Payloo Payment Card Terms and Conditions
Last updated: April 6, 2025
These Terms and Conditions are entered into by and between you and Payloo Ltd, a company registered in Armenia with its registered address at 16 Yekmalyan Street, Belize City, Belize, with which your Account is held (referred to herein as "Payloo"), and govern your use of the Payloo Payment Card.
Payloo operates in compliance with applicable financial regulations in Armenia and has notified relevant authorities where required under applicable laws. By ordering a Payloo Payment Card, you agree to be bound by these Terms and Conditions, and you should therefore read them carefully. If you have any questions regarding these Terms and Conditions, please contact [email protected].
1. Definitions and Construction
Account: Means the corresponding Payloo account consisting of one or more Currency Wallets that together comprise your Usable Balance.
Applicable Law: Means any law, rule, statute, regulation, by-law, order, ordinance, code, guideline, treaty, policy, notice, direction, or judicial, administrative, or regulatory judgment, award, decree, directive, or other requirement or guideline in force at any time, which applies to or governs any person (including all parties to these Terms and Conditions), property, transaction, activity, event, or matter, including any rule, order, judgment, directive, or guideline issued by any governmental or regulatory authority in Armenia or elsewhere as applicable.
Appointed Processor: Means a third party appointed by Payloo for the purposes of collecting and using KYC Information.
ATM: Means an automated teller machine that accepts the Card for cash withdrawals and balance enquiries.
Automated Currency Transfer: Means the automatic transfer of funds from one Currency Wallet to another with sufficient funds to allow a transaction to be completed (currently not supported).
Card: Means the Payloo physical payment card issued and available to you for your use, upon activation and subject to you verifying your Account.
Card Issuer: Means Payloo Ltd, a company registered in Armenia with its registered address at 16 Yekmalyan Street, Belize City, Belize.
Card Replacement Fee: Means the applicable fee for issuing a replacement card, if applicable, as stated in the Fees Section.
Conversion Rate: Means the applicable exchange rate determined by Payloo from time to time and set out in the Fees Section. For major currencies during FX market hours, the standard exchange rate will generally be the interbank rate. However, this may vary when the FX market is closed (e.g., weekends or public holidays), for illiquid currencies, or due to external factors such as volatile market conditions or system failures. You will be informed of the exact Conversion Rate for each transaction prior to entering into it.
Currency Wallet: Means a part of your Account that holds funds in a particular Supported Currency.
Customer Support: Means our online support function, which can be contacted at [email protected].
Default Wallet: Means the Currency Wallet linked to your physical Payloo Card from which you are making a transaction or debit.
Fees Section: Means the schedule of fees and charges in respect of your Account, available on the Payloo website or app.
Force Majeure Event: Means any cause beyond the control of a party, including acts of God, civil or military authority actions, fires, strikes, epidemics, governmental restrictions, wars, terrorist acts, riots, earthquakes, storms, floods, and breakdowns in electronic or communication systems.
KYC: Means "know-your-client".
KYC Information: Means your personal identification information, documentation, and other evidence as Payloo may request from time to time regarding your Account and/or Card.
Negative Balance: Refers to when the monetary value in your Account falls below zero.
Payment Processor: Means the third party used by Payloo to fund a fiat currency transaction.
PIN: Means the personal identification number you use to enable your Card for physical transactions and/or ATM withdrawals.
Prohibited Articles: Means (1) drug paraphernalia, narcotics, steroids, or controlled substances posing a risk to consumer safety, (2) stolen goods or items promoting illegal activity, (3) items promoting hate, violence, or racial intolerance, (4) obscene items, (5) items infringing copyrights, trademarks, or privacy rights, (6) ammunition, firearms, or regulated weapons, (7) annuities, lottery contracts, or offshore banking transactions, (8) pre-sale items not yet in the seller's possession, (9) payment collection services, (10) traveler's checks or money orders, (11) credit/debt settlement services, (12) bribery or corruption payments, or (13) automated fuel dispenser transactions.
Prohibited Countries: Means any of the Democratic People's Republic of Korea, Democratic Republic of Congo, Eritrea, Libya, Somalia, South Sudan, Sudan, Yemen, Iran, Cuba, Syria, Mali, Central African Republic, Guinea-Bissau, Lebanon, or any other country or person sanctioned by the United Nations Security Council or under Applicable Laws in Armenia.
Supported Currency: Means the fiat currencies supported by the Currency Wallets in your Payloo Account, as notified to you via the Payloo Dashboard.
Territory: Means Armenia.
Unsupported Currency: Means a currency other than a Supported Currency.
Usable Balance: Means the total monetary value available in your Account for transactions using the Card, being the total value of all Currency Wallet(s) less applicable tolerance limits and Fees.
Verification: Means the process of verifying your Account through the submission of requested documents as indicated on the Payloo website and/or app.
Website: Means the website at www.payloo.com (or any future URL applicable to your Account and/or Card).
We, us, or our: Means Payloo Ltd.
Payloo Dashboard: Means the Website or Payloo app you log into to access the secure elements of your Account.
