OKPAY
 

This Agreement is a contract between you and OKPAY and applies to your use of the Services. The terms of the Merchant Terms and Conditions, Merchant Acceptance Policy and Return, Cancellation, Shipping Policies and other documents located on the "Legal Agreements" page are incorporated by reference into this Agreement and provide additional terms and conditions related to the Services. The above mentioned documents are "Ancillary Documents" for the purpose of this Agreement. For the avoidance of doubt, neither the Ancillary Documents nor the parts of this Agreement that incorporate the terms of the Ancillary Documents constitute "framework contracts" for the purpose of the EU Payment Services Directive (2007/64/EC ) or any implementation of that directive in the EU or EEA.

This Agreement, together with other legal terms and legally required disclosures relating to your use of the OKPAY Service will be provided to you, at all times on the OKPAY website(s) (typically located on the "Legal Agreements" landing page). This information may also be sent to you or appear in places on the OKPAY website(s) or otherwise where relevant to your use of the Services.

By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

OKPAY may require you to have an OKPAY Account to use the Services (including, without limitation, to send or receive payments or to use OKPAY as a means of logging into third party services).

1. Our Relationship With You

1.1. OKPAY is only a Payment Service Provider. OKPAY CY LTD is duly licensed as an Electronic Money Institution within the meaning of definition given by the Electronic Money Law of Cyprus of 2012 and is under the prudential supervision of the Central Bank of Cyprus.

OKPAY's main business is the issuance of E-money and the provision of services closely related to the issuance of E-money. A description of the main characteristics of the OKPAY Service is set out and accessible via the links of OKPAY website(s). Since the service is limited to E-money, which does not qualify as a deposit or an investment service in the sense of the Law, you are not protected by the Investor Compensation Fund ("ICF") scheme for Clients of Banks provided in Cyprus. OKPAY enables you to make payments to and accept payments from third parties. OKPAY does not have control of nor assumes the liability or legality for the products or services that are paid for with our Service. We do not guarantee the identity of any User or ensure that a buyer or a seller will complete a transaction. Please note that there are risks of dealing with underage persons or people acting under false pretence.

1.2. Your Privacy. Protecting your privacy is very important to OKPAY. Please review ourPrivacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your Information.

1.3. Intellectual Property. The URLs representing the OKPAY website(s), "OKPAY" and all related logos of our products and services described in our website(s) are either copyrighted by OKPAY, trademarks or registered trademarks of OKPAY or its licensors. In addition, all page headers, custom graphics, button icons, and scripts are either copyrighted by OKPAY, service marks, trademarks, and/or trade dress of OKPAY. You may not copy, imitate, modify, alter, amend or use them without our prior written consent. You, as a merchant, may use HTML logos provided by OKPAY through our merchant services, auction tools features or affiliate programmes without prior written consent for the sole purpose of identifying yourself on your website as a merchant who accepts payments through the Service and directing web traffic from that website to the Service, but we may limit or revoke this permission at any time and for any reason in our sole discretion. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to OKPAY or the Service or display them in any manner that implies OKPAY's sponsorship or endorsement. All right, title and interest in and to the OKPAY website and any content thereon is the exclusive property of OKPAY and its licensors.

When providing us with content or posting content (in each case for publication, whether on- or off-line) using the Services, you grant the OKPAY a non-exclusive, worldwide, perpetual, irrevocable, royalty-free, sublicensable (through multiple tiers) right to exercise any and all copyright, publicity, trademarks, database rights and intellectual property rights you have in the content, in any media known now or in the future. Further, to the fullest extent permitted under applicable law, you waive your moral rights and promise not to assert such rights against the OKPAY, its sublicensees or assignees. You represent and warrant that none of the following infringe any intellectual property right: your provision of content to us, your posting of content using the Services, and the OKPAY's use of such content (including of works derived from it) in connection with the Services.

1.4. Assignment. You may not transfer or assign any rights or obligations you have under this Agreement without OKPAY's prior written consent. You are not permitted to transfer your Account to a third party. OKPAY reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Account under section 6.1.

1.5. Amendments to this Agreement. We may at any time amend, delete or add to this Agreement, including the Fees and other amounts which apply to your Account (as set out in Schedule 1) (a "Change") by giving notice of such Change by posting a revised version of this Agreement on the OKPAY website(s). A Change will be made unilaterally by us and you will be deemed to have accepted the Change after you have received notice of it. We will give you 2 months' notice of any Change with the Change taking effect once the 2 month notice period has passed, except the 2 month notice period will not apply where a Change is required by law or relates to the addition of a new service, extra functionality to the existing Service or any other change which neither reduces your rights nor increases your responsibilities. In such instances, the Change will be made without prior notice to you and shall be effective immediately.

If you do not accept any Change, you must close your Account following the account closure procedure set out in section 6. If you do not object to a Change by closing your Account within the 2 month notice period, you will be deemed to have accepted it. While you may close your Account at any time and without charge, please note that you may still be liable to us after you terminate this Agreement for any liabilities you may have incurred and are responsible for prior to terminating this Agreement and please further note our rights under section 15.

2. Your OKPAY Customer Account ("Account")

2.1. Your Account is an electronic money account which enables you to send and receive electronic payments.

2.2. The electronic money on your Account is issued in accordance with the European Electronic Money Directive (Directive 2009/110/EC of 16 September 2009) and the relevant national legislation of the Republic of Cyprus.

2.3. Your Account is denominated in a currency of your choice, as selected by you from the available currencies (Currency of Your Account). You will be able to tweak Account/Wallet settings as well as enable/disable supported currencies in the "Wallets and Currencies" section of the OKPAY Account.

2.4. Subject to section 6, the electronic money held on your Account does not expire but it will not earn any interest.

2.5. You have the right to withdraw funds from your Account at any time. However, you may be required to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Account must be sufficient to cover any applicable withdrawal fee. You can choose the method of withdrawal when submitting your withdrawal request.

2.6. Your Account may be subject to upload, payment and withdrawal limits, the verification status of your Account and other factors used by us to determine such limits from time to time at our sole discretion.

3. Opening Your Account

3.1. In order to use our payment services you must first open an Account by registering your details on our Website. As part of the signup process you will need to accept these Terms of Service and our Privacy Policy and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional terms and conditions.

3.2. The Services may be applied for by the Customer in his own name or by the Customer in the name of legal entity. Minors shall only be issued an Account and e-Money after written consent by their legal guardian is provided, subject to the additional terms and conditions and upload, payment and withdrawal limits.

