Introduction

These Terms & Conditions ("Terms") govern the use of services, including opening personal and business accounts, money transfers using payment methods SEPA, CHAPS, FAST, SWIFT, issuing payment cards, providing a decentralized user-controlled wallet for electronic currency, currency exchange, and mobile banking with Google Pay and Apple Pay, provided in website payard.io, as well as our mobile applications PaYard available on Google Play and Apple App Store (hereinafter collectively referred to as the "Website", "Platform"). By accessing or using our services, clients ("Clients", "you", or "your"), whether individuals or legal entities, agree to be bound by these Terms.

1. Entering into the Terms and their Scope

The Terms govern the provision of PaYard services to the Client, enabling the Client to send and receive electronic money payments and access other services provided by PaYard.

The agreement is concluded when the Client submits an Application for PaYard Account services. By using PaYard services, the Client agrees to these Terms. Before signing up, the Client must review any updates published in the Personal Account, as all future changes incorporated by reference will take effect on the date specified by PaYard.

These Terms regulate the opening, use, and closure of the PaYard Account, along with other related payment services. Together with agreements, the Privacy Policy, information on the Website and other relevant documents (such as Supplements, Agreements, Rules, and Declarations), they establish the legal relationship between the Client and PaYard.

The Client is encouraged to carefully review the Terms. If any provision is unclear or requires clarification, the Client should contact PaYard for further information.

It is recommended that the Client print or download a copy of the Terms and Fees for future reference. The latest version of the Terms is always available on the Website.

Depending on the type of PaYard Account the Client holds, additional terms and agreements may apply.

2. Definitions

Application – an online application submitted by Client to the PaYard through registration or verification on the Platform is not a separate document, but a set of actions by the Client.

ATM — Automated Teller Machine.

Authentication Tool — authentication mobile app, or combination of static password and one-time password, used for Client authentication or verification of the application of payment instrument.

Business Day – any day other than a Saturday or a Sunday or a public or bank holiday in Canada, or any other holiday previously announced by PaYard.

Card — an international payment card issued and serviced by Intercash, linked to PaYard Account and handed over to the Cardholder based governing the issue and use of the Card. The Card may be issued in physical form (plastic card) or as a virtual card. Virtual card is issued without a physical card (plastic card) or any other access device.

Cardholder —an individual who have received the Card and are authorised to use the Card as provided for in this Terms and whose name and surname is specified on the Card.

Client – the natural person or legal entity in whose name PaYard Account is opened and maintained.

Customer Service – PaYard customer service, which the Client can reach by sending a message to the email support@payard.io or other indicated on the Website or mobile application. Support services, compliance verification, and the review of any requests are carried out strictly during PaYard's business hours, as indicated on the Website. Business hours may be periodically updated, and Clients are responsible for reviewing the latest information on the Website.

CVV code — a 3 (three) digit security code for online purchases, indicated on the back of the Card if the Card is issued in physical form (plastic card) or information is available on Client’s Personal Account if the Card is issued as a virtual card.

Device – a smart device (e.g. smartphone, smart watch, payment bracelet, ring, etc.) on which the PaYard Mobile App or another service provider's app supporting the issuance of a digital version of the Card and payments with such Card is installed. PaYard shall be entitled to unilaterally add or change the supported Devices.

Digital wallet – is a financial transaction application that runs on Devices. The wallet stores virtual version of a payment card. These applications allow the Cardholder to pay when they is shopping using their Device so that they doesn't need to carry their cards around. The Cardholders enter and store their cards and can then use their Devices to pay for purchases. Digital wallet – is a financial transaction application that runs on Devices. The wallet stores virtual version of a payment card. These applications allow the Cardholder to pay when they is shopping using their Device so that they doesn't need to carry their cards around. The Cardholders enter and store their cards and can then use their Devices to pay for purchases. The digital wallet services described herein are not offered, promoted, or made available within the European Union, the United Kingdom, or any other jurisdiction in which the provision of such services requires prior authorization, registration, or licensing from financial regulators or competent authorities. Access to or use of such applications in these territories is neither intended nor permitted.

Merchant — a merchant who accepts a Card in their business establishment as means of payment for goods and services.

Mobile Banking – a service provided through the PaYard mobile applications PAYARD (Payard Pay Platform Inc.) in App Store and Google Play, which are an integral part of the Platform. Mobile Banking enables Clients to access and manage their PaYard Accounts, conduct payment transactions, exchange currencies, and utilize security features. The use of Mobile Banking is subject to the same Terms, conditions, and security measures as the Website. Clients are responsible for maintaining the security of their mobile devices and complying with all security guidelines.

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) – FINTRAC is Canada’s financial intelligence agency responsible for detecting, preventing, and deterring money laundering and terrorist financing activities; further information on FINTRAC can be obtained on the FINTRAC’s website at www.fintrac-canafe.canada.ca.

Fees – the charges payable by the Client to PaYard for using PaYard services, available on Personal Account or in the price section of the Website, including "Pricing" (https://www.payard.io/pricing/personal; https://www.payard.io/pricing/business).

Parties — the PaYard and the Client.

Payment Transaction – a money transfer or a cash-out operation initiated by the Client.

Payment Transfer – a payment transaction wherein funds are transferred to a payment account.

PaYard Account – a payment account in PaYard system that the Client opens and maintains through the Personal Account.

PaYard – Payard Pay Platform Inc., (MSB registration number MSB23662337, which permits the provision of currency exchange, including digital currency services, the public registry of MSB is available at FINTRAC Registry https://fintrac-canafe.canada.ca/msb-esm/reg-eng, 208-14993, 101A AVE, SURREY, British Columbia, V3R OT1, CANADA). In Canada, PaYard holds MSB registration number MSB23662337, which permits the provision of currency exchange, including digital currency services. the public registry of MSB is available at FINTRAC Registry (https://fintrac-canafe.canada.ca/msb-esm/reg-eng).

Personal Account – PaYard personal user profile that enables the Client to open and maintain PaYard Account or Accounts.

PIN code — a combination of 4 digits, known only to the Cardholder and used for authorising transaction.

Privacy Policy – the PaYard policy governing the processing of personal data, which is available on the Website, as may be amended from time to time.

Read-only mode – the account status with limited functions, access to which the Client receives after the phone and email registration and before full registration, identification and account opening verification.

Reserved Amount — the amount in which a Transaction or PaYard Account operation is executed and which is not debited from PaYard Account because the operation is still being processed. The maximum period of reservation for such a Transaction or PaYard Account operation is 30 (thirty) calendar days starting from the date of the Transaction or PaYard Account operation. If the date of the Transaction date falls on a holiday, the reservation period shall start on the next business day.

Statement — a document reflecting the movement of funds on PaYard Account which is available on the Personal Account or by additional request.

Strong Customer Authentication – means authentication based on the use of two or more elements that are independent, in that the breach of one element does not compromise the reliability of any other element and is designed in such a way as to protect the confidentiality of the authentication data.

Terms – the Terms published on the Website that may be amended from time to time.

Transaction —transfer of assets, withdrawal of cash, payment for purchases and services, thus resulting in debiting or crediting of PaYard Account.

Transaction Limit — a limit set on a Transaction by the Client or PaYard based on the type, amount, and period of the Transaction.

Website, Platform – the PaYard website available at www.payard.io, which together with mobile applications, forms a single system.

Unauthorised Debit Balance — negative balance on PaYard Account.

Unauthorised Transaction — a transaction which the Client/Cardholder has not approved.

PaYard Accounts

3. Private and Business (Corporate) PaYard Accounts

PaYard Account is an electronic money account that enables the Client to hold stored value (known as "electronic money" or "e-money"), to send and receive electronic payments. The Client can check the balance of funds and view the transactions carried out on the Client's PaYard Account via the Personal Account.

Payment services provided by payment provider Clear Junction, an authorized and regulated EMI, and subsequently allocated to Client balances within the PaYard platform.

Clear Junction, a financial institution authorized and regulated by the Financial Conduct Authority (FCA) as an Electronic Money Institution under Firm Reference Number (FRN) 900684, is our payment services provider and strategic partner. Clear Junction's registered address is: 6th Floor, Manfield House, 1 Southampton Street, London, United Kingdom, WC2R 0LR.