You or Your: Means the natural person named on the Account entering into these Terms and Conditions.
In these Terms and Conditions, unless the context otherwise requires: (a) References to these Terms and Conditions include any variations, amendments, supplements, or replacements made from time to time; (b) Words in the singular include the plural and vice versa.
2. Introduction
2.1 Any capitalized terms used but not defined herein are defined in Payloo's General Terms of Service.
2.2 These Terms should be read in conjunction with: A. Any other terms between you and Payloo
2.3 In case of conflict between the provisions in the terms listed in Clause 2.2, the following order of priority applies (first listed taking precedence): A. Payloo's Privacy Policy B. These Terms
2.4 Your Payloo Card is issued by Payloo Ltd, located at 16 Yekmalyan Street, Belize City, Belize. The Card Issuer, as the holder of the stored value facility for the Currency Wallets, also holds the fiat currency loaded on your Payloo Card.
2.5 Conditions We may, at our sole discretion, (i) refuse your application or terminate your use of the Card and/or Account if you fail to meet any of the following criteria, or (ii) change eligibility criteria at any time. By signing up for a Card and Account, you represent and warrant that: (a) You are at least eighteen (18) years of age; (b) You are eligible to register and use the Card and Account per the Verification process; (c) You have the full right, power, and legal authority to enter into this Agreement; (d) You are not impersonating another person or concealing your identity.
2.6 Signing Up, KYC, and Personal Data
2.6.1 To complete the Verification process and receive your Card, you agree that Payloo and/or its Appointed Processor may conduct identification, credit, anti-money laundering, counter-terrorism financing, KYC, and other necessary checks as deemed necessary at our discretion.
2.6.2 You agree to provide requested KYC Information promptly to assist in these checks, acknowledging that Payloo and its Appointed Processor are authorized to collect and process your personal data for these purposes.
2.6.3 You warrant that you have the authority to provide all submitted KYC Information.
2.6.4 We may refuse to load your Account or Card, or suspend/terminate your use, if: (a) you fail to submit satisfactory KYC Information, (b) you submit inaccurate/incomplete KYC Information, (c) we cannot verify your identity, or (d) we suspect prohibited use.
2.7 Personal Data For details on the Personal Data Payloo collects and uses, see our Privacy Policy.
2.8 Change of Personal Details You warrant that all information provided (including KYC Information) is true, accurate, and complete. You must promptly notify us of any changes or inaccuracies via the Payloo Dashboard or Customer Support. We are not responsible for issues arising from outdated or incorrect details.
2.9 Consents for Collection, Use, and Disclosure You irrevocably consent to Payloo collecting, using, processing, and storing your personal and financial information (including KYC Information) and disclosing it to affiliates, financial institutions, or third-party service providers for purposes related to these Terms and Conditions.
2.10 Using Your Card
2.10.1 The Card is a prepaid card, not a credit card, and transactions are limited to your Usable Balance. You must activate your Card and load funds to use it for: (a) purchases from merchants accepting the Card, and (b) cash withdrawals from ATMs outside Armenia (withdrawals within Armenia are not permitted).
2.10.2 The Account tied to your Card is not a savings or checking account and earns no interest.
2.10.3 Funds held by Payloo are not used for investment or lending and are kept in segregated accounts separate from Payloo's own funds. They are not covered by deposit insurance in Armenia, and recovery may be limited if Payloo's business fails.
2.10.4 Payloo is not a party to transactions between you and merchants, and we are not responsible for the quality, delivery, or legality of goods/services purchased.
2.11 Loading Your Account You may load your Account in Supported Currencies via the Payloo Dashboard. Load limits are outlined in Clause 5.7.
2.12 Your PIN You must activate your Card and set a PIN via the Payloo Dashboard. You are responsible for keeping your PIN secure and confidential, and you remain liable for any activity if shared.
2.13 Protecting Your Card, PIN, and Password
2.13.1 The Card and Account are for your use only. You must not record, share, or store your PIN/password insecurely.
2.13.2 Set a password for the Payloo Dashboard via the Website.
2.13.3 If your password is forgotten or compromised, contact Customer Support immediately at [email protected].
2.14 Moving Overseas If your country of residence changes or becomes unsupported, you may be unable to load funds but can use your remaining Usable Balance or request a refund.
2.15 Contacting Customer Support For requests, issues, or complaints, contact Customer Support at [email protected]. We may monitor/record conversations for quality assurance or dispute resolution.
3. Multi-Currency Wallets
3.1 You may load Currency Wallets with Supported Currencies. Unsupported Currency funds will be converted to a Supported Currency at the prevailing Conversion Rate by the Payment Processor.
4. Using Your Account
4.1 Locations of Use
4.1.1 Only you may use your Card and Account to purchase goods/services from Mastercard-supported merchants worldwide or withdraw cash from ATMs (outside Armenia). Transactions exceeding your Usable Balance will not be authorized, and you are liable for any Negative Balance plus fees if processed.