3.3. You may only open an Account if it is legal to do so in your country of residence. By opening an Account you represent and warrant to us that your opening of an Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.

3.4. All identifying information you provide during the signup process or any time thereafter, as determined from time to time by Us, must be accurate and truthful.

3.5. You may only add payment instruments (such as bank accounts, credit cards or debit cards) to your Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.

3.6. OKPAY shall offer the following types of Accounts: Personal (including Joint or Minor Accounts), Business Accounts. Unless otherwise agreed, you may hold not more than one Personal Account (including Joint and Minor Accounts) and one Business Account. Holders of certain Personal Accounts (including Joint or Minor Accounts) may be required to upgrade their accounts (which may include providing further information to OKPAY) in order to use all of the current functionality available in a Personal Account (including Joint or Minor Accounts). By opening a Business Account and accepting the terms as outlined in this Agreement, you attest that you are not establishing the Account primarily for personal, family, or household purposes.

4. Maintaining Your Account

4.1. You must ensure that the information recorded in the Secure Area of your Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.

4.2. We will communicate with you in the language(s) in which we have made available this Agreement to you. You agree that OKPAY may provide notice or other information to you by posting it on the OKPAY website(s) (including the posting of information which is only accessed by you by logging into the Secure Area of your Account), emailing it to the email address listed in the Secure Area of your Account, mailing it to the street address listed in the Secure Area of your Account, calling you by phone, or sending you a "text" / SMS message. You must have internet access and an e-mail account to receive communications and information relating to the Services. With the exception of amendments to this Agreement, such notice shall be considered to be received by you within 24 hours of the time it is posted to the OKPAY website(s) or emailed to you. If the notice is sent by mail, we will consider it to have been received by you three Business Days after it is sent. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to you in a form which allows you to store and reproduce the information (for example, by e-mail) and you may terminate your consent to receive required disclosures through electronic communications by contacting OKPAY as described in section 4.3. below. OKPAY may charge you a Records Request Fee (per Schedule 1) to provide a paper copy. OKPAY reserves the right to close your Account if you withdraw your consent to receive electronic communications.

4.3. Notices to OKPAY made in connection with this Agreement must be sent by postal mail to: PO Box 54366, 3723, Limassol, Cyprus or to Support Service through OKPAY website, by completing the relevant form.

4.4. Unless your Account is restricted, you can access your details of executed payment transactions and other information relating to your Account transaction history and Balance by logging into the Secure Area of your Account and clicking on the "Operation List" menu. You agree to review your transactions through your Account Operations instead of receiving periodic statements by mail.

5. Protection of Your Account and Passphrase

5.1. You must take all reasonable steps to keep your Account password safe at all times and never disclose it to anyone. Our personnel will never ask you to provide your password to us or to a third party. Any message you receive or website you visit that asks for your password, other than the OKPAY Website or an OKPAY payment gateway on a merchant website, should be reported to us. If you are in doubt whether a website is genuine, you should contact us. It is advisable to change your password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to your Account. We also advise you not to choose a password that is easily guessed from information someone might know or gather about you or a password that has a meaning. You must never allow anyone to access your Account or watch you accessing the Secure Area of your Account.

5.2. If you have any indication or suspicion of your Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorisation or otherwise compromised, you are advised to change your password. You must contact us without undue delay on becoming aware of any loss, theft, misappropriation or unauthorised use of your Account, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your Account but may result in you being liable for any losses as a result. If you suspect that your Account was accessed by someone else, you should also contact the police and report the incident.

5.3. You must take all reasonable care to ensure that your e-mail account(s) are secure and only accessed by you, as your e-mail address may be used to reset passwords or to communicate with you about the security of your Account. In case any of the e-mail addresses registered with your Accounts are compromised, you should without undue delay after becoming aware of this contact us and also contact your e-mail service provider.

5.4. Irrespective of whether you are using a public, a shared or your own computer to access the Secure Area of your Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer you are using.

5.5. Additional products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.

6. Term and Closing Your Account

6.1. You may close your Account at any time by contacting Support Service.

6.2. If your Account holds a balance at the time of its closure, we will ask you to withdraw your funds within a reasonable period of time, during which your Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your Account but you may withdraw any remaining funds by contacting Support Service and requesting that the funds are sent to you in a manner that is reasonably acceptable for us. You may do so for a period of three years from the date of closure of your Account but we suggest that you withdraw your remaining funds as soon as possible as they will not earn any interest while being held in your Account. Your obligations with regards to keeping your Account safe as set forth in section 5 shall continue to apply.

6.3. You may not close your Account to evade an investigation. If you attempt to close your Account while we are conducting an investigation, we may hold your funds for up to 180 Days or more, subject to section 15.9, to protect OKPAY or a third party against the risk of Reversals, Chargebacks, Claims, fees, fines, penalties and other liabilities of whatever nature. You will remain liable for all obligations related to your Account even after the Account is closed.

6.4. Subject to the remainder of this section, E-money held in your Account is not subject to any time limitation as to its validity. If you do not access your Account for a period of three years it may be closed. After closure, we may use the information you have provided us to try to send you any funds in redemption of the E-money in your Account. If that information is not correct and we are unable to complete the payment to you, the unclaimed balances shall be discharged in total. Please contact our Support Service if you have any questions about funds held in your Account if it has been closed pursuant to this section 6.4.

7. Uploading Funds

7.1. You can upload funds by visiting the Website, logging into the Secure Area of your Account (Top Up section) and following the relevant upload instructions. You may be presented with a number of different upload methods, depending on which payment instruments you have added to your Account and which payment methods are available in your country of residence. Upload methods are payment services provided by third party financial institutions (for example, the issuer of the payment card you use to upload funds or third party direct banking service providers) and are not part of our service. We do not guarantee the use of any particular upload method made available, and may make changes to or discontinue the acceptance of any particular upload method at any time without following the procedure set out in section 1.5. Notwithstanding section 7.9. below, we shall not be responsible for the upload payment until the uploaded funds are received by us.

7.2. You may be asked to answer security questions or to complete other activities that we may reasonably require to ensure proper authorisation of an upload transaction.

7.3. If you choose an upload method using a payment instrument that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, you declare that you will not exercise such chargeback right other than for unauthorised use of the payment instrument or for a breach by us of these Terms of Service which would result in you having a right to a refund of the uploaded amount. Otherwise, you may not charge back any upload transaction or allow a chargeback of any upload transaction for reasons for which we are not responsible including (but not limited to) disputes with merchants for non-delivery of goods or services or insufficient balance on the payment instrument account. We reserve the right to charge you fees and expenses we incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge you a Chargebacks Fee as set out in Schedule 1 (Table of Fees).

