CardholderAgreement – Consumers


Theseterms and conditions (together with any documents incorporated by referencebelow, the “Agreement”) set forth theterms and conditions under which Paynetics AD, UIC 131574695 (hereinafter referred to as “the Issuer” or “Paynetics”)issues to individual consumers (the "Customer”,“Cardholder”, “You”, “Your”) for use by the Customer with regard to theissuance and use of PAYNETICS CONSUMER DEBIT MASTERCARD cards.

This Agreement constitutesa contract between You and Paynetics. It contains important information thatmay affect your rights, use of the Card and your ability to recover your money.This Agreement applies to your Card(s) issued by Paynetics in addition to ourTariff and Privacy Policy. Please read carefully all these legally bindingdocuments and keep a copy or download a copy of them for your records andfuture reference. By submitting your order for Card to Paynetics You indicatethat You have accepted this Agreement. Thus, by ordering your Card(s) You shallbe deemed to have accepted and fully understood this Agreement, including ourTariff and Privacy Policy and You agree to comply with them in your use of theCard(s). Any appendices or schedule to this Agreement form part of Ouragreement with You and will have effect as if set out in the body of this Agreement.




“Agreement” shall mean this document together with:

- Fee Tariff of Paynetics AD (the “Fee Tariff”),

- Privacy Policy, and

- Any other appendix explicitly specified herein,incorporated in the Agreement by reference.

“Agent” shall mean Paystratus Group Ltd., with company number11677111, having its seat and registered address at Kemp House, 160 City Road,London, United Kingdom, EC1V 2NX, which: a) is registered agent of Paynetics ADunder Art. 19 of the Bulgarian Payment Services and Payment Systems Act; b)assists Paynetics AD with the provision of the Services hereunder and maintainsthe Website;

“Fee Tariff“ shallmean the tariff adopted by Paynetics for thefees collected by Paynetics when issuing and servicing the PAYNETICS BUSINESS DEBIT MASTERCARD. The Fee Tariff may define thetransaction limits for Card operations.

“Paynetics”, “we”, “us”, “our” shall mean Paynetics AD, seat and registered address: Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia, enteredin the Commercial Register kept by the Registry Agency under UIC: 131574695. Paynetics AD is an electronic money company holding alicense for operating as an electronic money company issued by the Board ofDirectors of the Bulgarian National Bank by Decision 44 of 11 April 2016, andis entered in the register kept by the Bulgarian National Bank, which isaccessible on The Bulgarian National Bank supervises the activities of Paynetics AD.

“Paynetics Account” shall mean a non-deposit non-interest-bearingaccount associated with a Card or Cards and maintained for the purpose ofenabling Payment transactions. The Paynetics account shall only be used forloading of funds to the Card as provided for in Section 3 of this Agreement.  

“PAYNETICS DEBIT MASTERCARD” or “Card” shallmean a Debit Card for individuals issued by PayneticsAD: a type of payment instrument with electronically recorded balance whichis repeatedly used for identification of the Cardholder and for remote accessto the Payment account. The card has the MasterCard logo, it is linked to thePaynetics account of the Customer and using it, under this Agreement, a paymentorder is submitted. The card may be physical or virtual.

“Privacy Policy” means Paynetics privacypolicy which you can view here and which, together withthis Agreement, describes the basis upon which any personal data We collectfrom You, either directly or from our authorised partners or that You provideto Us or them, will be processed, handled and shared by Us, as may be amendedfrom time to time in accordance with its terms and as further explained anddefined in this Agreement. If there is any discrepancy between the terms of ourprivacy policy and the relevant policies and/or terms and conditions of ourpartners in relation to our services and our treatment of your data then theprovisions of our privacy policy shall apply

“MasterCard” shall mean MasterCard International Incorporated or its successors.

“Card Organisation” shall mean MasterCard International (‘MasterCard’),VISA Europe (‘VISA’) or any other association or organisation maintaining acard payment system applicable under this Agreement, including anyaffiliate, subsidiary or successor company of any of them, of which Payneticsis a member and is entitled to issue cards and accept payments, including usingCards accepted by such Card Organisation.

“PIN” shall meana unique personal identification number, representing a combination of numbersand digits, known only to the Cardholder, serving to identify the Cardholder byentering it to the keyboard of the ATM and POS when performing PaymentTransaction with the Card. The PIN canbe changed via ATM.

“CVC2” shall mean a three-digit code or password for Secure Internet Payments issued foreach card. CVC2 is a strictly personalised code for access to funds availableon the Card, which is entered using a virtual POS terminal. Each CVC2 entryusing a virtual POS terminal serves to prove the identity of the Cardholder.

“Payment Transaction” shallmean a payment made by the Cardholder using the Card including: a transactionat a physical POS terminal; ATM transaction, an Internet transaction using avirtual POS terminal.