4.1.2 ATM cash withdrawals are not permitted in Armenia.
4.1.3 Transactions and fees are deducted immediately from your Usable Balance.
4.2 Fees and Charges
4.2.1 See the Fees Section for applicable fees, deducted from your Usable Balance unless specified otherwise.
4.2.2 Fees are deducted from your Default Wallet first; if insufficient, transactions may be declined or offset from other accounts/future loads.
4.3 International ATM Withdrawal Fees
4.3.1 For Supported Currency withdrawals, fees are deducted from the relevant Currency Wallet; for Unsupported Currencies, from your Default Wallet.
4.3.2 ATM operator fees may apply in addition to Payloo's fees.
5. Managing Your Account
5.1 Balance Enquiry
5.1.1 Check your balance via the Payloo Dashboard or Customer Support.
5.1.2 ATM balance enquiries show your aggregate Usable Balance in the local currency, with possible operator fees.
5.2 Negative Balance A Negative Balance becomes a debt payable to Payloo, and we may suspend transactions or offset it from other accounts/funds.
5.3 Transferring Funds Between Currency Wallets You may manually transfer funds between Currency Wallets.
5.5 Errors and Transaction Disputes
5.5.1 Retain receipts and regularly check your transaction history on the Payloo Dashboard. Notify us of disputes within two (2) weeks of a transaction.
5.5.2 For errors, report to Customer Support within two (2) weeks with proof; we'll investigate and respond within 45 business days unless delayed by exceptional circumstances.
5.5.3 Refunds for merchant issues must be requested from the merchant directly; Payloo credits refunds only upon receiving a merchant voucher.
5.5.4 We may file a dispute with a merchant on your behalf if you provide sufficient evidence, but this is at our discretion.
5.6 Refunds and/or Reversals Refunds in Supported Currencies go to the relevant Currency Wallet; Unsupported Currency refunds are converted to AMD and credited to your Default Wallet. Conversion fees from the original transaction are refunded without additional charges.
5.7 Limitations on Use
5.7.1 Some merchants may authorize amounts up to 20% above the anticipated bill, affecting your Usable Balance until confirmed.
5.7.2 The Card/Account cannot be used for prohibited transactions (e.g., illegal activities, Prohibited Articles, or Prohibited Countries).
5.8 Transaction, Load Limits, and Fees Section See the Fees Section for limits and fees, which we may revise at our discretion. Card replacements incur a Card Replacement Fee.
6. Expiry, Closing, Termination, and Balance Return
6.1 Card Expiry
6.1.1 Your Card is valid until its expiry date for purchases and ATM withdrawals. You may close your Account prior by contacting Customer Support.
6.1.2 Post-expiry, unused funds may be held per Applicable Laws if we cannot contact you six (6) months after expiry.
6.2 Closing Your Account You may close your Account and request a refund of your Usable Balance, but not during disputes or investigations.
6.3 Termination
6.3.1 We may suspend/terminate your Account/Card without notice for breaches, suspected illegal use, or Force Majeure Events, holding your Usable Balance pending investigation.
6.3.2 We may terminate with 30 days' notice without reason.
6.3.3 You may terminate by notifying Customer Support or via the Payloo Dashboard, destroying the Card afterward.
6.4 Return of Usable Balance Contact Customer Support for a refund of your Usable Balance.
7. Unauthorised Transactions
7.1 Notify us via Customer Support or the Payloo Dashboard if your Card/Account is lost, stolen, or compromised. You are not liable for unauthorized transactions after notification, but liable for those before.
8. Indemnities and Limitations of Liability
8.1 Indemnity You indemnify Payloo and its affiliates against losses arising from your negligence, fraud, breach of these Terms, or misuse of the Card/Account.
8.2 No Warranty The Card, Account, and Payloo Dashboard are provided "as is" without warranties of merchantability, fitness, or uninterrupted operation.
8.3 Payloo's Liability
8.3.1 We disclaim indirect, consequential, or punitive damages to the extent permitted by law.
8.3.2 We are not liable for issues beyond our control, third-party errors, or your negligence/fraud.
8.3.3 Our maximum liability is AMD 500,000, with claims barred after two (2) months from the event.
9. General
9.1 Severability: Invalid provisions do not affect the remaining Terms.
9.2 Assignment: You may not assign these Terms; we may with notice.
9.3 Waiver: Non-enforcement is not a waiver of rights.
9.4 Force Majeure: We are not liable for delays due to uncontrollable events.
9.5 Compliance with Laws: You must comply with Applicable Laws.
9.6 Third Party Rights: Only Indemnitees have rights under these Terms.
9.7 Amendment: We may amend these Terms with notice via the Website/Dashboard; continued use constitutes acceptance.
9.8 Notice: Notices are deemed received as specified (e.g., 2 days after posting, 24 hours after Dashboard posting).
9.9 Entire Agreement: These Terms are the full agreement between you and Payloo.
9.10 Dispute Resolution: Contact [email protected] for disputes; unresolved issues may be escalated to Armenian regulatory authorities.
9.11 Governing Law: These Terms are governed by Armenian law, with disputes subject to the exclusive jurisdiction of Armenian courts.