Last revised 09/11/2016

These Terms of Use set out the agreement between you and Payfriendz upon which the use of the App by you is permitted. The Terms of Use can be viewed at any time on our Website or in the App. You may only become a user with our agreement and must provide all the information requested on the Application, which forms a legally binding contract once you have opened an Account.

Our failure to exercise or enforce any right under these Terms of Use shall not be deemed to be a waiver of any such right to bar the exercise or enforcement thereof at any time or times thereafter.

No reliance should be placed on any oral statements made either before or after entering into these terms. We accept no variations to these terms and conditions proposed by You save those expressly agreed us.

Contents

  1. Definitions
  2. Important information
  3. General Information
  4. Our requirements
  5. Using your account
  6. Cancellation, closure and suspension
  7. Prohibition on use
  8. Disclaimers
  9. Data protection
  10. Changes to these Terms of Use

Appendix

  1. Fees and limits
  2. Privacy Policy
  3. Complaints Policy

1. Definitions

"Account" or "Payfriendz Account" is what you can use as part of the Payfriendz Service.

"Application" or “App” refers to the Payfriendz smartphone mobile application which enables you to use the Payfriendz Service.

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

"Emojicode" is a passcode you need to create to secure your account and confirm certain actions on the App.

"Fees" are the amounts payable by You as stated in the appendix to these Terms of Use.

"Limits" are usage restrictions which apply in relation to the Payfriendz Service, including any which may be applicable to Your Account and any Virtual MasterCard, as stated in the appendix to these Terms of Use.

"MasterCard Transaction" means the completion of a transfer of funds from an Account holder to a merchant for goods or services purchased using the Virtual MasterCard.

"Paysafe" is a private limited company registered in England and Wales with company number 04478861 and whose registered office is Compass House, Vision Park, Chivers Way, Cambridge CB249AD, UK. Paysafe is an Electronic Money Institution authorised and regulated by the Financial Conduct Authority with reference number 900015.

"Payfriendz" is a private limited company registered in England and Wales with company number 08649018 and whose registered office is 16 Great Queen Street, London WC2B 5AH, UK. Payfriendz is an Electronic Money Institution authorised and regulated by the Financial Conduct Authority with reference number EMD/900524/SF.

"Peer-to-Peer Transaction" is the transfer of funds between two Payfriendz Users which can be initiated by either party.

"Redeem" or "Redemption" is the withdrawal of any or all of the electronic money from your Payfriendz Account to your verified bank account.

"User" "you" "your" refers to the individual holding the Account in accordance with these Terms of Use.

"Terms of Use" are the conditions (including any Appendices) of indefinite duration which govern your use of the App.

“Top up” or “top-up” is the purchase and placing of electronic money into your Payfriendz Account.

"Virtual MasterCard" is an in-app virtual card which can be used in conjunction with the Account to buy goods and services online from merchants. It must be activated before it can be used.

"We", "us" or "our" means Payfriendz.

"Website" refers to our online homepage at www.payfriendz.com

2. Important information

Your Payfriendz Account enables you to hold stored electronic money, which can be accessed, managed and transacted through the App in the form of sent and received peer-to-peer payments, top-ups to fund the account and redemptions of these funds to your bank account. Your Account is issued to you by Paysafe, who is a member of the MasterCard scheme and is licensed by MasterCard International. Payfriendz operates the Payfriendz Service but does not itself issue any e-money, operate any Account or any Virtual MasterCard cards.

For general enquiries email support@payfriendz.com or by post to:

Payfriendz,
40 Bermondsey Street,
London SE1 3UD

3. General Information

You acknowledge that:

4. Our requirements

4.1 The Money Laundering Regulations 2007

As a regulated institution, for the purposes of the Money Laundering Regulations 2007 we have certain responsibilities and obligations, these include but are not limited to identifying our clients and verifying that identity. Therefore, we may undertake electronic or automated searches or where necessary require you to provide physical evidence of such identity in the form of photographic identification and address proof.

5. Using your Account

5.1 Opening your Account

By opening an Account, you will be able to, subject to identity, security validation and verification checks, limits and any applicable Fees:

5.2 Top Up Funds into your Account

When you Top Up we will load the funds to your Account as soon as we receive an authorisation from your card issuer. We will deduct the amount you choose to top up at source.

