APPROVED
DIRECTOROF «MEPAY» LLC: HRACHIK KOCHINYAN
___________________________
(signature)
28.04.2022
PUBLIC CONTRACT ON ISSUANCE AND SERVICING OFELECTRONIC MONEY
1. GENERALPROVISIONS
1.1. This public contract on issuance and servicingof electronic money (hereinafter: Contract) establishes the conditions ofissuance and servicing (circulation) of electronic money in the System.According to the Civil Code of the Republic of Armenia, this Contract isconsidered a public offer, which was proposed by MEPAY LLC (hereinafter:Company) and is aimed at providing services to individuals and legal entities,individual entrepreneurs in the System.
2. MAIN CONCEPTS USED IN THE CONTRACT
2.1. Withinthe meaning of this Contract:
1) Electronic money -pecuniary value expressing a monetary claim against the Company, which is:
- maintained in the electronic device,
- issued against monetary funds received, with avalue not less than that of the electronic money issued, and
- accepted as a means of payment by parties otherthan the Company,
- beneficiary is the final recipient of thepayment.
2) System: The system of making settlements by units of "MEPAY", thecomplex of Issuers,Users, Service providers, distributors and (or) Agents (hereinafter: Participants) as well as procedures, hardware-software complexes and processes that ensure the issuance and servicing of electronic money.
3) User - naturalperson, legal person or sole entrepreneur, which has concluded a contract with the Company, in accordance with theconditions and rules published beforehand and defined by the Company on the acquisition of electronicmoney and making payments for services provided by electronic money
4) Registrationaccount - Anaccount opened in the name of a User or Service provider and managed/maintainedby the Company in the centralized registry of the Company.
5) Rechargeable electronic money - a money value (prepaid electronic value),kept in the microprocessor (chip) or the centralized data registry of theIssuer, which can be recharged (added),
6) Disposablenon-rechargeable electronic money- a money value (prepaid electronic value), kept in the microprocessor(chip) or the centralized data registry of the Issuer, which cannot berecharged.
7) Replenishment(charging) of Registration account – a function, as a result of which allows Usersto purchase electronic value, “MEPAY” units, in amount paid in cash or non-cashform, and replenish the registration account.
8) Repayment of electronic money - a function, as a result of which anequivalent amount to the electronic money is paid to Users or to another personspecified by the User by transfer to a bank account and/or payment card.
9) Servicingof electronic money - assurance of implementation of settlementsbetween Participants while performing operations with electronic money, as aresult of which the User gets an opportunity to withdraw the electronic money acquiredby him by transfer to a bank account and/or payment card, pay the Serviceproviders for the services provided and make transfers to other person/persons,and in cases stipulated by the Contract, also replenish the account.
10) Rules of the system - A complex ofrules, regulations and procedures that ensure the execution of settlements andcooperation between the Participants in the servicing/use of electronic money.
11) Agent- financial organization, other than the Company, which inaccordance with the contract, signed with the Company, performs repayment ofelectronic money or replenishment in accordance with the rules of the system.
3. SUBJECT OF THE CONTRACT
3.1 This Contractestablishes the terms and procedure for the provision of services provided bythe Company to Users.
3.2 The Company provides the Users with the followingservices (hereinafter: Services):
o Replenishment ofRegistration account,
o Payment with electronic money,
o Repayment ofelectronic money,
o Transfer of electronicmoney.
3.3 The list of services provided through the System, methods of renderingservices, conditions of application/collection of tariffs are published on theofficial website of the Company.
3.4 The use of all types of services available in the System by Users is possible only through authentication (with the exception of Disposablenon-rechargeable electronic money). The conditions of the authenticationprocess are described in detail in Appendix 1 to the Contract – “Procedure andconditions for User identification”.
3.5 Allcalculations are made in RA drams.
3.6 1 (one) «MEPAY» unit is equivalent to 1 (one) RA dram.
4. CONCLUSION OF THE CONTRACT
4.1. Aprerequisite for the conclusion of this Contract is the registration of Users in the System inaccordance with the procedure established by the Company´s regulations and the Contract, for which the Users open aRegistration account by attaching a bank account and (or) a payment card openedin the User´s name in the System by the User. By signing the Contract Usersconfirm that they are fully familiar with the provisions of the Contract, therules for using the System, and these rules are clear and acceptable. Bysigning the contract, an electronic money Registration account is opened.
4.2. The Company provides Users with an authenticated Registration account in the case whenUsers have passed the authentication process and an unauthenticated account, ifthe Users have not passed the authentication process.
4.3. Access to the Registration account is provided by the System software with the data used by the User. User data (username and password) are created by the Userindependently. The password can be changed by the User.
4.4. The User is solely responsible for theconfidentiality of the data entered by him/her.If the User´s data is lost, the Company allows the User to restore access tothe Registration account.