The Client has the right to withdraw funds from PaYard Account at any time. However, the Client may be required to confirm their identity and provide any supporting documentation beforehand. There is no minimum withdrawal amount, but the funds on PaYard Account must be sufficient to cover any applicable withdrawal charges.

PaYard Account is issued by PaYard and is not a bank account. Although it is a product regulated by FINTRAC, by accepting the Terms, the Client acknowledges that PaYard Account and the electronic money stored on it are not covered by any government-backed financial protection scheme. No other compensation scheme exists to cover losses claimed in connection with the PaYard Account. However, PaYard ensures that once it receives the Client’s funds, they are held in a segregated account and safeguarded in accordance with applicable financial regulations until they are spent, withdrawn, or reimbursed to the Client. If PaYard becomes insolvent, funds loaded onto the Client’s PaYard Account will be protected against claims by any creditors of PaYard as they are held in a safeguarded account.

The electronic money on PaYard Account belongs to the natural person or legal entity that is registered as the PaYard Account holder (the Client). No person other than the PaYard Account holder has any rights in relation to the funds held in PaYard Account, except in cases of succession. The Client may not assign or transfer PaYard Account to a third party or otherwise grant any third party a legal or equitable interest over it.

PaYard Account may be subject to upload, payment, and withdrawal limits, depending on the Client’s country of residence, the verification status of PaYard Account, and other factors used by PaYard to determine such limits from time to time at its sole discretion.

Electronic money held on PaYard Account will not earn any interest.

There are two types of PaYard Account: Private PaYard Account and Corporate PaYard Account.

Both types of PaYard Account require the Client to verify their identity by providing their full name, date of birth, country of residence and domiciliation address, phone number, email address, and a high-quality audiovisual recording for identity verification. The Client must also submit a high-quality photo (or scanned copy) of an identification document or passport valid for international travel, along with a scanned copy of a utility bill dated within the last three months or other acceptable by PaYard document.

Corporate PaYard Account requires the Client to submit an application form along with additional documents and information specified by PaYard.

If the potential Client does not provide proof of identity and/or proof of address, PaYard will not process the application further.

During the document verification process, PaYard checks that:

• The document is valid;
• There are no obvious signs of forgery (e.g., smears, damage, or inconsistencies);
• The quality of the documentation complies with applicable legal requirements.
• PaYard will not process an application further if the submitted documents do not include all required pages.

The Client confirms that:

• The document includes all necessary pages, grading scales, legends, and translations;
• The file is complete, all scanned images are correctly oriented, and all content is readable before submitting to PaYard;
• All four corners of the document are visible.

If the proof of identity and/or proof of address cannot be accepted for any reason (e.g., an ID photo appears altered or illegitimate), PaYard has the right to deny the application.

PaYard, except in mandatory cases, reserves the right not to make a report to any regulatory authorities at this stage of establishing a relationship with the potential Client, as PaYard cannot be certain that the Client's failure to meet compliance requirements is due to unwillingness to cooperate rather than an inability to fulfill legal obligations.

4. Opening PaYard Account

In order to use PaYard’s services, the Client must first open a PaYard Account by registering the Client’s details in the Personal Account and verify account.

As part of the PaYard Account opening process, the Client will need to accept the Terms and go through the document verification. The Client must not be in breach of any of the Terms. PaYard may refuse to provide services to residents of countries mentioned in the FATF blacklist, OFAC Sanctions List, and other countries mentioned in various sanction lists or in recommendations of regulating authorities against cooperation.

If the Client is a private individual, the Client must be at least 18 years old to use PaYard services, and by opening a PaYard Account, the Client declares that they are at least 18 years old.

To become a Client, the Client must apply for a PaYard Account by providing all required information at the registration stage. All information the Client provides during signup or thereafter must be accurate and truthful. The Client must not provide any false, inaccurate, incomplete, or misleading information.

After the Client has registered their phone and email, the Client gains access to the account in Read-only mode.

The Client may only open a PaYard Account if it is legal to do so in their country of residence. By opening a PaYard Account, the Client represents and warrants to PaYard that their opening of the account does not violate any laws or regulations applicable to them. The Client shall indemnify PaYard against any losses incurred in connection with the Client’s breach of this section.

The Client may not be able to use the PaYard Account or any part of its services until they have passed all identity and security validation and verification checks required by PaYard and provided necessary information in accordance with anti-money laundering regulations.

PaYard may verify all personal and identity information provided by the Client with reference agencies, fraud prevention agencies, and other relevant organizations, including customer's verification (KYC), ongoing documents monitoring, screening for sanction, media, crime provided by SumSub. These agencies may keep records of the Client’s information and searches. However, PaYard does not perform credit checks, and any search conducted is solely for identity verification purposes and the origin of funds if applicable. PaYard shall retain records of all information and documents obtained to verify the Client’s identity in accordance with legal and regulatory requirements.

The Client may open accounts in accordance with the standard procedure on the Platform. For additional Account opening possibilities, the Client shall contact PaYard Customer Service. PaYard reserves the right to refuse the opening of additional accounts.

The Client may only add payment instruments to a PaYard Account if they are the legal holder of that payment instrument. Any attempt to add a payment instrument for which the Client is not the legal holder will be treated as fraudulent activity.

During signup, the Client must choose whether they intend to use the PaYard Account for private or business purposes. If the Client intends to use the account for business purposes, they shall inform PaYard if they also use the account for private purposes. If the Client originally stated that they would use the PaYard Account for private purposes only, they must inform PaYard immediately before using it for business purposes by contacting PaYard Customer Service or by adding a new business entity and the corresponding account. Without consent from PaYard, verification and payment, if applicable, the Client has no right to use the account for an incorrect purpose.

The Client is considered to be using the PaYard Account for commercial purposes if they are receiving or transferring payments in connection with any business activity. PaYard reserves the right to determine whether, in its reasonable opinion, the Client is using the PaYard Account for business purposes. If so, the Client shall also be bound by the PaYard Corporate Account agreement in addition to the Terms. If the Client is uncertain about whether their activity qualifies as a commercial activity, they should contact Customer Service.

5. Maintaining PaYard Account

The Client confirms that the information on PaYard Account and Application form is always accurate and up to date, and PaYard shall not be liable for any loss arising out of the Client’s failure to do so. PaYard may ask the Client at any time to confirm the accuracy of the Client’s information or to provide documents or other evidence.

PaYard has the right to block the Client's PaYard Account at any time if any of the documents provided by the Client are out of date, unreadable, do not appear genuine, or do not include all necessary pages, grading scales, legends, and translations. If the Client has not provided the necessary documents or if they do not meet the required criteria mentioned in the Terms, after receiving an informative email from PaYard, the Client has seven (7) Business Days to correct deficiencies.

If the Client’s PaYard Account has been blocked, PaYard may unblock it within two (2) Business Days from the date the required documents were received, provided that the submitted documents meet the necessary requirements.

PaYard may contact the Client by email or other means as described in section 18 with information or notices regarding the PaYard Account. It is the Client’s responsibility to regularly check the proper functioning of their registered email address or other methods of communication linked to the PaYard Account and to promptly retrieve and read messages related to the account. PaYard shall not be liable for any loss arising from the Client’s failure to do so.

Payment Transactions are displayed in the Client’s online transaction history together with the associated Pricing charges. Each transaction is assigned a unique transaction ID and shown in the transaction history. The Client should reference this transaction ID when communicating with PaYard about a particular transaction. The Client should regularly check the PaYard Account balance and transaction history and report any irregularities or seek clarification on any issues as soon as possible by contacting Customer Service.

Subject to the provisions of the Terms, in order to claim a refund for an unauthorized or incorrectly executed Payment Transaction on the PaYard Account, the Client must notify PaYard without undue delay after becoming aware of the unauthorized or incorrect transaction and, in any event, no later than thirteen (13) months after the debit date of the transaction.