5.3 Peer-to-Peer transaction

A Peer-to-Peer Transaction will be regarded as Authorised when you enter your Emojicode. This Authorisation cannot be withdrawn by you. The amount transferred should be credited instantaneously to the recipient’s e-money account.

5.4 Virtual MasterCard Transactions

The Virtual MasterCard card can only be used online or on the telephone. A Virtual MasterCard card is a prepaid card and can only be used in connection with your Account. If you wish to activate the Virtual MasterCard card functionality which is available as part of the Payfriendz Service you must follow the activation process set out in the App.

Authorisation for a MasterCard Transaction may not be withdrawn by you after it is received by the merchant. Funds will be debited from your Virtual MasterCard immediately upon us receiving the payment order from MasterCard. Virtual MasterCard Transactions made in a currency other than the currency of your Account will be subject to currency conversion. Your Virtual MasterCard card will be valid for 72 months, after which a new Virtual MasterCard card will be issued to you subject to eligibility requirements.

When you use your Virtual MasterCard outside of your denominated currency zone we will use MasterCard’s exchange rates. The rate which we apply is fixed at the time of request and we guarantee that rate for one hour regardless of market fluctuations. Rates are available on  MasterCard's website.

5.5 Redemptions

You may at any time redeem all or a portion of the balance of electronic money in your Account at par value by following the procedure set out in the withdrawal function of the App. To comply with regulations and for the safety of your Account we may require you to send us documents verifying your identity prior to allowing a Redemption of funds. A Redemption request will be regarded as authorised by you where you have both confirmed the Redemption request with your Emojicode and satisfactorily fulfilled any identity verification requirements.

We will take reasonable steps to ensure that redeemed funds are received by you at most within five business days of the Redemption request. However, we shall not be liable for delays in the Redemption of funds where those delays are caused by any third party involved in the Redemption.

6. Closure, cancellation and suspension

6.1 Closure

You may close your Account at any time at no cost by contacting Customer Service. When your Account is cancelled, we will immediately block your Account and any associated Payfriendz Virtual MasterCard so they cannot be used. Even after your Account has been closed you will remain liable for all obligations relating to your Account. We will hold and continue to store the personal data associated including the history of your Peer-to-Peer Transactions and/or MasterCard Transactions, for a minimum period of six years from the date of closure of your account as required by law.

6.2 Cancellation

We may cancel these Terms of Use for any reason by giving you reasonable notice after which you will not be able to use the Payfriendz Service. We will give you immediate notice in cases not limited to where we believe that you have:

If we cancel your Account or terminate these Terms of Use, you must tell us what you want us to do with any remaining funds in your Account so that we can return the funds to a bank account held in the same name as the Account. We will need to verify your identity and bank account in order to satisfy Anti Money Laundering requirements before processing a Redemption of these funds. The electronic money in your Account will be available to you for a period of six years from the date of termination, after which point it will be forfeited. We reserve the right to charge Account management fees for this period.

6.3 Suspension

At our discretion, we may at any time and for any reason limit access to your Account, placing a hold on funds in your Account if, but not limited to:

In the event that we suspect you are engaging in any activity referred to above we reserve the right to contact third parties and disclose details of any prohibited activities, in accordance with our Privacy Policy, and/or take legal action against you.

7. Prohibition on use

8. Disclaimers

8.1 Warranties

We make no representations or warranties regarding the amount of time needed to complete processing, such as delays in the banking system or your local mail service. We make no representations or warranties as to continuous, uninterrupted or secure access to the Payfriendz Service, which may be affected by factors outside our control, or may be subject to periodic testing, repair, upgrade or maintenance.

8.2 Legality

We assume that prior to opening your Account, you have determined that doing so is not a violation of any law or regulations in your country of residence and jurisdiction. You warrant that you are not violating any laws or regulations by your use of the Payfriendz Service and you agree to indemnify Payfriendz, its affiliates, subsidiaries, agents and subcontractors, from and against any and all liability that might arise from your use of the Payfriendz Service in violation of any law or regulation.

8.3 Affiliates

Neither us nor any of our affiliates, subsidiaries, agents or subcontractors shall be responsible for any claim, loss or damage suffered or incurred by you or any third party unless it has been caused as a direct result of our negligence or wilful misconduct. Under no circumstances shall we, our affiliates, subsidiaries, agents or subcontractors be liable for any claim, loss or damage caused or alleged to be caused by any of the following:

8.4 Consequential Loss

In no event shall we, our affiliates, subsidiaries, agents or subcontractors be liable to you or any third party for:

8.5 Duties and Taxes

We disclaim any and all liability for any goods or services bought or sold by you that are settled through your use of the Payfriendz Service, including any charges, taxes or other duties in relation to such goods or services.

