I. General Information

1. Definitions

Acceptance Date

The acceptance date refers to the specific day on which the Originator has met all the necessary conditions imposed by us for the execution of a SEPA Credit Transfer. These conditions encompass, but are not limited to, the following: compliance with all regulatory and legal requirements, adherence to prescribed cut-off times, the assurance of sufficient financial resources in the Account, and the provision of all information necessary to carry out the instruction.

Account, Accounts

An "Account(s)" constitutes any and all account(s) maintained by us, either under your name or under the names of other individuals or entities associated with you.

Account currency

Your Account will be denominated in Euro

Account Holder

The person whose name is on the Account.

Account Information
Services Provider (AISP)

A regulated entity authorized to facilitate customer access to account data held by financial institutions.

Actual Balance

The actual balance represents the total sum of money present in the Account at any given moment. It is important to note that the actual balance may encompass funds that are not immediately accessible for withdrawal or transfer, as it may contain transactions that have yet to be cleared by the financial institution.

Additional Card

means an additional Card issued to already issued and not expired card linked to Account Holder Account.


means agreement concluded between you and us and consisting of pre-contractual information (in case of distance agreement), these General terms and conditions, Fee Information Document and Data protection policy;

Application for services

means your application for Services following the procedure set by us


means a mobile application that is a software installed on a device supporting the installation of software and allowing you to access your Account and use our Services OR Web application available vis it’s supporting web browsers. Both applications types demand online connection to the internet.  Terms “using APP”, “in APP”, “via APP” shall be applicable to remote execution of our Services (operations) via the mobile application.


means the automatic teller machine which accepts the Card

Available Balance

The sum of money within the Account that is fully at the disposal of the customer or Account Holder constitutes the available balance. This balance is ready for immediate utilization and encompasses all transactions such as deposits, withdrawals, transfers, and any other activities that have been duly processed and cleared in relation to the Account.

Bank Identifier Code (BIC)

An 8- or 11-character code used to identify a financial institution in financial transactions.


The beneficiary refers to the individual, legal person, or other entity designated in the Credit Transfer Instruction to receive the funds through a credit to an account maintained at the Beneficiary Bank.

Beneficiary Bank

A Beneficiary Bank is an institution that partakes in The Scheme, tasked with the reception of Credit Transfer Instructions issued by us. It is responsible for crediting the Beneficiary's Account in accordance with the details specified within the Credit Transfer Instruction and adhering to the stipulations of The Scheme as delineated in the Rule Book.

Blackcatcard KIDS

Additional Card dedicated for the separation of the purchases related to the kids of the Account Holder. May be issued as the Virtual card.

Blackcatcard FAMILY

Additional Card dedicated for the separation of the family purchases of the Account Holder. May be issued as the Virtual card.

Business Day

Any day on which the Financial Institution is operational for conducting business, specifically excluding Saturdays, Sundays, Public Holidays, and Bank Holidays recognized in Malta and/or in the jurisdiction of the Beneficiary, Intermediary, or Settlement Bank.

Card, Blackcatcard, BCC

means a payment card of MasterCard Worldwide international payment card organization issued by us to you, which may be in the form of a Plastic card or Virtual card;


means a person who has been issued with a Card, and includes a Additional card


means an incentive affiliate program. This program part of a partner program, provided by Baltic Technology Solutions OÜ in accordance with Terms and Conditions of Baltic Technology Solutions OÜ.


The Financial institution provides alternative delivery channels which encompass Internet Banking and Mobile Banking accessible through the designated application (APP)

Charging Instructions

Each participant in the transaction incurs charges independently, levied by their respective banking institutions. Under the shared cost principle (SHA), both the Originator and the Beneficiary bear the costs imposed by their respective banks, namely the Originator Bank and the Beneficiary Bank. The determination and scale of fees charged to customers are at the sole discretion of each credit institution involved.

Commencement Date

means the date when we have accepted your Application for services by setting up an Account for you and if applicable issuing Virtual BCC.