6. Keeping PaYard Account Secure

The Client must take all necessary precautions to always protect their PaYard Account password and never share it with anyone. Any message received or website visited that requests the Client’s password, aside from the official Personal Account portal, should be reported to PaYard. If the Client is uncertain whether a website is legitimate, they should reach out to Customer Service. Changing the password regularly (every three (3) to six (6) months) is recommended to minimize the risk of unauthorized access.

PaYard also advises against selecting a password that can be easily guessed based on publicly available information or personal details. The Client must ensure that no one else gains access to their PaYard Account or observes them logging in.

If the Client suspects or becomes aware that their PaYard Account, login credentials, password, or any other security feature has been lost, stolen, misused, accessed without permission, or otherwise compromised, they should immediately update their password.

The Client must promptly contact Customer Service upon discovering any security breach, including unauthorized access, loss, or theft of login details or other security credentials. Delays in reporting such issues could compromise the security of the PaYard Account and may result in liability for any financial losses incurred. If there is reason to believe that someone else has accessed the PaYard Account, the Client should also report the matter to the police.

PaYard reserves the right to suspend the PaYard Account or limit its functionality if there are legitimate security concerns or suspicions of fraudulent activity. If PaYard reasonably believes that the Client’s account security has been compromised, it may impose temporary restrictions. PaYard will inform the Client of such measures in advance, or as soon as possible afterward, unless doing so would be unlawful or interfere with security measures. Restrictions will be lifted once the security concerns have been resolved.

The Client must take all necessary steps to secure their registered email addresses, as they are used for password recovery and other account-related communications. If an email account linked to the PaYard Account is compromised, the Client should notify Customer Service immediately and inform their email service provider to take appropriate action.

7. Termination, Suspension, and Closure of PaYard Account

PaYard reserves the right to terminate a Client's PaYard Account or any associated payment services by providing at least one month’s prior notice. However, if the Client violates any provisions outlined in the Terms or any other applicable agreements, PaYard may terminate the account immediately. The Client also has the right to close their PaYard Account at any time. If the Client is using PaYard for commercial purposes, different termination rules may apply.

Upon sending a termination notice or at any time thereafter, PaYard may provide the Client with instructions on how to withdraw any remaining funds from the PaYard Account. If the account is subject to a reserve, the termination will not impact PaYard’s right to hold those funds and make deductions from them as agreed upon.

PaYard may suspend an account immediately if it determines that:

• The security of the PaYard Account has been compromised or there are other security concerns.
• The account has been accessed or used without authorization or for fraudulent purposes.
• A legal obligation requires PaYard to suspend the account.
• Other conditions outlined in the Terms apply.

PaYard will notify the Client in advance of a suspension where possible. If prior notification is not feasible, the Client will be informed promptly after the suspension, unless prohibited by law.

PaYard may also suspend or terminate an account without notice in cases where:

• The Client is suspected of involvement in fraudulent activity, money laundering, terrorist financing, or other criminal activities.
• The Client has violated, or PaYard reasonably suspects they have violated, any laws or regulations related to their use of PaYard services.
• The Client has breached any of the Terms or other service-specific agreements.

If an account is suspended or terminated, the Client will lose access to all account functionalities. When an account is closed, it will be immediately blocked to prevent further use, but the Client remains responsible for any outstanding obligations. Termination does not mean that PaYard will delete the Client’s personal data—PaYard will continue storing such information, including transaction history, for at least five years, as required by law.

If the account holds any remaining balance at the time of closure, PaYard will instruct the Client to withdraw their funds within a reasonable timeframe. During this period, the account will remain accessible only for withdrawals. This option remains available for up to five years from the account’s closure date. However, funds in a closed account will not accrue interest, and Clients are encouraged to withdraw their balance as soon as possible. The Client’s obligations to maintain account security, will remain in effect even after closure.

PaYard Accounts Services

8. Uploading Funds

The Client can upload funds to their PaYard Account via Payment Transfer. Except as stated in below in this Article, PaYard is not responsible for the uploaded payment until it has received the funds. By initiating an upload, the Client authorizes PaYard to receive a transfer of funds from the Client’s funding source, deduct any applicable Pricing, and issue electronic money equivalent to the net amount transferred to the Client’s PaYard Account.

The Client may be required to answer security questions or complete additional verification steps to authorize an upload transaction. The Client confirms that any payment instrument used for uploading funds must be registered in their name.

Uploaded funds will be credited to the PaYard Account once PaYard has received the funds. Some upload transactions may be credited instantly but are subject to reversal if the actual funds are not received within a reasonable time. If such reversals result in an insufficient balance, the Client is required to repay the amount.

The Client must not upload funds using a payment instrument if they are not the legal holder of that instrument. Any attempt to do so will be considered fraudulent. If PaYard must return funds uploaded from an unauthorized instrument, a fee may apply according to the applicable Pricing.

Uploads are subject to limits for security and regulatory compliance, which vary based on the Client’s profile. PaYard may suspend the ability to upload funds via a payment card due to security or legal requirements.

Before uploading funds, the Client must ensure their withdrawal and spending limits align with their financial needs, as exceeding these limits is not permitted.

The Client should regularly verify uploaded payments against their records to ensure accuracy.

Uploads may be subject to transaction and currency conversion charges based on the chosen method and payment instrument.

Once funds are uploaded and credited to the Client’s PaYard Account, PaYard credits electronic money equal to the transferred amount, considering applicable currency exchange rates available in the Personal Account section. If the Client exceeds the allowed limits under the Terms, the transaction may be restricted or rejected.

9. Transactions: Sending and Receiving Funds

To initiate a payment, the Client must authorize the transaction using their login credentials and password received SMS. The Client is responsible for securing their electronic devices, passwords, access codes, and Strong Customer Authentication details, and PaYard is not liable for any unauthorized access resulting from the Client’s negligence or misconduct.

Each recipient of a payment must have a valid identifier that PaYard can use for verification.

If the Client is required to provide the recipient’s contact details, account information, or other identifying details, they must ensure accuracy. PaYard processes payments based solely on the provided unique identifier and is not responsible for errors made by the Client when entering recipient details.

If the recipient is registered with PaYard, the funds will be credited instantly to their PaYard Account, making the transaction irreversible.

Payments are subject to security and regulatory limits based on the Client’s account level. These limits can be viewed within the PaYard Account profile. The Client must ensure their limits cover the intended payment amount and any applicable Pricing, including service and currency conversion charges.

The transaction amount and any applicable Pricing will be deducted from the Client’s PaYard Account balance at the time of the transaction. If the balance is insufficient to cover both the payment and associated Pricing, the transaction will not be processed.

PaYard may decline to process a transaction if:

• The Client lacks sufficient funds to cover the transaction and applicable Pricing;
• The Client fails to pay applicable Pricing;
• The Client is found to be in breach of the Terms;
• The Client has not provided the requested compliance documents, if applicable;
• The transaction is deemed suspicious, fraudulent, or illegal based on PaYard’s assessment.

If a transaction is declined due to suspected fraud or illegality, PaYard will contact the Client unless prohibited by law. For all other refusals, PaYard will notify the Client by email without undue delay, explaining the reason and providing guidance on resolving any issues.

The Client should routinely reconcile their outgoing and incoming payments with their own records.

Sending payments is subject to Pricing, including possible currency conversion charges, depending on the payment type and account level.

All incoming payments are credited as follows:

• SEPA payments are credited based solely on the IBAN;
• SWIFT payments must include the Client’s PaYard ID in the payment details;
• CHAPS payments must contain the correct account details and Client identification;
• FAST payments require proper validation of the recipient’s details before processing.

Nevertheless, PaYard is entitled to request additional explanation before crediting the money to the Client PaYard Account in case the IBAN or Account Number and the Client’s name fail to relate to each other.

If the incoming payment does not contain any one or several of the indicators mentioned in this Articel or such indicators are unclear or inconsistent, PaYard shall not credit the amount to the Client’s PaYard Account and request the payer to provide clarifications. If the clarifications, which are satisfactory to PaYard, are not received within 10 (ten) business days following the day of the first request, PaYard shall return the payment to the payer. The fee for returning and investigating the payment shall be deducted from the amount of the money to be repaid.