9. Data Protection

We are the data controller of personal data given to us in connection with your Account. We may check all personal information given by you with credit reference or fraud prevention agencies and other organisations, we may perform a search of your credit file in order to verify your identity. The credit agencies may keep a record of your information and the searches made. For more information on how we handle data see the Privacy Policy in the Appendix to these Terms of Use.

10. Changes to these Terms of Use

We may find it necessary to vary these Terms of Use from time to time and will notify you at least two months in advance of the date on which the changes are due to take effect. We will notify you on our website about such variations. Your continued use of the Payfriendz Service shall constitute an acceptance of any amendments to these Terms of Use. The Terms of Use will show the most recent revision date.

Should you wish not to be bound by any revision to the Terms of Use, you must tell us that you do not agree to the change within the two months otherwise you will be deemed to have accepted the new Terms of Use. In that event, we will treat that notice as notification that you wish to terminate the Terms of Use at the end of the two months’ notice, at which point we will close your Account and refund any funds owed to you. You have the right to terminate the Terms of Use immediately and without charge within the two months’ notice period.

Appendix

I. Fees and Limits

II. Payfriendz Privacy Policy

The information we collect via our App or from visits to our Website generally falls into the following two categories: Personally Identifiable Information and Non-Personally Identifiable Information. Please note that your bank account or payment card information will not be held by Payfriendz. These will be used solely by a payment service provider who is specifically approved by regulators for the processing of such transactions and for no other purpose whatsoever. We do not sell, trade, or rent to others the identifiable information we collect.

1. Personally Identifiable Information

This refers to information that lets us know the specifics of who you are. The Personally Identifiable Information We collect may include your name, residential address, phone number, e-mail address, employer, bank card number, bank card expiration date, shipping address, ID numbers, login names, passwords, public postings, prospect email address, and job title. We request Personally Identifiable Information when you order a product or service, participate in certain promotional activities, fill out surveys, and correspond with us. We also collect Personally Identifiable Information when you ask that we send products or information directly to other people; in these cases, we will collect the information you submit about the recipient.

2. Non-Personally Identifiable Information

This refers to information that does not by itself identify a specific individual. The non-personally identifiable data we collect may include the URL of any website that you came from before visiting our Website, the pages you visit on our Website, the URL you next go to, the browser you used to come to our Website, your internet protocol address, any search terms entered on our Website and the IP address of the server through which you are contacting us.

Our primary goals in collecting information are to provide customers with superior service and to provide all visitors a smooth, efficient, and personalised experience while using our services. For example, if you purchase products or request information, we may use your Personally Identifiable Information to fill your order or provide the requested information. We use non-personally identifiable information on an aggregated basis to analyse customer behaviour to help us understand how visitors use our services and to measure interest in the various services. We use this information to improve the content of our services, to make our services easier to use, and to customise our advertising.

3. Legal Requests

From time to time, we may be required to provide personally identifiable information in response to a court order or government investigation. We also reserve the right to report to law enforcement agencies any activities that we in good faith believe to be unlawful. We may release certain Personally Identifiable Information when we believe that such release is reasonably necessary to enforce or apply our Terms of Use or to protect the rights, property, and safety of others and ourselves.

4. Mergers

Payfriendz or its related entities could merge with or be acquired by another business entity or their respective assets could be acquired. Should such a merger or acquisition occur, you should expect that Payfriendz would share some or all of your personally identifiable information to continue serving you and other Users of our services.

5. Errors and Changes

You can access, review and/or correct all your personally identifiable information that we collect online and maintain as described above. We use this to better safeguard your information. You can correct factual errors in your personally identifiable information by sending us a request that credibly shows error. To protect your privacy and security, we will also take reasonable steps to verify your identity before granting access or making corrections.

6. Cookies

A cookie is a small data file transferred by a website to your computer's hard drive. We may send cookies when you surf our Website, make purchases, respond to online surveys or polls, or request information. Accepting the cookies does not give us access to your personally identifiable information, but we can use the cookies to identify your device. The aggregate information collected permits us to analyse traffic patterns on our services. This can enable us over time to provide you with a better experience on our services by improving the content and making it easier to use. For example, cookies can keep track of what you have selected to purchase as you continue to shop and allow you to enter your password only once on pages where a login is required. A list of all cookies we are using at our Website can be found at http://www.payfriendz.com/cookies-policy.