7.4. You may allow a merchant that you wish to pay through us on a regular basis (e.g. for a subscription service) to debit your Account for each recurring payment. In this case you authorise us to debit the payment instrument (e.g. your credit card or bank account) which you used to make the original payment also for each subsequent payment. In order to cancel recurring payments for the future, you should (a) contact us and (b) notify the merchant from which you have purchased the goods or services that you have cancelled the recurring payment. You should not cancel or otherwise reverse such recurring transactions by simply contacting the issuer of the payment instrument (e.g. your credit card provider or bank) without following the cancellation steps mentioned in this section 7.4. Subject to section 7.5., we will not be liable for any recurring payment(s) that are made before you have notified us of the cancellation and if your Account balance goes into negative as a result of such payment(s), you will be liable to repay such amount to us.

7.5. We will refund any past recurring payment(s) initiated by or through the merchant provided that (a) the original authorisation given to us or the merchant did not specify the exact amount of the payment and (b) the amount of the payment exceeded the amount that you could reasonably have expected taking into account your previous spending pattern and the circumstances of the case. You must request such a refund within eight weeks from the date the funds were debited from your Account. You agree to provide us with such information as is reasonably necessary to ascertain whether the conditions for a refund described in this section 7.5 are satisfied. Within ten (10) Business Days of receiving a request for a refund or, where applicable, of receiving any further information we requested from you, we will either refund the full amount of the payment or provide you with justification for refusing to refund the payment indicating that you have a right to refer the matter to the Financial Ombudsman Service (details in section 17.2.) if you do not accept the justification provided.

7.6. If OKPAY pays out a claim, reversal or chargeback that you file against a recipient of your payment, you agree to transfer and allow OKPAY to have your rights, benefits and remedies against the recipient of your payment. This is known in legal terms for you to agree to "subrogate" or otherwise "assign" to OKPAY your rights against the recipient and third parties related to the payment, and agree that we may pursue those rights, benefits and remedies directly or on your behalf, in OKPAY's discretion.

7.7. You may not receive a recovery for a purchase if you additionally receive a recovery for that purchase directly from the payment recipient or another third party.

7.8. If a chargeback or reversal of an upload transaction results in a negative balance in your Account, you will be required to repay such negative balance by uploading sufficient funds into your Account. Failure to do so is a breach of these Terms of Service. Repayment of the negative balance is due immediately without notice. We reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.

7.9. Uploaded funds will be credited to your Account after the funds have been received by us. Some upload transactions, such as those by credit or debit card, direct debit or direct banking will be credited to your Account immediately, but are subject to reversal in case the actual funds do not reach us within a reasonable time in which case we will deduct such reversed transaction from the balance of your Account. If your Account balance is insufficient, we reserve the right to require repayment from you.

7.10. For the purposes of an upload transaction through a payment instrument, we are a payment recipient and not a payment service provider.

7.11. You must not make an upload through a payment instrument if you are not the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds uploaded from a payment instrument that is not in your name, we may charge an administration fee as set out in Schedule 1 (Table of Fees) per upload return.

7.12. Uploads may be subject to upload limits due to security and legal requirements. These limits are set dynamically depending on your verification status and the upload method you want to use. You should be aware that depending on your verification status your upload limits may be higher than your withdrawal or spending limits. You can view these limits at any time in the Secure Area.

7.13. Uploads are subject to upload fees and currency conversion fees depending on which upload method and payment instrument is chosen. Please see Schedule 1 (Table of Fees) for details.

8. Sending Payments

8.1. To send a payment you are required to authorise the payment with your login details and password. We may also ask you additional security questions relating to you or your Account. If your Account is protected by additional security measures such as password tokens, you need to follow the instructions provided to you with such additional security measures. If your Account is enabled to make API payments, the procedure to make such payments will be communicated to you in the relevant integration manual.

8.2. Every recipient of a payment you wish to send through us must have a valid means that we can use for their identification. For most of our services these means of identification will be a valid e-mail address, number of mobile phone or a Wallet number.

8.3. If you are asked to provide details of the recipient's means of identification (e-mail address, number of mobile phone or a Wallet number), where applicable, you must take great care to properly type the exact details of who you wish to send money to. We use those details as the unique identifier to determine the intended recipient of the payment which you instruct us to process. Other information you provide along with the recipient's means of identification may be disregarded and we shall not be liable for any error you make when entering the recipient's means of identification.

8.4. If the e-mail address of the intended recipient is registered with us, the funds will be instantly credited to the Account associated with that e-mail address. Once funds are credited to the recipient's Account, the transaction becomes irreversible.

8.5. If the recipient's e-mail address is not registered with us, we will send a notification e-mail to that e-mail address with instructions on how to claim and receive the payment. If the recipient does not claim the payment within 14 days, the transaction will be cancelled and the funds will be returned to you. You may also cancel the transaction at any time before the funds have been credited to the recipient's Account. To cancel a transaction you should log into the Secure Area of your Account (Money Transfers section), locate the relevant transaction in your transactions history and select "Cancel".

8.6. You can make recurring payments by setting up a recurring payment order on your Account. You can cancel your recurring payment order for future payments at any point by logging into the Secure Area of your Account and deleting it. You will not be able to cancel transactions that have already been credited to the recipient.

8.7. Payments are subject to payment limits due to security and legal requirements. These limits are set dynamically depending on your verification status. You can view these limits at any time in the Secure Area of your Account profile. You should ensure that your limits are sufficient to cover the payment you intend to make as well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a payment may also be subject to spending and withdrawal limits and that this may affect the recipient's access to the funds you intend to send.

8.8. Sending payments is subject to fees and currency conversion fees depending on the type of payment you make and the type of Account you hold. Please see the Schedule 1 (Table of Fees) for details.

9. Receiving Funds

9.1. If you receive funds into your Account, we will send you a notification e-mail and display the payment as a "Receive Money" transaction in your transactions history. You should regularly reconcile incoming payments with your own records.

9.2. You should be aware that receipt of funds to your Account does not necessarily mean that these transactions cannot be reversed. We reserve the right to reverse a payment in case the payer or the payer's bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) an upload or other payment which was used to fund the payment to you.