“Blocking the Card” shallmean a temporary discontinuation of the Cardservice by Paynetics resulting in an objective impossibility to use the Card.Paynetics shall keep a record of blocked cards.

“Deactivating the Card” shall mean the final discontinuation of the Card service by Paynetics.

“Automated Teller Machine (ATM)" shallmean a device allowing cash withdrawal, payment of services, transfer of fundsbetween payment accounts, receipt of statements and execution of other paymentand non-payment transactions.

“POS (Point of Sale, Point of Service) Terminal" shallmean a device where the Card is used to pay for the purchase of goods orservices in commercial premises.

“VirtualPOS Terminal” shall mean a logicallydefined POS terminal device by which payment of goods and services are performedvia the Internet.

“Limits” shall mean the Payment Transaction’s limits that applyto your Card and your Paynetics account, which are part of this Agreement andare listed in the "Tariff”

“Tariff” shall mean the fees and limits applicable to theservices appointed in this Agreement. The Tariff, as amended from time to time,shall be available on the Website.

“Identification” or“KYC Procedure”

shall mean an identification procedure that requires at least provision of a valid passport / ID card and bank statement or other identification document, as well as a selfie of the person, together with the presented identity document in real time. The identification is done with an automated system and Paynetics and/or the Agent may require additional information.  

Payee” the recipient of a Payment Transactionor other credit resulting from use of the Payment Card.

“Prohibited Transaction” shall mean any of the following typesof transactions or activities:

1. Any sales of ‘pyramid’ type, Ponzischemes or similar marketing or matrix programs or other schemes for ‘quickenrichment’ or high-yield investment programs;

2. Sale, supply or purchase of illegalitems or items promoting or facilitating illegal activities;

3. Sale, supply or purchase of counterfeitproducts or products infringing intellectual property rights;

4. Products or services for the processingor aggregation of payments by third parties;

5. Money laundering;

6. Terrorism financing or propaganda;

7. Pornography, escort services andselling and/ or advertising sexual services;

8. Using the Card in a manner and/or forpurposes violating the applicable law and/or regulations of the CardOrganisation;

“Website” shall mean the website operated by Paystratus Group Ltd, acting asagent of Paynetics, at the following URL:;

We reserve the right to further add othercategories of prohibited transactions by adding such categories either to thisAgreement or to a separate document posted on the Website.


1. The Card shall be issued to the Customer by Paynetics and will be linked to the Paynetics account of the Customer opened in any of the currencies maintained by Paynetics. These cards can be used for transactions in the country or abroad. The card includes the following requisite details: validity period, unique card number, name of cardholder, currency and CVV2/CVC2.

2.  The Card is issued under the MasterCard brandbased on the license granted by MasterCard International.

3. Unless otherwise provided herein, the following Payment transactions can be carried out using the Card:

3.1. Cash Withdraw via ATM;  

3.2. Payment for goods or services via POSterminal;

3.3. Periodic transactions;

3.4. Payment for goods or services onlinevia VPOS Terminal;

3.5. Obtaining an account statement;

3.6. Change of PIN by the Cardholder onATM.

4. Transactions under Clause 3 above canbe carried out on all terminal devices bearing the MasterCard logo andmaintaining the respective functions.

5. Payment transactions with the Cardshall be implemented immediately after receiving a due order and the Paynetics accountshall be debited within: a) 10 days in case of cash withdrawal via ATMs; b) 15days for all other transactions other than the ones under item a).

6. The Card Payment transactions will besubject to the limits set by Paynetics under the Tariff.

7.Following Card activation, the Card can be used for transactions with the fundsavailable in the associated Paynetics Account.

Cardholders may use the Card only personallyand may not provide it for use to anyone else. If aCardholder provides access and/or any other means for use of the Card by athird party, theCustomer shall be fully liable for all transactions initiated by such thirdparties.

8. Paynetics may refuse toperform a transaction with a Card if there are not sufficient available fundsin the Customer’s Paynetics Account to cover the amount of the Payment transactionand all applicable fees as per the Tariff. If any action results in a negativebalance in the Paynetics Account, the Customer shall recover the respectiveamount ensuring a positive balance in the Account, and Paynetics shall beentitled to take all necessary steps in accordance with the Agreement for thecollection of amounts due from the Paynetics Account.

9. By accepting this Agreement, the Customeragrees that:

- Paynetics is not a bank and that the Paynetics Account is not a bankaccount;

- No interest shall be accrued on your Paynetics Account balance;

- The funds available in thePaynetics Account are not a deposit and the Customer may not claim any interestthereon;

- Paynetics shall deduct thevalue of all transactions performed with the Card, including all applicablefees, from the Paynetics Account balance.