Clear Junction (Authorised and regulated by the Financial Conduct Authority (FCA) as Electronic Money Institution under Firm Reference Number (FRN) 900684. Registered address: 6th Floor, Manfield House, 1 Southampton Street, London, United Kingdom, WC2R 0LR.) is payment service providers and our partner, facilitating financial transactions, including payment processing, currency exchange, and banking infrastructure for businesses and financial institutions. They offer services such as account management, cross-border payments, compliance solutions, and banking-as-a-service, enabling PaYard to provide secure and efficient financial services to Clients within the regulated financial ecosystem.

10. Funds Withdrawal

The Client has the right to withdraw all or a portion of the funds stored in their PaYard Account at any time. To initiate a withdrawal, the Client must log into their PaYard Account, complete the payment order, and specify the amount they wish to withdraw. If the withdrawal is processed through a payment service provider (such as the Client’s bank), PaYard is not responsible for the withdrawal once the funds are received by the Client’s payment service provider.

If a withdrawal request exceeds established limits or if additional verification is required for regulatory compliance or security purposes, PaYard may refuse the request and require the Client to submit identity and address verification documents before processing the withdrawal.

The Client must not withdraw funds to a bank account or payment instrument that they do not legally own. Any attempt to do so will be considered fraudulent. Receiving funds is subject to applicable Pricing, including currency conversion fees, depending on the payment method and PaYard Account type.

It is the Client’s responsibility to ensure that all payment details entered for withdrawals are accurate and complete. PaYard is not liable for funds sent to an incorrect payment instrument due to erroneous information provided by the Client. When withdrawing to a bank account, the Client must ensure that the account number, sort code, IBAN/account number, and/or BIC/SWIFT/other codes are correct. If funds are withdrawn to an incorrect account, the Client may request PaYard’s assistance in recovering the funds, but this service is subject to additional charges under the applicable Pricing, and PaYard cannot guarantee successful recovery.

PaYard reserves the right to conduct necessary compliance checks, including those related to money laundering, fraud, and terrorism financing, before authorizing any withdrawals. This also applies to the return of funds following the closure of a PaYard Account.

The Client should routinely reconcile withdrawal transactions with their own financial records.

Withdrawals may be subject to transaction fees and currency conversion fees depending on the selected withdrawal method and payment instrument.

11. Digital Assets Services

PaYard shall provide secure digital asset services, including the decentralized user-controlled wallet, in collaboration with its technology and compliance partners.

PaYard offers a decentralized user-controlled wallet service, facilitated by Fireblocks LLC, allowing Clients to store and manage their digital assets independently.

PAYARD PAY PLATFORM INC. operates under a Money Services Business (MSB) registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Our MSB registration number is MSB23662337, authorizing us to provide services related to currency exchange, including digital currency transactions. PAYARD PAY PLATFORM INC. adheres to all regulatory requirements set by FINTRAC, ensuring transparency, security, and compliance in all virtual currency dealings. By operating under the MSB framework, we are committed to upholding Canada’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations while providing reliable digital asset services.

PAYARD PAY PLATFORM INC. is not regulated in the European Union and is not required to implement MiCAR compliance measures. However, PaYard continues to monitor regulatory developments and ensures compliance with applicable laws in its jurisdiction.

We do not work with jurisdictions whose requirements we do not meet, users of such jurisdictions are fully responsible for their decision to use the services. For example, residents of the European Union and the United Kingdom are prohibited from using the services.

EU & other restricted jurisdictions’ Clients Disclaimer

• All clients who are nationals or residents of the European Union, the United Kingdom, or any other restricted jurisdictions enter into a contractual relationship with PaYard exclusively on their own initiative.
• PaYard neither conducts nor has conducted any form of solicitation, promotion, or targeted marketing within the territory of the European Union, the United Kingdom, or any other restricted jurisdictions, nor towards their citizens or residents.
• PaYard does not provide any crypto-related services other than those explicitly and formally requested by the Client. Any use of the services is undertaken by the Client at their sole risk and responsibility.
• The Client bears full and exclusive responsibility for ensuring compliance with all applicable financial, tax, and regulatory requirements in their respective jurisdiction. PaYard assumes no liability for any breach by the Client of such requirements.
• By using PaYard’s services, the Client undertakes to act in full compliance with all applicable laws and regulations. The Client further acknowledges and accepts that safeguarding their assets, transactions, access credentials, and any other personal security-related information associated with PaYard’s services rests solely with them.

Clients have the right to use PaYard’s decentralized user-controlled wallet for storing, sending, and receiving digital assets.

Clients acknowledge that they have full control over their digital assets and private keys, and PaYard shall not be liable for any loss resulting from mismanagement, unauthorized access, or third-party breaches.

Clients agree to comply with all applicable laws and regulations governing digital asset transactions in their respective jurisdictions.

Clients must provide accurate and complete information when using PaYard services and update their details as necessary.

Clients shall not use PaYard services for illegal activities, including money laundering, fraud, or financing terrorism, as defined in these Terms and Compliance Policies.

PaYard may conduct compliance checks to ensure that transactions comply with anti-money laundering and counter-terrorism financing regulations.

Limitation of Liability for the Use of Digital Currencies

• PaYard does not hold or control Clients’ private keys and shall not be responsible for any unauthorized access, loss, or theft of digital assets.
• PaYard reserves the right to suspend or terminate services to Clients who violate the terms of this agreement or applicable laws.
• PaYard does not guarantee the stability, security, or value of any digital currencies used within its platform.
• Clients acknowledge that digital asset transactions are highly volatile, and PaYard is not liable for any financial losses incurred due to price fluctuations, regulatory actions, or market instability.
• PaYard shall not be responsible for any technical failures, network downtime, or interruptions that may affect digital asset transactions.
• Clients assume full responsibility for safeguarding their login credentials, private keys, and transaction details. PaYard shall not be held liable for any losses resulting from unauthorized access or third-party actions.
• PaYard does not provide investment advice, financial recommendations, or assurances regarding the future value of digital assets.
• PaYard reserves the right to suspend or restrict digital asset services in compliance with legal and regulatory obligations, and it shall not be liable for any consequences arising from such actions.

The availability of digital assets or fiat currencies for any transaction type does not guarantee that such assets will remain available in the future. Clients are solely responsible for regularly monitoring the supported assets and currencies listed on PaYard’s platform. PaYard does not guarantee continued support for any digital asset or fiat currency, regardless of whether the Client is engaged in time-sensitive transactions, such as trades, deposits, or withdrawals involving that asset.

PaYard reserves the right to discontinue the support of any digital asset or fiat currency, with or without prior notice. In such cases, PaYard may take necessary actions, including cancelling trade instructions, restricting usage, or requiring Clients to withdraw the discontinued assets from their accounts within a reasonable timeframe. Failure to withdraw discontinued assets may result in their removal from the account.

Under no circumstances shall PaYard be held liable for any direct or indirect losses, damages, or costs incurred by the Client due to the discontinuation of support for any digital asset or fiat currency. Any actions or decisions made by PaYard in connection with asset or currency support are governed by this agreement.

Clients acknowledge and accept the inherent risks associated with the use of digital assets and electronic currencies. By choosing to engage in transactions involving such currencies, Clients agree to assume full responsibility for any financial losses, technical errors, or regulatory implications. Clients are encouraged to educate themselves on the nature of digital assets, including their volatility, security considerations, and applicable laws, and also agrees with all possible steps of PaYard that may be required from time to time for compliance and verification.

12. Currency Conversion Terms

The Client may convert funds held in their PaYard Account into other currencies supported by PaYard. Converted funds can be retained within the Client’s account or transferred to other accounts. PaYard exclusively facilitates non-cash currency conversions.

The applicable exchange rate for currency conversions is displayed in the Client’s Personal Account. To execute a currency exchange, the Client must place an order through the Personal Account and agree to the applicable pricing. Transaction history, including currency exchanges, is always accessible in the Personal Account.

Once a currency exchange order has been submitted by the Client, it cannot be canceled.

