Legal Agreement for iCard


Last update: 15th of June 2018

Welcome to iCard!

“iCard" is a FinTech mobile application for smart phones with Android or iOS, for e-money account, instant issuing and loading of electronic money for safe purchases on POS terminal and in Internet with NFC mobile card for Android, instant virtual debit cards for safe purchases and subscriptions in Internet, instant virtual Gift Cards and plastic cards with the logo of the Card Organizations, and money transfers, such as instant transfers to other users of the same application, or SEPA instant credit transfer SEPA Direct Debit, international transfers and other payment functionalities, as well as functionalities for control of the security of virtual and plastic iCard cards.


1. Legal relationship and Service

1.1. This Agreement is concluded between the Client (referred to as “You") on one side and iCard AD, having its seat and registered office at: Bulgaria, Sofia, 76A James Boucher Blvd., PO 1407, UIN: 175325806, authorized and regulated by the Bulgarian National Bank as an Electronic Money Institution under the Electronic Money Directive 2009/110/EC (the “EMD") with license No. 4703-5081/25.07.2011 Principal Member of Mastercard, VISA and JCB, (hereinafter referred to as “us", “we", “our", “iCard" or “Financial Institution"), entitled to provide e-money, payment services and card services under EU Payment Services Directive and EU E-money Institutions Directive.

The electronic money is issued by us as Financial Institution, which opens and maintains the E-money account for you. The E-money balance in your e-money account represent a claim against the Financial Institution, which has issued the E-money.


Important Legal Notice: The e-money issued by us does not qualify as a deposit or an investment service in the sense of the Law and the Client is not protected by any Depositor Compensation Schemes provided by the competent compensation Schemes. Client is not entitled to interest on the balance of e-money or money collected and kept by us under this Agreement.


1.2. Summary of most important definitions:

“iCard" is a FinTech mobile application for smart phones with Android or iOS, for e-money account, instant issuing and loading of NFC mobile card for Android, virtual debit cards for payment in Internet, virtual gift cards and plastic cards with the logo of the Card Organizations, and money transfers, such as instant transfers to other users of the same application, SEPA instant credit transfer SEPA Direct Debit, international transfers and other payment functionalities.

“iCard Account“ or “Account" means an account for electronic money, provided by a us as Financial Institution. Your use of the iCard Account is regulated by the terms of this Agreement. Subject to successful identification and verification as per our rules, customers may be eligible to receive individual IBAN for outgoing and incoming transfers;

“Balance" means electronic money (monetary value) issued by us as Financial Institution on receipt of funds as described in detail in this Agreement;

“Mobile iCard" or “Contactless card" which allows you to make Contactless payments via the iCard application with the cash in your iCard Account using an NFC enabled mobile phone, on which the iCard application is successfully installed (not available for iOS devices).

“Virtual iCard" or “Virtual card/s" which is accessible via the iCard application and allows you to make payments in Internet;

“iCard Debit" or “Plastic card", which is a CHIP&PIN payment card with the logo of the Card Organization and iCard logo, issued by us for payments on POS, Internet and ATM withdrawals.

“Virtual Gift Card" or “Gift Card" which is a Virtual card with the logo of iCard and may be used for payments in Internet by a Recipient to whom the Client has decided to send the Virtual Gift Card.

1.3. You acknowledge and agree that a condition for registering for iCard and use of all of its Services is to fulfil the following steps:

(i) Agreeing with this Legal Agreement for iCard and all supplementary legal agreements (if any);

(ii) Downloading the iCard application and agreeing with the License Agreement for the iCard application;

(iii) Protecting your privacy is very important to us. You must read and agree with the iCard Privacy Policy, part of this Agreement, to better understand our commitment to maintain your privacy, as well as our use and disclosure of your information;

(iv) Registering for the iCard application with entry of valid and true data, such as your name of, country of residence, mobile phone number that will be used by iCard, principle currency of your iCard Account for e-money and other, as required by us;

(v) Verifying the mobile phone number as indicated by us;

(vi) To use the plastic iCard card: Perform the procedure for Card activation as indicated by us on the cover of the Card, or in the iCard application. In some cases, we may (but are not obliged) allow limited use of the Card prior to completion of the client verification procedure with regulatory limits, such as 100 EUR or other in compliance with the law. The limits are specified below in this Agreement and may be changed due to regulatory requirements or at our discretion in case of higher risk.

(vii) To upgrade your limit an use all Services in iCard account: Successfully pass the identification and verification procedure as per this Agreement and our rules.

1.4. Issuing of Cards:

(i) When you register for iCard account the Mobile card (NFC card) is issued and linked to the iCard Account automatically and free of charge at the moment of enrolling for the iCard application (not available for iOS). This mobile card allows you to pay with your phone if your phone is NFC enabled.

(ii) When you register for iCard account two Virtual cards in the currency of the Account are issued automatically at the moment of enrolling for iCard free of charge. If you have verified status, you are entitled to request and receive additionally up to 20 (twenty) Virtual cards via the iCard application. You can replace a virtual card that is about to expire via iCard or delete (remove and deactivate) a Virtual card, if the Card has been compromised or you no longer want to use it. The first virtual card is free of charge. The additional virtual cards are subject to a fee, stated in the Tariff, charged by us from the Balance of e-money in your iCard Account.

(iii) When you register for iCard account you may be eligible to receive one Plastic card with the logo of a Card Scheme (MasterCard, VISA or similar, upon our discretion), NFC enabled, for POS and Internet purchases and cash withdrawals. The first iCard Debit is free and you agree that it will be delivered to your address, that is why you have to enter a valid address and be responsible to receive the card and activate it. Any additional plastic cards are subject to a fee, stated in the Tariff (unless there is a promotion or similar exemption), charged by us from the Balance of e-money in your iCard Account.

(iv) To activate and use the Plastic iCard Card/s you have to open and maintain a valid iCard Account with us and pass successfully our identification and verification procedure.

1.5. The Agreement will be effective from the date of its acceptance by you (“Effective Date“). By clicking “Accept" or “Agree" where this option is made available to you by us via the iCard application and which you hereby adopt as your electronic signature you consent and agree to the terms and conditions of this Agreement and therefore the electronic document of the Agreement is deemed as duly signed by you.

1.6. A link of the Agreement will be provided to you in the Mobile App from where you may download the Agreement in printable form during or immediately after the sign-up process. A copy of the Agreement, as amended from time to time, is available to you in the Mobile App. You may request to be provided with a copy of the Agreement, and a link to the Agreement will be sent to your mobile number registered for iCard.

1.7. The Agreement and all communication between you and us will be in English language. Where we have provided you with a translation of the English-language version of the Agreement or communication in other languages, this translation is only for your convenience and you explicitly agree that the English-language version of the Agreement and communication will govern the relationship with us. If there is any contradiction between the English-language version and a translation, the English-language version takes precedence.

1.8. You declare that you are registering for iCard on you own behalf only and that you are not acting on behalf or on account of third party. All Cards are issued and linked to your iCard Account as described in this Agreement. You can find your Cards and check all their functionalities in iCard under the tab Wallet.

1.9. 14-days cancellation period for Consumers: If you act in your capacity of Consumer, you have the right within 14 days after agreeing with this Agreement to cancel your contract with us by closing your iCard Account. We will give you all your available money back to a bank account stated by you . You will not have to pay any charges for exercising this right but you will have to pay for any transactions relating to the time that your iCard Account was open. You can tell us you want to close your iCard Account via the iCard application or by calling us at our Contact Centre. If you do not close your account in the 14-day period, you can still close your iCard Account in accordance with the Section 14 of this Agreement.

2. Eligibility for iCard. Age restrictions. Identification and Verification:

2.1. To be eligible to use all functionalities of iCard including the payment and e-money services, you must (i) be at least 18 years old; and (ii) be resident of the countries, listed in the Mobile app; and (iii) you or any user of additional card to your account must satisfy our risk and AML requirements for acceptable clients and 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 or similar. Please note, that in some cases depending on your country of residence, there may be some limitations in our service as regards issuing, delivery or use of plastic cards or virtual cards with the logo of the Card Organizations, for which we shall not be held liable.

2.2. Identification and verification: We are legally obliged to identify and verify your identity in compliance with the applicable AML/FT laws, Internal AML/FT rules and procedures and the applicable rules of the Card Organizations.

(i) For that purpose, we require registration, identification and verification of your data on our platform (via the mobile app), such as, but not exhaustively, names, address, date of birth, TIN, e-mail, registered mobile number and others.

(ii) You agree to undergo a free of charge, short face-to-face video chat for identification with our employees or the employees of our sub-contractor. To pass the video chat identification you must be at least 18 years old. Your personal data, photos, pictures and documents, which are collected during the video call are described in detail in the Privacy Policy, inseparable part of this Agreement. You understand and agree that in order to open e-money account and use the payment services, you must pass successfully the identification and verification via the video call and all other checks (if applicable), as well as all ongoing AML/FT measures applied by us.

