Terms and Conditions

These Terms and each of the documents we refer to in them are our standard client agreement for providing the e-Wallet upon which we intend to rely. For your own benefit and protection, you should read these Terms and each of the documents we refer to carefully before signing them. If you do not understand any point please ask for further information.


e-Wallets and payment Services


  • You can apply for our services provided that you:
    • are at least 18 years of age;
    • do not reside in one of the countries we do not provide our services (the list can be found bellow and we reserve the right to make changes without notice); Please be aware that our services are unavailable for residents of Afghanistan, Angola, Burundi, the Central African Republic, Colombia, Cote d’Ivoire, Crimea, Cuba, the Democratic People’s Republic of Korea, the Democratic Republic of Congo, Eritrea, Iran, Iraq, Liberia, Libya, Myanmar, Palestine, Sierra Leone, Somalia, South Sudan, Sudan, Syria, United States of America*, Venezuela, Yemen, and Zimbabwe.
    • do not perform any of the prohibited activities (the list can be found bellow and we reserve the right to make changes without notice). We do not provide our services to companies, Sole Traders or individuals dealing in the following industries:
      • Activities which promote goods or services related to racism, religious persecution, hate, violence, sexism, etc.
      • Adult (Escort, Bestiality, Child Pornography)
      • Art Brokers
      • Auction Sites
      • Binary Options
      • Charities
      • Counterfeit Goods (clothing, accessories, gadgets, etc.)
      • Crowdfunding
      • Cryptocurrency Exchanges
      • Dangerous & Hazardous Goods (combustibles, corrosives, etc.)
      • Drugs & illicit substances and related paraphernalia
      • Dual use goods
      • Goods and services infringing intellectual property rights of a third party
      • Industrial spare parts
      • Insurance
      • Introducing Brokers (supporting binary & Forex)
      • Loan Companies
      • Lotteries
      • Money Service Business / Transmission / Exchange
      • Political Organizations
      • Pyramid /Ponzi Schemes
      • Real Estate Agents
      • Religious Organizations
      • Shipping
      • Time Share and property reservation payments
      • Tobacco (online)
      • Unlicensed Forex
      • Unlicensed Gambling
      • Weapons (all types of Firearms & Ammunition)
  • Your e-Wallet will hold funds in one or more Approved Currencies designated by you when you set up your e-Wallet account with us.
  • Our records show the amount of each e-Wallet or payments holder's funds in their e-Wallet. You will need to use your Security and Log-in Details in order to check the balance on your e-Wallet via the PayNo Website.
  • We may refuse to accept funds you want to transfer to your e-Wallet:
    • until we have completed our "Know Your Customer" requirements; or
    • for any reason concerning our compliance with financial crime prevention legislation or our own risk management policies and procedures; or
    • if we have any other legal or regulatory obligation to decline to accept the funds.
  • If you receive a payment, including a refund, in a currency that is not one of the Approved Currencies for your e-Wallet, we maybe convert The conversion rate will be the rate used by our bank and you agree that we will apply that rate (which you are responsible for checking).
  • To make a Payment Transaction in an Approved Currency that is different to the Approved Currency you hold in your e-Wallet you must agree to convert the amount into that other Approved Currency before you make the Payment Transaction. The PayNo Payment System will show you the live conversion rate for the Approved Currency you have chosen, and it will ask you to consent to this before the conversion is carried out. Where a payment is not in an Approved Currency, you may ask us to convert the amount into that other currency.
  • We do not control the conversion rates, so we apply those indicated on the PayNo Website or in the PayNo Payment System at the time of the conversion. We cannot display a list of any of the conversion rates as they are live market-based rates. The conversion rate that we use will be indicated in your e-Wallet account on the PayNo Payment System after we have made the conversion. We also deduct and keep any fees you have agreed to pay for currency conversions.
  • If a payment you make or receive into your e-Wallet takes place entirely in the EEA because the PSP of your recipient or payer is in the EEA, so that you will pay our charges (if any) and the recipient or payer of the Payment Transaction (where relevant) will pay the charges of its PSP. Where the PSP of your recipient is outside the EEA, we may require that the charges for the Payment Transaction are to be shared (SHA instruction) or to be fully allocated to either you (OUR instruction). An OUR instruction means that you pay all the charges involved in a transaction where you are the payer, including the charges of the recipient's PSP. We maybe will provide you with information on the costs of an OUR instruction before you decide to carry out the relevant Payment Transaction. Regardless of the type of instruction, you acknowledge that if we or the PSP of your recipient or payer have to use correspondent banks, those correspondent banks may also deduct their own charges from the amount of the Payment Transaction.
  • We will keep reasonable records of the funds you hold in your e-Wallet and in our payment system and our payment system and of your transactions using your e-Wallet. And our payment system
  • A transaction history showing details of the payments you make and receive from your e-Wallet and our payment system is available from the PayNo Payment System for you to view and download.
  • Once we have loaded funds to your e-Wallet and our payment system, they will be refunded to you only as set out in these Terms.
  • You may instruct payment initiation service providers to initiate Payment Transactions from your e-Wallet. You may also use account information service providers, who aggregate and display in one location the information from your e-Wallet and our payment system and from other online payment accounts you may have with us or other PSPs. We reserve the right to deny third party service providers access to your e-Wallet for reasonably justified and duly evidenced reasons relating to fraud or lack of authority, including the unauthorized or fraudulent initiation of a Payment Transaction. If we deny a payment initiation service provider or an account information service provider access to your e-Wallet, we will notify you of our decision and of the reasons for our decision through the PayNo Payment System, unless that notification is unlawful or could compromise the security of your e-Wallet.