Corporate Card

means a Card issued in the name of the corporate body and will include the name of the duly authorised representative. Any and all transactions carried out by the said representative shall be considered as having been carried out by the corporate body. For the purposes of Corporate Cards, the terms “Account Holder” and “Cardholder” shall refer to the corporate body in whose name the Primary Account is held, and also to its duly authorised representative, as applicable

Cut-off time

The term "cut-off time" refers to the deadline by which the Originator is obliged to provide us with all requisite information and proof demanded by us, and to satisfy all conditions prescribed by us, to ensure that the Credit Transfer Instruction is considered to have been received by us on that particular day, known as the "Acceptance Date." Unless specified otherwise, the cut-off time shall be 13:00 hours Central European Time (CET), from Monday to Friday.


or the Common Reporting Standard is an information standard for the Automatic Exchange of Information (AEOI) regarding bank/financial institutions accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.


or the Card Verification Value code is a security feature of the card consisting of 3 digits and is located on the back of the card.

Designated Pooled

is an account maintained by the Financial institution in the name of a Fiduciary, specifically for the objective of safeguarding funds owned by an identified client of the Fiduciary. The data of this account includes a reference that signifies the identity of the client of Fiduciary.

Execution Date

The "Execution Date" pertains to the date on which the debit transaction, as requested by the client, is to be initiated. Should the requested date fall on a non-Banking Business Day, the execution of the payment order will be deferred and conducted on the subsequent Banking Business Day at the latest.

Execution Time

This term denotes the duration, measured in days, commencing from the Acceptance Date and culminating on the date when the Beneficiary's Account is duly credited.

Expiry Date

Means the last day of validity of the card (inclusive).

Fiduciary (Practitioner, Trust)

A natural or legal entity that is obliged to adhere to fiduciary duties as prescribed by law may include, but is not limited to, the following professions and entities, where licenses may be issued by the Maltese authorities or the authorities of another EEA country:

a. Auditors, external accountants, and tax advisors who are required to maintain professional standards and confidentiality.

b. Real estate agents engaged in transactions involving the buying and selling of real property.

c. Notaries and other independent legal professionals who perform legal duties with due diligence.

d. Company service providers that offer corporate management and administrative services.

e. Trustees and nominee companies that are granted a warrant under the Malta Financial Services Authority (MFSA) or other EEA countries authority per the country of the registration or licensing.

f. Entities holding Gaming Licences that operate under the strict regulatory frameworks.

g. Financial institutions that are licensed and regulated to provide financial services.

h. Insurance service providers that are licensed under the Insurance Business Act or other similar act of the country of the licensing to offer various insurance products.

i. Investment service providers that are licensed under the Investment Services Act or other similar act of the country of the licensing to engage in investment-related activities.

k. Virtual Assets Service providers that are licensed by the country of their registration or service providing and regulated to provide various Virtual Assets Services services.


or Foreign Account Tax Compliance Act is a tax law that compels U.S. citizens at home and abroad to file annual reports on any foreign account holdings. FATCA was endorsed in 2010 as part of the HIRE Act to promote transparency in the global financial services sector.

Financial Institution (Papaya ltd, we, us)

Papaya Ltd (C55146), 31 Sliema Road, Gzira, GZR 1637 – Malta

Fee Information Document

This document is a standardized disclosure statement provided to clients that outlines all fees, charges, and associated costs levied by a financial institution for the services and products it offers. This document is designed to promote transparency and enable clients to understand fully and compare the costs associated with maintaining and operating their account(s), as well as engaging in various banking transactions and services. 

Instruction, Credit
Transfer Instruction

Information sent by the Originator to the Beneficiary.

InterBank Settlement

The reconciliation of accounts between Financial institution and the Beneficiary Bank is conducted through the utilization of established Clearing and Settlement Mechanisms.

International Bank
Account Number (IBAN)

A number used internationally to uniquely identify the Account of a customer at a financial institution.

Internet Transaction

Mean any commercial transaction initiated and completed by a customer through an online platform or service, involving the exchange of goods, services, or funds, where the customer engages in the selection and purchasing process via the internet without the necessity for physical interaction at a retail or service provider location. This transaction type includes, but is not limited to, the ordering of goods or services, online payments, and the transfer of funds through digital banking platforms, which are facilitated through the customer's electronic devices and over internet protocols.

Intrabank Payment

A financial transaction that facilitates the transfer of funds between Accounts that are both held and managed within the confines of our Financial institution.


Legal entity user of the BCC Pay services


A child under sixteen (16) years of age


Should a payment necessitate manual processing by the Bank due to the provision of incorrect or invalid details, such as BIC/IBAN, it shall be classified as a Non-Straight Through Processing (Non-STP) payment. The official working hours during which such matters will be attended to are established as from 09:00 hours to 15:00 hours on a Business Day.


means any information, data, documents, orders, applications, instructions, notices, complaints and requests arising out of the business relations between us and you. Notices in English languages only shall be legally valid. 


