wallypay account

3.1.Wallypay account is a wallet, which enables the customer to dispatch, obtain and pay the money via electronic means.   

3.2. WallyPay  account, as per customer’s discretion may cover the exchange accounts,     EUR/USD,  which makes your electronic payments more available.

3.3. The client is authorized to make payments only in the currency, its subaccounts are denominated in. If the subaccount balance is not suffice for performing the desirable transaction, the client is authorized to convert the funds from other accounts; in this case,  the exchange rate, set by the company will serve as the converting rate for the settlement date.  Client wallet validity term is unexpired and no interest is accrued.  

3.4. wallypay account is unlimited.   

3.5.Wallet balance is not subject to any interests.  

3.6.Client is entitled to cash the wallet balance any time via method, favourable to him.  

3.7. Minimal volume of the cashable amount is not defined, whereas the account balance of the client should be suffice for covering the commission, prescribed.

3.8.Wallypay account belongs to the identified person,  the account is registered on.   The account is not a subject to transfer to the third persons (entities). No one has a right to employ the funds, accrued on wallypay account excluding the account holder and the persons (entities) authorized for a specific cases, stipulated in law ( inheritance and etc).   

3.9.Wallypay account filling,  number of transactions and volume of the amount to be cashed may become a subject to limitation, the company will inform you about.  

3.10.       It should be noted, that Wallypay  account is not a bank account.

 

4.    Open and service of account 

4.1.Wallypay account may be opened electronically via wallypay.eu mobile applications or after a visit to a partner company’s branch.   

4.2. To open the Wallypay account, the client should hold the telephone, included in the mobile operator network.   

4.3. Person more than aged 18 is eligible to open the account.  

4.4.When opening the Wallypay account, all identification data, required for registration should be referred and  identification documents should be aploaded as well.   

4.5. Prior finalizing the registration, the client shall agree on the service conditions. 

4.6.  The client shall refer the purpose of utilizing the wallypay account prior to  finishing the registration. 

4.7.In the course of account opening, (except for the account opened by the operator in the branch), the customer (client) is identified and verification is required. 

4.8.Identified, unverified customer (client) is entitled to pay the utilities only, the client should be verified in order to have proper access to any products.    

4.9. Client is verified by valid, active ID card or passport.  

4.10.       The customer may hold only one wallypay account.

4.11.       When opening the account, and approving the wallypay account service conditions, the client agrees on the transferring  and/or requesting his personal data from natural or legal entities by the Wallypay, when required by the applicable law.

4.12.       By opening Wallypay account, the client states and warranties, that he doesn’t infringe any law and/or regulation. The client is committed to observe the interest of the company and indemnify any loss inflicted or to be inflicted to the company due to violation of the requirements, prescribed by this paragraph.  

4.13.       The client is committed to provide the company with accurate and genuine information, when  wallypay account is opened or supplementary information is required.    

4.14.       The company is authorized to request the client verify the accurateness of the information, referred,  by submitting supplementary information or document.   

4.15.       The company is hereby authorized to request supplementary information about the client any time and limit access to the transaction in the event of client’s failure to submit the information required. The company is authorized to contact the client for providing information via multiple communication channel and/or commercial purposes.   

4.16.       The client is hereby committed to check the accuracy of the communication means referred and monitor any notice, provided by the company.    

4.17.       The company takes no responsibility for the loss inflicted to the client as a result of default.    

4.18.       Over the course of registration, the customer is hereby obliged to specify the purposes, the account is applied for – whether individual or entrepreneurial purposes. He should note, that if the account is opened for individual purposes,  he will no longer be entitled to employ the account for entrepreneurship and vice versa.   

 

5.    Wallet management and transactions   

5.1. Any payment order should cover  all  the requisites, required for transaction performance.  

5.2.The company has  pre-prescribed  the commission  and limit of any service/transaction, that is available on the company’s web site.  