  • Services

    • You may use the e-Wallet and our payment system to:
      • hold funds in an Approved Currency;
      • fund your account
      • transfers
      • receive payments for business purposes; and
      • make payments for business purposes.
    • You may only tell us to transfer electronic money from the balance available in your e-Wallet and our payment system. There is no overdraft facility available on the e-Wallet. So, you must check the e-Wallet balance to make sure you have enough funds in your e-Wallet to make the payment and to pay the costs we charge you for doing so before you tell us to make a payment. You may access details of the available electronic money you hold in your e-Wallet via the PayNo Payment System.
    • If for any reason your e-Wallet or your account goes into negative balance, you are required to immediately PayNo such negative balance by loading sufficient funds into your e-Wallet to bring it back to at least a zero balance. Your failure to do so is a breach of these Terms. We reserve the right to automatically apply to offset a negative balance any fund transfers which you subsequently make to your e-Wallet. We shall be entitled to charge you for any reasonable expenses we incur as a result of any negative balance on your e-Wallet.
    • We will make payments from your e-Wallet in accordance with the payment instructions you give us unless we cannot do so for the reasons described in these Terms. You must give us instructions in accordance with these Terms.
    • When you make a payment from your e-Wallet, we will provide you with the following information:
      • any charges you pay to make the payment; and
      • where applicable, a breakdown of the amounts that make up this charge.
    • As soon as reasonably practicable after we have made a payment from your e-Wallet we will supply you with:
      • a reference to identify the payment and payee;
      • the amount in the currency in which we made the payment from your e-Wallet; and
      • the charges you pay to make the payment with a breakdown of the amounts we charged, if applicable.
    • As soon as reasonably practicable after we receive a payment into your e-Wallet and your payment system we will supply you with:
      • a reference so you can identify the payment and payer and any information that was transferred with the payment;
      • the amount of the payment which we credit into your e-Wallet; and
      • the charges you pay to receive the payment with a breakdown of the amount charged, if applicable.
    • You will be able to view, at any time on the PayNo Payment System, the information contained in paragraphs 4 above, as well as information on any exchange rates we have applied when carrying out currency conversions. That information may be viewed by Payment Transaction or on consolidated statements of account for different monthly periods. When you accept to be bound to these Terms, you also accept to access such consolidated statements of account on the PayNo Payment System.
    • Where you receive a payment into your e-Wallet and payment system we cannot prevent you from requiring payment of a charge from, or offering a reduction to, the payer for use of the e-Wallet.
    • We may limit the value and/or the number of transfers of funds you can instruct us to make into or out of your e-Wallet depending on your country of residence, verification status, and other factors we might consider reasonable. Our current limits are shown in the PayNo Payment System. We may change such limits from time to time, on written notice posted to the PayNo Website.

Cost of Services

  • The Fees List sets out the fees you must pay to us to load your e-Wallet, to convert currency and to make payments. The fees we charge as set out in the Fees List, except card order, maintenance, and express delivery service fees, include any applicable value added tax.
  • If you have a PayNo Card, the fees charged by the PayNo Card Issuer to use the PayNo Card are from and in addition to our charges for the use of the e-Wallet Services and the Payment Services.
  • We deduct any conversion charges and fees for loading funds onto your e-Wallet from the amount you want to load. This means the amount we load may be less than the amount you transfer to us.
  • In respect of Payment Services, we carry out for you once you have loaded funds onto your e- Wallet:
    • when you instruct us to make a payment, we will transfer the full amount you instruct us to transfer and deduct any fees from the balance on the e-Wallet. If there are insufficient funds in the e-Wallet to make the payment and pay any fees related to it, we will not make the payment and will not deduct the fee. We will tell you that we have not made the payment and why;
    • we can deduct our charges from a payment received into your e-Wallet, if the full amount of the payment and the charges are clear in the information, we give you about the payment; and
    • if you have not used your account for 12 months or more, we may deem it inactive and we may charge a fee for inactivity 

      What is an inactivity period?

      The inactivity period starts from the date of the last e-Wallet or payment system operation which may be an operation performed by a client, as well as an e-Wallet refund.


      How is the fee applied?