4.5. The Contract is concluded for an indefinite period.
4.6. The Company has the right to publish on its officialwebsite in advance, but no later than after the publication of the message 15(fifteen) days before making the corresponding change, unilaterallychange the provisions of the Contract. In this case, the User acquires the right to terminate the contractunilaterally by notifying the Company. If the User does not notify the Companyof the termination of the Contract unilaterally, provided for in this paragraphand uses the services of the System, the specified change/changes areconsidered to be agreed and accepted by the User.
4.7. The Companypublishes and regularly updates information about the commission on its officialwebsite.
4.8. The Company undertakes not to disclose and in noway distribute the personal data of its Users, except in cases established bythe legislation of the Republic of Armenia.
5. RIGHTS AND OBLIGATIONS OF THEISSUER
5.1 The Company is obliged to:
5.1.1. Ensure the smooth operation of the System,
5.1.2. Report about the transactions made with a User Registration account,
5.1.3. Ensure the protection of the User´s personal data,
5.1.4. Replenish the User Registration account in accordance withthe forms and conditions specified in the relevant section of the System,
5.1.5. Perform proper User authentication,
5.1.6. In accordance with theprocedure established by the legislation of the Republic of Armenia, providethe User with electronic settlementdocuments justifying the payments made,
5.1.7. In case of fraud,unauthorized transactions, technical errors or other problems, if those arecaused by the Company’s fault, immediately after notifying the User by themethods available to him, try to restore the operation of the System within a maximum of24 (twenty-four) hours, otherwise, compensate forthe actual damage suffered by the User in case ofsuch written request by the User,
5.1.8. Inform the User of the occurrence, change or elimination of all circumstancesthat are essential for the performance of the Contract.
5.2 Rights of the Company:
5.2.1. Reject a user transaction if:
-the User has not passed the appropriateauthentication,
- there are reasonable doubts about the legality of the User´s actions,
- the password is entered incorrectly,
5.2.2. Refuseto execute payment orders if the relevant documents established by the RA Law “On Combating Money Laundering and Terrorism Financing” are not submitted,
5.2.3. Updatethe Registration account or the minimum and maximum sizesof transactions made from the Registration account at its discretion,
5.2.4. After the preliminary posting of the message on the official website of the System, unilaterally amend the provisions of the Contract,
5.2.5. Incases and in accordance with the procedure established by the legislation ofthe RA, including regulatory legal acts of theCentral Bank of the RA, to require additional information fromthe User,
5.2.6. Involve third parties at its ownexpense and at its discretion to fulfill its obligations under the Contract.
5.3 Rights of the User:
5.3.1. Useall services in the System in accordance with the rules ofthe System,
5.3.2. Obtain the necessary information about all services andcommissions,
5.3.3. Obtain the necessary information about transactions made by the Registration account,
5.3.4. Inaccordance with the procedure established by the legislation of the RA, submit complaints to the Company,
5.3.5. Contactthe Company in accordance with the procedureestablished by the Rules of the system with the request for repayment of System units.
5.4. Obligationsof the User:
5.4.1. Properlyperform the duties stipulated by the Contract and the Rules of the system,
5.4.2. Atthe request of the Company to provide reliable personal dataand information, which are necessary to benefit from the services in the System under the Contract,
5.4.3. Immediately inform the Company of problems, suspicions or other software failures,
5.4.4. In case of changes in personaldata and information provided to the Company, inform the Company within five working days,
5.4.5. Fulfill other obligations established bythe contract.
6. RESPONSIBILITY OF THE PARTIES
6.1. TheParties are responsible for non-fulfillment or improper fulfillment of theobligations stipulated by the Contract in accordance with the procedure established by the RA legislation.
6.2. TheCompany is not responsible for failures and errors of programs that ensure thefunctioning of the System, and also for the temporary inability of the User to log in to the System, if those have arisen for reasonsbeyond the control of the Company.
6.3. TheCompany undertakes to immediately inform the Users of the problems that have arisen in a way availableto it.
6.4. The Company is not responsible forthe transfer of personal data by the User to third parties.
6.5. If the User has lost the login datafor their Registration account, they must inform the Company about itimmediately. Prior to making changes to the data or restrictions of the Registration account, the User is responsible for all arisen consequences and damage caused to the Company.
7. Force major
7.1.The Parties are exempt from liabilityfor the partial or complete non-performance of the obligations set forth inthis Contract, if such failure wasdue to the force majeure arising after the Contract was entered intoforce and the Parties could not anticipate or prevent.
Such situations are earthquake, flood, war, martial law, state ofemergency, political disturbances, strikes, cessation of communications, actsof state authorities, including the Central Bank of the Republic of Armenia,etc., which render impossible the fulfillment of the Contract. If force majeurecontinues for more than 3 (three) months, either party may terminate thisContract by giving advance notice to the other Party.
