This Agreement contains twenty two sections, including a Tariff. The main terms used in this Agreement are defined in section twenty below.

Transcription

1 IPAY INTERNATIONAL SERVICES Pte Ltd Legal Agreement for mypos Service Last update: December, 1 st, 2014 This Agreement contains twenty two sections, including a Tariff. The main terms used in this Agreement are defined in section twenty below. Consumer advisory: ipay International Services Pte Ltd, Singapore, the Issuer and holder of the stored value facility (stored value), does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully. 1. Legal relationship and Service 1.1 This Agreement is between ipay International Services Pte Ltd and Intercard Finance AD on one side and Client on the other side. ipay International Services Pte Ltd, is a provide of stored value facility (e-money) and accounts for stored value facility, having its seat and registered office at: 10 Collyer Quay #10-01 Ocean Financial Center, Singapore (049315), Registration N: D, (referred to as "ipay"). Intercard Finance AD, is a Principal Member of MasterCard, VISA and JCB and possibly other schemes ("Card Organizations"), directly integrated to the Card Organizations, PCI DSS Level 1 certified and licensed as Electronic Money Institution by BNB ("Bulgarian National Bank"), address: Sofia, james baucher 76A, bulgaria, providing Issuing and Acuiring services to ipay (referred to as "Acuirer") "mypos package" or "Packages" includes a mobile POS terminal (including original manufacturer accessories, such as cables, charger and a battery) for acquiring of card present payments with cards with the logo of the Card Organizations, account for e-money with IBAN and prepaid Business Card. The Service is described also in the Technical Specifications, Quick User Guide and Activation Instructions, included in mypos package, as well as on the website for the Service. 1.3 "ipos" is an optional Service, provided by ipay under this Agreement, upon explicit request of Client and after approval by ipay and successful integration with the API of ipay for ipos, designated to Clients with Internet websites for acquiring and settlement of payments in Internet with stored value, issued by ipay and/or payment cards bearing the logo of the Card Organizations. ipos service is described in detail in ipos Manual, which is available on the website for the Service Payout to Client: Subject to all terms and conditions of this Agreement ipay shall pay to Client the due amounts, collected by ipay via the Service, by crediting Client's account for e-money with a sum of stored value that is equal to the amount due to Client. The amount due to Client equals the authorized and settled by Card Organization sum less the applicable fees, charges, Reserve amounts and other possible claims of ipay. Client may use the stored value in Client's account for transfer to bank account or transfer to other Client's Account or payment in Internet or payment on POS or ATM cash withdrwal with Card The Service is described in Section Definitions below in this Agreement and constitutes acquiring of payments with cards with the logo of the Card organizations and of issuing of stored value (e-money) by ipay, providing of account for e-money with multicurrency balances and IBANs, money transfers within the system of ipay, SEPA and International money transfers, issuing and authorizing of transactions with prepaid card with the logo of MasterCard, VISA, JCB and other Card Organizations and Mobile Application for smart phones. A description of the main characteristics of the Service is also set out on the website for the Service. Since the Service is limited to acquiring of card payments and issuing of e-money, which does not qualify as a deposit or an investment service in the sense of the Law, the Client isnot protected by the deposit guarantee schemes of Singapore or any other similar schemes. Client shall not be entitled to interest on the balance of e-money or money collected by ipay that is kept by ipay under this Agreement.

2 1.6. Client Information: Subject to all terms and conditions of this Agreement during the term of this Agreement ipay shall provide to Client a Client online account on ipay platform for information of Client, described below in this Agreement. ipay may introduce a Mobile application for smart phones for check of balance and control of the security of payment instruments provided by the Service This Agreement does not regulate the online purchase of mypos package from The online purchase of mypos package from is regulated by a different agreement, available upon online purchase at This Agreement regulates the provision of e-money and payment services by ipay to Client who has registered for the Service successfully and has agreed to this Agreement Use of the Service is subject to the Agreement. The Agreement will be effective from the date of acceptance by Client ("Effective Date"). By accepting the Agreement, Client agrees to use the Service in accordance with the requirements of the Agreement. Client can accept the Agreement by: (i) Clicking to Accept or Agree to the Agreement, where this option is made available to Client by ipay on the website for the Service or via the Mobile Application for the Service. Clicking to Accept or Agree to the Agreement, where this option is made available to Client by ipay on the website or Mobile Application for the Service represents an advanced digital signature made by Client and therefore the electronic document of the Agreement is deemed as duly signed by Client, or (ii) Signing the Agreement on a hard copy, if requested by ipay; or (iii) Actually using the Service. In this case, Client agrees that ipay will treat use of the Service by Client as acceptance of the Agreement from the moment of first use of Service. 1.9 The specifics and functionalities of the Service are set out on the website for the Service. ipay may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without the consent of Client, for which ipay shall inform Client via the website for the Service or via the Client's online account. ipay is not liable for lack of availability of the Service on mobile or smart devices, or inability to download or use the Services via particular smart device, or lack of Service or part of the Service, because of lack of Internet or because of mobile operator services (such as SMS or other) or Client's hardware specifics or problems. However, where a change to the Service constitutes a modification to the preliminary information to be presented to Client prior to concluding this Agreement as required by the Law, or narrowing the Services, Client will be given notice by an sent to Client address Privacy: Protecting Client's privacy is very important to ipay. Client must read ipay Privacy Policy, part of this Legal Agreement, in order to better understand ipay commitment to maintain Client's privacy, as well as ipay use and disclosure of Client's information ipay Acceptance Policy: Detailed rules on the use of the Service are set out in Section Acceptance Policy in this Agreement, in the Acceptance Policy, part of this Agreement, available on the website for the Service ipay Return Policy: In case Client does not wish to continue using the Service, Client must follow the instruction for Termination of Agreementbelow in this Agreementand ipay Return Policy, part of this Agreement, available on the website for the Service.