The customer who initiates a credit transfer by providing the Originator Bank, with an Instruction.

Originator Bank

Is a financial institution that participates in The Scheme and is the recipient of a Credit Transfer Instruction from the Originator. It is the entity responsible for acting upon the instructions detailed in the Credit Transfer.

Originator Reference

A reference number used to identify a customer.


The person or entity receiving a payment (Beneficiary) sent by a Payer.


An individual or entity sending a payment to a Payee.

Payment Initiation Service
Provider (PISP)

PISPs allow payments to be initiated directly from a customer's Bank Account instead of using a credit or debit card.

Payment Instructions

An instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction.

Payment Service

A service to deposit or withdraw funds in physical or digital format.

Payment Service Provider

A third-party company that assists Payees and Payers in making online payments.

Personal data

means any information about personal or factual circumstances of a specific or identifiable natural person, such as e.g. name and surname, date of birth, place of birth, identification document (including type of identification document, issue date, ID number, issuing authority), address, telephone number, mobile number, e-mail address, IP address, online identifier, location data, images and information on transactions and accounts.


"Personal Identification Number (PIN)" encompasses two distinct classifications with separate values: the "Card PIN," which is a unique numeric code allocated for the authentication of a cardholder during card-related transactions, and the "App PIN," which is an independent numeric code used specifically for securing and validating access to a mobile or web-based application, as well as confirming actions within that application. Each PIN is individually established and must be used in its respective context to maintain transactional security.

Plastic card, Plastic BCC

means a physical (plastic) card, which is a copy of Virtual BCC;

Priority Outward Credit Transfer

An Instruction from a Payer which is being sent with urgency.

Processing Date

Means the date when the funds due in connection with the direct debit are debited to the source account.

Real Time

Immediate processing.


"Refund" shall be understood as the transactional reversal process initiated upon the request of the originator following a SEPA Credit Transfer. This process is executed in accordance with the rules and procedures established by the financial institution and the regulatory framework governing SEPA Credit Transfers. A Refund may be requested by the originator under certain conditions and within a stipulated timeframe as detailed in the financial institution's Terms and Conditions. The granting of a Refund is contingent upon the approval of the financial institution and, where applicable, the consent of the Beneficiary Bank, subject to the relevant SEPA rules and regulations.

Reject / Rejected / Rejection

"Rejection" shall be construed as:

  • the non-acceptance of a credit transfer or payment order for standard processing prior to InterBank Settlement, which is the reconciliatory financial exchange between the Originator Bank and the Beneficiary Bank.
  • Additionally, the term shall extend to encompass the refusal of an application for services provided by the Financial institution, when such application does not meet the stipulated criteria or conditions for acceptance as established by the our policies and regulatory requirements.


A Return occurs when a credit transfer is diverted from normal execution and therefore returns to the Originator’s Bank.

SEPA Credit Transfer

An Instruction given by the Originator to his/her Bank requesting the execution of a SEPA Credit Transfer. The Instruction must be in the form and contains all information as requested by us, in accordance with the provisions of the Rulebook, including, but not limited to, the Originator’s and the Beneficiary’s IBAN.

SEPA Credit Transfer
Scheme Rulebook / Rulebook

The Rulebook issued by the European Payments Council (EPC) in relation to The Scheme. The Rulebook is amended from time to time and is available on the European Payments Council website www.europeanpaymentscouncil.eu.


Society for Worldwide InterBank Financial Telecommunications which is a worldwide payment messaging service.

Tariff of Charges

Refers to the official document issued by the financial institution, forming an integral part of the Terms and Conditions, which enumerates all applicable fees, charges, and other financial obligations imposed by the institution for the usage of its services and products. This tariff is to be provided to all clients in the form of a "Fee Information Document".

The Scheme

The Scheme is applicable to credit transfers (“SEPA Credit Transfers”) made in Euro (EUR) between International Bank Account Numbers (IBANs) located within SEPA

Third Party Provider (TPP)

Service providers licensed to manage your Accounts and information upon your consent.

Top-up Facility

"Top-up Facility" shall be defined as a service provided by the financial institution that enables the increase of the Available Balance in an Account through means other than a Payment Instruction. This facility may include, but is not limited to, deposits made via cash, check, electronic transfers from other accounts, cards, wallets, or credit from redeemable instruments such as vouchers or gift cards. 