9.3. If a person received a payment notification from us indicating that someone has sent them funds to an e-mail address that is not registered, they will not be credited with the payment until it has been claimed in accordance with the instructions laid out in the notification e-mail. Until then, there will be no contractual or fiduciary relationship between us and the intended recipient. The funds remain those of the sender.

9.4. You can request a payment from someone by using the "Receive Money" service within the Secure Area of your Account. You must only use this service for undisputed amounts that a person owes you and that are due for payment in full. You may not use this service more than once for the same payment you request. This service may not be used as a debt collection or enforcement tool. If the person that owes you the payment asks you not to use "Receive Money" service to request payment from them, you must comply with this request regardless of the merits of your claim. When using this service, you must ensure that you have the right to contact the person you are claiming from. You are strictly prohibited from requesting money by using the "Request Money" service within your Account from someone that does not owe you the amount requested; or has not given or has withdrawn his or her consent to receive a request for payment via the "Request Money" service and we shall have the right to claim any damages or losses arising out of your breach of this section.

9.5. The receipt of payments is subject to fees and currency fees, depending on the type of payment you receive and the type of Account you have. Please see the Schedule 1 (Table of Fees) for details.

10. Restricted Activities

10.1. In connection with your use of our website, your Account, or the Services, or in the course of your interactions with OKPAY, a User or a third party, you will not:

  1. Breach this Agreement (including, without limitation, opening multiple OKPAY accounts or breaching any other agreement that you have entered into with OKPAY (including a Policy));

  2. Breach any law, statute, contract, or regulation (including, without limitation, those governing financial services including anti-money laundering, consumer protections, unfair competition, anti-discrimination and false advertising);

  3. Infringe OKPAY's or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;

  4. Act in a manner that is obscene, defamatory, libelous, unlawfully threatening or unlawfully harassing;

  5. Provide false, inaccurate or misleading Information;

  6. Fail to provide us with further information about you or your business activities that we may reasonably request;

  7. Send or receive what we reasonably believe to be potentially fraudulent or unauthorised funds;

  8. Refuse to cooperate in an investigation or provide confirmation of your identity or any Information you provide to us;

  9. Attempt to "double dip" or undertake any action which could amount to unjust enrichment during the course of a dispute by receiving or attempting to receive funds from both OKPAY and the seller, bank, or credit card company for the same transaction;

  10. Use an anonymising proxy;

  11. Control an Account that is linked to another Account that has engaged in any of these Restricted Activities (an Account is deemed to be "linked" to another Account for the purpose of this section 10.1.11. where OKPAY has reason to believe that both Accounts are controlled by the same legal personality or group of legal personalities (including, without limitation, individuals), which is more likely when both Accounts share certain attributes, including, without limitation, the same recorded user name, email address, funding source (e.g. bank account) and/or recorded ID used to receive services from OKPAY's partners);

  12. Conduct your business or use the Services in a manner that results in or may result in complaints, Disputes, Claims, Reversals, Chargebacks, fees, fines, penalties and other liability to OKPAY, a User, a third party or you;

  13. Cause OKPAY to receive a disproportionate number of Claims that have been closed in favour of the claimant regarding your Account or business;

  14. Have a credit score from a credit reporting agency that indicates a high level of risk associated with your use of the Services;

  15. Use your Account or the Services in a manner that OKPAY, Visa, MasterCard, American Express or our bank acquirer and/or payment processors reasonably believe to be an abuse of the bank's reversal process, credit card system or a violation of credit card association rules;

  16. Allow your Account to have a balance reflecting an amount owing to us;

  17. Undertake activity that does or may present to us a credit or fraud risk, a sudden increase in exposure, or a significant or otherwise detrimental level of exposure (as OKPAY reasonably believes based on the information available to it);

  18. Use our services if you are residing in any of the following countries: Afghanistan, Bosnia and Herzegovina, Ethiopia, Iraq, Lao PDR, Syria, Uganda, Vanuatu, Yemen. This list is not exhaustive and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice;

  19. Disclose or distribute another User's Information to a third party, or use the Information for marketing purposes unless you receive the User's express consent to do so;

  20. Send unsolicited email to a User or use the Services to collect payments for sending, or assisting in sending, unsolicited email to third parties;

  21. Take any action that imposes an unreasonable or disproportionately large load on our infrastructure;

  22. Facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or Information;

  23. Use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission;

  24. Use any device, software or routine to bypass our robot exclusion headers, or interfere or attempt to interfere, with our website or the Services;

  25. Copy, reproduce, communicate to any third party, alter, modify, create derivative works, publicly display or frame any content from the OKPAY website(s) without our or any applicable third party's written consent;

  26. Take any action that may cause us to lose any of the services from our internet service providers, payment processors, or other suppliers;

  27. Use the Service to test credit card behaviours;

  28. Do, or omit to do, or attempt to do or omit to do, any other act or thing which may interfere with the proper operation of the Service or activities carried out as part of the Services or otherwise than in accordance with the terms of this Agreement;

  29. Request or send a Personal Transaction payment for a Commercial Transaction;

  30. Allow your use of the Service to present to OKPAY a risk of non-compliance with OKPAY's anti-money laundering, counter terrorist financing and similar regulatory obligations (including, without limitation, where we cannot verify your identity or you fail to complete the steps to lift your sending, receiving or withdrawal limit in accordance with sections 8, 9 and 11 or where you expose OKPAY to the risk of any regulatory fines by European, US or other authorities for processing your transactions); or

  31. Integrate or use any of the Services without fully complying with all mandatory requirements communicated to you by way of any integration or programmers' guide or other documentation issued by OKPAY from time to time.

You agree that engaging in the above Restricted Activities diminishes your or other OKPAY customers' safe access and/or use of your Payment Instrument, Account or the Service generally.

11. Withdrawing Funds

11.1. You can request a withdrawal of all or part of the funds held in your Account at any time. To do this you must log into your Account and select a withdrawal method and enter the amount to be withdrawn. Withdrawal methods are payment services provided, at least in part, by third party financial institutions (for example, the bank where you hold a bank account). We do not guarantee the availability of any particular withdrawal method and may make changes to or discontinue a particular withdrawal method at any time without following the procedure set out in section 1.5. as long as there is at least one withdrawal method available to you. Where the withdrawal payment is received by you through the involvement of a payment service provider (such as the bank where you hold a bank account), we shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider.

11.2. Your Account is subject to withdrawal limits. These limits are adjusted dynamically depending on the type of identification documentation we hold on you. You can view your withdrawal limits at any time in your Account profile. Before uploading any funds into your Account, you must ensure that your current withdrawal and spending limits meet your withdrawal and spending requirements as we legally cannot allow you to exceed these limits.