(iii) You agree that the video call is only a part of the identification procedure and that your identity will be verified by us via independent sources, such as PEP registers, Dow Jones or similar databases, registers of Card Organizations, third parties ID documents checks providers, or other independent sources, because we are required by the law to do so. You agree with such checks and will provide all assistance requested by us in carrying out such checks. You agree that we shall have full discretion in determining whether you are verified and continue to be in compliance with the anti-money-laundering/FT requirements. We are entitled to decline, stop or terminate our service temporarily or in a permanent way in case of failure to complete the identification and verification process successfully in reasonable time or due to any other risk, security or regulatory reasons, for which we shall not be liable.

(iv) You understand and agree that with some small exceptions described below the payment services, including the e-money account and card/s, may not be activated and available until successful completion of the identification and verification procedures under our Internal AML/FT rules and procedures. We reserve our right to ask for any additional documents, personal details, originals or notarized copies of ID documents or other documents at any time.

(v) In some cases, and for some countries we may support alternative channels or procedures for your identification and verification, which will appear in the mobile app when you start the identification procedure or whish to change the limits of your account. However, we are not obliged to provide you with alternative ways for identification and verification and shall not be responsible if you are not wiiling or for some reasons, beyond our control cannot perform the video chat.

2.3. At our discretion you may be entitled to use only part of iCard services, such as loading of e-money with limit, POS purchases with mobile card or virtual cards or GiftCards with limits or other , prior to completion of the full identification and verification procedure. In this case special limits are applied for our services whereas these limits are defined explicitly in the section “Limits" which is available in the iCard application and they are imposed by the law. You agree that the limits specified are based on statutory requirements and may be subject to a change in case the regulatory change or requirements, for which you will be notified as soon as possible and if allowed by the law. When you want to change these limits, you have to complete successfully our identification and verification procedure available in the iCard account.

2.4. In case you are successfully verified by us your iCard Account shall be automatically activated with the standard limits for the Service. Nevertheless, we may require at any time additional information as a condition of the continued use of iCard by you. You agree to provide such information without undue delay, as we may require in this regard. The limits on your iCard Account and Card are set out in the section “Limits" which is available in the iCard application.

2.5. For regulatory, risk and security reasons we may impose or change the limits unilaterally and without your consent for which we shall inform you with a notification via the iCard application unless we are not permitted by law to notify you in certain cases. We are entitled at our sole discretion to decide whether to change the limits after a customer request for change of limits and we shall not be liable in case of decline of request. Transactions or operations for funding of iCard account or receipt of money or POS purchase or transfers or similar, which may result in exceeding of the limits of your iCard account, shall not be performed by us.

2.6. Upon registration for the iCard application and during this Agreement, you must provide current, complete and accurate information, as requested by us and maintain that information as current and accurate during use of iCard. You acknowledge and give us your consent to have access to the contact list/address book in your smart device in order to find, keep track and use of the mobile phone numbers of other users of the iCard Service. In case of any changes in information you provided, you agree to update the information in the iCard application without delay.

3. Funding of Account and Receipt of money:

You may purchase or receive e-money in the following ways, as allowed by iCard.

3.1. Funding of your iCard account with a linked card (debit or credit card):

3.1.1. You may decide to register a valid card (linked card), of which you are an authorized holder, and which will be used to fund the purchase of e-money for the iCard service. Purchase of e-money via linked card may be for amount defined by you or for the amount determined by us, necessary for crediting of your iCard Account, in order to complete a payment transaction or charge you as per this Agreement. By adding a linked card you consent to use the linked card for funding transactions, that the funding transactions in compliance with this Agreement can no longer be revoked and that we may check if the linked card is in good standing with the issuing institution or Member, including, but not limited via procedure for verification of a linked card or in other ways. The limits for Funding via linked card are set out in the iCard application. You may change the limits, as allowed by iCard, by completing successfully the procedure for verification of linked card, available in your iCard application.

3.1.2. We will store information which you provide, such as linked card details, and will process funding transactions through the appropriate Card Organization. You agree that the linked card details will be used by us to:

(a) Debit or charge the linked card for the purchase of e-money and/or processing of a funding or payment transaction, including all related fees, as applicable;

(b) Debit or charge the linked card for processing of all payments, which are required to charge You for any other fees or charges arising from this Agreement or the use of iCard;

(c) Upon your explicit request and our consent of or in other cases of reversal of payment operation or refund of sums, to credit, if possible, to your linked card such amounts as may be necessary to effect any Reversal of a funding or payment transaction or refunds of amounts, through iCard application.

3.1.3. If you choose to register multiple linked cards, you must select the priority order, to be followed by us for funding transactions. You have to select the order for debiting of your Account from available Account Balance or linked card. You may enable via the Mobile App, and afterwards - disable, the functionality for automatic funding of your iCard account from the linked card with the purpose for payment on physical POS or virtual POS (in Internet) in which case there will be no funding fee for such funding operation. In order to enable this option, we may have requirements for verification of linked card or others, as requested by us. If you activate this option, you (1) cannot dispute or make chargeback of the funding operation and (2) agree that if the linked card cannot be debited for some reason and you have enough Balance in your iCard Account, then your Balance may be debited for the performance of the payment transaction.

3.2. Funding of your iCard account via bank transfer: To fund your iCard account via bank transfer you need to be fully identified and verified by us and obtained the IBAN of your iCard account, which you can see in the iCard account. Then you or the payer need to order a bank transfer from a bank account to your iCard Account, specifying your IBAN and BIC, provided by us. Upon receipt of the amount of the transfer by us, we will issue electronic money in the same amount and currency as the amount and currency received by us and in the same business day as the date of receipt of the funds. We are not responsible for and do not control when we are going to receive the funds from your payment services provider and whether your payment services provider or correspondent banks will charge you fees for the transfer and will transfer the full amount to us. You will be notified through information in the iCard application in the Balance and transaction history on the amount of issued money and date of credit operation.

3.3. In order to receive the amount in your Account, you must provide the correct number of your Account and/or correct IBAN, BIC, as well as other beneficiary account details, as stated in the iCard application. The limits for Funding via bank transfer are set out in the iCard application.

3.4. You agree that we may impose different limitations on amounts of purchased e-money, or special requirements, or not accept bank transfer from certain banks, upon our sole discretion.

3.5. The credit value date for the Payee's account (your iCard 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 us, unless we are obliged by law to put on hold certain transaction for AML or risk reasons.

3.6. Funding transactions with some funding methods may be rejected or limited by us for regulatory reasons (AML/FT), risk and security or in order to avoid conflict between various services by We or on other grounds, or may be rejected or delayed, for reasons beyond our reasonable control. We do 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 you, for which we are not liable.

3.7. You agree that you 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 us upon receipt of funds.

3.8. Receipt of money: Your iCard Account may be funded with e-money on receipt of money by you from other Accounts in our system and services or from other bank accounts. In order to receive money from other Client’s Account in our system, you have to provide to the Payer either your email registered for iCard or your Mobile phone number registered for iCard.

4. Send Money:

You can make money transfers via iCard, in the following ways, and as allowed by iCard:

4.1. You may send money via iCard to other Clients, who are registered for iCard. In order to send money via the Send Money functionality You must use the Payee´s correct email, registered for iCard, or Payee´s correct Mobile phone number, registered for iCard, and submit a correct payment order via the Send Money functionality. The limits for send money are availble in the tab Limits in iCard account. Clients who are registered for iCard, but are still with pending identification and verification may not be able to receive from you amounts that exceed the regulatory limits. In such case the transaction will not be performed by us.

5. Outbound money transfers. SEPA credit transfer, International transfers, Domestic transfers. SEPA Direct debit:

5.1. SEPA Credit Transfer: Subject to all terms and conditions of this Agreement, You can make outbound money transfers via iCard from your iCard Account and Balance in EUR to any bank account in EUR in SEPA country. We 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 you 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 your iCard application.

5.1.1. SEPA Instant Credit Transfer: Subject to all terms and conditions of this Agreement and where available for the service, SEPA Instant Credit Transfers are credit transfers made in EUR currency, using SEPA. The maximum amount of such transfers is 15,000 EUR per transaction.

5.2. International transfer: Subject to all terms and conditions of this Agreement, You can make outbound money transfers via iCard from your iCard Account and Balance to any bank account, except for bank accounts in countries or of persons or entities, which are not allowed by iCard. We 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 you 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 our service in the iCard application.

5.3. Domestic transfer: For some countries, we may support the functionality for domestic transfer. Subject to all terms and conditions of this Agreement you may make domsetic transfers. You have to check the Tariff and the iCard application for availability of domestic transfers. To make a correct payment order for domestic transfer you 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 our service, or other data, as requested by our service in the iCard application.

5.4. iCard SEPA Direct debit (SDD): Payments made by you to Payees by SEPA direct debit through your iCard Account shall be subject to the following terms and conditions.

5.4.1. The SEPA Direct Debit Service enables you to make payments in EUR currency to the Payee through our service within the Single Euro Payments Area (SEPA) where the payments are initiated by the Payee on the basis of a prior consent given by you. SEPA comprises the countries and territories described above in the List of SEPA countries and territories.

5.4.2. You understand and agree that in order to execute payments by SEPA Direct Debit Service:

(i) The Payee and the Payee’s payment service provider must use the SEPA Direct Debit Core Scheme and

(ii) You must give the SEPA direct debit mandate to the Payee when entering into contractual relations with the Payee or at least 14 days before the due date of the payment transaction under the contractual relations.

(iii) The Payee initiates the respective payment transaction by submitting orders (“Collection") for direct debit transaction to us via your payment service provider. The direct debit transaction may be recurrent or one-off payment as determined by you in the Mandate provided to the Payee.

5.4.3. When applying SEPA Direct Debit Service you must use the generated IBAN and BIC provided by us as your unique identifier vis-à-vis the Payee. You understand and agree that we shall perform the payment under SEPA direct debit solely on the basis of the unique identifier provided in the Collection submitted by Payee’s payment service provider.

5.4.4. SEPA direct debit mandate

5.4.4.1. You understand that the SEPA direct debit mandate must be provided to the Payee as a paper document, physically signed by you or in any durable electronic format according to the agreement between you and the Payee and subject to the national legal requirements.

5.4.4.2. The Mandate must contain the following statements of yours:

(i) a statement authorizing the Payee to collect payments via SEPA direct debit from your iCard Account held with us; and

(ii) a statement instructing us to pay SEPA direct debits drawn by the Payee on your iCard Account.

The Mandate must contain the following authorization data and attributes:

(i) your unique identifier (IBAN and BIC code)

(ii) unique mandate reference

(iii) identification of your Payee (name, address and country of the Payee);

(iv) Payee’s identifier;

(v) type of payment (indication of whether the Mandate is for a one-off or recurrent payment);

(vi) your identification (name, address and country);

(vii) name of your payment service provider (our name as described in this Legal Agreement for iCard); and

(viii) date and time;

(ix) your signature.

The direct debit mandate may contain additional details supplementing the authorization data.

5.4.4.3. You understand and agree that the Mandate given by you to the Payee shall remain with the Payee. You agree that the Payee shall take over the authorization data and enter any additional details in the data set of the instruction for the Collection of SEPA direct debit such as the amounts to be collected.

5.4.4.4. You acknowledge that the Payee shall send the instruction for Collection of the SEPA direct debit to us through the payment service provider of the Payee. This instruction shall also represent your authorization given to us to perform the respective SEPA direct debit and collect the funds specified in the Collection from your iCard Account.

5.4.4.5. We reserve our right to approve or decline the form of the mandate and/or when necessary to request from you or from the payment service provider of the Payee a verification of the Mandate given by you to the Payee in order to protect your interests from any attempt for fraud.

5.4.5. Collection authorization as a SEPA Direct Debit Mandate. You understand and agree that by providing the Mandate to the Payee you authorize the Payee to request Collection of payments from the your iCard Account held with us under SEPA direct debit and at the same time thereby instructs us upon receipt of a Collection by us to pay the direct debit by withdrawing the specified funds from the your iCard Account and transfer them to the payment service provider of the Payee.

5.4.6. Refusals, Limitations and other instructions

5.4.6.1. Refusals of the SEPA direct debit mandate

(1) You are entitled to refuse at any time the SEPA direct debit Mandate given to Payee or certain payment under SEPA direct debits mandate by submitting a request to us via email sent from your email address registered for iCard or in other manner as may be provided by our service where you must specify the details of the Mandate or of the payment which is refused by you and/or other details as may be requested by us.

(2) Where you has refused a Mandate you understand and agree that after submitting a Refusal to us, we shall consider any subsequent Collection received by us from the payment service provider of the Payee under this Mandate as no longer authorized.

(3) You must submit the Refusal to us at least two business days before the due date of the payment transaction under the Mandate so that we may effectively reject the Collection under the refused Mandate/payment.

(4) You are responsible to communicate the Refusal to the Payee so that the Payee does not continue to send to us instructions for Collection for further direct debits via your payment service provider.

5.4.6.2. You are entitled to limit any payment under SEPA Direct Debit Service in terms of frequency and/or amounts by sending us an instruction via your register Email address or in another manner as allowed by iCard. You understand that the limitation has to be communicated to us at least two Business days before the due date of the payment under specific SEPA direct debit mandate otherwise we shall not apply the limitation to the specific payment transaction/s. You are responsible to communicate the limitation to the Payee as we are not obliged to notify the Payee. By receiving instruction for limitation we shall perform the collection of SEPA direct debit in accordance with the limits set in the instruction.

5.4.7. Blocking payments under SEPA direct debit. You are entitled at any time during the use of the iCard Direct Debit Services to block your iCard Account as allowed by iCard for any Collections of SEPA direct debit received from your Payees. You understand that by choosing this option you are disabling your SEPA Direct Debit Service and instructs us to reject any collection of direct debit received from the service providers of any of your Payees.

5.4.8. Payment transaction based on the SEPA direct debit

5.4.8.1. Debiting the direct debit amount to your iCard Account. You agree that upon receipt by us of Collection for payment under SEPA direct debit sent your Payee, we shall debit the amount specified in the Collection from your iCard Account on the due date of the Collection. You agree that the due date of the Collection sent by the Payee coincides with the due date specified in the Mandate provided to that Payee. If the due date is not a business day we shall debit your iCard Account on the following Business day. You agree that the cut-off time for settlement of SEPA direct debit is 15:00 CET.

5.4.8.2. Non-execution and return of payments by us:

(1) Your iCard Account shall not be debited or a Collection for debit shall be rejected, or shall be returned no later than the fifth business day after its due date if:

  • We have received notice of Refusal of the SEPA direct debit mandate in accordance with the rules in this Schedule;
  • the IBAN indicated by the Payer in the Collection for direct debit does not coincide with the unique identifier of the iCard Account held by you with us; or
  • Your iCard Account is closed; or
  • The iCard Account is blocked for direct debit payments or blocked for other reasons; or
  • You do not have enough money for the direct debit operation or we have blocked amounts of money expecting your identification or verification as per our rules and the applicable laws; or
  • You are not identified or verified by us as per the rules described in the Legal Agreement for the iCard service and the applicable laws; or
  • Operation code/transaction code/sequence type incorrect, invalid File format sent by the Payee’s payment service provider.
  • For risk and compliance reasons at our sole discretion.
  • For regulatory reasons.
  • The direct debit cannot be processed by us because the direct debit data set:
    • does not contain a creditor identifier or contains one which is evidently wrong to us; or
    • does not contain a mandate reference; or
    • does not indicate the date on which the mandate was given; or
    • does not indicate the due date.
  • Or for any other reason as specified in the SEPA Direct Debit Core Rulebook.

(2) In cases where you do not have a sufficient Balance in your iCard Account for payment of the direct debit you acknowledge and agree that we shall not debit the your iCard Account and we shall keep the entry of the Collection for debit as pending for a period of 3 (three) business days as of the due date after which we shall return the collection for payment to the Payee if you do not provide sufficient funds. We shall not pay partial amounts under SEPA direct debit.

(3) In cases where your iCard Account is blocked by us, including, but not limited in cases where your identification or verification is pending, you acknowledge and agree that we shall not debit your iCard Account and shall keep the debit entry as pending for a period of 3 (three) business days as of the due date after which we shall return the collection for payment to the Payee if the reason for blocking the iCard Account is not rectified.

5.4.8.3. Notification of non-execution or cancellation of the debit entry or refusal of payment

(1) We shall immediately inform you without delay of non-execution or rejection, or return of the Collection for payment under SEPA direct debit via Email sent to your registered email address or in another manner as provided by our service. We shall, if possible, state the reasons and indicate ways in which errors that led to the non-execution, cancellation or refusal can be rectified. You are able to view all your payments under SEPA Direct Debit Service in the iCard application.

(2) We shall charge you with a fee set out in the “Tariff" when informing you of a rejection to perform a Collection of payment under a duly authorized SEPA direct debit due to a lack of funds provided by you.

5.4.8.4. Execution of the payment

(1) You understand that we shall debit your iCard Account the amount specified in the Collection under SEPA direct debit mandate on the due date of the Collection/Mandate and we shall transfer it to the service provider of the Payee.

(2) If the due date is not a business day the execution period shall commence on the following business day.

(3) You will be informed of the execution of the payment through the agreed account information channel and at the agreed frequency.

5.4.8.5. Inactivity under SEPA direct debit mandate

(1) You agree that we are entitled to reject a collection for payment transaction under specific Mandate and to cancel that Mandate if we have not been presented by the Payee’s service provider with a Collection under the specific Mandate for a period of 36 months (starting from the date of the latest Collection presented, even if rejected, returned or refunded). If you wish to further use SEPA direct debit service regarding this particular Payee we shall require you to prepare and provide a new Mandate for the Payee.

5.4.9. Right of Refund and Compensations under SEPA Direct Debit

5.4.9.1. Refund for an authorized payment

(1) In case of a payment initiated by a Payee under SEPA Direct Debit Service as a result of which your iCard Account has been debited, you are entitled to request from us a Refund of the amount debited without being required to provide us any reasons or explanation to your request. Such request for Refund must be made within eight weeks starting from the date on which your iCard Account was debited. We shall restore the Balance of your iCard Account to what it would have been before the payment under the SEPA Direct Debit.

(2) You agree that the right to a Refund under the paragraph above shall be precluded as soon as the payment according to the Collection for SEPA direct debit has been explicitly approved by you directly to us.

5.4.9.2. Refund for an unauthorized payment

(1) In the event of an unauthorized payment initiated by a Payee under SEPA Direct Debit Service as a result of which your iCard Account has been debited, you are entitled to dispute the payment and request us a Refund for unauthorized transaction. We are obligated to refund the amount debited from your iCard Account back to you without delay and we shall have no claim against you for reimbursement of any expenses.

(2) Your right for a refund for unauthorized payment shall be precluded if you fail to inform us thereof within a period of 30 (thirty) days since the debit of your iCard Account or in case you act in the capacity of a Consumer - within 13 months at the latest after your iCard Account was debited for an unauthorized payment under SEPA Direct Debit Service. The starting moment of that period shall be the moment you were notified by us for the payment under SEPA Direct Debit via the iCard application on via any other manner as agreed by the parties but no later than one month after your iCard Account was debited.

(3) You shall bear all the losses relating to any unauthorized payment under SEPA Direct Debit Service if they are incurred as a result from a fraudulent act or you have acted with intent or gross negligence in the failure to perform any of your obligations under this Agreement or under the present section.

5.4.9.3. Refund for non-executed or incorrectly executed authorized payments

(1) If an authorized payment is not executed or not executed correctly, you are entitled to request us to refund the amount of the payment under the SEPA direct debit in full without delay insofar as the payment was executed incorrectly. We shall then restore the Balance of your iCard Account to what it would have been without the debit for the incorrectly executed payment transaction.

(2) We agree that over and above the right under paragraph 1, you may request us to refund the charges and interest levied on you or debited from your iCard Account in connection with the non-execution or incorrect execution of the payment.

(3) In case a payment transaction was not executed or not executed correctly, we shall immediately make all reasonable efforts upon your request to trace the payment transaction and notify you of the outcome.

(4) You acknowledge and agree that our liability shall be precluded if we prove to you that the full amount of the payment reached the Payee’s payment service provider in due time or if the payment was executed in conformity with the incorrect unique identifier of the Payee provided by the Payee.

(5) Any claims and any objections by you against us as a result of non-execution or incorrect execution of payments shall be precluded if you fail to inform us thereof within a period of 13 months at the latest after being debited for an unauthorized or incorrectly executed payment. The starting moment of this period shall be deemed the moment you were notified by us for the payment via the iCard application on via any other manner as agreed by the parties but no later than one month after your iCard Account was debited.

6. Payment orders for transfers:

6.1. You may submit payment orders in order to send money either via the “Send money" functionality, or via outbound money transfer. You are fully liable for providing full and correct payment order and correct and full beneficiary data.

6.2. Receipt of payment order and Irrevocability: By clicking the button “Confirm" or “Yes" in the iCard application and if requested by the iCard application, after entry of a OTP (one time password) or a secured code for confirmation of the payment order, You confirm that you are making an explicit and irrevocable payment order to us to execute the payment order and debit your iCard Account with the amount of the transfer, and all applicable fees. Confirmed order received by us cannot be revoked by you. Payment orders received by us after 12:00 pm (cut-off time) or in a day, which is not Business day, shall be deemed as received by us in the next Business day for us.

6.3. We shall execute your authorized payment order, provided that you have enough Balance in your iCard Account to cover the amount of the transfer and the applicable fees. We may refuse to execute a specific transaction if there is not enough Balance of e-money in your iCard Account, or we reasonably believe 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.

6.4. 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: We shall debit your Balance in EUR 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 us after 12:00 pm or in a day, which is not Business day for us, shall be executed by us at the latest by the end of the next Business day, following the Business day in which the payment order is received by us. 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: We shall debit your Balance 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 us after 12:00 pm or in a day, which is not Business day for us, shall be executed by us at the latest by the end of the next Business day, following the Business day in which the payment order is received by us. The receipt of money by the Payee (recipient) depends on the agreement between the PSP of Payee and the Payee. You agree that we may set other deadlines for performance of International money transfers (non SEPA transfers), for which you shall be notified in the iCard application.

(iv) Deadline for performance of Domestic money transfers: We shall debit your Balance 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 us after 12:00 pm or in a day, which is not Business day for us, shall be executed by us at the latest by the end of the next Business day, following the Business day in which the payment order is received by us. The receipt of money by the Payee (recipient) depends on the PSP of Payee. You agree that we may set other deadlines for performance for Domestic money transfers, for which you shall be notified in the iCard application.

7. Payment transactions with Cards:

7.1. The payment order executed with Cards will be received by us in electronic form. Your consent for execution of the payment transaction with Card becomes irrevocable when you present the Card/NFC-enabled phone for execution of the transaction and:

(a) the chip or the magnetic stripe of Card or NFC built chip is read by the ATM or POS device and/or a valid PIN entered (except for contactless payments of small amounts) and/or you 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. In case of contactless payments of small amounts for which entry of PIN is not required as per the Rules of the Card Organizations, your consent for execution of the payment transaction with the contactless functionality becomes irrevocable when you present your Mobile phone to the NFC enabled POS and enter the PIN for the iCard application.

7.2. Card, which has been personalized with your names in your capacity of a cardholder, must be used only by you. Card, which has not been personalized with your names in your capacity of cardholder (if offered by our service), may be used by you or third parties, to whom you provide or make available the Card for which you shall be fully responsible.

7.3. The spending limits with any of your Cards are set out in section regarding “Limits" which is available in the iCard application. To minimize the risk from losses and/or unauthorized transactions, you may set even more strict spending limits via the Mobile App and manage the security characteristics of the payment instruments, as allowed by iCard, via the Mobile App. Requests for blocking and unblocking of Cards may be made only by you (in your capacity of main cardholder).

7.4. You understand and agree that in some cases when you perform a cash withdrawal transaction with your iCard Debit at ATM or POS terminal the service provider supporting the terminal may charge you a fee for the transaction. You understand and acknowledge that we may not control the amount of such fees, prevent their application or affect them in any way. We are not liable for the fees determined by other service providers.

7.5 Virtual Gift Cards:

7.5.1. You (Sender) may send Virtual Gift Cards to both other users of iCard application and persons, who are not yet registered for iCard (Recipient). To do this, you need to select the virtual Gift Card and amount of the Gift Card from your iCard account and send it to the Recipient via e-mail, mobile phone number, Viber or other means, as allowed by the Service. The selected amount will be debited from the Balance in your iCard Account. You are responsible to enter the correct e-mail or mobile phone or Viber account of the Recipient of the Gift Card. We are not responsible if the Recipient does not receive the Gift Card because you have entered wrong or invalid e-mail, mobile phone or Viber or similar account, or the Recipient does not have Internet, or for other reasons beyond our control (for example the Recipient has been blocked by Viber or similar).

7.5.2. Provided that you have entered a correct e-mail or mobile phone or Viber or similar as allowed by the Service for the Recipient, the Recipient will receive from you (not from us) a message in the designated account that a Gift Card has been sent to him/her by you. By tapping “Buy and Send" you understand and agree that you are sending the Gift Card on your behalf and your Mobile Phone number or e-mail, registered for iCard will appear to Recipient as Sender in the invitation for acceptance of the Gift Card.

7.5.3. In order to use the Virtual Gift Card the Recipient will have to accept the Virtual Gift Card within 30 (thirty) days of the sending date, otherwise the Virtual Gift Card will be cancelled and its amount will be credited back to your Balance ). Recipients who are not registered for iCard will have to download the iCard application, and register for the iCard account. To be able to use the Gift Cards all Recipients will have to pass the identification and verification procedure in accordance with this Agreement.