7. Browsers

Internet Explorer automatically accepts cookies, but you can refuse cookies, or selectively accept certain cookies, by adjusting the preferences in your browser. If you turn off cookies, though, most features of our services will not be available to you. You can find information on the relevant browser and how you can adjust it to control cookies.

Parts of our service may contain links to third-party sites for your convenience and information. If you use these links, you will leave the Payfriendz site. When you access a non-Payfriendz site, please understand that we do not control the content and are not responsible for the privacy practices of that site. We suggest that you carefully review the privacy policies of each site you visit. This online privacy statement does not cover the information practices of those sites linked to our services. These other sites may send their own cookies to Users, collect data, or solicit personal information.

8. Changes

If there are changes or additions to the terms of this Privacy Statement, we will post those changes here so that you will always know what information we collect, how we use it, and what choices you have. Please be sure to check this page before proceeding to use our services. Regardless of any changes we make to our Privacy Statement, we will always use your personally identifiable information in accordance with the version of the statement in place at the time you provided your information, unless you give your express consent for us to do otherwise.

III. Payfriendz Complaints Policy

I. Limits and fees

General account limit £2,200 Account fees n/a

Top-up

Minimum £5

Maximum £80

Annual limit £2,200

Peer-to-Peer transaction

Minimum £0.01

Maximum £400

Annual limit £2,200

Virtual MasterCard transaction

Minimum £0.01

Maximum £2,200

Annual limit £2,200

Transfer to bank

Minimum £5

Maximum £800

Annual limit £800

 

II. Payfriendz Privacy Policy

The information we collect via our App or from visits to our Website generally falls into the following two categories: Personally Identifiable Information and Non-Personally Identifiable Information. Please note that your bank account or payment card information will not be held by Payfriendz. These will be used solely by a payment service provider who is specifically approved by regulators for the processing of such transactions and for no other purpose whatsoever. We do not sell, trade, or rent to others the identifiable information we collect.

1. Personally Identifiable Information

This refers to information that lets us know the specifics of who you are. The Personally Identifiable Information We collect may include your name, residential address, phone number, e-mail address, employer, bank card number, bank card expiration date, shipping address, ID numbers, login names, passwords, public postings, prospect email address, and job title. We request Personally Identifiable Information when you order a product or service, participate in certain promotional activities, fill out surveys, and correspond with us. We also collect Personally Identifiable Information when you ask that we send products or information directly to other people; in these cases, we will collect the information you submit about the recipient.

2. Non-Personally Identifiable Information

This refers to information that does not by itself identify a specific individual. The non-personally identifiable data we collect may include the URL of any website that you came from before visiting our Website, the pages you visit on our Website, the URL you next go to, the browser you used to come to our Website, your internet protocol address, any search terms entered on our Website and the IP address of the server through which you are contacting us.

Our primary goals in collecting information are to provide customers with superior service and to provide all visitors a smooth, efficient, and personalised experience while using our services. For example, if you purchase products or request information, we may use your Personally Identifiable Information to fill your order or provide the requested information. We use non-personally identifiable information on an aggregated basis to analyse customer behaviour to help us understand how visitors use our services and to measure interest in the various services. We use this information to improve the content of our services, to make our services easier to use, and to customise our advertising.

3. Legal Requests

From time to time, we may be required to provide personally identifiable information in response to a court order or government investigation. We also reserve the right to report to law enforcement agencies any activities that we in good faith believe to be unlawful. We may release certain Personally Identifiable Information when we believe that such release is reasonably necessary to enforce or apply our Terms of Use or to protect the rights, property, and safety of others and ourselves.

4. Mergers

Payfriendz or its related entities could merge with or be acquired by another business entity or their respective assets could be acquired. Should such a merger or acquisition occur, you should expect that Payfriendz would share some or all of your personally identifiable information to continue serving you and other Users of our services.

5. Errors and Changes

You can access, review and/or correct all your personally identifiable information that we collect online and maintain as described above. We use this to better safeguard your information. You can correct factual errors in your personally identifiable information by sending us a request that credibly shows error. To protect your privacy and security, we will also take reasonable steps to verify your identity before granting access or making corrections.