UnDesignated Pooled
Account (General Clients Account)

An Account held with the Bank by a Fiduciary for the purpose of holding money belonging to any client/s of the Fiduciary and which does not include in its title a reference to the identity of any named client.


Private individual Account Holder or private individual authorized representative of Account Holder with rights to manage Account of the Account Holder and request all types of the services in the name of the Account Holder via Channels. 

User ID

The identification number or code which we will give you to use our Channels.

Virtual card, Virtual BCC

means a non-physical card linked to the Account, the use of which is limited to online purchases.

We, us, our

Papaya Ltd (C55146), 31 Sliema Road, Gzira, GZR 1637 – Malta

You, your, client

Any person, whether legal or natural, using the our channels, products or services.

2. General information on the agreement

This document, inclusive of the Important Information and the Terms and Conditions (hereafter referred to collectively as the "Agreement"), presides over your utilization of the Channels provided. Your engagement with these Channels indicates your assent to abide by the terms outlined within this Agreement. This Agreement is for an indefinite term. You hereby acknowledge your commitment to the appropriate usage of the Channels and their respective functionalities. Furthermore, you recognize that individual functionalities of the Channels may be governed by their own specific terms and conditions, to which your use thereof signifies your agreement. These specific terms and conditions are accessible via the Financial Institution's official website at the provided URL – blackcatcard.com .

The Alternative Delivery Channels are exclusively available to duly authorized customers of Papaya Ltd. All activities conducted through these channels are subject to surveillance and recording. Any unauthorized use of the Alternative Delivery Channels is strictly prohibited and may result in legal proceedings initiated by the Financial Institution.

Moreover, unless otherwise specified, financial transactions conducted through these Channels are bound by predetermined limits, as detailed on the Financial institutions' website at the provided https://blackcatcard.com/pricing/ , and vary depending on the Channel utilized.

The use of these Channels is contingent upon you holding an Account with the Financial Institution and having entered into a contractual agreement for the use of said Channels, which is effected through an Application for services process and subsequent acceptance by the Financial institution. Where relevant, you will incur fees in accordance with the Financial Institutions’ Tariff of Charges, which may include, but are not limited to, subscription fees, costs pertaining to Hardware Token and/or BOV Mobile Authentication Software, as well as service fees, commissions, and charges related to any non-financial transactions.

2.1. Cancel Payment Instructions/Orders

Payments executed in real-time and those conducted via the Top-up Facility are irrevocable and, as such, cannot be annulled. However, payments scheduled for a future date may be cancelled provided that notification is received by the Bank no later than 1400 hours (CET) on the Business Day preceding the designated payment date.

In the event of a request to cancel a payment instruction or order, the Bank reserves the right to levy charges to cover incurred costs, including any financial losses resulting from fluctuations in exchange rates subsequent to the original transaction date, in alignment with the Tariff of Charges. Additionally, ancillary charges imposed by third-party banks will also be passed on to the client.

SEPA Credit Transfer instructions, once processed, are final and cannot be cancelled. Should there be a need to rectify a transaction, the Originator may request a Refund. However, the issuance of a refund is subject to the terms and conditions of the receiving financial institution and the regulations governing SEPA Credit Transfers.

For transactions where the details of a BCC card are provided for a deferred payment (e.g., in the case of goods being shipped or the establishment of a recurring bill payment), the client is not permitted to halt the payment via the Bank. In such circumstances, the client must directly engage with the third-party Beneficiary to whom the payment was pledged.

Should an attempt to cancel a payment instruction be made (regardless of its success), the client may incur charges in accordance with the Tariff of Charges. Any supplementary charges from third-party financial institutions will be the responsibility of the client.

2.2. Stop BCС

The cardholder retains the right to block or unblock their payment card at any discretion through the mobile application. This action is performed by navigating to the "Money" section, selecting the relevant card, and employing the "Block card" function located at the bottom of the interface. The cardholder is obligated to promptly block their card in the event of loss, theft, or if there is a suspicion that the card details have been compromised by unauthorized entities. Subsequent to the action, should the cardholder's concerns prove to be unfounded, they may proceed to unblock the payment card. It is noted that the mobile application provides a selection of reasons for which a card may be blocked, including but not limited to loss or theft.