5.3.The company is hereby authorized to alter the commission and the limits of any commission, the clients are informed of via contact information, provided by them. Any modifications to the commissions or fees are uploaded on the company’s web-site and take effect within 14 calendar days after uploading.   

5.4.The company is authorized to limit the number of transactions and the volume of amounts within  specific span of time. 

5.5. The company is authorized  to request the client any supplementary identification , income information  or transaction purpose any time ; the information may be requested  via telephone call and inquirry as well.   

5.6. The client is hereby committed to regularly check  the account balance and the transaction history and promptly notify the company in the event of inaccuracy and inconformity. 

5.7  It is possible to apply for a loan remotely using the application.

5.8 To use the online lending service, users need to request the desired amount through digital channels, in particular through the application.

5.9 This simplified procedure can be used by those customers who have not fully used the loan limit and want to receive additional money.

 

 

6.    wallypay account safety and observance  

6.1.The client is hereby authorized to keep save and not to release the password for accessing the mobile application.    

6.2. In order to receive service, the  company is entitled  to request identification data, whereas,  the company staff will never request to release the password to him or any of the third parties.   

6.3.The client is hereby authorized to check genuineness of the notice, received in wallypay’s name and check the web-site address until logging the customer’s name and password  or authencity  of the mobile application. In case of any doubt, the client is obliged to contact the company.      

6.4.The client is hereby obliged to set the password of proper complexity  and change  if from time to time for account’s safety and avoid saving the password in the browser.  

6.5.The client is obliged not to save the password in the places, available to the others and to enter the authorization data in order to enable releasing the data to the third person.  

6.6. If the data, requires for authorization to the system appeared in the third person’s hand,  or there is a reasonable doubt, that the third party may illegally applies the accounts, the client is empowered to notify the company immediately.   

6.7. The company takes no responsibility for the loss, inflicted in the aftermath of the  requirements, stipulated in the instruction. 

6.8. The company is hereby authorized to limit the access to the account any time, if there is a reasonable doubt that the account is run by the third person.   

6.9. In order to avoid the unauthorized transactions, the company applies supplementary authentication, which implies receving one time security code to your mobile number, referred by you, with the preliminarily prescribed session time.   Finalizing the transaction on the account is impossible after entering the system generated one time security code.  

 

7.    Closing the account

7.1. You are authorized to close Wallypay account any time, after connecting with the company.   

7.2.You are committed to withrow the balance in full, prior to closing the account.   

7.3.The company is authorized to close your account in the event of your failure to meet the contractual stipulations.   

7.4. If the client failed to withraw the amount within the term prescribed, the company is entitled but not committed to transfer the amount to the bank or other accounts of a client, referred in advance and take the service commission in return.    

7.5.In any case, after closing the account, the personal information and transactions are saved in the company  within the term, stipulated in law.  

 

8. Prohibited transactions

The transactions, related to the follow up products are banned to be performed: 

·       Drug or drug related substances

·       Guns or ammunitions;   

·       Cable or satellite TV signal suppression devices;   

·       Pornographic material;

·       Unlicensed lottery and gambling related service and other services prohibited by law.   

 

8.1. The company is hereby authorized to add the prohibited transactions to the arrey provided hereinabove.    

8.2. In the event of detecting transactions, related to said products or a reasonable doubt, the company is authorized to suspend your access to the wallet immediately. 

8.3. The client is not entitled to receive the company’s service, if he/she is a resident of the country, rendering service is prohibited by the applicable law of Georgia (ex: Iran, North Korea etc).   Provision of the service will be suspended if their place of residence appears in the array of the countries the service is prohibited to render for. 

8.4.The company is authorized to add the geographical area to the list, prescribed in applicable law of Georgia.   

8.5.  The wallet is banned to be applied for fraudulent purposes. 

8.6. In the event of technical error, occurred within the company, unauthorized amounts are banned to be transferred / acquired. The company is empowered to limit your transactions immediately,in the event of unauthorized balance.