3 1.13. A copy of the Agreement will be provided to Client in printable form during the sign-up process. A copy of the Agreement, as amended from time to time, is available to Client on the website for the Service and in the online account. Client may request to be provided with a copy of the Agreement, and a link to the Agreement will be sent to Client address for printing The Agreement and all communication with Client will be in English language. Where ipay has provided Client with a translation of the English-language version of the Agreement or communication, Client agrees that the translation is provided only for Client convenience and that the English-language versions of the Agreement and communication will govern the relationship with ipay. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence Client declares that Client is registering for the Service on Client's behalf only and that Client is not acting on behalf or on account of third party, unless Client makes registration for the Service on behalf and under the instruction of the legal entity of which Client is employee or legal representative. 2. Eligibility. Types of Accounts: 2.1. To be eligible for the Services, Client must (i) be a resident (address of Client's registration) of one of the countries listed on the website for the Service; and (ii) has full legal capacity to enter into a contract; and (iii) not be present on any black list or sanctions lists, related to AML/FT purposes, officially published and notified by Regulators or black lists of card fraudsters of ipay or Card Organizations; and (iv) use the Service for Client's legal business or professional activity. Client further represents and warrants that Client is not acting on behalf of, or for the benefit of, anyone else, unless in case of a natural person, opening the account for and under the direction of the company or legal person or entity, that employs such a natural person For regulatory, risk and security reasons ipay may impose or change the limits unilaterally and without the consent of Client, for which ipay shall inform Client via the website for the Service or via the Client's online account, unless ipay is not permitted by law to notify Client in certain cases. ipay is entitled at its sole discretion to decide whether to change the limits after a customer request for change of limits and ipay shall not be liable in case of decline of request Upon registration for the Service and during this Agreement, Client must provide current, complete and accurate information, as requested by ipay and maintain it as current and accurate during use of the Service. In case of any changes in information provided by Client, Client agrees to update the information in the online account without delay Business Account: ipay offers Business account for stored value. Unless otherwise agreed, one Client may hold not more than one Business Account. By opening a Business account and accepting the terms as outlined in this Agreement, the Client attests that Client is not opening and/or using the account primarily for personal, family, or household purposes and that the account comprises the account for e-money and the Reserve Account Basic account: Customers enrolling for the Services online will register for Basic account. The spending limits on the basic account are set out in the Tariff and are imposed for regulatory reasons. Some functionalities of the Service, such as outbound money transfers, cash withdrawal, loading of accounts in cash and other may be limited for Basic account for risk, security and regulatory reasons. The funding and receiving limits can be viewed in the online account. To change the limits and obtain verified status and Standard or Premium Account Client must follow the verification procedure available in the Client's online account Verified status and Standard account: Clients enrolling for the Services on a face-to-face principle in the office of ipay or via Agents/Distributors of ipay or Clients, who have successfully completed the verification procedure available in the online account for the Service or other customer verification procedure of ipay, may be eligible for Standard account. For online customer verification, Client has to upload (i) copy of valid ID document and either (ii) proof of address or (iii)

4 funding of account via bank transfer from a bank account and (iv) provide supplemental business information on legal representatives, type of business, business license or registration (if applicable) and other, as may be requested by ipay. ipay may from time to time, make available to Client other methods or procedures for customer verification. By highlighting a Client as "Verified" or change of type of account from Basic to Standard ipay only represents that the Verified user has completed the steps of the process to obtain "Verified" status. ipay may require at any time additional information as a condition of continued use of the Service or to assist in determining whether to permit Client to continue to use the Service. Client agrees to provide such information without delay, as ipay may require in this regard. The spending limits on the standard accounts are set out in the Tariff. The funding and receiving limits can be viewed in the online account. To change the limits Client has to contact ipay via and explain the reasons for request for change of limits Reserve and Reserve account: Amounts acquired via the Service, which are over the funding or spending