10. Paynetics hasthe right to change at any time:

a) The authentication methods used to verify the identity ofCardholders;

b) The scope of services provided by Paynetics at any time, and byexcluding the possibility for their use in case of newly introduced technicalcharacteristics of the services, regulatory changes or for safety reasons, orfor other reasons. Paynetics shall promptly notify the Customer in writing orby email about any such changes.

11. TheCustomer shall be fully responsible for all goods or services purchased withthe Card. Any dispute with a merchant about a product or service purchased withthe Card shall be considered a dispute between the Customer and the merchant.Paynetics shall assume no responsibility and shall not provide any warrantiesregarding such goods or services purchased with the Card, and shall not beresponsible for their quantity or quality. All such disputes should beaddressed directly to the Merchant providing the respective goods or services.

12. Payneticsreserves the right to refuse to authorise a Payment transaction if it does notmeet the requirements of the Agreement or violates the provisions of aregulatory act or the regulations of a Card Organisation. In such case,Paynetics shall promptly inform the Customer about the reasons for thatrefusal, unless this is prohibited by a regulatory act.

13. Paynetics shall not beliable if a merchant refuses to accept a Card or if Paynetics has notauthorised a certain payment transaction in compliance with the Agreement.

15. The Card is property of Paynetics as acard issuer and cannot be transferred and/or made available to any person otherthan the Cardholder.


1. Paynetics shall enter into agreements with and shall issue Cards individuals.

2. The Agreement shall be considered to be effective as from the momentwhen the Customer receives a confirmation by Paynetics that the Customer hasbeen approved by Paynetics. Paynetics may refuse to enter into an agreementwith a certain individual or to issue a Card without stating any reason.

3. EachCard has a validity period within which the Cardholder may use the Card. TheCard shall expire on the last day of the month/year indicated on its front side.All transactions initiated after the expiration or cancellation of the Card shallnot be authorised or effected.

4. Paynetics shall issue the Card within ten working days from the dateof signing the Agreement and , if the Card is not virtual, shall deliver it tothe Cardholder. The Card may be delivered by a courier service or through theAgent.

5. The Card , if not virtual, shall only be personally delivered to theCardholder by Paynetics or its representative. Upon receipt of the Card, theCardholder shall be required to produce their identity card for identificationpurposes. The Cardholder shall be required to put their signature on thesignature spot on the reverse side of the Card immediately after receiving it.

6. Alongwith the Card, Paynetics may provide the Cardholder with a PIN. The Cardholdershould memorise their PIN and then destroy the media on which it is recorded.The Cardholder should always keep their PIN, should not record it anywhere oruse it if someone else can see the PIN. If the Cardholder suspects that someoneelse knows the user identifiers, passwords, or PIN, they should immediatelyinform Paynetics and change them immediately.

7. TheCard may be loaded via bank transfer to the Paynetics account associated withthe Card (“Funding Source”).

8. Wemust verify that the Funding Source is valid and legal. For that purpose. We mayrequire You to confirm your Funding Source by such verification methods that Wechose for that purpose.

9. Youcan fund subsequently (reload) your Card via additional bank transfers asappointed in item 1 above.

10. WheneverCard (s) is funded by debiting an account at your financial institution and Weare advised of insufficient funds in such account, We may represent such transactionat your financial institution.

11. TheCustomer may request Paynetics to issue a new card in the following cases:

a. Incase of destruction or damage to the Card,

b. Incase of loss, theft or other misappropriation of the Card,

c. Incase of a forgotten PIN, and

d.Upon expiration of the validity period. Upon the expiration of the Card, onlythe cards used within the past two months before the expiration date willautomatically be renewed. The Customer shall pay a fee for the Card renewal inaccordance with the Fee Tariff effective as of the date of renewal.

12. In the cases under Clause 11 a), c) and d) above, the Customer shallbe required to return the old card which shall be destroyed in the presence ofan employee. In case of failure to return the Card, the Customer shall pay afee according to the Fee Tariff. The Customer shall not pay a fee for failureto return the card if, in accordance with the Agreement, they have requested blockingof the Card due to loss/theft.

13. When the Cardholder receives their Card itwill be inactive. The Cardholder should activate the Card prior to using it.Otherwise, any transactions attempted by the Cardholder shall be rejected. TheCard shall be activated online by following the instructions for activation providedby the Agent.


1. The Cardholder shall use the Card only in person and in compliancewith the provisions for issuance and use set out in the Agreement and the Agreement.The Cardholder may not perform any unauthorised transactions with the Card.

2. The Cardholder shall safeguard the Card, the information recordedthereon and the personalised security features of the Card.

3. The physical card may be used on anydevice accepting cards with the MasterCard® brand, while your virtual Card mayonly be used for online transactions or transactions performed by phone usingmobile applications.