8. REGULATIONOF SYSTEM FALSIFICATIONS, UNAUTHORIZED OPERATIONS, TECHNICAL ERRORS AND OTHERISSUES
8.1. In case of information about thefalsifications, unauthorized operations, technicalerrors and other similar issues in the System, the User can inform the Company about the issues. If the falsifications, unauthorized operations, technicalerrors and other similar issues occurred in the System led to the loss of"MEPAY" points on the User account,then the User is obliged to immediately notify the company about this, but nolater than within 5 (five) working days after notification of such falsifications, unauthorized operations, technical errors and other similarissues. With proper notification of the User,the Company is obliged to take all technically possible measures and actions tocancel the unauthorized operations, eliminate falsifications and technicalerrors and solve other similar problems.
9. OTHER PROVISIONS
9.1 The Contract is interpreted in accordancewith the legislation of the Republic of Armenia.
9.2 Issues not regulated by the Contract are regulatedby the rules of the System, and in the absence of such provisions - by thelegislation of the Republic of Armenia. A dispute or disagreement over thepublic contract in the cases and in the manner provided by the RA Law "Onthe Mediator of the Financial System", disagreements that are not resolvedby negotiation under the Contract may be submitted to the financial systemmediator, for consideration and resolution in accordance with theprocedure established by the RA Law "On the Mediator of the Financial System”.
9.3 All disputes, disagreements or claims arising fromor related to this Contract,which are not regulated through negotiations and consultations, includingissues related to its implementation, violation, termination or illegality, aresubject to resolution in accordance with the legislation of the Republic ofArmenia.
9.4 Each Party has the right to terminate the Contractby notifying the other Party 15 (fifteen days) in advance.
Appendix 1
PROCEDURE AND CONDITIONS FORUSER IDENTIFICATION
This document is considered an integralpart of the Contract, and all words/termsincluded in it have the meanings specified in the Contract.
User identification is based on the following data:
-First name, Last Name,
- Passport data,
- Phone number,
- Registrationaccount details.
Identification iscarried out by a bank card issued by financial organizations.
The card issuedby the Armenian bank is attached to the Registration account.
For users who are individuals
During theidentification process, the User is obliged to provide the Issuer with the following information andcopies of documents:
User name, surname, passport/ID card series, number, date and place ofissue, residential address, registration address, phone numbers, email address.
For users who are legal entities
During theidentification process, the User is obliged to provide the Issuer with thefollowing information and copies of documents:
Full name of theUser, legal type, TIN, physical address, extract from the State Registry of Legal Entities of the Ministry of Justice ofthe Republic of Armenia about the User, document certifying the competence ofthe authorized person, first name, last name.
For users who are individual entrepreneurs
During theidentification process, the User is obliged to provide the Issuer with thefollowing information and copies of documents:
First name, last name, User´s passport,certificate from the State Registry of Legal Entities of the Ministry ofJustice of the Republic of Armenia about the individual entrepreneur, document certifying thecompetence of the authorized person, TIN, business and residence addresses,phone numbers.
Appendix 2
ELECTRONIC MONEY LIMITS,LIMITATIONS AND RATES
"MEPAY"Limited Liability Company’s (hereinafter referred to as “Company”)procedure "For applying the limits and limitations on transactions carriedout through Electronic money" (hereinafterreferred to as “Procedure”) regulates the limits and limitations definedby the Company when providing services in the Company´s System.
When defining the Procedure, the Company was basedon the criteria of high and low risk in the field of prevention of moneylaundering and terrorist financing (hereinafterreferred to as “ML/TF”) and the procedure for determining them, therules for identifying the Users and other measures and procedures.
Registration account transactions in the System:
o Replenishment of Registrationaccount,
o Payment by Electronic money,
o Repayment of Electronic money,
o Transfer of Electronic money.
Based on the status of the Registration accounts,unidentified and identified, the corresponding limitations and limits apply.
The identification procedure is established in thepublic Contract on the issue and maintenance of Electronic money of thecompany, and the limits and limitations on their transactions are regulated bythis Procedure.
3.1. IDENTIFIED
Electronic money stored on the User´s Registrationaccount (accounts) cannot exceed AMD 1,000,000 at any time.
If the User has more than one Registration account,the specified limit applies to all accounts together, and the transaction typesin their limits are listed below:
REPLENISHMENT
From another Moons e-wallet: from 1 AMD to 1,000,000 AMD
With requisites: from 100 AMD to 1,000,000 AMD
PAYMENT/REPAYMENT
Transaction by requisites: from 100 AMD to 1,000,000 AMD
By mobile: from100 AMD to 1,000,000 AMD
3.2. UNIDENTIFIED (ONE-TIME NON-CHARGEABLE) REGISTRATIONACCOUNTS
The maximum amount of one-time non-chargeableElectronic money stored on each User´s account cannot exceed AMD 200,000.
REPLENISHMENT
From another Moons e-wallet: from 1 AMD to 1,000,000 AMD
PAYMENT/REPAYMENT
By mobile: from100 AMD to 1,000,000 AMD
4.1. Rates
Payments
Mobile phone charging
Mobile operators
Beeline, VivaCell, Ucom
Commission
0%
Transfers
In the System to another account
Commission
0%
To local bank accounts
Commission
0.5%
In case of transfer from banks
Commission
Depending on the bank charges