limits of Client's account for e-money set by ipay will be hold in the Reserve account and will not be credited as e-money in Client's account for e-money, until successful verification of Client or completion of additional regulatory or compliance checks by ipay and until the reasons for hold cease to exist. Ipay shall inform Client on hold as Reserve and/or issuing of e-money via the online account. Additional rules on Reserve are set out below in this Agreement in Section Reserve The Card included in mypos package is not embossed with Client's names. Card may be issued embossed with Client's name upon request of Client, approval by ipay and payment of Issuing fee and if necessary of shipment fees via the payment methods accepted by ipay. The Card is issued in the currency stated on mypos package or requested by Client and supported by ipay. The Card is included in mypos package or sent to Client's address inactive or collected personally by Client from ipay or on of its Agents, Distributors or sub-contractors also inactive. The Card may be used only by the Client or cardholder and only after its activation, as instructed by ipay The Parties agree that the delivery of the Service and use of the Service by Client shall be subject to the following condition precedents, which are not exhaustively listed: (i) For mypos: (a) Client has to select, order from Internet or Distributors of ipay and receive mypos: (b) Client has to activate the mobile POS following the Instructions given by ipay on the website for the Service and in the documents insertred in the package or in Special Agreement/Instructions provided by ipay; (c) Client has to register for Client's account on or other platform provided by ipay or third party acting on behalf of ipay; (d) Client must agree with this Agreement, which is made electronically, via means of distant communication provided on the Website for the Service, or sent via or executed on hard copy (as may be requested by ipay); (e) Client and Client's business or professional activity has to be approved by ipay. (ii) For the Service ipos: (a) Client has to register for Client's account on or other platform provided by ipay or third party acting on behalf of ipay; (b) Client and client business or professional activity has to be approved by ipay - ipay will notify the Client when this process is complete; (c) Client has to integrate successfully with the API of ipay following ipos Manual, and to successfully complete the tests for ipos; (d) Client must agree with this Agreement, which is made electronically, via means of distance communication provided on the

5 Website for the Service, or sent via or executed on hard copy (as may be requested by ipay) At ipay's discretion Client may be entitled to use the Services for testing purposes only prior to completion of full approval of Client and/or client business activity, on the following conditions: (i) Client's use of the Service is for a temporary period and only for the purposes of testing the Service and/or integration with ipay, whereby this is limited to low-risk business categories at the discretion of ipay, and ipay shall Reserve the amounts received from the Service and shall not pay them to Client prior to Services Commencement Date. In this case, If Client fails to satisfy ipay's Client due diligence requirements within seven days of the temporary access to the Service being activated, the Client's right to temporarily use the Service shall automatically terminate and this Agreement shall be deemed automatically terminated; or (ii) If allowed by ipay internal rules and procedures, Client may use the Service with limits imposed by ipay on the Client online account, such as 2,500 EUR limit on annual turnover and 1,000 EUR limit on redemption of stored value and other limits, imposed for security or regulatory reasons. The limits applicable for Client can be checked by Client in Client online account. 2.9 After successful completion of the registration of Client and activation of the Service, Client has to make a test transaction with own card in order to check the Service and the Client's billing descriptor or other data about Client ("Client's integrational data") before the Services Commencement Date. Client is entitled to request a correction in Client's integrational data within two days following the test transaction. In case of lack of test transaction or request for correction of integrational data within this term, it will be deemed, that Client has approved and agrees with the integrational data for the Client registered by ipay ipay informs Client via on completion of successful integration and tests, registration of Client by ipay with 3D secure authorization schemes MasterCard Secure Code and Verified by VISA and J/Secure (if applicable) and provides to Client personalized security characteristics for the Service ipay may suspend the Service for operational reasons such as maintenance, or because of an emergency or reasons related to fraud, risk or compliance. ipay will restore the suspended Service as soon as reasonably practicable. The Client is responsible for taking backups of its offers, pricing and other data prior to any suspension or maintenance work and for restoring any such data lost as a result of such suspension or maintenance work. ipay shall not be liable for any direct or indirect loss or damage suffered by the Client or any other third party arising from the suspension of the Service ipay will use all reasonable endeavors