4. Any payment transaction with the Card shall be allowed only afterverifying: the accessible cash, the Card status and its limits, andidentification of the Cardholder by one of the following methods:

4.1. In case of cash withdrawal from an ATM: by entering a PIN;

4.2. In case of payment for goods or services by a POS terminal: byentering a PIN and/or signature on the POS slip note. The requirement underthis Clause shall not be applied in case of contactless payments for amountsunder the maximum set by Paynetics.

The maximum amount for a contactless transaction beyond which customerverification is required by entering a PIN shall be approved and confirmed bythe International CardOrganisation for each country. The signature on theslip note from the terminal device should be identical to the signature on thereverse side of the Card and shall verify the authorisation and the correctexecution of the transactions. At the Merchant’s request, the Cardholder shallalso present a document for identification and verification of their signature.Failure to provide an ID shall represent a reasonable ground for refusing toeffect the payment transaction;

4.3. In case of online payments no PIN shall be used but the cardauthenticity shall be confirmed by a CVC/CVV and a one-time payment code.

5. The Cardholder may carry out transactions with the Card to the amountof the available cash in the account to which the Card was issued in accordancewith the limits set to their Card.

6. The Customer needs to makesure there are sufficient funds in the account to which the Card was issued inorder to carry out payment transactions with the Card. The Customer shouldensure sufficient funds in the Account to which the Card has been issued inorder to perform payment transactions with the Card. If the Cardholder performspayment transactions with amounts in excess of the available cash or otherwiseexceed it in connection to the Card use, the excess amount shall be recorded asan unauthorised overdraft and charged with an interest rate equivalent to thelegal interest rate and the Customer must make an immediate payment of theamount in excess plus the accrued interest.

7. It is possible that somemerchants may not accept payments made with the Card. It is a responsibility ofthe Cardholder to check the policy of each merchant. Paynetics holds noresponsibility if a merchant refuses to accept a Card payment.

8. Merchants in certain business sectors (e.g. car rentalcompanies, hotels and other service providers) have the practice to estimatethe potential funds that can be spent with them and to require retention of thetotal amount of the potential funds so estimated. In some cases, that totalamount may exceed the amount effectively spent. In such cases, the initiallywithheld funds from the Card may be held for up to 15 days and the amount willnot be available. Paynetics may release such amounts only with the Merchant’sconsent.

9. If the Card is lost, stolen or damaged, Payneticsshall replace it at the Customer’s request by charging a Replacement Fee whichshall be deducted from the Paynetics Account. If a card has been reported lost,stolen or misappropriated but later is found, then the Cardholder shouldimmediately inform Paynetics about it and destroy the Card.

10. The Card, physical or virtual, allows Paymenttransactions related to payment for goods and services, at the initiative of orthrough the Payee. Your consent to the payment operations to be performed atthe initiative of or through the Payee is provided by providing the Payee withthe Card identification data (card number, validity period, CVC2 / CVV2 cardcode), with which you give consent to the Payee to initiate Paymenttransactions with your Paynetics card and Paynetics to execute them, and youwill be bound by the consequences of their execution. In the cases when youagree with the card to perform payment transactions at the initiative of orthrough the Payee, including through the application, you provide this consentby entering / filling in the Card number, your name, the validity period of theCard, the CVC2 / CVV2 card code and a one-time code (3 D secure) that you willreceive for the purpose of giving consent. In case you have given consent withthe Paynetics card to perform payment transactions on the initiative of orthrough the Payee, Paynetics performs these transactions as regularlyauthorized by you, based on the consent of the recipient and is not responsiblefor damages or lost profits from performance.

11. In addition to the above in item 10 for Payment Transactions related to Paynetics cards made onthe initiative of or through the Payee, You will have the right to request fromPaynetics a refund of the entire amount of an already executed and authorizedpayment transaction in up to 56 days from the date on which your Payneticsaccount was debited and the following conditions are met at the same time:

(a) at the time of authorization to execute thepayment transaction, its exact value is not specified, and (b) the value of thePayment transaction exceeds your expected value in view of your previousexpenses for such transactions, the terms of these General Terms, circumstances. You cannot refer to reasons related to a currencyexchange when the reference exchange rate agreed with Paynetics has been applied.At the request of Paynetics, you must provide evidence of the existence of theconditions in points (a) and (b) above.

Within 10 working days of receiving your request,Paynetics refunds the entire amount of the Payment transaction or refuses torefund it, indicating the grounds for refusal and the authorities to which youcan object if you do not accept the stated grounds for refusal. The refundincludes the entire amount of the executed payment transaction, whereas thevalue date for crediting your Paynetics account will be no later than the dateon which your account was debited with the amount of the Payment transaction.

12. You will not be entitled to a refund under item 11when you have given your consent to perform the payment transaction directly toPaynetics and, where applicable - Paynetics or the Payee has informed you or providedyou with information about the upcoming payment transaction under agreed mannerat least 28 days before the date of its performing.