      • After 12 months of e-Wallet or payment system inactivity we notify the client about the upcoming fee and debit it after one more month. The fee applies monthly, until the next e-Wallet operation is performed
      • The fee is debited only from the e-Wallet balance
      • If the account balance is not sufficient to debit the full fee amount, only the funds available are debited. The balance doesn’t become negative, and there is no debt accumulationas set out in our Service for an account inactive for more than 12 months 3 Euro per month
  • We may change the fees we charge from time to time with prior notice. The new fees will be shown on the Fees List from the date they are in effect. We recommend you check the Fees List each time you use the e-Wallet or our payment system Services and the Payment Services.
  • We do not have to provide any e-Wallet Service or Payment Service at the wrong (lower) price shown in error on the Fees List, if the pricing error is obvious and clear and could have reasonably been recognized as an error.

Know your customer checks


  • You will promptly give us all documents and other evidence that we reasonably ask for(for us and for the PayNo Card Issuer) at any stage of use of the PayNo Payment System. You will give us this information so that we (and the PayNo Card Issuer, if applicable) have up-to-date information and can carry out and be satisfied that we have complied with all "Know Your Customer" or other similar checks required under all applicable laws and regulations. For example, the documents and information we may ask you for shall include, without limitation, any supporting documents or other evidence we may need to make or receive a payment in your e-Wallet, such as documents or other evidence concerning your identity or that of third parties or invoices for incoming payments.
  • If there is:
    • any change to your full name, citizenship or postal address, you must send us the documents as soon as possible to confirm the changes so our records are up to date.
    • the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after we have granted you an e-Wallet;
    • any change in your status or, where applicable, in the composition of your shareholders; or
    • a change in the PayNo Card Issuer, which obliges us or the PayNo Card Issuer to comply with "Know Your Customer" or similar identification procedures, in circumstances where the necessary information is not already available to us, you will promptly give us all documents and other evidence that we reasonably ask for(for ourselves and/or for the PayNo Card Issuer). You will give us this information so we (and the PayNo Card Issuer, if applicable) can carry out and be satisfied we have complied with all "Know Your Customer" or other similar checks required under all applicable laws and regulations.
  • You acknowledge that, in compliance with laws and regulations, we may be obliged to store all the information about you and your transactions for at least 5 years after your e-Wallet account or payment system services are terminated.

Suspension and termination

  • If we:
    • have not been provided with any information that we have requested under paragraph 6;
    • detect a breach of these Terms or any other conditions applicable to our services;
    • have reasonable suspicion of fraudulent or criminal activity concerning the use of the e-Wallet Services and/or the Payment Services;
    • have a reasonable belief that we are required to do so by law; or
    • are given a direction to do so by any regulator or other competent regulatory, tax or other authority, we may:
    • decline your application for any or all of the e-Wallet Services and/or the Payment Services;
    • terminate any or all of the e-Wallet Services and/or the Payment Services;
    • withhold funds from you or restrict your access to funds;
    • refuse to make payments from/to your e-Wallet; and/or
    • do anything else it reasonably considers necessary.
  • We must inform you of any such actions we take, unless we have a reasonable belief that we are prevented from doing so by law or regulation.
  • We may stop providing any or all of the e-Wallet Services and/or any or all of the Payment Services at any time, for any reason, by giving you at least 2 months prior written notice or with immediate effect if we have reasonable grounds relating to security, fraud or credit risk, or if you have breached a term of these Terms. We will give you written notice to the last postal address or email address, as the case may be, that you have given to us.
  • If we close your e-Wallet:
    • we will ask you to provide us details of where you would like us to transfer the balance to, provided that your chosen option is available and there is no limit or other restriction for us to do so, after deducting any charges due and payable by you; and
    • any of your or our rights or liabilities which have accrued prior to the termination shall continue until fully discharged by the relevant party, save for any rights or liabilities which are expressed to continue after these Terms end.
    • We reserve the right not to provide an explanation on our decision regarding restricting, blocking, or closing an e-Wallet account where providing this information would compromise reasonable security measures or would be unlawful.

Closure and your right to cancel

  • You may end these Terms and close your e-Wallet by giving us a written notice by email as set out in paragraph 22 below. PayNo can use also partner card Issuers.
  • If you are an PAYNO Member and you end your PAYNO membership, your e-Wallet will automatically be closed, unless you give us notice in accordance with paragraph 22 below that you do not want to close your e-Wallet. Please refer to the terms and conditions of the PayNo Card or our partner Issuer for the effect on your Card of ending your PAYNO membership.
  • If you are an applicant for PAYNO membership and you withdraw your application, if you have an e-Wallet that was opened:
    • as a result of your PAYNO membership application, it will automatically close, unless you give notice in accordance with paragraph 22 below that you do not wish to close your e-Wallet; or
    • before you decided to apply for PAYNO membership, your e-Wallet will remain open.
  • You may not instruct us to carry out any e-Wallet service and/or payment service on your e- Wallet after you have instructed us to close your e-Wallet or after you have ended your PAYNO membership. However, we will carry out any instructions in accordance with these Terms that you have given us for any e-Wallet Services or Payment Services prior to your instruction to close your e-Wallet.
  • When you give us notice to close your e-Wallet or any of our services you will not be entitled to a refund of any transactions you have made or of any fees or costs that you may have incurred on the e- Wallet, which are then due and payable by you. We may deduct these fees from the balance on your e-Wallet. We will close your e-Wallet after all amounts have been paid by you or deducted by us. We will transfer any balance remaining on your e-Wallet to the most recent details you have given us of either a debit card or bank account in your name, to your PayNo Card or any other partner card.
  • If you are an PAYNO Member please see the terms and conditions of the PayNo or partner Card Issuer for:
    • the effect of withdrawing the PAYNO membership application on your PayNo Card or the effect on your application for a PayNo Card if it has not yet been issued; and
    • details of how amounts owing and payable to the PayNo Card Issuer are to be paid when you stop being an PAYNO Member and details on how the PayNo Card will then also be closed.