6. Cookies

A cookie is a small data file transferred by a website to your computer's hard drive. We may send cookies when you surf our Website, make purchases, respond to online surveys or polls, or request information. Accepting the cookies does not give us access to your personally identifiable information, but we can use the cookies to identify your device. The aggregate information collected permits us to analyse traffic patterns on our services. This can enable us over time to provide you with a better experience on our services by improving the content and making it easier to use. For example, cookies can keep track of what you have selected to purchase as you continue to shop and allow you to enter your password only once on pages where a login is required. A list of all cookies we are using at our Website can be found at http://www.payfriendz.com/cookies-policy.

7. Browsers

Internet Explorer automatically accepts cookies, but you can refuse cookies, or selectively accept certain cookies, by adjusting the preferences in your browser. If you turn off cookies, though, most features of our services will not be available to you. You can find information on the relevant browser and how you can adjust it to control cookies.

Parts of our service may contain links to third-party sites for your convenience and information. If you use these links, you will leave the Payfriendz site. When you access a non-Payfriendz site, please understand that we do not control the content and are not responsible for the privacy practices of that site. We suggest that you carefully review the privacy policies of each site you visit. This online privacy statement does not cover the information practices of those sites linked to our services. These other sites may send their own cookies to Users, collect data, or solicit personal information.

8. Changes

If there are changes or additions to the terms of this Privacy Statement, we will post those changes here so that you will always know what information we collect, how we use it, and what choices you have. Please be sure to check this page before proceeding to use our services. Regardless of any changes we make to our Privacy Statement, we will always use your personally identifiable information in accordance with the version of the statement in place at the time you provided your information, unless you give your express consent for us to do otherwise.

 

III. Payfriendz Complaints Policy

1. Introduction

Payfriendz is committed to providing a high standard of service to all members on every occasion. Occasionally, however, we may not live up to your expectations.

If you have a complaint about any aspect of the service provided to you by Payfriendz then we would like to hear from you. You can contact us by e-mail via the App and the Website to complaints@payfriendz.com. We have established an internal complaints procedure to make sure that your complaint is handled efficiently. Contact details are provided at the end of this document.

We take your comments seriously. They allow us to improve our service to you and help us to improve our products and services to all our Account holders. If you think that we could have served you better then please let us know.

2. Information we ask for

In order to make sure that your complaint can be investigated and resolved as quickly as possible we need to understand exactly what the problem is - the more information you can give us the better. Please provide us with the following:

3. What we will do

Sometimes we won't be able to resolve your complaint or concern immediately. If we can't and if we have not already contacted you with our proposal for resolving it, we will:

If your complaint is complicated it could take longer to resolve. If this is the case we will keep you informed of progress as we continue our investigations. We will aim to resolve your complaint within eight weeks. However, if we cannot do this, we will email you an update at that time to explain what's happening, and to let you know when we expect to resolve your complaint. At this time we will also inform you of your rights to refer your complaint to the Financial Ombudsman Service (FOS).

Payfriendz tries to resolve all complaints as quickly as possible, and to the satisfaction of our members. If you are not satisfied with the outcome of your complaint then you should get in touch directly with the person who has handled it. They will agree with you what next steps can be taken.

4. Payfriendz Complaints Procedures

If you would like a copy of Payfriendz Internal Complaints Handling Procedures you can request it from complaints@payfriendz.com.

5. Financial Ombudsman Service

If, at the end of the Payfriendz procedures or after eight Weeks, you are still unhappy then you can request a review from the UK's Financial Ombudsman Service (FOS). The FOS was established to perform independent reviews on any eligible complaints made by Account holders which companies like Payfriendz are unable to resolve to the consumer's satisfaction.

Payfriendz will inform you of your eligibility to refer your complaint to the Financial Ombudsman Service. We will also provide you with a copy of the FOS’ explanatory leaflet and the relevant contact details or you may contact the Financial Ombudsman Service directly at:

The Financial Ombudsman Service,
Exchange Tower,
London, E14 9SR

Telephone: +44 845 080 1800

E-mail: complaint.info@financial-ombudsman.org.uk

Website: www.financial-ombudsman.org.uk

6. Contact us

If you have any general questions please contact the Payfriendz Customer Support team via their dedicated email: support@payfriendz.com. If you contact the support team please leave a message including: