Valid from: 2019-06-17
Prepaid Card AgreementThank you for choosing SpectroCoin. The following SpectroCoin Prepaid Card Agreement (referred to herein as the " Agreement") applies and you agree to it if you use prepaid cards, offered on the Site, service (the "Prepaid Card"). You should read this Agreement carefully if you use Prepaid Cards service.
Interpretation and Definitions
- In this Agreement and all documents incorporated herein by reference, all definitions will have the meaning assigned to them under the General Terms and Conditions (the "Terms") which can be found on the Site. Additional definitions may be provided throughout this Agreement.
- This Agreement should be interpreted in accordance with the rules of interpretation set out in the Terms.
- The matters not regulated by this Agreement, including but not limited to, eligibility, creating account with SpectroCoin, fees, liability and indemnification, are regulated by the Terms.
Scope of Agreement and Acceptance
- This Agreement sets out the terms and conditions for using the Prepaid Card. This Agreement is applicable when you order, use and terminate the use of your Prepaid Card.
- Additional terms and conditions pertaining to your Prepaid Card can be referred to further in this Agreement or in the areas of the Site where the Prepaid Card is ordered and used. It is your sole responsibility to follow respective links or download the files to read any and all additional terms and conditions which may apply to your Prepaid Card.
- By taking the first action required to order the Prepaid Card, you acknowledge that you have read, understood, and completely and unconditionally agree to be bound by and accept this Agreement, its terms and conditions and all the policies and guidelines that are incorporated herein by reference. If you do not agree with the Agreement and/or individual provisions of the Agreement, you cannot order and/or use the Prepaid Card.
Your Prepaid Card
- Prepaid Card can be either physical (plastic) or virtual. The same terms and conditions of this Agreement will apply to both types of Prepaid Card, unless it is specified otherwise.
- Your Prepaid Card can be denominated in EUR or another available Fiat Currency. You can find the list of available Fiat currencies at the Site. You can only load your prepaid Card in one of these currencies.
- Subject to the restrictions set out in this Agreement, you can use the virtual Prepaid Card at most virtual (online) locations that display the Visa acceptance mark. Your physical Prepaid Card can only be used where the merchant requests electronic authorization. Where authorization is not required, the Prepaid Card transaction will be declined.
- In addition to locations detailed in article 3.3 and subject to the restrictions set out in this Agreement, you can use your physical Prepaid Card at physical stores or any other places that accept physical Prepaid Cards for payments and display the Visa acceptance mark.
- Your Prepaid Card is not a credit card or debit card and is not in any way connected to your bank account. Before using the Prepaid Card you need to load the desired amount of funds on it. SpectroCoin does not offer any credit line, overdraft or other similar products and will never pre-fund your Prepaid Card before you fund it.
- You will not be able and should not attempt to use your Prepaid Card after its expiry date. The expiry date is indicated in your Account page or on the physical Prepaid Card.
- You will not earn any interest or any other benefit from any funds loaded on your Prepaid Card.
- Your Prepaid Card may be issued and operated by SpectroCoin partner company (the "Partner") under a licence from Visa. If the Prepaid Card Service is available to you, we, at our sole discretion will disclose the Partner and its terms and conditions via the Site or other channel. Please read our Partner's terms and conditions pertaining to your Prepaid card. These Partner's terms and conditions are part of this Agreement. We can change Partner at our sole discretion. You will be informed about that.
- At all times the Prepaid Card remains the property of the Partner and is not transferable to anyone else. Allowing a third person to use your Prepaid Card is criminal offence under the law.
Applying for and Activating Your Prepaid Card
- To apply for Prepaid Card you must be at least 18 years old and be able to lawfully enter into and form contracts under the applicable law. Your country of residence must be on the list of the Supported Countries which residents are entitled to get a Prepaid Card.
- Application form for the Prepaid Card is available on the Site. You can order the Prepaid Card by following the instructions provided in the Prepaid Card area of the Site.
- As stipulated in the Terms, you have to verify your account and your identity before we you can order the Prepaid Card. Subject to the requirements of our Partner company and Visa, you may be required to provide additional information in order to order the Prepaid Card.
- If your application for the Prepaid Card is approved, your physical Prepaid Card will be delivered to you within 5 (five) business days from the receipt of your application and other necessary documents, indicated by us, unless otherwise notified on the Site. Virtual Prepaid Cards are issued instantly.
- We will not be able to send you the Prepaid Card if the address and other relevant information you provide us with is incorrect or otherwise misleading. We do not send the Prepaid Cards to correspondence post office (POS) addresses. You have to provide a residential address. We will ask you to confirm your contact information so that we can send you your Prepaid Card. You will not be entitled to a refund if your Prepaid Card was sent to a wrong address, was cancelled and reissued or you did not receive the Prepaid Card for any other reason if this is caused by third party, which is not related to us, or by your failure to timely provide us with correct information.
- If you ordered a Prepaid Card and have not received it due to our or our Partner's fault, you may request a refund.
- It remains at our sole discretion whether we issue the Prepaid Card to you or not. You acknowledge and agree that SpectroCoin will be entitled to reject your application without further explanation.
- You must activate your Prepaid Card as soon as you receive it. In order to activate the Prepaid Card you need to follow the instructions for the activation process provided to you by email/paper letter sent together with your Prepaid Card. We do not recommend activating your Prepaid Card before it arrives, even if such option is provided.
- SpectroCoin, together with the Partner, will have the absolute right to refuse to activate any new Prepaid Cards or to provide top ups (addition of monetary value to the Prepaid Card) on existing Prepaid Cards.
- You can have and order no more than 1 virtual and 1 physical Prepaid Card per supported currency. If you fail to comply with this limitation or it comes to our attention that you (directly or through other persons) own multiple accounts which have Prepaid Cards ordered or issued on them, we will suspend your use of our Services and freeze funds on your Cards and your accounts.
Using Your Prepaid Card
- Your Prepaid Card can be used as stipulated in section 3 of this Agreement.
- The value of your transactions will be deducted from your Prepaid Card balance as soon as they are made. The same applies to any applicable fees (see the Fees section).
- You must ensure that you have enough funds on your Prepaid Card to cover both the value of your transaction and the applicable fees. If there are no sufficient funds loaded on your Prepaid Card at the time of the transaction to cover the amount of the transaction and the fees, the transaction will be declined.
- SpectroCoin or the Partner may at their own discretion and without your consent impose limits on the Prepaid Cards. The limits of your Prepaid Card depend on a variety of factors such as your country of residence, compliance-related factors and other factors used by us to determine such limits at our sole discretion. Information on applicable limits imposed on your Prepaid Card is available on the Site. Please familiarize with them before ordering and using the Prepaid Card.
- SpectroCoin, together with the Partner, reserve the right to suspend, restrict or block the usage of your Prepaid Card and/or to cancel it, as well as refuse to issue or replace the Prepaid Card at any time, if:
- SpectroCoin determines you violate this Agreement, the Terms, other provisions mandatory to you, anti-money laundering (AML) or other applicable laws;
- we suspect that the Prepaid Card or the SpectroCoin account or other Services may be used illegally or in an unauthorized or fraudulent manner;
- security of your account or of any Prepaid Cards we have issued to you is compromised;
- we need to do so to comply with the applicable law or legal request or recommendation by authorities.
- In such cases your funds in the Prepaid Card are held temporarily until the investigation of the situation is complete. SpectroCoin may hold your funds for up to 6 months but this term can be extended if we fail to contact you or you refuse to cooperate. All Prepaid Card cancellations exercised by SpectroCoin or Partner cannot be reverted.
- Information about restrictions being applied to your Prepaid Card is provided to you by means determined by SpectroCoin in advance. If this is not possible, then immediately after any of the restrictions are applied unless this would compromise security measures or to do so would be unlawful. We will lift the restrictions at our sole discretion.
- SpectroCoin reserves the right to change, supplement or discontinue Services offered in relation to your Prepaid Card at any time without your consent.
- We cannot guarantee that a merchant will accept your Prepaid Card. The Partner may also refuse to process a transaction with your Prepaid Card if:
- the Partner is concerned about security of your Prepaid Card or suspects your Prepaid Card is or may be used in an unauthorized or fraudulent manner or for any illegal activity;
- if the Partner has reasonable grounds to believe that you have breached this Agreement;
- if the Partner suspects that a transaction is or may be illegal;
- or due to errors, failures (whether technical or otherwise) or refusals by merchants, payment processors or payment schemes to process transactions.
- If the Partner refuses to authorize a transaction, we or the Partner will, if possible, inform you of the reason immediately unless it would be unlawful for us to do so. You may correct or supplement any information we and/or the Partner hold and which may have caused the Partner to deny a transaction by contacting our support.
- You can view your transaction history in your account. You can also receive a separate digital account statement for your Prepaid Card.
- You acknowledge and agree that we may move your unused balance to a new Prepaid Card provided by a Prepaid Card issuer other than the Partner at any time.
Funds Available On Your Prepaid Card
- Your Prepaid Card contains only funds you load on it and does not offer a credit facility of any sort.
- You may not spend or withdraw more funds than you currently hold on your Prepaid Card or more than Prepaid Card transaction limits allow. The lesser amount will apply.
- If, for any reason, a transaction you make with your Prepaid Card causes the balance on your Prepaid Card to go into negative, you must immediately upload funds into your Prepaid Card to cover the negative balance. We reserve the right to take additional steps such as demanding and enforcing payments in order to cover any negative balance you incur.
- We, together with the Partner, are entitled at our own discretion to recover funds from you as we consider necessary in any event including but not limited to circumstances when a transaction exceeds the limit applicable to your Prepaid Card in accordance with the rules of Visa.
Loading Your Prepaid Card
- Funds can be loaded to your Prepaid Card by using your SpectroCoin account. For loading the Prepaid Card follow the instructions in the Prepaid Card area of the account. SpectroCoin may, but in no way guarantees, add other loading options.
- You cannot load funds to your Prepaid Card from another person's bank, payment institution or electronic money institution account.
- Funds will appear on your Prepaid Card as soon as it is technically possible according to the selected loading option.
- If any load takes the maximum Prepaid Card balance above the permitted limit, the load will be rejected.
Authorisation of Transactions
- Subject to the features of the particular Prepaid Card, the authorization of a transaction can include authorizing any single transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorizing future transactions of a certain or uncertain amount.
- Online transactions must be authorized by you by entering your Prepaid Card details as requested by the merchant. This usually means providing your Prepaid Card number, the name on your physical Prepaid Card or the name on your account (for the virtual Prepaid Card), the expiry date of your Prepaid Card and in many cases the Card Verification Value (CVV) or similar security number provided on your Prepaid Card.
- The Prepaid Card transaction will be considered authorized when you confirm the transaction at the point of sale by following the instructions provided by the merchant to authorize the transaction, which may include providing the Prepaid Card details and/or providing any other requested details. You cannot revoke your authorization after having completed the transaction.
- If, in the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Prepaid Card for that transaction (a "shortfall"), the shortfall will be reimbursed by you unless it is due to an error on the part of the merchant where the Prepaid Card was presented, in which case we, together with the Partner, may seek the shortfall from the merchant. Otherwise, you agree that once we make this shortfall known to you, we may charge you for the shortfall amount. We may charge the amount of the shortfall from another Prepaid Card or from your Wallet that you hold with us, or set-off the amount of the shortfall against any amounts payable to you by SpectroCoin or through SpectroCoin Services. Until we are reimbursed the shortfall amount, we, together with the Partner, may suspend your Prepaid Cards and your account. In addition, we, together with the Partner, reserve the right to charge you an administration fee for each transaction that you make using your Prepaid Card which results in a shortfall or increases the shortfall amount on your Prepaid Card.
- After you authorize your transaction, the funds available on your Prepaid Card will be reduced by the amount of the transaction plus any applicable fees. To check your available funds, please log into your account.
Unload of Funds
- You have the right to unload the funds from your Prepaid Card in whole or in part using one of the options that we, together with the Partner, opt to support.
- When we process your unload request, we may require you to provide us with documents such as additional identification so we may process your request in accordance with legal requirements.
- We may also charge an unload fee if one of the following circumstances applies:
- you are requesting unload before termination or expiry of your Prepaid Card or this Agreement;
- you cancel this Agreement or your Prepaid Card; or
- you request unload more than one year after the date of termination or expiry of this Agreement or your Prepaid Card.
- Unload is processed only if SpectroCoin has technical ability to do so. SpectroCoin also reserves the right not to unload funds from your Prepaid Card and provide no reason of doing so.
Cancellation and Expiry of Your Prepaid Card
- Your Prepaid Card will be valid for 2 years. You must not use the Prepaid Card after its expiry date and you will not be able to reload it.
- There will be no automatic renewal or replacement of the expired Prepaid Card. You will need to order a new Prepaid Card before the expiration date of your Prepaid Card.
- We, together with the Partner, reserve the right not to reissue you a new Prepaid Card.
- You will be charged for the replacement of your expired Prepaid Card. You must have sufficient funds to cover any replacement Prepaid Card costs.
- If your Prepaid Card has expired and you ordered a new Prepaid Card which you have not received, please contact us.
- Once your Prepaid Card has been renewed, this Agreement continues to apply.
- If your Prepaid Card is cancelled for any reason, we will immediately block your Prepaid Card so it cannot be used.
- If you cancel your Prepaid Card, once all transactions and fees have been deducted, we, together with the Partner, will arrange for any unused funds to be refunded to you. An administration fee will be charged unless you have arranged to transfer any unused funds to another Prepaid Card managed by us or you cancel your Prepaid Card within 14 days of paying for it.
- We may suspend use and/or cancel your Prepaid Card immediately if we suspect fraud or misuse of your Prepaid Card, if you violate terms set out in this Agreement, if you fail to pay fees or charges that you have incurred or fail to cover any shortfall, if we have any other security concerns, or we need to do so to comply with the applicable law. If we suspend use and/or cancel your Prepaid Card, we will let you know as soon as we are legally allowed to do so after we have taken these steps. You will have to inform us what you want to do with your unused funds within 3 months after your Prepaid Card cancellation notice.
- Following the expiry or cancellation of your Prepaid Card, you must take all reasonable steps to dispose of your Prepaid Card securely.
- In addition to the Fees provisions set out in the Terms, the following provisions will apply to your use of the Prepaid Cards:
- SpectroCoin Service fees are not fixed and can change. We may make immediate changes to the exchange rate used to convert transactions undertaken in a currency other than the currency of your Prepaid Card.
- Our fees are charged immediately and automatically once your transaction is completed. The fees for loading the Prepaid Card are charged to your account; unloading and transaction fees are charged to your Prepaid Card.
- SpectroCoin, together with the Partner, reserve the right to suspend the use of the Prepaid Card or and your SpectroCoin account or unilaterally charge/set-off overdue payments from your Prepaid Card or your other funds held by us or processed through us.
- SpectroCoin does not remunerate fees of banks or intermediaries, payment transfer and/or receipt charges or other applicable fees of third parties, therefore, the amount of funds you add/redeem to/from your Prepaid Card may be smaller.
- In addition to the Fees provisions set out in the Terms, the following provisions will apply to your use of the Prepaid Cards:
- You may be able to request a refund under the terms and conditions of our Partner (please look article 3.9 for more information). Please read them to determine when and if you can request a refund.
- Notwithstanding the above, your funds will not be refunded if
- we have any reason to believe that the incident has been caused by a breach of this Agreement or gross negligence;
- we have reasonable grounds to suspect fraudulent or possible illegal activity on your behalf;
- an investigation shows that any disputed transaction was in fact authorized by you.
- you have acted fraudulently or with gross negligence (for example by failing to keep your Prepaid Card secure), you may be liable for any loss we incur because of such use of the Prepaid Card.
- We may charge a refund fee for processing your refund request.
- Due to legal requirements applicable to us you might be required to provide us with additional information regarding your refund request. We aim to complete refund requests within 30 days.
Financial Services Disclaimer and Protection of Funds
- The Prepaid Card is an electronic money product and although it is a product regulated by the relevant financial authorities, it is not covered by the deposit and investment insurance. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the event that Partner becomes insolvent you may lose your money loaded into the Prepaid Card.