11.3. If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity and address prior to allowing a withdrawal of funds or to otherwise cooperate with us to verify your identity.

11.4. Withdrawals are subject to withdrawal fees and currency conversion fees depending on which withdrawal method and payment instrument is chosen. Please see the Schedule 1 (Table of Fees) for details.

11.5. For the purposes of a withdrawal transaction, we are a payer and not a payment service provider.

11.6. You must not make a withdrawal to a bank account or other payment instrument if you are not the named holder. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to investigate a withdrawal to a payment instrument that is not in your name, we may charge an administration fee as set out in Schedule 1 (Table of Fees).

11.7. You must ensure that the payment details you enter when withdrawing funds are correct and complete. We will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment details. When withdrawing to a bank account, you must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If you have withdrawn funds to the wrong payment instrument, you may request that we assist you in reclaiming the funds, however, we will charge you an administration fee as set out in Schedule 1 (Table of Fees) for doing so and we cannot guarantee that the reclaim efforts will be successful.

12. Fees and Currency Conversion

12.1. Fees depend on whether you are using your Account for personal or commercial purposes.

12.2. Transaction related fees can be viewed at any time in the "Fees" section of our Website. Additional fees apply to Accounts used for commercial purposes in accordance with the applicable terms and conditions referred to in section 3.6. above. You should print or download and keep a copy of the "Fees" section together with a copy of these Terms of Service. For clarity, the "Fees" section forms part of these Terms of Service. Fees are subject to change in accordance with section 1.5. Under certain circumstances we may charge additional fees as set out in sections 7.3, 7.11, 11.6 and 11.7.

12.3. Your transactions may be subject to currency conversions. If you make a payment from your Wallet in one currency to a Wallet in another currency, then the recipient may pay the fee for the conversion into the currency of his or her Account. If you choose a currency that is neither the currency of your Wallet nor the currency of the recipient's Wallet then you will pay the fee for the conversion into the currency of the payment, and the recipient will pay the fee for the conversion of the payment currency into the currency of his or her Account.

If you receive the payment in the currency which is not the currency of your Wallet you may choose to add the new currency to your Wallet or if you choose the funds to be credited in the Currency of your Account which is different from the currency of payment then you will pay the fee for the conversion into the currency of your Account.

12.4. For every currency conversion, we will apply our then current wholesale exchange rates which are available online in the Currency Conversion Fees section of the "Fees" page and which are updated on a regular basis throughout the day. Changes in these exchange rates may be applied immediately and without notice. In addition we will apply a foreign exchange fee, which is also displayed in the "Fees" section of the Website and which is expressed as a percentage applicable in addition to the transaction fee.

12.5. Our Fees are either expressed as a percentage of the transaction or as a fixed amount in EUR. Where fixed fee amounts are displayed in a currency other than EUR, this is for information purposes only. If fees are deducted from a balance or a transaction denominated in a different currency, the EUR fee amount will be converted into an equivalent fee in that other currency based on the OKPAY wholesale exchange rates applicable at the time and available under the "Currency Conversion Fees" section of the "Fees" section and then deducted. We will not apply a foreign exchange fee on currency conversions of fees.

12.6. Fees payable by you will be deducted from your Account balance and you hereby authorise us to do the same. Transaction fees will be charged when the transaction is executed. If your Account balance is insufficient to cover the fees, we may refuse to execute the payment. Reversal or chargeback fees will be deducted when incurred.

12.7. If the deduction of fees results in a negative Account balance, you will be required to repay such negative balance by uploading sufficient funds into your Account. Failure to do so is a breach of these Terms of Service. Repayment of the negative balance is due immediately without notice, however, we reserve the right at any time to send you reminders that you need to upload funds or to take other debt collection measures including but not limited to instructing a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you expenses we have reasonably incurred in connection with any debt collection or enforcement efforts.

13. Your Data

13.1. The processing of your data is governed by our Privacy Policy which can be found on our Website. By accepting these Terms of Service, you also agree to the terms of our Privacy Policy. You should print and keep a copy of the Privacy Policy together with these Terms of Service.

13.2. As a default, you will receive e-mail newsletters that will inform you about new product features, events, promotions, special deals etc. By accepting these Terms of Service, you agree to receive such e-mail newsletters on a regular basis. If you do not wish to receive any newsletters from us, you can opt out at any time by logging into the Secure Area of your Account and changing the Notification Setting. You can also opt out of receiving newsletters by contacting Support Service. Any e-mail newsletter you receive will also give you the option to unsubscribe from any future newsletter.

14. Errors and Unauthorised Transactions

14.1. You can inspect your transaction history at any time by logging in to the Secure Area of your Account on the OKPAY website and clicking the "Transaction History" menu. It is very important that you immediately notify OKPAY if you have reason to believe any of the following activities have occurred: (i) there has been an unauthorised transaction sent from your Account; (ii) there has been unauthorised access to your Account; (iii) your password or PIN has been compromised; (iv) any device you have used to access the Services has been lost, stolen or deactivated, or (v) someone has transferred or may have transferred money from your Account without your permission  (this includes where you link your Account with a third party platform (including a site or app), to make payments directly from that platform, but a payment was made from your Account for a transaction via that platform that you did not make) (collectively called "Improper Account Access"). You must also immediately notify us if you have reason to believe that any other error has occurred on your Account. In order for you to notify OKPAY immediately of any of the above events, we strongly recommend that you monitor your Account closely on a regular basis. We will not seek to hold you liable for any unauthorised use of your Account by any person provided that we are satisfied that you have not acted deliberately so as to enable any third person to gain access to your OKPAY ID and/or password/PIN or to your device while you are logged into the Services. We will hold you liable for unauthorised use of your Account if we have evidence that suggests: you acted deliberately so as to enable any third person to gain access to your OKPAY ID and/or password/PIN; you acted fraudulently; or you have with intent or gross negligence failed to comply with your obligations to use your Payment Instrument in the manner set out in this Agreement.

14.2. You must notify us if you believe there has been or will be an error, unauthorised transaction, misappropriated or unauthorised use of your Payment Instrument or your Account, by contacting our Support Service or writing to OKPAY, Attn: Error Resolution Department at P.O. Box 54366, 3723, Limassol, Cyprus. You must give us all the information in your possession as to the circumstances of any errors, unauthorised transactions and/or misappropriated or unauthorised use of your Payment Instrument or Account and take all reasonable steps requested to assist OKPAY in its investigation. We may provide third parties with information we consider relevant in such circumstances in accordance with our Privacy Policy.