to correct any reported technical faults in the Service as soon as reasonably practicable. However, ipay does not give any guarantees as to performance of the Service or any undertakings that the Service will be continuously available or free of faults, as authorization process in some cases includes participation of third parties, such as Card Organization and Card Issuers, which are not under the control of ipay Occasionally ipay may: (a) for operational reasons, update the technical specification of the Service and/or update the manuals or documents related to the Service; or (b) require the Client to follow instructions which it believes are necessary for reasons of security or quality; or (c) for operational or commercial reasons, make changes in the information provided for the Client, to which Client agrees by entering into this Agreement or using the Service ipay may refuse to execute any payment transaction, payment order or other use of the Service if ipay has reasonable grounds to suspect fraud, a breach of the Agreement or Regulations by Client or third party. Authorizations or payouts may

6 also be delayed due to ipay's compliance with its obligations under applicable legislation or Regulations, including if ipay suspects that the transaction involves fraud or illegal or non-acceptable activities. In the event that ipay refuses to execute a transaction or payment order, Client will be notified, unless it is unlawful for ipay to do so or would compromise reasonable security measures. 3. Funding of account and Receipt of money: 3.1. Funding of Business accounts with amounts due by ipay to Client from acquiring services: Client agrees that the Business account will be used by ipay to settle amounts due by ipay to Client from the acquiring services under this Agreement ipay shall pay to Client the amounts collected via the Service and due to Client, by issuing stored value as per value of the amounts collected via the Service and due to Client, subject to all terms and conditions of this Agreement. In certain cases, upon explicite consent between the Parties, ipay shall transfer the amounts collected via the Service and due to Client to a bank account of Client, preliminary approved by ipay The amounts collected by the Service shall become due to Client and shall be paid by ipay to Client's account for e-money via issuing of stored value in the following business day: (i) In case of transactions via ipos with balance of e-money in buyer's account with ipay- the business day of authorization of the transaction by ipay, this is usually the same day of the transaction; (ii) In case of transactions via ipos with stored payment card of the Card Organizations - the business day of authorization of the transaction by the Card Issuer, which is usually the same day of the transaction; (iii) In case of transactions via mypos via payment card of the Card Organizations - the business day of authorization of the transaction by the Card Issuer, which is usually the same day of the transaction The amounts due by ipay to Client, in exchange of which ipay shall issue stored value for the Client, are calculated in the following way: The amount received by ipay from acquiring is decreased with the following amounts due by Client to ipay: (i) any fees, charges or compensations due by Client to ipay for the Services or in connection with this Agreement or other Agreements with ipay; and (ii) any charges and/or sums or payment amounts subject to chargebacks, reversals, refunds, reimbursements or any other entitlements or on other legal grounds, or compensations or penalties to be paid by ipay to Sub-Contractors or Card Organizations or other Regulators; and (iii) any amounts subject to withhold by ipay, such as Reserve or Hold/Pending or withhold of amounts by ipay under this Agreement or other Agreements with ipay or in compliance of ipay with the Regulations Amounts, collected via the Services, which are withheld by ipay as Reserve or as Hold/Pending and/or by the Acquirer under this Agreement or other Agreements or for compliance of ipay and/or the Acquirer with Regulations, are not yet due for payment from ipay to Client, until the reason for withhold is rectified and such amounts represent conditional obligations of ipay with regard to Client. Such amounts are not considered as funds received by ipay in exchange of stored value, therefore, they are not stored value or available balance in Client's account for e-money or a claim of Client towards ipay until the reason for withholding or Resreve is rectified and these amounst are credit to the Client's account for e-money. Client shall be able to see the amounts withheld by ipay in Client online account, in the Reserve accouunt, as Reserve or Hold/Pending, where such amounts are displayed only for information purposes and not as e-money balance. Client shall be informed on the reasons for withholding of amounts, unless it is unlawful for ipay to inform Client Nothing in this Agreement shall require ipay to provide any credit or overdraft facility to Client and it is not intended that any such credit or overdraft will be granted Funding via bank transfer: Client can order a credit transfer from a bank account to Client's account for e-money provided by ipay. Upon receipt of the amount of the transfer by ipay, ipay will issue stored value in the same amount and currency as the amount and currency received by ipay and in the same business day as the date of receipt of the funds by ipay.