7.5.4. The Virtual Gift Card may not be reloaded or returned or reissued (except for the option described below). After the 6th (sixth) month of the acceptance date a monthly service fee will be charged to the Balance of the Virtual Gift Card in accordance with the Tariff. The Virtual Gift Card is valid for a period of 5 (five) years starting with the activation date. If after expiry date the Balance of the Gift Card is not fully redeemed, Client might decide to renew the Gift Card for which a reissuing fee will be charged in accordance with the Tariff.

7.5.5. You agree to not hold us liable for any damages resulting from a Recipient's lack of due registration for iCard or inability or ineligibility to use our Service or in case the Recipeint declines to accept or use a Gift Card sent by you via our Service.

8. Refusal, reversal of unauthorized transaction and reversal of incorrect payment orders:

8.1. Where we refuse 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 you, unless prohibited by other relevant EU or national legislation. We shall provide notification to you via the iCard application at the earliest opportunity. We may charge a fee for providing additional information for such a notification if the refusal is objectively justified.

8.2. You are obliged to notify us immediately and without delay via the Contact numbers of the Call Center in case of loss, theft, misappropriation or unauthorized use of Identifying Credentials and/or Card/s and to take all preventive and security measures as allowed by iCard or us to limit the risks and damages. If you are not a Consumer you cannot claim that a transaction is not authorized, because of lack of your consent for the specific transaction.

8.3. You agree that we may not be always able to reverse the amount of unauthorized transaction in cases, where the deadlines for chargeback before the Card Organizations have expired or in other cases according to the rules of the respective Card Organization, in which cases we shall not be liable before you for compensation bigger than the one provided in the law.

8.4. When you receive a payment, you are liable to us 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 you lose a Chargeback or Claim, you will owe to us 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. We may debit your iCard Account to recover any amounts and fees, due by you in connection to Reversal, or Chargeback or Claim or Reserve, immediately and without prior notice.

8.5. You agree that in case a payment transaction is not approved for some reason or Merchant wishes to refund full or 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 Card via debiting of linked card - the amount subject to reversal or refund is refunded in the currency of the Card; or

(iv) If payment has been made with e-money via debiting of linked card - the amount subject to reversal or refund is refunded to linked card if possible, or if not possible is refunded in your iCard account in the currency of the transaction.

8.6. In case we have reasonable doubts or we receive information from third parties, such as Card Organizations, other Regulators or card issuers/acquirers for fraud or payments with stolen cards, false cards, or unauthorized payments with cards or other irregularities in connection with your use of iCard, we have the right to withhold or block all amounts in your account and other accounts, which seem to be connected to your account, and to start an investigation without prior notice to you or third parties. You are obliged to cooperate with us and present us all requested information related to the alleged fraud or unauthorized payments. We have to complete our internal investigation within a reasonable period and inform you on the outcome, unless this is not permitted by the law for compliance reasons. You acknowledge and agree that in some cases of violations we may be obliged to report you to registers of Card Organizations or other Regulators and terminate you use of our service, for which we shall not be liable.

8.7. Other rules for use of iCard:

8.7.1. Without prejudice to the above, you agree and acknowledge that the reporting and payment of any applicable taxes arising from use of iCard and which by law are your obligations, shall be your exclusive responsibility and liability. You hereby agree to comply with any and all applicable tax laws.

8.7.2. You acknowledge and agree that the sales of Goods and Services, including but not limited to top-up of prepaid or similar services, are transactions between the Merchant and you and not with us, or any of our Branches, Agents or affiliates. We are not liable for the performance of obligation of Merchants.

8.7.3. We provide to you via the iCard application information on your Balance, IBAN number and other unique identifiers of your iCard Account, information on transactions, history of transactions, Fees, status of your iCard Account, status of other payment instruments, status of your verification, , notifications sent to you and other important information regarding your iCard Account opened under the present Agreement. You agree to any such disclosures of your personal and e-money and payment services data and records to us as the Issuer of the cards for the purposes of providing the iCard service.

8.7.4. You will be able to view transactions free of charge in the transaction history of your iCard Account, which is updated regularly, and you agree not to receive paper statements. Upon your request we may, at our discretion, provide you with additional statements, paper or otherwise, of the transactions but in this case we may charge you a reasonable administration fee. We may charge you a fee for other information services, different from the standard information services, provided via the Service or additional services provided by us, as provided in the Tariff.

9. Security features. Security measures and Safety Requirements:

9.1. We have provided to you personalized security features for using the iCard service, such as, but not limited to secret code for access to the iCard application, secret code for confirmation of payment orders which are necessary tools for preserving the security of your iCard application, оr PIN code for your iCard Debit. We will make sure that the personalized security features are not accessible to parties other than you or any user authorized by you to use the payment instrument, without prejudice to your obligations.

9.2. You agree to use your credentials, such as username and password and other personalized security features for your iCard service only in accordance with this Agreement and with the law. You must not provide and must not allow disclosure of the personalized security features to a third party. The breach of this obligation is breach of your obligation for protection of personalized security characteristics of payment instrument and you will be fully liable for unauthorized transactions as a result of your breach of this obligation willfully or with gross negligence.

9.3. If you believe that your iCard Account or other payment instruments have been used in an unauthorized manner or in case of unauthorized transactions, you have to contact us without undue delay. You agree to notify us via the Contact Center, immediately and without delay in case of loss, theft, misappropriation or unauthorized use of credentials and/or personalized security features and to take all preventive and security measures as allowed by iCard, including to disable the compromised payment instruments via the iCard Mobile App, or allow us to do it and limit the risks of unauthorized transactions and damages. You also agree to notify us without undue delay and in the same manner of any other breach of security regarding the iCard Service of which you have knowledge.

9.4. We may suspend the use of iCard in part of wholly, including to block your iCard Account, where we suspect that the security may have been compromised or that unauthorized or fraudulent use has taken place. We will inform you in advance or, if that is not possible, immediately after, of the suspension of the use of iCard, specifying the reasons for the suspension, unless such provision of information would compromise reasonable security measures or be otherwise unlawful. We will provide you again the iCard service or will replace your personalized security characteristics, as soon as practicable after the reasons for the suspension cease to exist and on condition that you have performed all obligations towards us.

10. Protection of Your personal information and Financial Secrecy:

10.1. We are authorized to store and process your data, including personal data in terms with applicable legislation, to the extent that this is necessary for the appropriate conduct of the business relations and conforms to the applicable statutory provisions. We only record information which serves to fulfill its duties and do this solely within the scope of the service provided to you. In this respect you authorize us to collect, process and store data relating to you from other banks and other professionals. For information about the data protection Policy, you have to read the Privacy Policy, inseparable part of this Agreement, available in the iCard application. You may request that an electronic copy of Privacy Policy is sent to you in PDF form by contacting us via the iCard application.

10.2. Financial Secrecy: We, as the provider of the e-money and payment services are bound, in accordance with the applicable legislation, to observe secrecy and confidentiality with regards to all information which you disclose to us regarding yourself (“Secret Information“). However, we are authorized by the applicable laws to disclose Secret Information in so far as the declaration of such Secret Information is:

(a) required in terms of any provision of law in any jurisdiction, under the applicable laws on automatic exchange of information, such as Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) or similar, requiring financial institutions to exchange automatically with the competent tax authorities information on client data, such as client names, address, Tax number, social security number, or similar, account number and account/s balance as at the end of the calendar year and other information for tax purposes, specified in these acts, or on ad hoc principle upon request or order of any competent authorities;

(b) required in terms of an order of a Court of law, prosecution office, or police or tax authority, bailiffs, or other authority or agency investigating a criminal or administrative offence (not limited to money laundering or terrorism financing) or a breach of any law by you;

(c) required for any of our proceedings against you for recovery of sums due to it in terms of the business relationship or for defending itself against any claim with regard to services provided to you in connection with which the secret information has been obtained by us;

(d) otherwise permitted by you including when you require us to provide a reference or a status report to a third party or by any applicable law.

(e) to the Issuer and Acquirer of Cards for the purposes of issuing or acquiring of Cards, card transactions authorizations and processing, processing of claims (chargebacks or fraud) for cards with the logo of the Card Organizations, including but not limited to full KYC data and files on the customer.

10.3. In accordance with the provisions of the applicable law, by accepting this Legal agreement, you consent to disclose information about yourself, acquired during the course of the relationship in the circumstances specified hereunder:

(a) to any of our professional advisers (including but not limited to financial, legal and other advisers as might be engaged from time to time), or to any actual or potential assignee or transferee of our rights against you, or to any person who may otherwise enter into contractual relations with us in relation to the business relationship with you;

(b) when the information is required to be disclosed or is requested in the course of a due diligence exercise;

(c) when the information is required in the normal course of business with institutions or other persons who are normally bound by similar obligations of secrecy.