Your obligations


  • When using the PayNo Payment System, you must:
    • comply with the instructions for use on the PayNo Payment System and in any operational or user documentation that we may make available to you;
    • check that the instructions you give us to make a Payment Transaction are accurate and correct;
    • not use your e-Wallet, the PayNo Payment System, the e-Wallet Services, or the Payment Services provided or facilitated by us in any unlawful way or for money laundering, tax evasion or for any other unlawful purpose;
    • comply with any obligations you may have under application law or regulation to pay and report all taxes payable by you on any funds paid into your e-Wallet to the applicable authorities;
    • not attempt to access any information held in the PayNo Payment System without authorization from us; and
    • not introduce any viruses or harmful code to the PayNo Payment System.
  • You must pay for any costs or losses we suffer as a result of claims anyone else brings against us (which include but are not restricted to the PayNo Card Issuer) arising from any:
    • failure by you to comply with paragraph 9.1 above; and/or
    • inaccuracy in:
      • any information you give us (including "Know Your Customer" information);
      • any instruction for e-Wallet Services or any Payment Services you give;
      • use of your e-Wallet; or
      • any inaccuracy in connection with your application for a PayNo Card.

Our obligations

We must at all times perform our obligations under the Terms and carry out the e-Wallet Services and the Payment Services with reasonable care and skill.


Unauthorized use of e-Wallet


  • You must:
    • treat the funds held in your e-Wallet as carefully as you would treat cash in your wallet; and
    • from the time you receive them, take all reasonable PayNo to keep all your Security and Log-in Details safe and secure. To avoid your Security and Log-in Details being used by someone else you must treat them as confidential, so you must not disclose them to anyone else and you must not keep a written record of them which identifies them and how to use them. You must use your Security and Log-in Details in accordance with the instructions we give to you when we issue them to you and after that in relation to how we expect you to keep them and use them.

    Use of the e-Wallet by someone other than you may mean you lose some or all of the electronic monetary value credited to your e-Wallet.

  • If you suspect any Security and Log-in Details have been lost, stolen, misappropriated, used without authorization or otherwise compromised, you must contact us immediately by using the internal ticket system on the PAYNO Website or by email to support@PayNo.com to change your Security and Log-in Details.
  • We may stop you using any Security and Log-in Details if we have reasonable grounds to believe they are no longer confidential to you or have been used fraudulently or without your authorization. We will notify you by email, telephone or SMS using the latest contact details you have supplied to us, before we stop you using such identification or security feature, to tell you that we intend to do so and why. If we cannot contact you before we stop the use of the Security and Log-in Details we will do so immediately afterwards. We will not contact you to tell you we intend or have stopped the use of the Security or Log-in Details, if we are prevented from doing so by law or if it would adversely affect our reasonable security measures. We will either reinstate the Security or Log-in Details as soon as practicable after the reasons for stopping its use have ceased or, at that time, issue you with replacement Security or Log-in Details to use. When the reasons for us stopping your use of the Security or Log-in Details cease, unless we have already issued you with replacement Security or Log-in Details, you can contact us at any time using the internal ticket system on the PAYNO Website or by email to support@PayNo.com to request that we allow you to use the Security or Log-in Details again. We, our agents and/or the police may ask you to assist us as part of our/their inquiries where your e-Wallet has been used by someone other than you without your consent.
  • Unless we are satisfied the transaction was not authorized by you, and subject to paragraph 12, you are responsible for all transactions that take place prior to when you tell us you suspect any Security and Log-in Details have been lost, stolen, misappropriated, used without authorization or otherwise compromised.