7 ipay is not responsible for and does not control when ipay will receive the funds from Client's payment services provider and weather the payment services provider of Client or correspondent banks will charge Client fees for the transfer and will transfer the full amount to ipay. Client will be notified through information in the online account in the balance and transaction history on the amount of issued money and date of credit operation In order to receive the amount in the account, Client must provide the correct number of Client's account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client. The limits for funding via bank transfer are set out in the online account. Client may change the limits for Basic account, as allowed by the Service, by completing successfully the procedure for customer verification and upgrade to Standard account, available in the online account or other procedure, as may be requested by ipay. In case Client wishes to change the funding limits of a Standard account, Client has to contact ipay and explain the reasons for request for change of limits Client agrees that ipay may impose different limitations on amounts of purchased e-money, or special requirements, or not accept bank transfer from certain banks, upon discretion of ipay The credit value date for the payee's account (Client's account) and the amount of the funding transactions shall be available no later than the Business day on which the amount of the funding transaction is credited to ipay account Funding in cash: Client can purchase e-money in cash only in the places where this funding is allowed by ipay and only for type of accounts and limits for funding in cash, approved by ipay. Funding in cash is possible in the offices, stores or points of sale of some of the authorized Agents, Distributors or subcontractors of ipay, listed on the website for the Service. Funding in cash is available in limited places and countries, stated on the website for the Service ("authorized points for cash-in"). The authorized points for cash-in services may charge Client at their discretion, a fee for the cash-in service on top of the amount to be funded in cash. ipay shall issue e-money in the same amount as the amount paid in cash by Client, less fee for cash-in (if there is such) and shall make the amount available to Client immediately after the receipt of funds, or in case of a payee, who is not a consumer - at latest on the next Business day after the receipt of the funds. In some cases, such as co-branded programs with Agents, Distributors or sub-contractors, upon discretion of ipay, ipay may make the amount available to Client earlier than the receipt of funds by ipay. Limits on funding in cash operations may vary depending on place and country and are notified to Client on the website for the Service or on spot Funding transactions with some funding methods may be rejected or limited by ipay for regulatory reasons (AML/FT), risk and security or in order to avoid conflict between various Services by ipay or on other grounds, or may be rejected or delayed, for reasons beyond ipay control. ipay does not guarantee the acceptance of any particular funding method, and may make changes or discontinue the acceptance of any particular funding method at any time and without prior notice to Client, for which ipay is not liable Client agrees that Client cannot make a successful Chargeback after a funding transaction, on the ground "goods not delivered or similar", as the purchased e-money (purchased goods) is issued (delivered) by ipay upon receipt of funds Receipt of money: Client's account may be funded with e-money via receipt of money from Client from other Client's accounts in the system of ipay or from other bank accounts. In order to receive money from a Client's accounts in the system of ipay, Client has to provide to the payer either Client's registered for the Service or Client's registered mobile phone for the Service or the number of Client's account, available in the online account of Client. In order to receive money from a bank account (inbound money transfer), Client must provide to the payer the correct number of Client's account and/or correct IBAN, as well as other beneficiary account details, as stated in the online account of Client.

8 4. Outbound money transfers. SEPA credit transfer, International transfers and Domestic transfers: 4.1. SEPA credit transfer: Client can make via the Service outbound money transfers from Client's account and balance in EUR to any bank account in EUR in SEPA country. ipay will perform correct payment orders for such transfers in compliance with EU Regulations on SEPA credit transfers. To make a correct payment order for SEPA credit transfer Client must provide full and correct names of beneficiary, correct beneficiary IBAN in EUR in SEPA country and BIC of PSP of beneficiary (bank of recipient), available in the online page of Client International transfer: Client can make via the Service outbound money transfers from Client's account and balances to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by the Service. ipay will perform correct payment orders for international transfers in compliance with SWIFT rules on international transfers. To make a correct payment order for international money transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN and BIC for PSP of beneficiary or other number of beneficiary account and SWIFT code of PSP of beneficiary, and other data, as requested by the Service in the online account of Client Domestic transfer: For some countries, ipay may support the functionality for domestic transfer. Client has to check the Tariff and the online account for availability of domestic transfers. To make a correct payment order for domestic transfer Client must provide full and correct names of beneficiary, correct beneficiary account data, such as IBAN in domestic currency and BIC for PSP of beneficiary in the country, where domestic transfer is available via the Service, or other data, as requested by the Service in the online account of Client. 