PaYard shall not be held responsible for any losses incurred by the Client as a result of currency conversion activities.

PaYard disclaims liability for:

Inability to process payment transactions in the converted currency;

Payment transactions in the converted currency being returned to the Client. In such cases, the Client may retain the returned currency or convert it back to the original currency. Each action constitutes a separate transaction subject to applicable pricing.

The Client acknowledges and accepts the inherent risks associated with holding balances in multiple currencies, including:

• Foreign exchange rates are subject to fluctuations beyond PaYard’s control;
• Historical trends in foreign exchange rates are not indicative of future performance.
• The Client agrees not to utilize PaYard services for speculative trading activities involving foreign currencies.

Currency conversion services are subject to applicable pricing as outlined in the "Pricing" section. The Client is responsible for reviewing all fees before initiating any currency exchange.

PaYard reserves the right to update or amend these terms as necessary to align with regulatory changes, market conditions, or internal policies.

13. Card Services

Issuance

PaYard provides Clients with a debit Card linked to their PaYard Account, allowing transactions within the available balance and set limits. The Cardholder must comply with all applicable Terms, including PaYard’s Privacy Policy and Pricing.

The Cards provided through the PaYard platform are issued by Intercash, a duly licensed financial institution authorized to operate in multiple jurisdictions. The issuance and use of the Cards are subject to applicable laws, regulations, and compliance requirements in the respective issuing countries.

The issuance of Cards is currently permitted for residents of the following jurisdictions, subject to periodic review and regulatory updates: Aland Islands, Andorra, Austria, Australia, Bear Island, Belgium, Bulgaria, Cambodia, Channel Islands, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Faeroe Island, Finland, France, Germany, Gibraltar, Greece, Greenland, Hong Kong, Hungary, Iceland, Ireland, Israel, Isle of Man, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Monaco, Netherlands, New Zealand, Norway, Philippines, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom, and Vietnam.

The list of permitted issuing countries is subject to periodic review and may be amended at the sole discretion of Intercash and/or PaYard, based on regulatory changes, risk management policies, and compliance requirements. Any such amendments will be communicated to Clients through the Website or other official communication channels.

The issuance of Cards in any jurisdiction not listed above is strictly prohibited unless explicitly authorized in writing by Intercash and/or PaYard. Clients are responsible for ensuring that their use of the Cards complies with the legal and regulatory requirements of their country of residence. In the event of changes to the regulatory framework that impact the issuance or use of the Cards, PaYard shall provide reasonable notice to affected Clients regarding any restrictions, suspensions, or terminations of Card services in specific jurisdictions.

To order a Card, the Client must ensure sufficient funds in their PaYard Account to cover issuance and delivery fees. PaYard reviews applications and issues Cards within a standard processing period 3 (thee) business days, though unforeseen circumstances may cause delays. Delivery time schedule for physical cards is depended of destination and chosen method of delivery.

PaYard issues Cards in both physical and virtual formats. Virtual Cards are available through the Client’s Personal Account and do not have a PIN. Physical Cards are sent via delivery and require activation through the Personal Account. The first transaction using the PIN code must be made at an ATM or POS terminal to enable full functionality.

For security, PaYard provides Cards with PIN protection, and Cardholders may update their PIN via the Personal Account. If a Card remains inactive for six months, PaYard may revoke it without refunding any applicable fees.

The Card can be used for payments, purchases, transactions, and ATM withdrawals. Clients are responsible for safeguarding their Card details and must ensure that unauthorized parties do not access them.

The expiry date of the Card shall be indicated on the Card (based on “mm/yy” format). The Card shall be valid by the last day of the specified month (inclusive).

Upon expiration of the Card, PaYard shall produce and issue a new Card to the Client, with a new expiry date, except in the following cases:

• The Client submits a written application for termination of the Agreement at least 1 (one) whole month before the expiry date of the Card, by informing PaYard in person or through the use of the Personal Account;
• Unauthorised Debit Balance occurs on PaYard Account;
• The positive balance of PaYard Account is less than the Card issuance fee, as set in the Fees.

The renewed Card shall be issued and delivered to the Cardholder to the delivery address and by using the same delivery method indicated by Client for the expiring (or previously issued) Card delivery address, unless the Parties agree otherwise in written.

PaYard shall be entitled to refuse renewing the Card upon its expiration and to refuse continuation of the Agreement on the same terms if:

• The Cardholder has not used the Card for executing any Transactions within the last 180 (one hundred eighty) days;
• Unauthorised Debit Balance occurs on the PaYard Account;
• PaYard Account is arrested, settlement operations are suspended, or funds are
• deducted from the account in the cases specified in the regulatory enactments any territory.

Upon termination of the Agreement by PaYard Pay or the Client, the Client shall repay to PaYard Pay the Card usage fees pursuant to the Agreement and the Fees.

The Card is a debit card and can be used for payments and ATM withdrawals. The Client can add funds to the PaYard Account, with details on funding available in the Terms. While multi-currency balances may be held in the PaYard Account, the Card is linked to a single currency.

PaYard may unilaterally suspend a Card if the Cardholder violates the Agreement or if unusual transactions are detected. If the Cardholder confirms a flagged transaction as legitimate, PaYard may restore the Card. Suspension may also occur upon request from authorities or under applicable laws. In such cases, the Client must return the revoked Card to PaYard.

Security Measures

The Cardholder shall keep the Card so that it is not physically accessible to any third parties, so that any Card details including Card Number, Card expiry date and CVV code are not exposed to other parties, unless directly required for the purposes of conducting the Transaction.

The Cardholder shall not store in any form the PIN code together with the Card. The violation of this provision shall be considered a gross negligence on the part of the Cardholder.

The Cardholder shall safely store and use the Card, protecting it from mechanical or electronic damage.

PaYard may revoke or restrict Card usage if security concerns arise, including suspected fraud or regulatory compliance issues. In such cases, PaYard assumes no liability for transaction delays, declined payments, or other inconveniences arising from security measures.

All physical PaYard Cards are inactive upon issuance and must be activated through the Personal Account. Virtual Cards are active immediately upon issuance. If the Card envelope is damaged or there are suspicions of unauthorized access, the Cardholder must not activate it and should immediately notify PaYard to request a replacement. The received Card must be destroyed.

Use of the Card

Only the Cardholder whose name appears on the Card may use it. The Card must not be transferred or shared with others. It can be used for transactions at merchants that accept Card payments, including online and remote purchases.

The Cardholder must ensure transactions do not exceed available funds or transaction limits. Clients may request a change to their limits via the Personal Account, but PaYard reserves the right to deny such requests. The Card may be used with a PIN, an Additional Security System, or contactless functionality, depending on the merchant’s setup. Transactions authorized through these means are considered final and irrevocable.

The Card cannot be used for prohibited transactions under applicable laws and regulations. If a transaction exceeds the available balance, it will be declined. If an unauthorized debit balance occurs, the Client must immediately replenish the PaYard Account.

The Cardholder must verify transaction amounts before authorizing payments. If an incorrect PIN is entered three times in a row, the Card may be suspended or blocked and must be replaced.

The Cardholder must stop using the Card if requested by PaYard and return or destroy expired Cards. Card details must not be stored or transmitted unless necessary for completing transactions.

PaYard may adjust fees, including those related to currency conversion. If the transaction currency differs from the Card’s currency, conversion fees will apply based on exchange rates.

By using the Card, the Client agrees to provide personal identification details when contacting PaYard Support for verification purposes.

Transactions Using the Card

PaYard is not responsible for the quality, safety, legality, or any other aspect of any goods or services purchased with the Card. PaYard is not liable for any loss arising from any Merchant refusing to accept the Card, ATM technical problems and inability to withdraw cash or delays in payments that are processed by third parties.

Card transactions are executed using the funds available in the PaYard Account in the designated Card currency. If funds are held in a different currency, the Client must convert them before use. If a transaction is made in a different currency, the funds will be converted at the applicable exchange rate determined by PaYard, with an additional percentage mark-up fee applied by PaYard.