10.4. Identity Verification for Anti-Money-Laundering Requirements and Fraud detection:

(a) You acknowledge that we are offering and continue to offer the iCard service to you on the condition that you satisfy all due diligence and identity checks that we may conduct, and that you comply with our requirements or with the requirements of the Card Organization, and regulatory anti-money-laundering requirements. Identity checks may include credit checks, anti-money-laundering checks required by relevant legislation, checks required by card associations and checks to meet relevant regulatory requirements. You will provide all assistance requested by us in carrying out such checks and determining compliance with anti-money-laundering requirements, including the provision of such additional registration or identity verification information as we may require at any time.

(b) You consent to us sharing with and obtaining from third parties, both inside and outside the European Economic Area, and to the extent permitted by law, information held about yourself, including personal data as defined under relevant data protection legislation, for the purpose of conducting applicable due diligence and identity checks by our side, and you agree that such third parties may retain the information shared in this way.

(c) Non-satisfaction of the conditions in this clause, including that you provide information requested by us to conduct identity verification or determine compliance with anti-money-laundering requirements, may result in decline or immediate suspension of your use of iCard and/or also termination of this Agreement without prior notice to you.

11. iCard Acceptance Policy and permissible actions

11.1. You may only use the iCard Service in bona fide and in accordance with the functionalities of the iCard Service as defined in the iCard application and the use of the Card/s as defined by the Card Organization and in compliance with this Agreement. You agrees to use the iCard Service only as permitted by:

(i) The Agreement;

(ii) Characteristics, settings and limits of the iCard Service, including setting of limits and options by you as allowed by iCard, as published and updated by us from time to time in the iCard application; and

(iii) Any applicable law, regulation or generally accepted practices or guidelines in the relevant jurisdictions.

11.2. It is strictly forbidden to use the iCard Service in violation of the Agreement, or for any illegal purposes. In particular, you shall under no circumstances use the iCard Service for activities which without limitation involve or may involve any of the following:

(a) Breach of this Agreement (including, without limitation, providing false identifying data, such as false names, e-mail address, multiple mobile numbers or other data, with the aim or resulting in opening of multiple Accounts for a single user or avoiding the limits imposed by us in another way); or

(b) Breach or risk of breach by you of any law, statute, contract, or regulation applicable (for example IP laws, or those governing payment services including anti-money laundering or terrorist financing, or similar regulatory requirements, including where we cannot verify the identity or other data about you according to our Internal regulatory requirements of, consumer protections, unfair competition, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any Goods or Services according to all applicable laws); or

(c) Abuse of the reversal or chargeback process provided by your bank or credit card company; or

(d) Use of iCard in a manner that results in or may result in complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties and other liability to us or any of our Branches or Agents, or affiliates; or

(e) Initiation of transactions that may be considered to be cash advances or assisting in cash advances from Merchants or to facilitate the purchase of cash equivalents (travelers’ cheques or money orders, etc.); or

(f) Intercept or monitor, damage or modify any communication that is not intended for you or use any type of spider, virus, worm, trojan-horse or any other codes or instructions that are designed to distort, delete, damage, emulate or disassemble the iCard Service;

(g) Send unsolicited communications (also referred to as “SPAM", “SPIM" or “SPIT") or any communication not permitted by applicable law or use the Service for the purposes of phishing or pharming or impersonating or misrepresenting affiliation with another person or entity;

(h) Use of any third party’s copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy for which you do not have license or permission from the owner of such rights; or

(i) Expose any third party to material which is offensive, harmful to minors, indecent or otherwise objectionable in any way or use the iCard Service to cause or intend to cause embarrassment or distress to, or to threaten, harass or invade the privacy of, any third party;

(j) Use of iCard in connection with any other underlying illegal transaction such as but not limited to collection or harvesting any personally identifiable information, including account names, from the iCard Service; or;

(k) Use of iCard for any sale of purchase of goods and/or services, which are not acceptable to us as determined in the Mobile application or as instructed in writing by us.

11.3. You may not use the iCard Service and/or may not accept the Agreement and we may temporarily stop or terminate the iCard Service and/or Agreement immediately and without prior notice to you, if:

(a) You are not of legal age to form a binding contract with us and operate the payment instrument or funding instrument for use with the iCard Service; or

(b) You are a person barred from receiving the Service under the applicable laws or Regulations of Card Organizations or other Organizations or our rules or policies;

(c) You have not been dully identified or verified by us, upon our single discretion; or

(d) Other important reasons, upon our discretion, such as risk and compliance;

11.4. We shall be entitled to notify you at any time on non-acceptance to the Service via the iCard application. The decision for the refusal is strictly in our discretion and we shall not be liable for whatsoever compensations.

11.5. You agree that you will not engage in any activity that interferes with or disrupts the iCard Service (or the servers and networks which are connected to the iCard Service, or impact or attempt to impact the availability of the Service, with a denial of service (DOS) or distributed denial of service (DDoS) attack.

11.6. You agree that you will not reproduce, duplicate, copy, sell, trade or resell the Service for any purpose.

11.7. You agree that you’re fully responsible for (and that we have no responsibility to you or to any third party for) any breach of your obligations under the Agreement and for the consequences (including any loss or damage which we may suffer) of any such breach.

11.8. You acknowledge and agree that in order to meet all obligations after anti-money laundering legislation (Prevention of Money Laundering Act and The Prevention of Money Laundering and Funding of Terrorism Regulations) and other documents related to their execution, as well as all European and national legislation in the field, we may block some or all of the iCard Service’s functionalities or may establish general practices and limits concerning the use of iCard without prior notice to you, including, without limitation, individual or aggregate transaction limits on the value or turnover of e-money, transaction or other limits on the value, type or number of funding transactions or Payment Transactions during any specified time period(s). We shall notify you for every amendment in the common practices and limitations within reasonable time unless such notification is prohibited by aforementioned anti-money laundering legislation.

11.9. We may refuse to execute any funding or payment transaction or other use of iCard if we have reasonable grounds to suspect fraud, a breach of the applicable Agreement by you or the Merchant, or a violation of law or regulation of Card Organization or other Organization. Transactions may also be delayed due to our compliance with its obligations under applicable anti-money-laundering legislation, including if we suspect that the transaction involves fraud or illegal or non-acceptable activities. In the event that we refuse to execute a Funding or Payment Transaction or Payment Order, you will be notified, unless it is unlawful for us to do so or would compromise reasonable security measures.

11.10. You acknowledge and agree that if we disable access to your iCard account or to any payment instrument by stopping the use of your Identifying Credentials or blocking the Card/s, you may be prevented from accessing the iCard Service, your Account details or any files or other content which are contained in your account or connected to your e-money or payment instruments.

11.11. The iCard Mobile Application for smart devices is available for downloading only for certain Smart devices as described in the Agreement and we are not liable for lack of availability of the iCard Service on mobile or smart devices, or inability to download or use the iCard Services via particular smart device, or lack of iCard Service or part of the iCard Service, because of lack of Internet or because of mobile operator services (such as SMS or other) or hardware specifics or problems.

11.12. We are not liable for declined payment transactions due to lack of enough balance in the iCard Account or linked funding instrument/s, use of Card without name of cardholder or in case of Merchants not accepting payments with such Cards, or offline transactions (Cards are generally not accepted for offline transactions, such as payments on toll roads, or other, however, this does not exclude your liability for offline transactions, if any), lack of Internet, or problems with your hardware or software, or exceeding the limits set by you as allowed by iCard, or the general limits, determined by us, or any other reason beyond our reasonable control.

11.13. Non-satisfaction of the conditions in this Agreement may result in immediate suspension of the iCard Service, blocking of the funds in your iCard Account, our right to withhold funds in your iCard Account for satisfaction of damages incurred by us, because of your breach, claim by us against you, initiation of procedures before competent regulatory bodies or Card Organizations, and also termination of this Agreement without prior notice to Client.

12. Service Fees. Currency Conversion Fees:

12.1. We will display in your iCard application the Tariff and fees for the services. The fees will be charged and debited by us directly from your balance. Tariff may be changed unilaterally with 2-month notice sent to you. Updates in Tariff will be indicated via the iCard application, and you will be duly notified in accordance to the Agreement.

12.2. Currency conversion: If a transaction performed via the iCard Service involves a currency conversion, it will be completed at a foreign exchange rate determined by us plus a Currency exchange fee expressed as a certain percentage above the exchange rate and as specified in the Tariff. Foreign exchange rate is adjusted regularly based on market conditions (the wholesale exchange rate at which we obtains foreign currency). The exchange rate may be updated daily by us and applied immediately by us. It may be viewed in the iCard application under Currency Exchange Rates.