5. Payment orders for send money and outbound money transfers: 5.1. Client may submit payment orders for send money online via Client's online account or via the Mobile app (for Send money), or in other ways if allowed by the Service. Client may submit payment orders for outbound money transfers online via Client's online account. Client is fully liable for providing full and correct payment order and correct and full beneficiary data Receipt of payment order and Irrevocability: By clicking the button "Confirm" or ""Yes" in the online account for the Service or Mobile app, and if requested by ipay, after entry of a secured code for confirmation of the payment order, Client confirms that Client is making confirmed and irrevocable payment order to ipay to execute the payment order and debit Client's account with the amount of the transfer, and all applicable fees. Confirmed order received by ipay cannot be revoked by Client. Payment orders received by ipay after 12:00 pm (cut-off time) or in a day, which is not Business day, shall be deemed as received by ipay in the next Business day for ipay ipay shall execute the authorized payment order of Client, provided that Client has enough balance in the currency of the transactions to cover the amount of the transfer and the applicable fees. ipay may refuse to execute a specific transaction if there is not enough balance of e-money in the respective currency, or ipay reasonably believes that the payment order is made by unauthorized person or transaction is fraudulent, illegal or in breach of the present Agreement or any law or regulation Deadline for performance of correct payment orders for money transfers: (i) Send money - within the same day as of the date of placement of correct payment order; (ii) Deadline for performance for SEPA credit transfers: ipay shall debit the balance in EUR of Client and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for SEPA credit transfers received by 12:00 pm in a Business day. Payment orders for SEPA transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following

9 the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Usually SEPA credit transfers will be received by the payee within deadline of maximum 2 Business days. (iii) Deadline for performance of International money transfers: ipay shall debit the balance of Client in the respective currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for International money transfers received by 12:00 pm in a Business day. Payment orders for International money transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. Client agrees that ipay may set other deadlines for performance for International money transfers (non SEPA transfers), which shall be notified to Client on the website for the Service or in the online account. (iii) Deadline for performance of Domestic money transfers: ipay shall debit the balance of Client in the respective domestic currency and shall execute the order after receipt of confirmed payment order at the latest by the end of the next Business day for payment orders for Domestic transfers received by 12:00 pm in a Business day. Payment orders for Domestic transfers, received by ipay after 12:00 pm or in a day, which is not Business day for ipay, shall be executed by ipay at the latest by the end of the next Business day, following the Business day in which the payment order is received by ipay. The receipt of money by the payee (recipient) depends on the agreement between the PSP of payee and the payee. The receipt of money by the payee (recipient) depends on the PSP of payee. Client agrees that ipay may set other deadlines for performance for Domestic money transfers, which shall be notified to Client on the website for the Service or in the online account Client acknowledges and agrees that a payment order has been executed correctly by ipay, even if Client has submitted a payment order with incorrect data, and as a result of this, the money transfer has not been successful and/or has been received by wrong payee and/or was returned to ipay, as a result of which Client has to cover the charges for the return, reversal or cancellation of incorrect payment order. 6. Payment transactions with Cards: 6.1. If ipay has issued Card to Client, Client or authorized cardholder may make payment orders and transactions with the Card, linked to Client's account and on account of e-money held by Client. The Card must be activated as instructed by ipay. Card must be signed by Client. The payment transaction may be payment for Goods and Services on POS at Merchants accepting the Card as payment method, or in Internet, or ATM withdrawals or other, as indicated by ipay in Tariff or on ipay website for the Service The payment order executed with Card will be received by ipay in electronic form. The Client's consent for execution of the payment transaction with Card becomes irrevocable and the payment order becomes irrevocable when Client presents the Card for execution of the transaction and: (a) the chip or the magnetic stripe of Card is read by the ATM or POS device and/or a valid PIN and/or Client or authorized cardholder signs the receipt from the device; or (b) by giving the Card or entering it into a terminal and reading of its chip on a self-service terminal; or (c) by entering the data of Card, such as the 16-digits number, validity date or CVC2 code in the Internet; or (d) by providing the card data (number, validity, CVC2) to the provider of goods or services and authorizing him to use it for payment of the respective service by fax, telephone or other communication device; or (e) via contactless way the chip in the Tag is read by the POS device of Merchant with or without entry of valid PIN (PIN may be Not requested for transactions for small amounts, determined by Card Organization) Card, which has been personalized with the names of a cardholder, must be used only by the cardholder to whom the Card is issued. Card, which has not been personalized with names of cardholder, may be used by Client or third parties, to whom Client provides or makes available the Card for which Client is fully responsible. The Card is linked to the account of Client, who has ordered or activated the Card, and provides access to e-money in Client's account, unless otherwise agreed with Client The spending limits with Cards are set out in the Tariff. To minimize the risk from losses and/or unauthorized transactions