1. Each payment transaction should be approved at thetime when it is initiated by the Cardholder. Each payment order and authorisationshall be obtained from Paynetics in an electronic form.

2. In order to ensure extra security when performingonline payments, Paynetics registers all Cards issued by the company for the SecureOnline Payments service (3-D Secure). The programmes of the International CardOrganisations providing such service are the MasterCard Secure Code andVerified by Visa. For each payment on the websites of merchants involved in theMasterCard Secure Code and Verified by Visa programmes, the Cardholder shallreceive a text message (SMS) containing a one-time verification code for thepayment. Entering the payment verification code is a further identification besidesentering the CVV2/CVC2 code on the Card. In the event of misuse of the Card onlineafter learning the verification code from third parties and/or in case of paymentswith the Card to Merchants not involved in the MasterCard Secure Code orVerified by Visa programmes, Paynetics shall not be held liable and the lossesincurred shall be covered by the Customer. Also, Paynetics shall ​​ not be heldliable for any non-received SMS with a confirmation code in case of failure ofthe respective mobile communication providers to deliver such notifications orin case of wrongly provided cell phone number. Paynetics shall ​​not be a partyto the relationship with the online payment system operator and shall not beheld liable with regard to such relationship.

3. The Cardholder shall send an irrevocable order toPaynetics and shall agree to carry out the payment transaction, and also shallgive an unconditional consent and order to Paynetics to use the funds in thePaynetics Account and to deduct any fees and commissions payable in relationthereto:

3.1 In case of payment by a physical card at a POSterminal: by providing the Card, placing it on the respective POS terminaland/or entering a PIN to effect the particular payment.

3.2. In case of online payment of goods or services:by entering a CVV2 number/three-digit code of the Card and the one-timetransaction cod, if requested.

3.3. In the case of transactions effected by an ATM:by inserting the card into the ATM device and entering a PIN in the ATM device.

4. The consent toa Payment Transaction may not be withdrawn or cancelled after it has beenreceived by Paynetics.


1. 1. Paynetics may refuse tocarry out any payment transaction ordered with the Card if it does not meet therequirements of this Agreement, including, but not limited to any of thefollowing circumstances:

1.1. Paynetics has a goodreason to suspect that the transaction is unauthorized or involved in fraud orillegal activity;

1.2. The Cardholder has notgiven an exact order to implement the transaction or has given an incompleteorder;

1.3. Paynetics has a goodreason to believe that there has been a violation of the Agreement;

1.4. For a reason related tocompliance with rules and regulations of MasterCard®;

1.5. If there are nosufficient funds in the Paynetics Account or if the transaction violates theset limits;

1.6. By law or by order of aregulatory body;

1.7. Due to a technicalimpossibility to carry out the transaction.

2. Merchants may not authorizea payment unless they have obtained permission from Paynetics.

3. The Cardholder shall be responsibleto provide a correct and accurate order for execution of a payment transaction.If the instructions provided by the Cardholder are incorrect, inaccurate orincomplete, Paynetics shall not be liable for errors or inaccuracies in thetransaction. If a payment transaction is carried out in accordance with theinstructions provided by the Cardholder, it shall be deemed to be accuratelyimplemented.

4. Each payment transactionmade with the Card shall be final and irreversible, except in the followingsituations at the discretion of Paynetics:

4.1. An error on part of themerchant has been confirmed.

4.2. An illegal activity inconnection with the Card has been detected;

4.3. A violation of the Agreementhas been established.

5. The maximum period for completion of payment services provided withthe Card shall be determined by the rules of card organisations and cardoperators within the terms set out in Article 87 and Article 88 of the Law on Payment Services andPayment Systems (LPSPS).

6. The implementation of a paymenttransaction ordered with the Card may be delayed due to the performance ofPaynetics’ obligations under the applicable anti-money laundering laws,including if Paynetics suspects that the transaction is involved in frauds,illegal or unacceptable activities or constitutes an unauthorised transaction.


1. The Customershall be charged for the Card issuance and service, and each transactionperformed using the Card, by applying the Fee Tariff effective on the date ofcollecting the fee or the date of effecting the transaction, respectively. Thefees due by the Customer shall be collected ex officio from the Payneticsaccount to which the Card has been issued.

2. By accepting thisAgreement, the Customer enables Paynetics to debit the Paynetics Account forall applicable fees in relation to a given transaction made with the Card. Allfees shall be determined in the currency of the Paynetics Account. Such feesshall include the fees of relevant third parties whose services are necessaryto enable the payment services hereunder to be performed and remitting thesefees to the relevant third parties or their Agent

3. Paynetics reserves the right to changethe fees due on a current basis in accordance with the Agreement, and based onsuch changes, the procedure for changing the Agreement mentioned herein shallbe applied. Changes in the reference exchange rate shall apply immediatelywithout prior notice.