12.3. Where a currency conversion is offered by us at the point of sale you will be shown in the iCard application the foreign exchange rate that will be applied to the transaction before authorizing the payment transaction. By proceeding with authorization of the payment transaction you are agreeing to the currency conversion on the basis of the foreign exchange rate. Where a currency conversion is offered at the point of sale by the Merchant, not by us, you choose to authorize the payment transaction on the basis of the Merchant’s exchange rate and charges, we have no liability to you for that currency conversion. Where your payment for e-money is funded by a debit or credit Card and involves a currency conversion, by entering into this Agreement you agree and authorize us to convert the currency in place of your credit or debit card issuer.

12.4. In case you are being sent e-money in a currency, different from the currency of your iCard Account, you agree that we will make a currency conversion and issue e-money in the currency of your iCard Account at the foreign exchange rate, applied by us at the date of issuing the e-money.

12.5. You agree and understand that the financial institution or operator that issues the linked card or provides the bank account to you, used for funding transactions, may charge you a fee and/or currency conversion fee in connection with the debiting or charging of the funding instrument resulting from the funding transaction. You should consult the Terms and Conditions governing your funding instrument for more information about any such fees. We shall not be liable for taxes, fees or costs imposed by third parties.

12.6. In case where your iCard Account has been blocked by us for compliance or security reasons, or under order by a regulator, and this situation has not been rectified within a period of 2 (two) years from date of blocking, we shall be entitled to charge a Non-compliant fee in the amount of 15 EUR per month from any outstanding balance until rectification of the non-compliance or depletion of the funds in the account, in which last case we have the right to Terminate the Agreement and close the iCard Account.

13. Client liability

13.1. When you act as a Consumer you shall be liable for all losses incurred in respect of unauthorized transactions, as a result of use of lost or stolen payment instrument, if you have not managed to preserve the security of the payment instrument, up to a maximum of 50 EUR. When you do not act as a Consumer you shall be liable without limitation for all losses incurred in respect of unauthorized or incorrect transactions, as a result of use of lost or stolen payment instrument or incorrect payment orders.

13.2. However, you shall be fully liable for all losses incurred in respect of unauthorized transactions and/or all damages, notwithstanding the amount of the losses or damages, if you have acted fraudulently or have, with intent or gross negligence, failed to comply with the Agreement or law, including your obligations to preserve the security of your Identifying Credentials, providing access to your iCard application, your iCard Account, e-money or Card or other.

13.3. You shall be entitled to redress losses (excluding fees or interest in case of when you are not a Consumer) incurred by you in respect of unauthorized or incorrect transactions made after you have informed us for the unauthorized or incorrect transaction and we have been able to block the iCard Account and/or Card or other payment instrument without undue delay in the day when your account was debited or within 7 (seven) days afterwards, and in case where you act as Consumer, no later than any longer period after the debit date, as provided in applicable legislation in the interest of consumer. We will, on your request, make efforts to trace the transaction and notify you of the outcome. Where you are entitled to a redress, we will refund the amount of the unauthorized transactions, less applicable fees as per Tariff, by crediting your iCard Account.

13.4. You agree to indemnify, defend and hold us harmless, from and against any losses or negative balance on your Account or Cards, which we may at any time during the term of this Agreement or within 5 (five) years after its termination incur, sustain as a result from any and all actions, causes of actions, claims, demands, liabilities, judgments, damages or expenses (collectively, “Claim“ or “Claims“) that are: (a) connected to the use of iCard, including, but not limited to your iCard Account or other payment instrument, that is in breach of any provision, warranty or representation in this Agreement, or in breach of regulations of Card Organizations or other Organizations and of any legislation including but not limited to AML, data protection laws. You agree that we are authorized to satisfy immediately as they become due any of your obligations by debiting or withdrawing directly funds from your iCard Account, or from Security provided by you (if Security is provided), or any outstanding sums owed by us to you, including by debiting or charging your linked card. We shall inform you via your iCard Account on the ground, amount and value date of such withdrawals, unless it is forbidden by law or regulations for AML or security reasons to make such notice.

13.5. In case of delay for payment of amounts due to us you shall owe a penalty for delay in the amount of the statutory interest according to the European Central Bank rate for each day of delay from the date of delay until payment of the full amount.

13.6. The ultimate liability with regard to your claims related to Cards with the logo of the Card Organizations is with the Issuer.

14. Termination of Agreement

14.1. You acknowledge and agree that we may stop providing the iCard Service to you, as provided in the Agreement. You may stop using the iCard Service at any time, without need to inform us. The Agreement will continue to apply until terminated either by you or by us, as set out below.

14.2. If you want to terminate this Legal Agreement with us, you may do so immediately and without charge for termination at any time by:

(a) Notifying us, in accordance with clauses for communication by you and us below; and

(b) Closing your iCard Account with the iCard Service, including withdrawing or redeeming the available balance of e-money; and

(c) Return of your Card to us.

14.3. In case of any risk of Damages for us, resulting from reversals, chargebacks, claims, fees, fines, penalties, your non-compliance with AML/FT or other regulations and other similar liabilities arising from your use of iCard, we may hold your funds for up to 180 Days even after Termination of Agreement or shorter or longer period, as required by the law, including laws in favor of the consumer. You will remain liable for all obligations arising under this Agreement even after Termination of Agreement and/or closing of account.

14.4. We may, at any time, terminate the Agreement with you without notice if:

(a) You have breached any material provision of the Agreement or law or Regulations of Card Organizations or other Organizations (or have acted in a manner which clearly shows that you do not intend to or you are unable to comply with the material provisions of the Agreement); or

(b) We are required to do so by law or Regulations of Card Organizations or other Organizations (for example, where the provision of the iCard Service to you becomes non-compliant with the Regulations).

14.5. Unless a shorter period is provided in this Agreement, as permitted by law, we may, at any time, terminate the Agreement by giving you two (2) months' notice.

14.6. When this Agreement comes to an end, all of the legal rights, obligations and liabilities that you and we have benefited from, or which have accrued over time whilst the Agreement has been in force, or which are expressed to continue indefinitely, will be unaffected by this cessation, and the provisions of clause 19.3 will continue to apply to such rights, obligations and liabilities indefinitely.

14.7. Redemption of e-money upon closing of your iCard Account:

14.7.1. Upon closing of your iCard Account at your request, you are entitled to request personally via the iCard application to redeem (buy back) all available Balance of e-money, less all applicable fees upon closing of iCard Account and termination of the Agreement (if such are applicable). Subject to the successful completion of the applicable due diligence, your identification and verification and compliance with laws and regulations , we will redeem the amount of the outstanding e-money, less the applicable fees, such as redemption fee, determined in Tariff or currency conversion fees if applicable and possible bank transfer fees for the bank transfer. We, as Financial Institution shall initiate transfer of the remaining amount to your personal bank account, which has to be in one of the currencies, supported by us, as notified by us in the Mobile App.

14.7.2. We are not liable for incorrect transactions based on false or incomplete information. We shall not be liable for delays in the redemption of e-money where the delay is caused by any third party involved in the transfer transaction of redeemed money.

14.7.3. You cannot request and you are not entitled to e-money redemption if there is no balance available in your account for whatsoever reason or balance is not enough to cover the fees for redemption.

14.7.4. If the outstanding amount of e-money cannot be redeemed in accordance with this clause, you have six (6) years following termination of the Agreement to request the redemption of the outstanding amount in full and in compliance with this Agreement, after which time any e-money left in your iCard Account becomes our property. For the purposes of this clause, the Agreement terminates when you are no longer able to use your e-money for the purpose of making Funding and/or Payment transactions or for use of iCard. Any redemption made, pursuant to this clause, is subject to the successful completion of applicable anti-money-laundering, fraud and other illegal activity checks, and you agree to provide the information requested by us in order for us to complete these checks. Nothing in this clause limits our right to terminate the Agreement, pursuant to the other clauses of this Agreement or the law.

14.8. Death of Individuals We will assume that the relationship between us and you will persist until the moment we are notified in writing about your death. Regarding this event we must be notified by person that is legally vested with the rights and obligations to act on your behalf and for your affairs and we shall take instructions from him/her/them. Such person may be your heir, legatee, administrator, executor or otherwise. We shall be entitled to receive such evidence, at your cost, as we may be required in order to determine the proper entitlement and authority of the person claiming to acting on your behalf and for your affairs and we shall not be bound to act upon such instructions until such time as we are satisfied of such authority.