Reporting payment transaction disputes


  • If you believe that:
    • any Payment Transaction your e-Wallet was used for was:
      • not authorized by you; or
      • incorrectly posted to or from your e-Wallet; or
      • not carried out correctly by us; or
    • we are liable for any charges as a result of not carrying out your instruction or carrying it out incorrectly, then you must notify us without delay as soon as you become aware of it, but not later than 13 months after the date of the unauthorized or incorrect payment or when you became aware of such unauthorized or incorrectly carried out Payment Transaction.
  • If we failed to provide you with information about the Payment Transaction as we are required to do (see paragraphs 4.5 to 4.7 above) then you are entitled to redress as set out below even if you failed to notify us within the timeframe set out above.
  • If you deny that you authorized a Payment Transaction we carried out or if you claim we carried out a Payment Transaction incorrectly, it is for us to prove that it was authorized or carried out correctly. Where you deny authorizing a Payment Transaction we carried out, the use of your Security and Log-in Details is not sufficient to prove either that you did authorize it or that you acted fraudulently or failed to comply with the requirements in paragraph 11 above with respect to safekeeping of your Security and Log-in Details.
  • Provided that (a) you have notified us as required by paragraph 12.1 above; and (b) we cannot show that the Payment Transaction was authorized by you, then we will refund the amount of the unauthorized Payment Transaction to your e-Wallet. Unless we have reasonable grounds to suspect fraudulent behavior on your part, we will make the refund as soon as practicable, and in any event no later than the end of the Business Day following the day on which we became aware of the unauthorized transaction. We will, where applicable, restore the e-Wallet to the state it would have been in, if the unauthorized Payment Transaction had not taken place, ensuring that when we credit your e-Wallet the credit value date is no later than the date on which the amount of the incorrect or unauthorized Payment Transaction was debited.
  • You must pay up to a maximum amount of 55 Euro for any losses we suffer from an unauthorized Payment Transaction due to the use of lost or stolen Security and Log-in Details, unless such use of lost or stolen Security and Log-in Details was not detectable by you prior to the payment or was caused by us or our agents.
  • You must pay for all losses resulting from an unauthorized Payment Transaction where you acted fraudulently or intended or negligently failed to safeguard the Security and Log-in Details or did not notify us without delay in the way required in paragraph 11.2 above, when you became aware they were lost, stolen or used without your authorization.
  • Unless you acted fraudulently, you are not liable for any losses resulting from an unauthorized Payment Transaction:
    • after you notify us as required in paragraph 11.2 above;
    • if you could not notify us as we failed to provide you with the means at all times to tell us about Security and Log-in Details that have been lost, stolen, misappropriated, used without authorization, or otherwise compromised;
    • if we fail to apply strong customer authentication, where this is required by law or regulation; or
    • where you used the e-Wallet to buy goods or services at a distance, unless the law says you are liable for the loss.

Our responsibilities


  • Subject to paragraph 13.3 below if, in providing the e-Wallet Services, we fail to comply with these Terms as they apply to e-Wallet Services and our payment services, our aggregate liability to you in any calendar year shall not exceed:
    • the total amount of fees you paid us during that year for your e-Wallet Services; and
    • (if you are contracting as a consumer) any losses you suffer as a result of our failure to comply (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) which are a reasonably foreseeable consequence of such failure.
  • Subject to paragraph 13.3 below, where applicable and unless you are a consumer (that is, you only use your e-Wallet when acting for your own personal purposes outside your trade, business, or profession), we will not pay for losses that fall into the following categories, even if those losses result from our deliberate failure to comply with our obligations under these Terms:
    • loss of income or revenue;
    • loss of business;
    • loss of profits;
    • loss of anticipated savings; or
    • waste of management or office time.
  • We do not exclude or limit our liability for:
    • death or personal injury caused by our negligence;
    • fraud or fraudulent misrepresentation by us; or
    • any other matter for which it would be illegal for us to exclude or attempt to exclude our liability.
  • If we provide you with an Identifier and we and all the other service providers involved in making the payment carry out your instructions in accordance with the Identifier, then we are entitled to consider it was carried out correctly.
  • If you give us an incorrect Identifier or other incorrect details, then we are not responsible for failing to carry the Payment Transaction out or for carrying it out in accordance with your instructions. If the Payment Transaction has been misdirected because you gave us an incorrect Identifier, we will make reasonable efforts to recover the funds in the Payment Transaction. We may charge you a fee as set out in the Fees List for doing this. If, when making a Payment Transaction to an e-wallet that another PAYNO Member holds with us, the funds are credited to the wrong e-wallet because you gave us an incorrect Identifier, then we may only reverse that Payment Transaction with the consent of the PAYNO Member who received the funds by mistake. If we are unable to recover the funds, we will, upon your written request, provide you all available relevant information in order for you to claim PayNo of the funds. If you are recipient of a Payment Transaction made with an incorrect Identifier, we will cooperate with the payer's PSP in its efforts to recover the funds, in particular by providing it with all relevant information for the collection of the funds.
  • Please note that even if you give us information additional to the Identifier or to the information, we asked for to make the Payment Transaction, we are only responsible for carrying out the Payment Transaction in accordance with the Identifier.
  • If you ask us to make a Payment Transaction, we are responsible for carrying it out and for doing so correctly unless we can demonstrate to you and, if relevant, the recipient's PSP, that the recipient received the payment. Regardless of who is responsible for an incorrect Payment Transaction we will, on your request, immediately and without charge make efforts to trace an incorrect Payment Transaction. We will tell you the outcome of this.
  • Provided that: (a) you have notified us as required by paragraph 12.1 above; and (b) we cannot show that the Payment Transaction was correctly carried out by us, as required by paragraph 12.3 above, we will refund the amount paid out and, where necessary, make any adjustments to the e-Wallet to restore it to how it would have been if the incorrect Payment Transaction had not taken place, including by ensuring that the credit value date for the refund is no later than the date on which the amount was debited. We will take equivalent measures if we are acting as recipient PSP on your behalf and it is proven that we are responsible for a failure to carry out the Payment Transaction correctly. We are not so responsible, however, if we refuse to make the Payment Transaction in the way set out in paragraph 16 below.
  • If you are the recipient of a Payment Transaction that has been executed late, and we receive a request from your payer's PSP, we will ensure that the credit value date used in your e-Wallet is no later than the date the amount of the Payment Transaction would have been value dated if the Payment Transaction had been executed on time. Conversely, where you are the payer to a Payment Transaction that is executed late, you may ask us to request the recipient's PSP to credit value date the recipient's account as if the Payment Transaction had been executed correctly.
  • We are responsible for any charges or interest you are required to pay as a result of us not carrying out your payment instruction or doing so incorrectly.