4. If the ordered paymenttransaction is in a currency other than the currency denominated for thePaynetics account, then the amount deducted from the balance shall be theamount of the transaction converted into the currency denominated for thePaynetics account, using the exchange rates used applied by MasterCard®; theseexchange rates shall have the meaning of a reference exchange rate incompliance with the Law on Payment Services and Payment Systems (LPSPS), andthe changes shall be applied immediately to the relations under the Agreement.The exchange rate shall be determined on the date of the final settlement ofthe transaction. A fee for foreign currency transactions as described in theFee Tariff shall also be applied.


1. TheAgreement shall be executed in English and the communication between theparties thereto shall also be carried out in English, unless otherwise providedtherein.

2. Representatives of the Customer or persons authorised by them mayreceive information about the payment transactions made with the Cardelectronically.

3. If any changes are made to the initial contact details provided bythe Customer upon signing the Agreement, the Customer should inform Payneticsabout it in writing within 7 days. Otherwise all notifications, invitations orother notices sent to the last Customer’s electronic address known to Payneticsshall be deemed to have been delivered.

4. PayneticsCustomer Relations Centre shall be open from 9 a.m. to 6 p.m., EET, from Mondayto Friday. The contact details can be found on the Website. The contact detailsin case of lost or stolen or non-functioning cards shall be available on theWebsite. For monitoring purposes, we may record any conversation with theCustomer Relations Centre.

5. Paynetics shall provide access to the requiredinformation about the Card transactions by means of electronic statements aboutpayment transactions and history of transactions on the Website. Statementsshall not be provided on paper. Information about the Card shall be updated, ifthere was any activity with the Card, including information on all collectedfees. From the moment of downloading the statement from the Website theCustomer shall be considered to be informed about the relevant transaction,whether they have actually downloaded the said statement or not. The Customershall be charged for obtaining additional information or for obtaining it in amanner different from the manner described herein.


1. TheCardholder must keep the Card with diligence by taking all necessary measures against itsloss, destruction, damage, or disclosing data recorded on the Card or itspersonalised security features by thirdparties. Pursuant to Article 75 ofthe Law on Payment Services and Payment Systems (LPSPS),the Customer and the Cardholder shall have the following obligations:

1.1. To use theCard in accordance with the terms and conditions for their issuance and use;

1.2. To notifyPaynetics of any loss, theft, misappropriation or unauthorised use of the Cardimmediately after becoming aware thereof;

1.3. Uponreceipt of the Card, to make all reasonable efforts to preserve theirpersonalised security features, including not to record any information aboutthose security features on the Card and not to keep such information togetherwith the Card.

2. If the card has been held by an ATM, the Cardholder must immediatelynotify Paynetics. If Paynetics is not able to give back the card to itsCardholder, Paynetics shall issue a new card to the same account.

3. In the event of loss, misappropriation, destruction, damage, counterfeit or other unauthorised use of the Card, the Cardholder must immediately notify Payneticsby providing their personal details or the Card number, if possible. Notification can be made via the Paynetics Customer Relations Centre or by sending a message on the website via the contact form. Notification can be also made by phone, at the phone number listed on the website. Paynetics makes all reasonable efforts to stop using the Card by blocking the Card transactions after receiving a notification by the Cardholder.

4. Without prejudice to Clause 1above, in order to ensure the safety of the Card, the Customer/Cardholder must provide at least the following:

4.1. Not to disclose to and/or allow any third party to use in any manner whatsoever the user identifiers, passwords or PINs;

4.2. To ensure the safety of their personal devices (mobile phones, computers, tablets) and to protect their personal devices from unauthorised access;

4.3. To regularly change their password to access the virtual Paynetics Card;

4.4. To use up-to-date virus, malware, and spyware software and a firewall to reduce the risk of security breaches.

5. Paynetics may, at any time at its sole discretion, block or deactivate the Card for reasons related to the following:

(a) In the cases under Clause 3 of this Article;

(b) If there are reasons to doubt the security of the Card;

(c) If Paynetics becomes aware or suspects that the Card is being used in an unauthorised, unlawful or deceptive manner;

(d) For reasons related to the law enforcement of any applicable jurisdiction or the instructionsprovided by a Card Organisation;

(e) If the Agreement is terminated;

(f) At the request of the Customer: the request can be sent in writing to the following address: 76A James Boucher Blvd., Ground Floor, 1407 Sofia, or using the contact form on the Website;

(g) If Paynetics discovers or suspects non-compliance with the Agreement; and

(h) Incase of placing a lien on the Customer’s Paynetics Account.