14.3. We will advise you of the results of our investigation within twenty (20) Business Days after we receive your notice. If we have made an error, we will correct it promptly. If we need more time, however, we may take up to sixty (60) Days to investigate your complaint or question. If we decide that we need more time, we will provisionally re-credit your Account for the amount you think is in error within ten (10) Business Days after we receive your notice; so that you will have use of the E-money during the time it takes us to complete our investigation.

At the end of our investigation, we will advise you of the results within three (3) Business Days. If we determine that there was no error, we will send you a written explanation and we may debit any provisional credit that we previously credited to you in relation to the alleged error. You may ask for copies of the documents that we used in our investigation (and this will not attract the Records Request Fee set out in Schedule 1).

14.4. If you report that there has been an Improper Account Access related to your Account, and there is no evidence to suggest fraud or deliberate or grossly negligent behaviour by you, we will reimburse you in full for all unauthorised transactions sent from your Account provided that you have informed us of the Improper Account Access without undue delay and in any event, no later than 13 months after the first Improper Account Access transaction was executed. Where we believe in our reasonable opinion that further investigation is required to ascertain more clearly the circumstances surrounding the reported Improper Account Access, we will follow the same process as set out in section 14.3 above for such investigation.

14.5. You are entitled to a refund of the full amount of any payment transaction authorised by you and initiated by or through a merchant or other third party, provided the conditions applicable to a refund according to Section 7.5 have been met.

14.6. If we discover a processing error, we will rectify the error. If the error resulted in your receiving less money than you were entitled to, OKPAY will credit your Account for the difference. If the error results in you receiving more money than you were entitled to, OKPAY may debit the extra funds from your Account. If the error resulted in our not completing a transaction on time or in the correct amount, we will be liable to refund any amount as a result of carrying out a defective or non-executed payment transaction and for your losses or damages directly and reasonably foreseeably caused by this failure, unless:

  1. through no fault of ours, you did not have enough available funds to complete the transaction,

  2. our system was not working properly and you knew about the breakdown when you started the transaction, or

  3. circumstances beyond our control (such as fire or flood or loss of Internet connection) prevented the transaction, despite our reasonable precautions.

Notwithstanding any other term of this Agreement, OKPAY will not be held liable for the non-execution or defective execution of a payment transaction (whether initiated by yourself or another OKPAY customer) if you have failed to notify OKPAY of such an incorrectly executed payment transaction without undue delay, or in any event no later than within 13 months after the debit date, on becoming aware of such incorrectly executed payment transaction.

15. Liability

15.1. You are responsible for all Reversals, Chargebacks, Fees, fines, penalties and other liability incurred by OKPAY, a OKPAY User, or a third party caused by your use of the Services and/or arising from your breach of the Terms of Service. You agree to reimburse OKPAY, a User, or a third party for any and all such liability.

15.2. If we have reason to believe that you have engaged in any Restricted Activities, we may take various actions to protect OKPAY, a User, a third party, or you from Reversals, Chargebacks, Claims, fees, fines, penalties and any other liability. The actions we may take include but are not limited to the following:

  1. We may, at any time and without liability, suspend, block, limit, close or cancel your right to use your Payment Instrument or Account entirely or for any particular transaction, which may in turn suspend, block, limit, close or cancel access to your Account or the Services (such as limiting access to Top Up section of your Account, and your ability to send money, make withdrawals, or remove financial Information). We will normally give you advance notice of any suspension or cancellation but we may, if it is reasonable to do so (for example if you are in breach of this Agreement or we consider it advisable for security reasons), suspend or cancel your right to use your Payment Instrument or Account without prior notice to you;

  2. Block your Account and/or hold any funds in the Hold Account (including, without limitation, for more than 180 days if so required by OKPAY, where OKPAY's rights under section 15.2 arise from your engagement in the Restricted Activity set out in Section 10.1 ag.);

  3. Refuse any particular payment transaction at any time for any reason and will only be required to make available the fact of the refusal and the reasons for the refusal and how you may resolve the problem, where possible, upon request and provided it is not prohibited by law;

  4. We may reverse a payment (including, if appropriate, to the sender's funding source), that violates section 10, or which we reasonably suspect of violating section 10;

  5. We may contact third parties and disclose details of the Restricted Activities in the manner set out in our Privacy Policy;

  6. We may request information from you or otherwise update inaccurate Information you provided us;

  7. We may refuse to provide our Services to you in the future;

  8. We may hold your funds to the extent and for so long as reasonably needed to protect against the risk of liability. You acknowledge that, as a non-exhaustive guide:

    1. OKPAY's risk of liability in respect of card-funded payments that you receive can last until the risk of a Chargeback closing in favour of the payer/buyer (as determined by card scheme rules) has passed. This depends on certain factors, including, without limitation:

      1. The type of goods or services for which you receive payment; or

      2. The timeframe for delivery of the goods or performance of the services for which you receive payment (e.g. sales of event tickets months in advance of the event date can present a higher and more enduring risk of Chargebacks than sales of most other items or services);

    2. OKPAY's risk of liability in respect of a Claim or Dispute arising from a payment that you receive can last for the time that it takes for the parties to close the Claim or Dispute and all appeals associated with that Claim or Dispute in accordance with section 17 of this Agreement;

    3. OKPAY's risk of liability in respect of any event of insolvency that you suffer can last for as long as and to the extent that laws applicable to your insolvency restrict OKPAY from taking legal action against you; and

    4. If you allow your Account to have a balance reflecting an amount owing to OKPAY, OKPAY's risk of liability can last for the time and to the extent that you owe that amount to OKPAY.

  9. We may take legal action against you.

Unless otherwise directed by us, you must not use or attempt to use your Payment Instrument or Account while it is suspended or has been closed. You must ensure that all agreements with merchants or other third parties that involve third party initiated payments (including, Recurring Payments) set up from your Account are cancelled immediately upon the termination, suspension or closure of your Account. You remain liable under this Agreement in respect of all charges and other amounts incurred through the use of your Account at any time, irrespective of termination, suspension or closure.

15.3. Subject to the foregoing, we shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.

15.4. We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.

15.5. Nothing in these Terms of Service shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

15.6. Our obligation under these Terms of Service is limited to providing you with an electronic money account and related payment services and does not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a OKPAY customer or intermediary.