10 with Card, Client must set even more strict limits on Cards, as the Service allows via the online account and manage the security of the Card, as allowed by the Service, via the online account, Mobile App or SMS commands, available in the online account. Requests for blocking and unblocking of Cards may be made by the Client of the account (main cardholder) or by the cardholder of Card, personalized with names of such cardholder (cardholder of additional Card). 7. Refusal, reversal of unauthorized transaction and reversal of incorrect payment orders: 7.1. Where ipay refuses to execute a payment order, the refusal and, if possible, the reasons for it as well as the procedure for correcting any factual mistakes that led to the refusal shall be notified to Client, unless prohibited by other relevant applicable legislation. ipay shall provide or make available the notification to Client via or via the online account at the earliest opportunity. ipay may charge a fee for providing additional information for such a notification if the refusal is objectively justified In the event of unauthorized transaction or incorrect payment order, the payment transaction is deemed to be correctly executed by ipay in accordance to applicable legislation. Client, or a person explicitly authorized by Client, may submit a Request for reversal of unauthorized transaction or Reversal of incorrect order to ipay via , without undue delay and within 30 days after Client has known for the transaction or no later than a longer period from the debit date, provided in applicable national legislation.. This term shall not release Client from Client obligation to notify ipay immediately and without delay in case of loss, theft, misappropriation or unauthorised use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by the Service or ipay to limit the risks and damages. Client as he is not a Consumer cannot claim that a transaction is not authorized, because of lack of Client consent for the transaction ipay will assist the Client to a reasonable extent for reversing the unauthorized transaction or incorrect payment order as required by applicable law. In case of incorrect payment order, such as wrong account identifier, wrong name, wrong BIC, wrong name of bank of the payee, wrong amount, or other incorrect data, submitted by Client, ipay may assist the Client to submit a new and correct payment order if ipay has not executed the incorrect payment order, for which ipay may charge the Client a fee. In case ipay has executed the incorrect payment order as per the Agreement and the law, the Client can to make a request for reversal via to ipay and ipay will initiate a reversal procedure, for which ipay will charge Client with the respective fee. ipay cannot guarantee the outcome of the reversal procedure, and even if the amount is reversed to Client's account the other banks (the bank of the payee or the correspondent banks) may withdraw from the amount their own fees for reversal and/or investigation or similar, which is beyond the control of ipay In case of unauthorized transaction ipay shall conduct a procedure for proving authentic and correct execution of payment transaction and if this procedure is completed in favor of Client, ipay shall reverse the operation and return the amount to Client' account, less the applicable fee in the Tariff, within the deadline provided in the law Client agrees that ipay may not be always able to reverse the amount of unauthorized transaction or incorrect payment order, in cases, where the deadlines for chargeback or reversal procedures before the Card Organizations have expired or in other cases according to the rules of the respective Card Organization, in which cases ipay shall not owe Reversal or compensation to Client When Client receives a payment, Client is liable to ipay for the full amount of the payment plus any Fees if the payment is later invalidated for any reason. In addition to any other liability, if there is a Reversal, or if Client loses a Chargeback or Claim, Client will owe to ipay an amount equal to the Reversal, Chargeback or Claim and applicable fee as per the Tariff and other charges related to the Reversal, Chargeback or Claim. ipay may debit Client's account to recover any amounts and fees, due by Client in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice Client agrees that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or

11 partial amount, than the following rules shall apply: (i) Reversal or refund of full amount of transaction - the amount of the transaction is refunded in the original type of currency; or (ii) Partial reversal or refund of amount of transaction - the amount subject to reversal or refund is refunded in the currency of the transaction; or (iii) If payment has been made with ipay Card via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded in the currency of ipay Card; or (iv) If payment has been made with e-money via debiting of linked Funding Instrument - the amount subject to reversal or refund is refunded to Funding instrument if possible, or if not possible is refunded in Client's account in the currency of the transaction. 7.8 Chargebacks, Reversals, Refunds or Claims, related to the acquiring services: Client acknowledges and agrees that Client may become liable to ipay for the full or partial amount of any payment, received by ipay or Client from the Service plus any fees or charges if the payment is later invalidated for any legal reason, including but not limited to charge back or reversal of a payment transaction or on other legal ground. In addition to any other liability, if there is a reversal, or if Client loses a chargeback or claim, Client will owe to ipay an amount equal to the reversal, chargeback or claim and applicable fee as per the Tariff and other charges related to the reversal, chargeback or claim ipay is entitled to withhold amounts to be paid to Client or debit amounts from Client's account, equal to the amounts subject to chargeback, reversal, refund or claim, including the fee owed by Client, during the time of the procedure or later on, notwithstanding if the amounts have already been credited to Client's Account and depending on the outcome of the procedure to: (i) In case of successful chargeback, reversal, refund or claim, to reimburse the funds to the Payer or cardholder (or Card Organization) or other appropriate third party and charge Client for these amounts, including applicable fee, by deducting them from the amounts due by ipay to Client or by debiting Client ipayaccount or (ii) In case of charge back, reversal, refund or claim, which have been decided in a non-appealable way as not successful, to release the withheld or blocked amounts to Client Client acknowledges that the validity