Circumstances beyond our control


  • We are not responsible for any breach of these Terms by us, or for any loss you incur in connection with such breach, due to any Circumstances Beyond Our Control.
  • Our performance of the e-Wallet Services and the Payment Services is deemed to be suspended for the period that the Circumstances Beyond Our Control continue, and we will have an extension of time for performance for the duration of that period.
  • If any Circumstances Beyond Our Control occur, we may take any action we consider appropriate in connection with the e-Wallet Services and payment services and use reasonable endeavors to end the Circumstances Beyond Our Control.

When do we receive and execute your instructions to make payment transactions?


  • We will consider any instruction for a Payment Transaction to be authorized by you once you have given us consent to carry it out. You consent to making a payment by following the on-screen prompts when using the PayNo Payment System and using one of the tools we make available for you to confirm payments. The on-screen prompts of the PayNo Payment System will require you to provide the type of unique Identifier relevant in each circumstance. This will depend on whether the payment is to an e-wallet held with us, or to a payment account with another PSP. When making a payment to another e-wallet held with us you will be prompted to provide the recipient's phone number, e-mail or e-wallet number. If you are making a payment to a bank account, you will have to provide us with the sort code and account number you want to make the payment to, or equivalent details for payments in Europe or any part of the world (such as the IBAN or SWIFT, as appropriate).
  • Unless there is a problem with the PayNo Payment System, we will ordinarily receive your Payment Transaction instruction at the time you confirm it. If we make this function available on the PayNo Payment System, and you instruct us to carry out a Payment Transaction on a specific day, then we will treat the time of receipt of the instruction as being on that specified day. If the payment instruction is to pay another e-wallet or account operated through our PayNo Payment System, we action it at the time we receive your instruction. If it is an instruction for a Payment Transaction to a payment account operated by another PSP, then we will accept your instruction at the time you confirm it. A payment in euro (provided a euro payment is executed wholly within the EU), will reach its destination, at the latest, on 72 hours following that on which we receive your instruction. Other payments wholly executed within the EEA may take to process up to 6 Business Days following the Business Day on which we receive your instruction. The time at which we will make other international payments depends on the timeframe for doing so and the business hours of the other PSP. Business day is working days.
  • Once we have received confirmation of your payment instruction ordinarily you cannot withdraw it unless we agree or unless the payment instruction is to make a payment on a specified future date. For payments on a specified future date, you can revoke the payment instruction up until the end of the Business Day preceding the day that you instructed us to make the payment on unless we agree to revoke it later. Our charges for revocation of a payment instruction are set out in the Fees List. If you initiate a Payment Transaction through a payment initiation service provider, you may not revoke the payment instruction after giving consent to the payment initiation service provider to initiate the payment.

What happens if we refuse to carry out an instruction you give?


  • If we refuse to carry out an instruction we will tell you (unless it would be unlawful for us to do so) by displaying a message on the PayNo Payment System at the time we refuse to make the payment, and, if possible, we will tell you why. Where it is possible to rectify the reason for our refusal, we will tell you how to remedy the issue.
  • We will treat a payment instruction which we refuse as not having been received by us, and these Terms will therefore not apply to them.
  • We may not refuse to carry out your instruction if all the Terms have been satisfied, unless it is unlawful to carry out your instructions.

When are payments into your e-Wallet available for you to use?


  • Payments into your e-Wallet will be available for you to use on the same Business Day as we receive it, unless before crediting the Payment Transaction on your e-Wallet and making it available for you to use we are required to make a currency conversion involving one or more currencies other than the currencies of the EEA.