By authorizing a transaction, the Client agrees to the exchange rates and applicable fees and cannot dispute transactions based on the applied exchange rate. Transactions are considered authorized when the Cardholder provides required credentials, such as Card details, PIN entry, or contactless payment. Such authorization is legally binding and cannot be revoked. If a transaction is disputed, the Cardholder must provide supporting documentation to PaYard for review.

If a transaction can’t be executed without sufficient funds in the PaYard Account. The Client is responsible for ensuring funds remain available until the final transaction settlement is completed.

The Client must maintain sufficient funds in the PaYard Account to cover all applicable fees, including transaction fees, currency exchange fees, and monthly Card maintenance fees, which apply from the second month after Card issuance. PaYard reserves the right to withhold fees directly from the Client’s PaYard Account without additional approval.

For withdrawals, PaYard may perform a currency exchange at its approved rate if necessary.

Loss or Suspension of the Card

If the Card, or the device storing the digital version, is lost, stolen, or accessed by unauthorized third parties, or if the Card is retained in an ATM, the Cardholder must immediately block it via the Personal Account or contact PaYard Support. Support services carried out strictly during PaYard's business hours, as indicated on the Website. The Cardholder must not reactivate a blocked Card if there is any risk that the PIN or Card details were compromised. The Client assumes full responsibility for transactions made with a reactivated Card. The fees may apply as indicated in the pricing.

At the Cardholder’s request, PaYard can suspend the Card, and digital features can be managed through the PaYard account . Reactivation of digital features can also be done via the Mobile App or by contacting PaYard Support. The fees may apply as indicated in the pricing.

Accountability and Risk Acknowledgment

The Client must comply with the Terms and ensure that the Cardholder adheres to them as well. At least once a month, the Client should review all transactions in the Personal Account and report any unauthorized transactions to PaYard. PaYard is not liable for any unauthorized or erroneous transactions if the Client fails to report them promptly.

If the Card is issued or used based on false or misleading information, the Client assumes all liability. Any unauthorized use, theft, or loss must be reported immediately but no later than 13 (thirteen) months after the debit date. If a transaction is disputed, physical use of the Card may serve as evidence of authorization or failure to secure the Card.

PaYard is not responsible for losses due to unauthorized transactions resulting from the Client’s failure to protect authentication tools, login credentials, or the Card. The Client is responsible for all transactions made by the Cardholder.

If an unauthorized debit balance occurs, the Client must immediately add funds. PaYard reserves the right to deduct owed amounts from any of the Client’s PaYard Accounts. Debts can be recovered at any time, including conversion using PaYard's approved exchange rate.

PaYard is not liable for non-execution or errors caused by incomplete or incorrect transaction orders, third-party faults, or communication failures. PaYard is not responsible for merchants refusing to accept the Card, the quality of purchased goods or services, or third-party restrictions affecting the Cardholder.

By accepting the Terms, the Client acknowledges the risks associated with Card usage, including potential communication or technical errors that may disrupt transactions, except in cases of PaYard’s gross negligence. Neither party is responsible for non-fulfillment of obligations due to Force Majeure. PaYard is not liable for any business losses, revenue loss, reputational damage, or missed opportunities resulting from the Client's use of the Card, even if such risks were foreseeable.

General Provisions

14. Pricing

PaYard's pricing structure depends on whether the Client is using the PaYard Account for personal or business purposes.

Transaction-related pricing details can be accessed anytime in the “Pricing” section or in the Personal Account. Additional charges may apply to PaYard Accounts used for business purposes. The Client is encouraged to print or download a copy of the Pricing section alongside the Terms. The Pricing section is an integral part of the Terms and may be updated. In certain circumstances, additional charges may apply.

Transactions involving currency conversions are subject to applicable fees. If the Client makes a payment from a PaYard Account denominated in one currency to a PaYard Account in another currency, the Client will be given an option to pay either in the currency of their PaYard Account or in another currency. If the Client selects the currency of their PaYard Account, the recipient will cover the conversion fee into their currency. If the Client chooses the recipient's currency, the Client will pay for the currency conversion. If the Client selects a currency that is neither the currency of their PaYard Account nor the recipient’s, the Client will cover the fee for converting to the payment currency, and the recipient will cover the conversion into their PaYard Account currency.

For every currency conversion, PaYard applies its own exchange rates, which are available in the “Pricing” section of the Personal Account. These exchange rates may be updated immediately and without prior notice.

Pricing is expressed either as a percentage of the transaction or as a fixed amount in EUR/USD/GBP, which may change depending on the amount and/or currency. If pricing amounts are displayed in a currency other than EUR/USD/GBP, this is for informational purposes only. If fees are deducted from a balance or transaction in a different currency, the EUR/USD/GBP fee will be converted into the applicable currency based on PaYard’s exchange rates available in the “Pricing” section.

All applicable pricing will be deducted directly from the Client’s PaYard Account balance, and the Client authorizes PaYard to do so. Transaction fees are charged at the time of execution. If the PaYard Account balance is insufficient to cover applicable charges, PaYard may decline to process the transaction.

If the Client does not have sufficient funds to cover the required pricing and fails to add funds immediately, PaYard reserves the right to deduct the amount from any of the Client’s PaYard Accounts.

15. Duration & Changes to the Terms

The Terms remain in effect until they are replaced or terminated by PaYard.

The Terms shall be concluded for an indefinite period. The expiry date of the Card shall not be deemed as the expiry date of the Terms, except in cases stipulated in the Terms.

The Client shall have the right to unilaterally withdraw from the Terms at any time upon full completion of their obligations under the Terms, by submitting a prior application to PaYard, which shall be accompanied by all Cards linked to the PaYard Account. Such an application shall be deemed as the Client’s request to PaYard to terminate further execution of the Terms from the moment of receipt of such an application.

Notwithstanding the aforementioned, the Terms may be terminated only upon full completion of obligations under the Terms, but not earlier than 30 (thirty) days from the date on which the termination application is submitted to PaYard.

The Terms may also be terminated at any time upon mutual consent of the Parties.

PaYard shall be entitled to unilaterally terminate the Terms immediately by giving notice to the Client at any time if:

• The Client fails to fulfill any of their obligations towards PaYard mentioned in the Terms, Privacy Policy, or any other conditions and documents (supplements, agreements, rules, declarations, etc.), including but not limited to, information on the Website, which constitute the legal relationship between the Client and PaYard;
• The agreement on PaYard Account maintenance is terminated;
• The Client violates any applicable legislation while conducting Transactions;
• PaYard becomes aware of an unacceptable reputation of the Client or the Client causes financial, reputational, or any other sort of damage towards PaYard;
• The Client attempts or performs fraudulent actions against PaYard or any of its Clients;
• The Client submits false or improper documents or false or incomplete information to PaYard;
• PaYard becomes aware or suspects that the Client has performed or attempted to perform actions aimed at money laundering, terrorist financing, or other criminal offenses;
• Claims are raised by third parties in relation to funds on the PaYard Account or any other account opened on behalf of the Client or directly or indirectly related to the Client with PaYard;
• by sole PaYard decision with 5 (five) days' prior notice.

PaYard may terminate the Terms unilaterally at any time by giving prior notice to the Client.

If PaYard withdraws from the Terms, the Client shall, upon receipt of PaYard’s notification, execute in full the due payments under the Terms within the term specified in the notice.

PaYard reserves the right to modify the Terms and any additional conditions that may apply. Any changes will be implemented with prior notice as outlined in this section.

PaYard may amend the Terms unilaterally by providing the Client with prior notice via email to the primary email address registered with the PaYard Account.

Changes take effect on the date specified by PaYard. Amendments that are more favorable to the Client take immediate effect if stated in the change notice. Updates to exchange rates come into effect immediately without prior notice, and the Client has no right to object to such changes.

If the Client does not agree with the amendments, they must notify PaYard before the changes take effect. In such cases, the Client may contact Customer Service to discuss a resolution. If no agreement is reached, the Client’s PaYard Account will be closed, and cooperation terminated.

The latest version of the Terms replaces all previous versions unless explicitly stated otherwise.

If PaYard introduces new products or services that do not alter the existing Terms of the Client’s PaYard Account, PaYard may notify the Client and add the new product or service immediately.