15.7. We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another OKPAY customer or intermediary. And it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority.

15.8. Reserves. OKPAY, in its sole discretion, may place a Reserve on funds held in your Account when OKPAY reasonably believes (based on the information available to OKPAY at the time of taking the Reserve and what in its sole discretion it regards as an acceptable level of risk to OKPAY under all the circumstances) there may be a higher than acceptable level of risk associated with your Account. If OKPAY places a Reserve on funds in your Account, the funds will be held in your Reserve Account and those funds will be shown as "pending" in your OKPAY Balance. If your Account is subject to a Reserve, OKPAY will provide you with a notice specifying the terms of the Reserve. The terms may require that a certain percentage of the amounts received into your Account are held for a certain period of time, or that a certain amount of money is held in reserve, or anything else that OKPAY determines is necessary to protect against the risk associated with your Account. OKPAY may change the terms of the Reserve at any time by providing you with notice of the new terms. You may close your Account if you object to the Reserve. If your Account is closed for any reason, we have the right to hold the Reserve for up to 180 Days. When managing risk for Accounts, we may also limit the amount you can immediately withdraw or change the speed or the method of payment for withdrawals, set-off amounts from your Balance and/or require that you, or a person associated with you, enter into other forms of security arrangements with us (for example, by providing a guarantee or requiring you to fund your account with us with a certain amount as a security for your obligations to us or third parties). You also agree to undertake, at your own expense, any further action (including, without limitation, executing any necessary documents and registering any form of document reasonably required by us to allow us to perfect any form of security interest or otherwise) required to establish a Reserve or other form of security in a manner reasonably determined by us.

15.9. Payment Hold

  1. OKPAY may in its sole discretion (acting reasonably) place a hold on that or any payment if there may be a higher than acceptable level of risk or exposure associated with your Account (based on the information available to OKPAY at the relevant time and what in its sole discretion it regards as an acceptable level of risk or exposure to OKPAY under all the circumstances). If OKPAY places a hold on funds in your Account, we will notify you about it (including, without limitation, how long the hold may last) - the funds will be held in your Reserve Account and those funds will be shown as "pending" in your OKPAY Balance. We may notify you about the hold through authorised third parties (such as partner platforms on which you transact).

  2. OKPAY will release the hold made on your payment under this provision when OKPAY determines that the risk or exposure associated with your Account, no longer exists. Please note that, notwithstanding the above, if you receive a Dispute, Claim, Chargeback, or Reversal on the transaction payment subject to the hold, the funds (or an amount equal to the relevant payment) may be held in your Reserve Account until the matter is resolved pursuant to this Agreement.

  3. You agree to provide to any information as OKPAY may reasonably request to allow OKPAY to determine whether the risk or exposure to your Account has passed. You may close your Account if you object to the hold under this provision. If your Account is closed for any reason, OKPAY has the right to hold a payment under this provision for a period of up to 180 days from the date the complete obligations under the contract for sale (to which the payment in question relates) have been discharge

15.10. Information about you. OKPAY reserves the right to request additional information from you, other than what is referred to in this Agreement, to allow it to comply with its anti-money laundering obligations. You agree to comply with any request for further information as we reasonably require to enable us to comply with our anti-money laundering obligations. This may include, without limitation, requiring you to fax, email or otherwise provide to us certain identification documents or conduct a meeting with us over the internet with a sound/video recording of the meeting, during which the certain identification documents may be provided to us. You also agree to provide us, upon our reasonable request and at your own expense, information about your finance and operations, including, without limitation, your most recent financial statements (certified or otherwise) and merchant processing statements (if applicable).

16. Termination and suspension

16.1. We may terminate your Account or any payment service associated with it by giving you five days' prior notice. You may terminate your Account with us at any time. Different termination provisions may apply if you use your Account for commercial purposes as set out in section 3.6. above.

16.2. Together with a termination notice or at any time thereafter we may give you reasonable instructions on how to withdraw remaining funds.

16.3. If your Account is subject to a Reserve, termination of your Account will not affect our right to hold the reserve and to make deductions therefrom for the time agreed.

16.4. We may at any time suspend or terminate your Account without notice in case:

  1. you breach any condition of these Terms of Service or any other condition applicable to specific services covered by separate terms and conditions;

  2. you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services; or

  3. we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.

16.5. We may suspend your Account at any time if:

  1. we reasonably believe that your Account has been compromised or for other security reasons; or

  2. we reasonably suspect your Account to have been used or is being used without your authorisation or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

17. Disputes with OKPAY

17.1. Contact OKPAY First. If a dispute arises between you and OKPAY, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and OKPAY regarding our Services may be reported to Support Service at any time and by logging into the Secure Area of your Account.

17.2. ECC-Net and Financial Ombudsman Service. If you have a complaint to make about us, you may choose to escalate it by contacting one of the following:

  1. European Consumer Centre (ECC-Net). You may obtain further information regarding the ECC-Net and how to contact them at (http://ec.europa.eu/consumers/redress_cons/).

  2. Financial Ombudsman Service (FOS) of Cyprus. You may obtain further information regarding the FOS and contact the FOS at (http://www.financialombudsman.gov.cy/forc/forc.nsf/page15_en/page15_en?OpenDocument).

17.3. Governing Law and Jurisdiction. This Agreement and the relationship between us shall be governed by Cyprus law. For complaints that cannot be resolved otherwise, you submit to the non-exclusive jurisdiction of the Cyprus courts arising out of or relating to this Agreement or the provision of our Services. In simple terms, " non-exclusive jurisdiction of the Cyprus courts" means that if you were able to bring a claim arising from this Agreement against us in Court, an acceptable court would be a court located in Cyprus, but you may also elect to bring a claim in the court of another country instead. Cyprus law will apply in all cases.

17.4. No Waiver. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches.

17.5. Limitations of Liability. We shall only be liable to you for loss or damage caused directly and reasonably foreseeable by our breach of this Agreement and our liability in these circumstances is limited as set out in the remainder of this section.

  1. In no event shall we, the other companies in our corporate group, persons who act on our behalf, and/or the persons we enter into contracts with be liable for any of the following types of loss or damage arising under or in relation to this Agreement (whether in contract, tort (including, without limitation, negligence) or otherwise:

    1. any loss of profits, goodwill, business, contracts, revenue or anticipated savings even if we are advised of the possibility of such damages, loss of profits, goodwill, business, contracts, revenue or anticipated savings; or

    2. any loss or corruption of data; or

    3. any loss or damage whatsoever which does not stem directly from our breach of this Agreement; or.