of a chargeback, refund, reversal or claim will be determined by the relevant Card Organization or other third party payment service provider and ipay will have no discretion on the matter. ipay will have no liability to Client in respect of any reimbursement to cardholder (or Card Organization), their payment service provider or other appropriate third party as a result of a chargeback, refund, reversal or claim In case a cardholder escalates a chargeback or similar procedure before the Card Organization, under the rules for arbitration procedure of the Card Organization, ipay shall inform Client on this and shall cooperate with Client in such procedure as per the Regulations. All costs or fees incurred by ipay in such procedure, including the costs or fees, paid by cardholder, in case of loss of the procedure, shall be on account of Client Client acknowledges and accepts that ipay may restrict or suspend the use of the Service and/or terminate this Agreement immediately and without advance notice in the event that the levels of chargeback, refund, reversal or claims connected with the Client website or offers are, in ipay's sole opinion, excessive In case of reasonable doubts of ipay or receipt of information from Card Organizations or other Regulators for payments with stolen cards, false cards, or unauthorized payments with cards or other irregularities in connection with Client website, ipay has the right to withhold or block all due amounts to Client, including in Client Account and to start an investigation without prior notice to Client. Client is obliged to cooperate with ipay and present to ipay all requested information related to the alleged fraud or unauthorized payments. ipay has to complete its internal investigation within a reasonable period and has to inform Client on its outcome. Client acknowledges and agrees that in some cases of violations ipay may be obliged to report Client websites o registers of Card Organizations or other Regulators and terminate the Service for the Client, for which ipay shall not be liable. 7.9 Other rules for use of the Service:

12 Without prejudice to the above, Client agrees and acknowledges that the reporting and payment of any applicable taxes arising from use of the Service and which by law are obligations of Client, is Client's exclusive responsibility and liability. Client hereby agrees to comply with any and all applicable tax laws ipay may at ipay discretion block the possibility for specific types of payment transactions in principle or in countries or in some cases, in order to comply with risk and compliance requirements. ipay may, at its reasonable discretion (for example, for fraud, risk and compliance reasons) impose limits on the amount of money Client can withdraw, transfer, receive or fund for a certain period of time or for the whole period of use of Service Client acknowledge and agree that: (a) The sales of Goods and Services are transactions between the Merchant and Client and not with ipay, or any Branches, Agents or affiliates of ipay, unless ipay is expressly designated as a Seller (Merchant) in the transaction (for example, purchase of other prepaid cards of ipay, such as GIFTCARD or other). ipay is not liable for the performance of obligation of Merchants ipay provides to Client information on balance/s, IBAN numbers and other unique account identifiers, information on acquired and settled transactions, information of payment transactions, history of transactions, status of account, status of other payment instruments, status of Client from customer verification point of view, notifications to Client and other important information via to Client's registered or via the online account of Client, via SMS to the registered mobile phone of Client or via the website for the Service Client will be able to view Client transactions free of charge in Client's account transaction history, which is updated regularly, and Client agrees not to receive paper statements. ipay may send to Client registered on a monthly basis a link to the Client's account to check Client's balance and/or transaction history. Upon Client request ipay may, at ipay discretion, provide Client with additional statements, paper or otherwise, of the transactions but in this case ipay may charge Client a reasonable administration fee. ipay may charge Client a fee for other information services, different from the standard information services, provided via the Service or additional services provided by ipay, as provided in the Tariff. 8. Reserve, Hold/Pending and other Protective Actions: 8.1. ipay shall be entitled to withhold and keep as a Reserve, securing performance of Client obligations under this Agreement and the applicable laws and Regulations, a sum equal to the Reserve Percentage, as set in the Tariff for mypos and/or Tariff for ipos or other Commercial Agreement (if applicable). Such sum may be reserved for a period of 26 weeks after authorization of the transaction. All such reserved sums will be displayed in Client online account for the Service as Reserve or Reserved. Such amounts do not represent stored value and the client may not use, redeem or buy back them until the reserve period elapses and the amounts are credited to the Client's balance of e-money ipay shall determine the Reserve percentage depending on the level of risk of Client, geographical locations, type of business and other factors. ipay shall regularly check the percentage and amount retained under the Reserve percentage. If in ipay's sole discretion the amount of the retention exceeds a reasonable amount covering the risks, ipay may: (i) release the excess amount and cease to keep it as Reserved and credit it to the Client account or (ii) lower the Reserve percentage. If in ipay's discretion the amount of the Reserve or retention does not correspond to the security needs of ipay, ipay shall be entitled to: (iii) increase the Reserve percentage unilaterally or (iv) request another measure (such as collateral), as may be agreed on with Client. If there is a Reserve applicable to the Client, ipay shall inform the Client with notice via specifying the terms of the Reserve. ipay may change the terms of the Reserve at any time and shall provide the Client with a notice via of the new terms. In case Client does not agree with the changes of Reserve, Client has the right to terminate this Agreement as stipulated below in this Agreement.