15. Limitation of Warranties:

15.1. We make no express warranties or representations with respect to the provision of the iCard Service. In particular, we do not warrant to you that:

(a) Your use of iCard will meet your requirements or expectations;

(b) Your use of iCard will be uninterrupted, timely, secure or free from error; and

(c) Any information obtained by you as a result of use of iCard will be accurate or reliable.

15.2. No conditions, warranties or other terms (including any implied terms as to satisfactory quality, fitness for purpose or conformance with description) apply to the iCard Service, except to the extent that they are expressly set out in this Agreement.

15.3. Nothing in the Agreement will affect those mandatory statutory rights to which you are entitled as a consumer and that you cannot contractually agree to alter or waive.

16. Limitation of Liability:

16.1. Nothing in this Agreement will exclude or limit our liability for losses which may not be lawfully excluded or limited by this Agreement or by applicable law.

16.2. Subject to the previous Clause, we will not be liable to you for:

(a) Any indirect or consequential losses which may be incurred by you. This will include any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, or any loss of data suffered by you;

(b) Any loss or damage which may be incurred by you as a result of:

(i) Any reliance placed by you on the completeness, accuracy or existence of any advertising, or as a result of any relationship or transaction between you and any advertiser whose advertising appears on the iCard Service;

(ii) Any change which we may make to the iCard Service or any permanent or temporary cessation in the provision of the iCard Service (or any features within the iCard Service);

(iii) Malfunction of the iCard Service;

(iv) The deletion of, corruption of or failure to store any communications data maintained or transmitted by or through your use of iCard;

(v) Your failure to provide us with accurate account information; and

(vi) Any fraudulent use of iCard or attempt for fraudulent use by you or third parties related to you;

(c) Any compensation for fees or interest paid or levied on you who are not Consumers, as a result of non-performance or incorrect performance of a payment transaction.

16.3. We do not assume any responsibility for the information provided by you or other clients via the Mobile App which has links to content, policies or practices of any third parties websites upon which we cannot influence or control in any way. You acknowledge and agree that we are not liable for any damages or claims resulting from your use or visit on third parties’ websites.

17. Changes to the Agreement:

17.1. You agree that we may make changes to the Agreement from time to time. We shall give you two (2) months' notice of changes in the Agreement, unless shorter period is necessitated by a Regulatory change, or is allowed by law, by push notification sent via your iCard application before their proposed date of entry into force. In case we make changes to the non-payment services, we shall give you a one (1) month notice in the iCard application, unless shorter notice is allowed by the law.

17.2. You understand and agree that you will be deemed to have accepted the changes unless you notify us to the contrary by notice, as provided herein under, prior to the date on which the changes are to come into effect, in which case the Agreement will terminate without charge for termination immediately before the effective date of the changes.

17.3. Nothing in this Section will limit:

(a) Our right to update and revise its policies from time to time or to add new features to iCard from time to time without prior notice, which may be accepted by you by using the new feature. Such revisions may take place using a method chosen at our discretion, and such method may also include email or communication in the iCard application; and

(b) The parties' right to vary the terms of this Section, where the variation is not prohibited by law and both parties agree to it.

17.4. We may introduce innovations, improvements, developments, new functionalities, upgrade accounts or amend the names of accounts or products unilaterally and without your consent, for which we shall inform you via your iCard application.

18. Communications and Notices

18.1. All information will be made available or provided to you in an easily accessible manner, in easily understandable language, in a clear and comprehensible form and in English.

18.2. You agree that we may send notices and other communications to you via the iCard application, email provided by you or other reasonable means to any matter relating to your use of iCard, including the Agreement (and revisions or amendments to the Agreement), notices or disclosures regarding iCard and payment authorizations.

18.3. Particular communications will be handled as follows:

(i) The Agreement will be provided in the iCard application at the sign-up and will be available there;

(ii) Notifications on changes to this Agreement after the sign-up will be provided via the iCard application;

(iii) Except where this Agreement provides otherwise, a notice to terminate this Agreement will be provided in the iCard application;

(iv) Information about balance or transactions or statements will be made available in transaction history on the iCard application;

(v) Information about a suspension of the service and about the rejection of transactions with e-money will be made available via the iCard application.

18.4. Any notice sent to us under this Agreement has to be sent by registered post addresses of registered office, as applicable:

For iCard, including the iCard application, iCard Account and Cards, and all non-payments services:

Att: iCard AD

Hill Tower, 76A James Boucher, 1404 Sofia, Bulgaria

18.5. In the following urgent cases, you have to notify us immediately and without delay:

(i) Notification of loss, theft, unauthorized use or security breach must be made immediately to the Contact Center on numbers stated in the iCard application;

(ii) Notification of application for Card, purchase of e-money, redemption of e-money upon termination of this Agreement should be sent via the iCard application.

(iii) Notification by you that you do not agree to the amendment of the Agreement and wish to terminate the Agreement prior to entry into force of the amendments has to be sent from you via the iCard application or e-mail.

(iv) Notification by you that you complain about certain services have to be sent via the iCard application and via your registered mobile phone number for the iCard Service.

18.6. Any e-mail address stated by us in the iCard application can be used only for general information purposes on the functionalities of iCard and not to provide client specific information. In case you address us for Support or complaints via your e-mail, we may request e-mail verification prior to response.

18.7. To help us continually improve iCard and in the interests of security we may monitor and/or record your telephone calls with us.

19. General legal terms

19.1. This User Agreement, including Privacy Policy, Tariff and the other Legal Agreements (if applicable), constitutes the whole legal agreement for your use of iCard and completely replaces any prior agreements in relation to iCard.

19.2. You agree that if we do not exercise or enforce any legal right or remedy which is contained in the Agreement (or which we have the benefit of under any applicable law), this will not constitute a waiver of ours rights and that those rights or remedies will still be available to us.

19.3. If any court of law having the jurisdiction to decide on a matter relating to the Agreement rules that any provision of the Agreement is invalid in respect to you, in your capacity of a Consumer, then that provision will be deemed void and will be removed from the content of the Agreement with you without affecting the rest of the Agreement. The remaining provisions of the Agreement will continue to be valid and enforceable.

19.4. You may not assign your rights under the Agreement or otherwise sub-contract or transfer any of your rights or obligations under the Agreement without our prior written consent.

19.5. We may transfer our rights and obligations under the Agreement to a third party, giving to you at least two-month notice previous the date of the transfer per e-mail or via the iCard application unless such a transfer is required due to regulatory reasons. In case you disagree with such transfer we shall provide you the possibility to terminate the Agreement free of taxes, penalties or other.

19.6. Any claim or dispute arising under the Agreement or as a result of the provision of our service should, in the first instance, be referred to us via the iCard application and/or via your registered mobile number. You have to submit Complains in writing and clearly stating the reasons for complaint. Complaints of clients who have not been successfully identified and verified may not be responded, unless the complaint is related to the process of identification and/or verification of the client. We shall try to resolve the complaint, within reasonable term upon receipt of clear and correctly submitted complaint. We will then investigate and, where appropriate and necessary, take immediate action to rectify the situation. We also undertake to take the necessary steps to prevent a recurrence. All complaints will be acknowledged and you will be informed accordingly of the investigation’s outcome. If you are still dissatisfied with the outcome of the resolution, you may direct your complaint to the following regulatory bodies:

For Complaints related to iCard and our service and the iCard application:

Conciliation Commission for Payment Disputes on the following address: Bulgaria, Sofia, 4A Slaveykov Square, fl. 3, entitled to offer out-of-court solution, which have to be accepted by both parties.

19.7. Both Parties agree that the authentic and/or correct execution of transactions and operations shall be proven with print-outs or statements printed or generated from our IT systems, such as the Mobile App, our Card System as Issuer, the Register of E-money or other software systems or platforms used by us as E-money Institution in our capacity of regulated Institution or our Agents or sub-contractors, in the capacity of our authorized Agents or sub-contractors.

19.8. “iCard“, “iCard Debit“, “GiftCard"and all related URLs, logos, marks or designs, scripts, graphics, interactive features and similar, software, interfaces, standard or special designs in iCard application, or visualizations or other related to our service, including logos and marks of Card Organizations are protected by our copyrights, trademark registrations or Patents or other of our intellectual property rights or of third party Licensor. You may not use, copy, imitate, modify, alter or amend, sell, distribute or provide them without our prior written explicit consent to do so in a separate Agreement.

19.9. This Agreement and the relationship between us shall be governed by Bulgarian law, subject to your local mandatory rights. For complaints arising out of or relating to this Agreement or the provision of our service that cannot be resolved otherwise, you submit to the non-exclusive jurisdiction of the competent court in Sofia, Bulgaria. In simple terms, “nonexclusive jurisdiction of the competent court in Sofia, Bulgaria" 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 Sofia, Bulgaria, but in case you are a consumer you may also elect to bring a claim in the court of the country as per your permanent residence.