- As an electronic money issuer, Partner ensures that certain safeguards are in place aimed at protecting your funds in case of insolvency. These safeguards are subject to the laws of the jurisdiction of the Partner. It is your responsibility to familiarise yourself with the applicable regulation. SpectroCoin itself does not provide any guarantees of protection of your funds in case of Partner's insolvency or any other cause of Partner's inability to protect or refund your funds.
- Any funds received by SpectroCoin and/or Partner from you shall not constitute either a deposit or other repayable funds.
Security of Your Prepaid Card
- You must use reasonable and appropriate safety measures to keep your Prepaid Card safe. You must not let anyone else use your Prepaid Card. If it is lost or stolen, you may lose some or all of your money on your Prepaid Card which will not be reimbursed by SpectroCoin or the Partner.
- Even if you do not actively use your Prepaid Card, we recommend to regularly check your Prepaid Card balance at the Website so that you are able to identify any suspicious activity.
- You must inform us without undue delay if
- you become aware or suspect that your Prepaid Card is lost, stolen or unusable;
- the password or other data used to access the account or Prepaid Card have been compromised;
- you suspect a transaction has been executed incorrectly (including non-executed and defectively executed);
- any other misconduct (whether intentional or accidental) related to the Prepaid Card.
- If you suspect that your Prepaid Card is being used illegally, you should also contact the police immediately and report the incident.
- If you inform us about situations mentioned in the previous clause, we, together with the Partner, will investigate any disputed transaction or misuse of your Prepaid Card. We may need additional information and assistance from you in order to conduct such an investigation.
- If, after reporting the loss of your Prepaid Card or its details, you subsequently find the Prepaid Card or its details, you must not use the Prepaid Card and inform us of this.
Liability and Indemnification
- SpectroCoin does not have control over and is not liable for the products or services that are paid for with your Prepaid Card or the risks associated with your business/transaction Partners.
- SpectroCoin will not be liable in any event when a merchant refuses to accept your Prepaid Card, or if your transaction is not authorized, or if we cancel or suspend use of your Prepaid Card, to the extent permitted under this Agreement and the applicable law. Unless otherwise required by law, we will not be liable for any direct or indirect loss or damage you may incur as a result of your total or partial use or inability to use your Prepaid Card, or the use of your Prepaid Card by any third party.
- SpectroCoin will not be liable for any direct or indirect loss or damage you may incur as a result of your use or inability to use your Prepaid Card, or the use of your Prepaid Card by any third party. We, together with the Partner, may restrict or refuse to authorize any use of your Prepaid Card in any jurisdiction if using the Prepaid Card is causing or could cause a breach of this Agreement or if we suspect criminal or fraudulent use of the Prepaid Card.
- You are solely responsible for the security of your Prepaid Card.
- You are responsible for all authorized transactions on the Prepaid Card. Unauthorized transactions may or may not be refunded at our Partner's sole discretion. Please refer to the Partner's terms and conditions (please look clause 3.9 for more information) to determine whether any unauthorized transactions can be subject to refund.
- SpectroCoin, together with the Partner, reserve the right to investigate any disputed transaction or misuse of your Prepaid Card. In the event that you do not use your Prepaid Card in accordance with this Agreement or we find that you are using your Prepaid Card fraudulently, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using your Prepaid Card and to recover any amount owed as a result of your activities.
- You will be liable for all losses, costs and expenses incurred by us or the Partner in respect of an unauthorized payment transaction where you have acted fraudulently or have with intent or gross negligence failed to comply with this Agreement and will reimburse all such losses, costs and expenses on demand and on an indemnity basis.
- You will be liable if and to the extent that a transaction made by you exceeds the limit applicable to your Prepaid Card.
Disputes with Merchants and Role of SpectroCoin
- If you have any disputes about purchases made using your Prepaid Card, you should settle these with the merchant.
- SpectroCoin and the Partner are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Prepaid Card.
- SpectroCoin and the Partner has no responsibility to ensure that the merchant completes a transaction with you or delivers the product/service to you.
- Once you have used your Prepaid Card to make a transaction, such transaction cannot be stopped by us.
- In addition to the provisions set out in the Terms, the following provisions will apply to your use of the Prepaid Cards.
- This Agreement will apply as long as you have your Prepaid Card.
- Upon cancellation, termination or expiration of your Prepaid Card this Agreement will terminate automatically without any separate notice to you.