Changes to your contact details and account information


  • You must tell us by email as soon as possible of any changes to your name, postal address, telephone and email address so that our records are accurate, complete and up to date. You must provide any document that we request to confirm the changes as stated in paragraph 6.
  • You must PayNo tell the Card Issuer about changes to your personal details of which the PayNo Card Issuer requires notice.
  • We will not be liable for any losses arising out of your failure to update us of any changes to your details.
  • We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence to do so.
  • We will communicate with you primarily by email or by posting information to the PAYNO Website or the PayNo Payment System. It is your responsibility to ensure that you are able to receive and send emails and have the required access to the PAYNO Website. We may also communicate with you by post and telephone.
  • You can communicate with us using any of the ways for contacting us in the Notices clause and by using the PayNo Payment System and PAYNO Website.

Your personal information


  • We collect and retain information about you so that we can operate the e-Wallets (and, if you are an PAYNO Member, to liaise with the Card Issuer and the PAYNO). We may use third parties to process your personal information on our behalf.
  • We and our affiliates are committed to maintaining your personal data in accordance with legal requirements relating to the collection, storage and use of personal data. Except as required by law, or in accordance with these Terms and/ or our privacy policy, your personal information will not be passed to anyone without your permission. By accepting these Terms, you so agree to the terms of our privacy policy. You should print and keep a copy of our privacy policy together with these Terms. You can email us at our contact details below to request a hard copy of the Privacy Policy to be sent to you by post. By accepting these Terms, you agree to receive email newsletters from us informing you about new product features, events, promotions, special deals etc. on a regular basis. If you do not wish to receive any such newsletters, you can opt out at any time. Every email newsletter from us that you receive will also give you an option to unsubscribe from future newsletters. No data is stored by us outside the European Economic Area (EEA). However, to provide you with certain cross-border services we may have to share your data with entities outside the EEA. By instructing us to make payments from your e-Wallet or any payment service or to accept payments into your e-Wallet from persons or entities outside the EEA, you consent to us sharing your data with entities outside the EEA as far as this is reasonably necessary for the proper execution of the Services.
  • If we suspect that we have been given false or inaccurate information, we may record and retain such suspicion together with any other relevant information.
  • If we receive false or inaccurate information, and we identify or reasonably suspect any fraud or other illegal activities, then we will pass details to fraud prevention agencies and/or other relevant agencies to prevent fraud, money laundering and other illegal activities.
  • We may check all personal information you give us with fraud prevention agencies and other organizations, and we may obtain information about you from credit reference agencies to verify your identity. A record of such enquiries may be left on your files with such third-party organizations and agencies and also held by us.
  • We may monitor and/or record telephone calls we have with you to help us maintain and improve the quality of service and for fraud prevention and detection purposes.

No liability for tax


  • Save as required by any applicable law or regulation, we have no obligation whatsoever to any taxation or similar authority in respect of any taxation or other similar duty or levy payable by any e-Wallet or payment service holder. It is your obligation to pay all taxation, duties and levies that are payable by it in respect of your e-Wallet and the e-Wallet Services and Payment Services you instruct us to carry out.

Complaints procedure


  • If you have a complaint regarding the e-Wallet Services and/or the Payment Services, or any other matter contained in these Terms, please raise a ticket using the messaging system in the PayNo Payment System. Alternatively you can contact us by email to: support@PayNo.com  or in writing as set out in paragraph 22 below. All complaints will be investigated in accordance with our complaint’s procedure available bellow. We will send a final response to you by the end of 30 Business Days after the day on which we receive the complaint from you. However, in exceptional circumstances which are beyond our control, we may send you a holding response within fifteen Business Days, and a final response no later than thirty-five Business Days from receipt of the complaint. We will send you a hard copy of the complaints procedure if you request one by writing to us or sending us an email and when we acknowledge receipt of a complaint from you.
  • If you complain and we do not resolve your complaint to your satisfaction, you may also be able to refer your complaint to the Financial Ombudsman

Notices


You can contact us using the following details:

Head office:

………………

Telephone: +

Fax:

or as elsewhere indicated in these Terms.


Severability


  • If and to the extent that an applicable law is inconsistent with these Terms in a way that would otherwise have the effect of making a provision in these Terms:
    • illegal, void or unenforceable; or
    • contravene a requirement of that law or impose an obligation or liability which is prohibited by that law, then the law overrides these Terms to the extent of the inconsistency, and these Terms are to be read as if that provision were varied to the extent necessary to comply with that law and avoid that effect (or, if necessary, that provision be omitted) and the remainder of these Terms will stand and be read as if that part were not included.
  • If any term of these Terms is invalid, unenforceable or illegal in a jurisdiction, that term is read as varied or severed (as the case requires) only for that jurisdiction and the remainder of these Terms will stand and be read as if that part were not included.

Transfers


  • These Terms are personal to you. You must not grant any legal rights to anyone over any of them and you must not transfer your rights and obligations under these Terms to anyone.
  • We may assign or transfer our rights or obligations under these Terms, either in whole or in part, to anyone if they:
    • hold all regulatory approvals necessary to perform the e-Wallet Services and payment services; and
    • agree not to reduce your rights, the e-Wallet Services and Payment Services that are set out in these Terms.