16. Client’s Data

The processing of Client data is governed by the Privacy Policy, which is available on the Website. By accepting the Terms, the Client also agrees to the terms outlined in the Privacy Policy. The Client is encouraged to print and retain a copy of both documents for reference.

By default, the Client will receive email newsletters containing information on new product features, events, promotions, and special offers. By accepting the Terms, the Client consents to receiving these newsletters regularly. If the Client wishes to opt out, they may do so at any time by contacting Support, as provided in each email.

All relevant Client data is stored and updated electronically in accordance with legal requirements.

The Client acknowledges that PaYard processes personal and other data in compliance with the General Data Protection Regulation (GDPR) and other applicable laws. PaYard may process personal data of the Client, its representatives, authorized persons, beneficial owners, and other related third parties. Processing activities include the collection, registration, input, storage, modification, use, transfer, disclosure, blocking, or deletion of data. The Client is responsible for obtaining consent from all individuals whose personal data they provide to PaYard.

The purpose of data processing includes compliance with legal and regulatory requirements, Client registration, the provision and maintenance of PaYard services, employee and asset security, and other lawful business interests of PaYard. PaYard serves as the Personal Data Controller.

17. Prohibited Activities and Jurisdictions

PaYard has its own compliance policies to prevent the risks of money laundering, terrorist financing and the use of services for dangerous and/or illegal activities. For security reasons, they are not published in the public domain at the request of the Chief Compliance Officer.

However, to ensure transportability in compliance with the principle of due diligence, the following activities are prohibited when using PaYard services. It is strictly prohibited to send or receive payments for goods or services related to child exploitation, violent or hate-related content, weapons and firearms, unlicensed gambling, counterfeit or copyright-infringing goods, tobacco products, subscription-based services with automatic renewals requiring negative response cancellations, services exceeding one year in length, direct marketing schemes relying on unclaimed incentives (“breakage”), multilevel marketing, unauthorized supply chain manipulation (“up supplying”), grey market transactions exploiting regulatory loopholes, telemarketing services (both inbound and outbound), reverse auctions, raffles, prize draws, pyramid schemes, and any services that facilitate illegal activities, environmentally destructive businesses, trade in protected species, counterfeit goods, religious organizations, unlicensed money transfer services (such as Hawala), bearer share companies, unregulated businesses requiring licenses, pyramid or Ponzi schemes, conflict diamond trading, adult content (including live streams, webcams, and offensive material), boiler room frauds, land banking, carbon trading, political parties, offshore banks, businesses involved in adult entertainment, illegal drug paraphernalia, and entities associated with terrorism, such as Al-Qaida, the Taliban, and those listed under the Justice for Victims of Corrupt Foreign Officials Act. PaYard reserves the right, at its sole discretion, to expand this list.

PaYard Account at any time or refuse to execute or reverse a transaction if PaYard believes that the Client directly or indirectly use or have used PaYard Account for or in connection with illegal gambling transactions. This list is not exhaustive, and it is the Client’s responsibility to ensure that the Client does not use PaYard services for transactions that may be considered illegal in the Client’s jurisdiction.

The Client may not use PaYard services if the Client is residing in any of the countries of FATF blacklist, OFAC Sanctions List and other countries mentioned in various sanction lists or in recommendations of regulating authorities against cooperation. This list is not exhaustive and PaYard may decide in its sole discretion to discontinue or restrict PaYard’s services in other countries at any time and without prior notice. PaYard reserves the right to suspend or terminate PaYard Account at any time if PaYard reasonably believe to be required to do so by law or in order to comply with recommendations issued by a relevant government authority or recognised body for the prevention of financial crime.

It is strictly forbidden to use PaYard Account for any illegal purposes including but not limited to fraud and money laundering. PaYard will report any suspicious activity to the relevant law enforcement agency. The Client is prohibited from using PaYard Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.

If the Client conducts or attempts to conduct any transaction in violation of the prohibitions contained in this section, PaYard reserves the right to: reverse the transaction; and/or close or suspend PaYard Account; and/or report the transaction to the relevant law enforcement agency; and/or claim damages from the Client; and charge the Client a fee according to applicable Fees, in case PaYard applies any of the above.

It is the Client’s and not PaYard responsibility to ensure that the Client only sends payments to or receive payments from persons or entities for the sale or supply of goods and services that the Client may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through PaYard Account is not an indication of the legality of the supply or provision of their goods and services. If the Client is in doubt as to the legality of a supply or purchase, the Client should not continue with the Client’s payment. It is the Client’s and not PaYard responsibility to ensure bank account details are entered correctly to avoid payment errors and any charges.

Platform User Conduct

Users of the Platform (“Users”) are required to engage in lawful and respectful conduct while accessing and using the site's services. This includes:

• Compliance with Laws: Users must adhere to all applicable local, national, and international laws and regulations.
• Prohibited Activities: Users are prohibited from engaging in fraudulent, abusive, or harmful activities, including but not limited to hacking, spreading malware, phishing, and spamming.
• Respectful Interaction: Users must respect the rights and dignity of others, avoiding behavior that is threatening, harassing, or discriminatory.
• Intellectual Property: Users must not infringe upon the intellectual property rights of others, including copyright, trademark, and patent laws.
• Confidentiality: Users must respect the confidentiality of any information they may acquire about other users or the company's operations.

Violation of these conduct guidelines may result in suspension or termination of access to the website and its services.

Intellectual Property Rights

The content, including text, graphics, logos, icons, images, audio clips, digital downloads, and software on the website, is the property of the Company its content suppliers and is protected by international copyright and intellectual property laws. Users are granted a limited license to access and make personal use of this site but are not allowed to download (other than page caching) or modify it, or any portion of it, except with express written consent of the Company. This license does not include any resale or commercial use of this site or its contents; any collection and use of any product listings, descriptions, or prices; any derivative use of this site or its contents; any downloading or copying of account information for the benefit of another merchant; or any use of data mining, robots, or similar data gathering and extraction tools. The PaYard name and logos and all related product and service names, design marks and slogans are the trademarks or service marks of PaYard or its affiliates or suppliers. All other marks are the property of their respective companies. No trademark or service mark license is granted in connection with the materials contained on this site. Access to this site does not authorize anyone to use any name, logo, or mark in any manner.

18. Communication

PaYard communicates with Clients via email, Personal Account, or telephone. The Client must maintain at least one valid email address in their PaYard Account profile and check messages regularly. Emails may contain links to further communication within the Personal Account. Any communication sent via email or Personal Account will be deemed received on the same day if sent before 1:00 pm Canadian time on a Business Day. If sent after 1:00 pm Canadian time or on a non-Business Day, it will be deemed received on the next Business Day.

The Client agrees that PaYard may use the email address, postal address, and phone number provided upon registration and verification to inform the Client about PaYard services. The Client must provide additional details upon request via the Personal Account or other means.

For legal validity, PaYard will only recognize communication via the Personal Account, official PaYard emails (ending @payard.io), or official PaYard telephone numbers as provided during onboarding or later updates. Any communication outside these channels is at the Client’s own risk and shall not be legally binding on PaYard.

Where required by law, PaYard will provide information on a durable medium, either via email (with or without attachments) or by notifying the Client within the Personal Account in a manner allowing permanent retention. Clients should retain copies of all communications from PaYard.

PaYard communicates in English but allows Clients to select a preferred language from supported options in their PaYard Account profile. Automated emails and notifications regarding changes to the Terms will be sent in the selected language. Non-standard communications may still be conducted in English. Translations of documents or communications in other languages are for convenience only and do not create an obligation for PaYard to communicate in those languages.

Any communication sent by post will be deemed received four (4) days after posting for domestic mail and seven (7) days for international mail.

19. Complaints Handling Terms

PaYard is committed to providing transparent and efficient procedures for handling Client complaints. This Articel outlines how complaints are addressed in compliance with regulatory requirements.

Clients experiencing issues should first reach out to their Account Manager. If the matter is not resolved or involves the Account Manager, complaints can be submitted via email to support@payard.io.