    4. any loss or damage whatsoever which is in excess of that which was caused as a direct result of our breach of this Agreement (whether or not you are able to prove such loss or damage).

  2. Nothing in this Agreement shall limit our liability resulting from our fraud or fraudulent misrepresentation, gross negligence, wilful misconduct, for death or personal injury resulting from either our or our subcontractor's negligence or to the extent such limitation or exclusion is not permitted by applicable law.

17.6. No Warranty. We provide the Services to you subject to your statutory rights but otherwise without any warranty or condition, express or implied, except as specifically stated in this Agreement. OKPAY does not have any control over the products or services that are paid for with our Service and OKPAY cannot ensure that a buyer or a seller you are dealing with will actually complete the transaction or is authorised to do so. OKPAY does not guarantee continuous, uninterrupted or secure access to any part of our Service. We shall not be liable for any delay in the failure in our provision of the Services under this Agreement. You acknowledge your access to the website(s) may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. OKPAY will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts and debit and credit cards are processed in a timely manner. We make every effort to ensure that the information contained in our correspondence, reports, on the website(s) and given verbally by our directors, officers and staff is accurate to the best of our belief at the time the information is provided. However, we cannot guarantee the accuracy of all such information in all circumstances and contexts, and no reliance should be placed on such information by you. You must check all correspondence between us carefully and tell us as soon as possible if it includes something which appears to you to be wrong or not made in accordance with your instructions.

You alone are responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.

17.7. Indemnification/re-imbursement. You agree to defend, reimburse or compensate us (known in legal terms to "indemnify ") and hold OKPAY, our other companies in our corporate group, the people who work for us or who are authorised to act on our behalf harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your or your employees' or agents' breach of this Agreement, breach of any law and/or use of the Services.

17.8. Complete Agreement. This Agreement (including any Schedule) sets forth the entire understanding between you and OKPAY with respect to the Service. The terms which by their nature should survive, will survive the termination of this Agreement. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck out and the remaining provisions shall be enforced.

18. Definitions

"Account", "OKPAY Account" means a Personal (including Joint or Minor Account) or Business Account.


"Agreement", "Terms of Service" means this agreement including all subsequent amendments.


"Authorise" or "Authorisation" means you authorise a merchant or other third party to collect or direct a payment from your Account.


"Balance" means any E-money that you have in your OKPAY Account.


"Business Account" means an Account used primarily for business purposes and not for personal, family, or household purposes.


"Business Days" means a day (other than a Saturday or Sunday) on which banks in Cyprus are open for business (other than for the sole purpose of 24-hour electronic banking).


"Chargeback" means a challenge to a payment that a buyer files directly with his or her credit card issuer or company.


"Claim" means a challenge to a payment that a sender of a payment files directly with OKPAY.


"Commercial Transaction" has the meaning given to it in Schedule 1 Table of Fees.


"Currency of Your Account" means the default currency of Your Account and of the total Balance of Your Account.


"Days" means calendar days.


"E-money" means monetary value, as represented as a claim on OKPAY, which is stored on an electronic device, issued on receipt of funds, and accepted as a means of payment by persons other than OKPAY. The terms "E-money", "money" and "funds" are used interchangeably in this Agreement. Further, a reference to a payment made by via the Services refers to an E-money payment.


"Fees" means those amounts stated in Schedule 1 to this Agreement.


"Information" means any confidential and/or personally identifiable information or other information related to an Account or User, including but not limited to the following: name, email address, post/shipping address, phone number and financial information.


"Payment Instrument" means any or all of the procedures, instructions or requirements which are set out in the OKPAY website(s) and which allow Users to access and/or use the OKPAY Service.


"Payment Order" means an instruction validly made by you to us requesting the execution of a payment transaction.


"OKPAY", "Issuer", "We", "Our" or "Us" means OKPAY CY LTD, a company incorporated under the laws of Cyprus with registration number HE 296419, whose registered address is 84, Spyrou Kyprianou, 4004 Limassol, Cyprus.

"OKPAY website(s)" mean(s) any URL, such as www.OKPAY.eu, through which we provide the Services to you.


"Personal Account" means an Account used primarily for personal, family, or household purposes and includes Joint and Minor Accounts.


"Personal Transaction" has the meaning given to it in Schedule 1 Table of Fees.


"Policy" or "Policies" means any Policy or other agreement between you and OKPAY that you entered into on the OKPAY website(s), or in connection with your use of the Services.


"Recurring Payment" has the meaning given in section 7.4.


"Reserve" means an amount or percentage of the funds received into your Account that we hold in order to protect against the risk of Reversals, Chargebacks, Claims or any other risk, exposure and/or liability related to your Account and/or use of the Services.


"Restricted Activities" means those activities described in section 10 of this Agreement.


"Reversal" means a payment that you received which OKPAY may reverse to the sender or another third party because the payment: (a) has been challenged by a buyer directly with their bank; and/or (b) has been removed from your Balance for any reason; and/or (c) has been categorised by OKPAY's internal risk modelling as a risky payment required to be reversed to mitigate the risk associated with the payment. The term "Reversed" shall be construed accordingly.


"Seller" and "Merchant" are used interchangeably and mean a User who is selling goods and/or services and using the Services to receive payment.


"Support Service" is OKPAY's customer support which can be accessed online via the "Submit a Request" link on the "Support" page.


"Unique Identifier" means (1) for the purpose of sending a OKPAY payment: the e-mail address, mobile phone number or other identifier we may notify to you which is registered to an OKPAY Account in good standing; or (2) for withdrawing funds from your Account: your bank account (eg IBAN or Sort Code and bank account number) or credit card identification details (eg card number and CVV2 Code).


"Verified" means that you have completed our verification process in order to help establish your identity with OKPAY.


"Wallet" - subaccount which enables You to apply the necessary settings of uploading/sending the money as well as enable/disable supported currencies in the "Wallets and Currencies" section of the OKPAY Account.


"YOU" means a natural person, the natural persons acting jointly, a legal entity or professional organisation or other person who has either completed, signed and delivered by post or electronically to OKPAY the Application Form (thus, the "Registered Customer") and agreed to the terms and conditions of this Agreement electronically or by signing and sending a copy of this Agreement by post to OKPAY to enable OKPAY to provide a service as set out herein (herein referred to as the ‘User', ‘Customer', ‘You' or ‘Your') via an OKPAY Customer Account.