Changes of these terms


  • We may change these Terms and the Fee Schedule from time to time in accordance with the paragraphs below. All changes will be posted on the PAYNO Website and emailed to you at the last email address you provided to us. You should check the PAYNO Website regularly.
  • We may make changes to these Terms if we reasonably consider this is to your advantage and there is no increased cost to you.
  • We may also change these Terms for any of the following reasons:
    • where the change makes these Terms easier to understand or are fairer to you;
    • to cover:
      • improvements in the e-Wallet Services or payment services;
      • the introduction of a new service or the replacement of existing services with new one(s);
      • the withdrawal of a service, or part of a service;
      • changes in the costs we incur when delivering the Services; or
    • or to enable us to make reasonable changes to the way we provide the e-Wallet Services and/or Payment Services where we are required to do so by law or regulation or where we reasonably expect we will be required to do so by law or regulation.
  • Where a change to these Terms is more favorable to you we may make it immediately and without giving you prior notice. Otherwise, we will provide you with notice of any changes we propose to make to these Terms at least 2 months before the change is due to take effect. We may make any such proposed changes and will consider that you have accepted them, unless you tell us to terminate these Terms immediately and without charge before the date on which the proposed changes take effect. This means we will close your e-Wallet.

General


  • Any delay or failure by us to exercise any right or remedy under these Terms is not to be considered a waiver of that right or remedy and it will not stop us from exercising it at any subsequent time.
  • You are responsible for safeguarding your e-Wallet and all your current security and log-in details relating to its use, until your e-Wallet or your payment services has been closed, and all money due to us under these Terms has been paid by you in full.
  • No one other than you and us has any right to enforce any of the provisions of these Terms.

Governing Law

These Terms are governed by the laws of Mauritius


Jurisdiction


The parties to these Terms submit to the non-exclusive jurisdiction of the courts of Cyprus.


MINORS PayU does not voluntarily or actively collect, use or disclose personal information of minors, according to the minimum age equivalent in the relevant jurisdiction, without the prior consent of the parents or guardians of the minor. The services of PayU are not intended or designed to attract minors. If we learn that we collected the personal information of a minor according to the jurisdiction, without first receiving a verifiable parental consent, we will take PayNo to delete the information as soon as possible. We encourage parents to stay informed about the Internet activities of their children, in order to ensure that no information is collected from a minor without parental consent.


Customer Complaints Policy of PayNo Systems Limited

  • PayNo Systems Limited (PAYNO) is committed to delivering an efficient and professional service. At PAYNO we aim to be prompt, courteous, helpful, open and informative to all of our customers.

If at any time we fall short of these of standards we would like you to tell us about your experience, so that we can resolve any issues for you and so we can learn from what didn’t go well.


If you have complaint about any of the services provided by PAYNO that you would like to be resolved, please contact us immediately by:


  • raising a ticket using the online messaging system from the PayNo Payment System website (https://www.PayNo.com) or email to: support@PayNo.com

Please give us as much information as possible so that we can investigate your complaint as quickly as possible.


  • Resolving your concerns

It is the policy of PAYNO to provide you with a comprehensive and satisfactory reply in the shortest time possible. However, when the complaint requires an internal investigation, it may take up to 3 (three) working days to reply.


Complaints at this stage will normally be directed to the member of staff with whom you have been dealing or, if that is not appropriate, a Customer Support Manager.


If you are not completely satisfied with our response to your complaint, or we are unable to provide you with a response within 5 working days, your complaint, and any available information, will be escalated to the Chief Compliance Officer as a formal complaint.


  • Formal complaint process

This is what will happen when the Chief Compliance Officer receives your complaint:


We will write to you using your preferred method; either by our online messaging system or by email and we will:


  • Acknowledge your complaint and the details of how we understand it;
  • Confirm that our formal complaints process has been initiated and provide you with a reference number for your complaint;
  • Provide the name of the person who is handling your complaint; and
  • Enclose a copy of this Policy to ensure that you are fully aware of our complaint process

    If it is possible for us to provide a final response within the initial acknowledgement we will do so. If not, the message or email will either:

  • Request that you provide more information regarding your complaint; or
  • Explain what we will do to resolve your complaint; and
  • Provide an estimate of when we expect to be able to send you our final response or to provide you with an update on the investigation

    We will aim to resolve your complaint within 4 weeks (20 business days) from receipt of your complaint.


In exceptional circumstances, if we are still unable to give a final response after 5 weeks, we will write to you to:


  • Explain why we are still unable to make a final decision and indicate when you can expect us to do so; and

    At any stage, we may issue a final response letter which will either:

    • Accept the complaint and, if appropriate, offer redress;
    • Offer redress without accepting the complaint; or
    • Reject the complaint and explain the reasons for doing so

    Additionally, the letter will state that it is our final decision and ask you to reply indicating whether you accept or reject our decision.