Once a complaint is received, it is logged in the system and assigned to a team member who was not directly involved in the matter. This individual will have the authority to resolve the complaint or access someone with decision-making power.

PaYard steps in resolving complaints:

• Acknowledgment of receipt is sent within five business days via email or post.
• A thorough investigation is conducted, and a response is provided.
• If the Client is dissatisfied, they may provide further comments, ensuring all concerns are considered.
• A final response is issued, detailing PaYard’s position and conclusions.
• If the resolution is not satisfactory, the Client may escalate the complaint to an external dispute resolution body where applicable.

PaYard aims to resolve complaints and issue a final response within 30 (thirty) days. In exceptional cases where additional time is needed, the Client will be informed of the delay and the expected resolution date. A final response will be provided within 45 (forty five) business days at the latest.

If the Client remains dissatisfied with PaYard’s final response, they may have the option to escalate the complaint to the appropriate regulatory or ombudsman service, depending on jurisdictional requirements. Specific conditions may apply, including eligibility criteria and time limits for escalation.

In compliance with regulatory obligations, PaYard maintains records of all complaints received and the actions taken for resolution. These records are retained for a minimum of three years from the date of the complaint.

20. Liability and Indemnification

If an unauthorized or incorrectly executed payment occurs due to an error by PaYard, the Client may request an immediate refund, including any fees deducted. However, this does not apply if:

• The Client fails to notify PaYard without undue delay after becoming aware of any security compromise affecting their PaYard Account, in which case the Client remains liable for losses incurred until notification is provided.
• The Client has compromised the security of their PaYard Account intentionally or through gross negligence, making them solely responsible for all resulting losses.
• The Client does not dispute the unauthorized or incorrect transaction within 13 (thirteen) months from the transaction date.

If a transaction occurs after the Client has notified PaYard (taking into account the reasonable time that the support service may need to prevent the risk) about a security compromise, PaYard remains liable and will refund any unauthorized transaction immediately.

Clients are advised to regularly check their transaction history and contact Customer Service if they have any concerns. In cases of incorrect or misdirected payments, PaYard will take reasonable measures to assist in tracing and recovering such payments.

The Client agrees to indemnify and hold PaYard harmless from any claims, expenses, or costs (including legal fees, fines, or penalties) arising from their breach of the Terms, applicable laws, or misuse of services. This obligation continues after the termination of the Client's relationship with PaYard.

If the Client is a legal entity, the authorized officer(s) confirm they have full authority to act on behalf of the entity and acknowledge that PaYard must not be used for transactions related to:

• Sales under a different trade name or business affiliation than stated in the application.
• Any transactions that violate applicable laws, ordinances, or regulations.

21. Limitations of Financial Liability

PaYard’s financial liability to the Client is strictly limited unless otherwise required by applicable law. In no event shall PaYard be liable for any indirect, incidental, punitive, or consequential damages, including but not limited to loss of profits, business interruption, or reputational harm, even if the possibility of such damages was known.

PaYard’s liability for any claims related to the use of its services shall be limited to a maximum amount of the minimum amount established by applicable law..

If applicable law mandates a different liability standard, PaYard’s financial liability shall be limited to the minimum extent required by such law. PaYard does not assume liability for losses resulting from legal or regulatory changes, currency fluctuations, system outages, force majeure events, or third-party service providers' actions beyond its control.

The Client acknowledges that PaYard is not responsible for the financial consequences of unauthorized transactions, errors, or losses arising from the Client’s failure to maintain account security, notify PaYard of suspicious activity, or comply with the Terms.

These limitations apply to the fullest extent permitted by applicable law and remain in effect after the termination of the Client’s relationship with PaYard.

PaYard is not liable for service disruptions or impairments caused by abnormal or unforeseeable circumstances beyond its control or those of its intermediaries, including errors, failures, malfunctions of software, including that supplied by Cratech LTD (A. Kimonos 2, 1st floor, Flat/Office 1, 3095, Limassol, Cyprus). Additionally, PaYard is not responsible for any indirect or consequential losses, including but not limited to loss of profit, business, or reputation. Compliance with legal and regulatory obligations does not make PaYard liable for any resulting losses.

PaYard’s obligations under the Terms are limited to providing the Client with PaYard Account services. PaYard does not endorse or take responsibility for the quality, safety, or legality of goods or services purchased using PaYard. Disputes regarding such purchases must be resolved directly with the merchant. Once a transaction has been processed, it cannot be reversed by PaYard.

PaYard is not responsible for assessing or paying any taxes, duties, or other charges arising from transactions between the Client and another PaYard customer.

22. Force Majeure

PaYard shall not be held liable for any failure or delay in performing its obligations under these Terms due to circumstances beyond its reasonable control, including but not limited to:

• Acts of God, natural disasters, earthquakes, floods, fires, hurricanes, or other extreme weather conditions.
• Pandemics, epidemics, public health emergencies, or government-imposed quarantines.
• War, military conflicts, invasions, hostilities (whether war is declared or not), terrorist attacks, civil unrest, riots, or protests.
• Strikes, labor disputes, industrial actions, or lockouts affecting PaYard or its service providers.
• Government actions, sanctions, embargoes, changes in laws, regulatory restrictions, or currency controls.
• Power failures, breakdown of infrastructure, transportation blockages, fuel shortages, or supply chain disruptions.
• Telecommunications or internet failures, system outages, cyberattacks, hacking, or other disruptions in digital infrastructure, including errors, failures, malfunctions of software,.
• Bank failures, payment system collapses, or insolvency of financial institutions affecting PaYard’s ability to process transactions.
• Freezing of accounts or assets due to regulatory orders, investigations, or court mandates.
• Any other event beyond PaYard’s reasonable control that prevents it from fulfilling its obligations.

In the event of a force majeure situation, PaYard shall make reasonable efforts to mitigate the impact on its services and resume normal operations as soon as possible. However, PaYard shall not be responsible for any losses, damages, or liabilities incurred by the Client due to such events. The Client acknowledges that interruptions caused by force majeure events may impact transactions, withdrawals, deposits, or other services without prior notice.

If a force majeure event continues for a prolonged period, PaYard reserves the right to suspend or terminate affected services without liability. Any obligations suspended due to force majeure shall be resumed once the force majeure event ceases, provided it is feasible.

These limitations apply to the fullest extent permitted by applicable law and shall remain in effect regardless of the duration or severity of the force majeure event.

23. Miscellaneous

Enforceability

If any provision of these Terms is found to be invalid, illegal, or unenforceable by a competent court or regulatory authority, the remaining provisions shall continue in full force and effect. Any unenforceable provision shall be replaced by a valid provision that reflects as closely as possible the original intent of the parties. If any part of the Terms and Conditions is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms and Conditions, which shall continue to be valid and enforceable fully permitted by law.

Survival

Any obligations or rights under these Terms that by their nature should survive termination, including but not limited to disclaimers, limitations of liability, indemnities, confidentiality obligations, and dispute resolution provisions, shall continue to apply after the termination of the Client’s relationship with PaYard.

Assignment

The Client may not assign or transfer any of its rights or obligations under these Terms without PaYard’s prior written consent. PaYard may assign, transfer, or delegate its rights and obligations under these Terms to any affiliate, subsidiary, or third party without requiring prior consent from the Client. Such assignment will not affect the rights and obligations of the Client under these Terms.

These provisions ensure the continued enforceability of the Terms, the survival of key obligations, and the ability of PaYard to transfer its rights when necessary.

Governing Law

These Terms and any disputes or claims arising out of or in connection with them shall be governed by and construed in accordance with the laws of Canada, without regard to its conflict of law principles. Any legal actions, proceedings, or disputes shall be subject to the exclusive jurisdiction of the courts of Canada.

Contact Information

For any questions, concerns, or legal notices related to these Terms, Clients may contact PaYard through the following channels:

Email: support@payard.io

Official Website: www.payard.io

Registered Address: 208-14993, 101A AVE, SURREY, British Columbia, V3R OT1, CANADA.

PaYard reserves the right to update contact details or communication methods as necessary, with such updates being reflected in these Terms.