6. In the cases under Clause 5 of this Article, if possible, before blocking/deactivation or immediately afterwards at the latest, Paynetics shall notify the Customer about the blocking/deactivation of the Card and the reasons for it, unless providing such information is forbidden for security reasons orto comply with regulatory requirements preventing such reasons from being disclosed to the Customer.

7. The Card shall be unblocked as soon as possible after the reasons for blocking cease to exist. If the Card has been blocked due to Customer’s/Cardholder's fault, theCustomer shall pay a fee in accordance with the Fee Tariff.


1. The Customer shall be required to notify Paynetics in writing of any unauthorised or improperly executed transaction with the Card without undue delay after becoming aware of the unauthorised or improperly executed transaction but no later than 13 months from the date of debiting the Customer’s Paynetics Account. TheCustomer shall be considered to be informed of an unauthorised or improperly executed transaction as from the moment of downloading the relevant statement from the Website Paynetics shall notbe held liable for any unauthorised or improperly executed payment transactions under this Article 10 where Paynetics has not received a notice within two months from the date when Customer’s Paynetics Account was debited.

2. Upon receipt of notification under Clause 1 hereof, the Cardholder has the right to receive a refund of the funds as per this section. Paynetics shall verify the authenticity of the payment transaction, its proper registration and reporting, and whether the transaction has been affected by a technical malfunction or other defect.

3. In the event that Paynetics establishes an unauthorised transaction and where there are no reasonable grounds for suspecting that theCustomer/Cardholder acted fraudulently, Paynetics shall refund to the Customer the value of the unauthorised transaction within the statutory timelines. If necessary, Paynetics shall restore the Customer's Payment Account to the status it would be if the unauthorised transaction was not effected.

4. The provision of Clause 3 hereof, shall not apply and the Customer shall bear all losses, irrespective of their amount, relating to unauthorised transactions if the Customer/Cardholder has caused them by fraud or failure to perform one or more of the obligations under the Agreement.

5. Paynetics shall be held liable for any non-executed or improperly executed transaction unless it proves that the payment service provider of the recipient has failed to receive the amount of the transaction within the deadline. In such cases, Paynetics shall promptly reimburse the amount of the transaction and, if applicable, shall restore the account to the statuesin which it would have been before the transaction was effected. Upon Customer's request, Paynetics shall take due steps to track the transaction and inform theCustomer about the outcome

6. The Customer shall pay a fee in accordance with theFee Tariff in the cases where it appears that their notification under Clause 1hereof is unjustified.

7. In the event that you have grounds for recovering amounts from incorrectly performed or unauthorized transactions, we will recover them as soon as possible upon receipt of your claim or any additional information we may request in order to investigate your right to a refund.However, if, following an investigation, we have reasonable grounds to believe that the refund is not actually due to you for any reason or that we have made an unreasonable refund, we will have the right to request a refund of the previous refund and you will be liable. for any loss caused to us or to you.

8.Where Paynetics acts as the payee's payment service provider and has not executed or has incorrectly executed a payment transaction, Paynetics shall immediately credit the payee's account specified in the payment order with the amount of the executed or incorrectly executed payment transaction or in case of duplicated transaction-shall refund the account of the payee in the condition in which he would be without the execution of the incorrectly executed payment transaction.

9. Paynetics shall not be held liable to the Customer for damages and losses arising from:

(a) Any transaction for which the Customer/Cardholder has failed to use the Card in accordance with the Agreement;

(b) Any transaction performed in accordance with the information which theCustomer/Cardholder has provided to Paynetics where it is established that the information provided is incorrect or inaccurate;

(c) Any unusual or unforeseeable circumstance beyond the control of Paynetics;

(d) Refusal of a merchant to accept a Card or payment;

(e) Malfunction of a mobile device or other equipment, software or services required for the successful technical performance of an operation which is beyond the control ofPaynetics;

(f) Compliancewith the applicable legal or regulatory requirements or guidelines provided by the Card Organisation.

any unauthorized transaction in which you have acted fraudulently or when you have intentionally or grossly negligently not used the Card in accordance with theseGeneral Terms and Conditions

(h) Loss of Customer’s revenue, goodwill, lost benefits or expected savings;

(i) Any loss or damage which is not a direct result nor a direct consequence of a breach of the Agreement by Paynetics; or

(j) For any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data or other proprietary material in connection to the Card and the Agreement.

8. Paynetics shall not be held liable in case of unjustified refusal of third parties to accept transactions with the Paynetics Card or, if the payment initiated by the Cardholder cannot be made with theCard due to technical, communication or other reasons beyond the control of Paynetics.

9. Paynetics shall not be a party to the relationship between the Customer and merchants, including utility providers, when performing transactions with the Card and shall not be held liable for the quality of goods and/or services provided by the merchant or for possible disputes arising between the merchant and the Customer for this reason.

10. Paynetics shall not be held liable if a notification of destruction, loss, theft, forgery or other misappropriation of a Card made by the Cardholder is untrue and Paynetics has taken the necessary steps to protect the Cardholder by refusing to approve transactions with such Card.

11. The Customer shall be responsible for all obligations arising out of the Card use and shall be liable to Paynetics for all damages caused by the Card improper and/or non-compliant use under the Agreement.

12. In the event of non-performance of the Customer’s obligations to Paynetics in connection with the Card use, the Customer may not make objections based on its relations with third parties and/or Cardholders.


1.Paynetics shall notify the Customers about any changes to the Agreement, including the Fee Tariff, and the date on which such changes shall take effect, by posting on the Website and/or via email. Modifications to exchange rates, if they are in favour of the Customer, shall have an immediate effect where are the result of a modification to the reference rate of the MasterCard exchange rates for the respective period. All other changes shall enter into force after expiration of 2 months as of their notification.

2. If the Customer does not approve of the changes to the Agreement as per  Clause 1 hereof, the Customer has to inform Paynetics promptly. Paynetics shall assume that the Customer has approved the changes to the documents under Clause 1 hereof if the Customer has not informed Paynetics that the Customer does not approve these changes  In case the Customer has informed Paynetics that the latter does not accept the changes, this Agreement shall be terminated within seven days after posting the notice under Clause 1 hereof.

3.Paynetics shall not notify the Customer about any modifications associated to extending the scope of the provided services, modifications that are more favourable to the Customer, or reproductive modifications in the regulatory acts.


1.The Agreement shall be deemed to have been made and shall become effective the moment it is signed by the Customer and approved by Paynetics. The Agreement shall be valid until the same is terminated in any of the ways provided in the Agreement.

2.The Agreement shall be made for a validity period coinciding with the validity period of the Card(s), including in the cases of re-issuance of the Card within the validity period provided in the Agreement.

3.Upon expiration of the term referred to in Clause 2 above, a new Card(s) shall be issued and the Agreement shall be automatically renewed for a new period of time equal to the validity period of the new Card(s) if it is not terminated by one of the parties in the ways specified in the Agreement. The Card shall not be reissued if the Customer makes a written request to terminate the Agreement by the end of the month preceding the month of its expiry.

4. TheAgreement shall be terminated:

4.1.In the cases under Clause 12.2;

4.2. Upon closing the payment account to which a Card has been issued;

4.4.By the Customer:

a)Upon expiry of the Card and a written request for termination of the Agreement;

b)  On the date of submitting a written request for termination of the Agreement.

4.5. ByPaynetics:

а) With a one-month written notice;

b) Without a notice: in case of breach of the provisions of the Agreement or the Agreement by the Customer or a Cardholder;

c) If this is a requirement to Paynetics by a regulatory authority or a CardOrganisation, or it is required in order to comply with regulations or prohibitions on money laundering or terrorist financing;

d) In other cases provided by law or in the Agreement.

5.Upon the occurrence of any of the conditions under Clause 4 above, the Customer’s right to use the Card (s) shall be terminated and the Cards shall be deactivated. The Customer shall be required to return the cards issued under the Agreement, and all Paynetics receivables under the Agreement, if any, shall become payable.

6.The Customer shall be responsible for all transactions performed prior to termination of the Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Card prior to such termination.


1.Paynetics shall review any objections submitted or disputes raised by theCustomer or its signatory in connection with the payment services provided and shall notify the Customer of its decision within fifteen business days from their submission.

2. If Paynetics fails to announce its decision within the time limit referred to in Clause1 above or the decision is not to the Customer’s satisfaction, the Customer may refer the dispute to the Conciliation Committee for Payment Disputes withthe Commission for Consumer Protection.

3.The Agreement and the Agreement shall be governed by the relevant Bulgarian laws.Any disputes related to their interpretation or implementation shall be finally settled by the competent Bulgarian court.


1. TheAgreement have been executed based on and in compliance with the Law on PaymentServices and Payment Systems (LPSPS), the regulatory acts issued in terms of its implementation and other relevant regulatory acts.

2.Personal data shall be processed by means of automatic devices in compliance with the European Union Law, the Law on Personal Data Protection and the international treaties to which the Republic of Bulgaria is a party. In order to meet its statutory obligations, Paynetics shall apply customer due diligence procedures, and in addition shall provide information to the National RevenueAgency and other competent government authorities.

3. Paynetics may transfer its rights and obligations underthe Agreement to another company or individual at any time. The Customer shall be entitled to transfer its rights and obligations under the Agreement and the Agreement to another individual or company only after obtaining written consent from Paynetics.

4. If a court or competent authority establishes that a certain provision in the Agreement(or any part of any provision) is invalid, illegal or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the Agreement shall not be affected.