The act of blocking a payment card shall not impede offline transactions that are facilitated by the MasterCard network. These transactions, which do not require real-time authorization, may still be processed and approved independently of the card's status within the cardholder's mobile application. This stipulation must be recognized by the cardholder, acknowledging that certain transactions may proceed notwithstanding a block placed on the card for security purposes.

2.3. Create a standing order

Instructions for the establishment of a standing order to the Financial institution shall be deemed continuous and shall remain in effect until superseded by subsequent instructions issued by the Account Holder to terminate said standing order. The cancellation of a standing order is not permitted on the date it is scheduled for payment, nor within the two Business Days immediately following the payment date. In instances where a standing order is denominated as "Split payment" such an order is subject to a predetermined validity period during which it may not be cancelled.

Should the Account lack adequate available funds to fulfil two consecutive payments under a standing order, the Financial institution reserves the right to cancel the standing order. The account holder is hereby obligated to bear any processing fees and additional charges associated with insufficient funds, as detailed in the Tariff of Charges.

The precise terms for the execution of a standing order, including those categorized as "Split payment" will be explicitly outlined and affirmed by the Financial institution at the time of the standing order's initiation.

2.4. Manage Users

The term "Users" within the scope of the Application for services, as it pertains to the procedure of opening an Account, shall be synonymous with "Agents" as defined in the FIAU IMPLEMENTING PROCEDURES. In all other forms of communication with the Financial Institution, the term "Users" may refer to the Account Holders themselves or their appointed representatives, herein referred to as "Authorized Persons."

These Users are granted access to and are authorized to use the Financial Institution's web and mobile applications (APP), which are considered part of the Financial Institution's Channels. The authorization and management of Users are subject to the following provisions:

2.4.1. Account Holders must designate Authorized Persons by providing explicit instructions to the Financial Institution in a manner prescribed by the Institution.

2.4.2. Each User will be provided with separate login credentials, which they are required to keep confidential and secure.

2.4.3. Users are responsible for all operations executed under their credentials within the applications.

2.4.4. The Account Holder has the responsibility to inform the Financial Institution of any changes regarding the Authorized Persons, including their addition or removal.

2.4.5. The Financial Institution reserves the right to request additional information or documentation concerning any User to comply with regulatory and security requirements.

2.4.6. Any actions taken by a User within the applications are deemed as being performed by the Account Holder, and the Account Holder is fully responsible for such actions.

2.4.7. It is the Account Holder's obligation to ensure that all Users are aware of and comply with the Terms and Conditions of the Financial Institution, including the secure use of the Channels.

2.4.8. In the event of any unauthorized use or security breach involving a User’s access, the Account Holder must immediately notify the Financial Institution.

This "Manage Users" section is designed to ensure the proper administration of access rights and to uphold the security and integrity of the Account Holder's information and transactions within the Financial Institution's Channels.

2.5. Exchange Rates

The Financial Institution calculates its exchange rates based on prevailing market rates, which may be referenced from publicly accessible websites, and incorporates a margin. The rates are subject to fluctuation and may be altered at any time without prior notice. In the event of a transaction requiring currency conversion, the Financial Institution will provide the applicable exchange rate for the customer's approval prior to confirming the transaction. If the customer is to receive funds necessitating currency conversion, the Financial Institution's exchange rate at the time of processing the transfer will be applied. The current exchange rates are published and can be reviewed on our website at https://www.papaya.eu/currency-exchanges.

Please note that the foreign exchange rate displayed on the Channels is for indicative purposes only and is subject to change. The Financial Institution reserves the right to temporarily suspend exchange rate functionality for reasons including but not limited to periods of market volatility.

For transactions in the EEA involving currency conversions for non-Euro purchases and withdrawals:

When a card is used in a currency other than Euro, the cardholder may be presented with an option to pay either in the local currency of the retailer or ATM or in Euro. If the cardholder elects to pay in Euro, the conversion will be conducted by the retailer or ATM provider, and a conversion fee may be charged.

If the cardholder opts to pay in the local currency, the conversion will be performed by MasterCard, and a currency conversion fee will be levied.

This "Currency Conversion Fee" is applicable to transactions made in a currency that is different from the currency in which the card is issued.

The definitive exchange rate for converting the transaction amount to the card's currency is the rate in effect on the day Mastercard processes the transaction.

The Currency Conversion Fee is assessed as a Currency mark-up, which adjusts the Financial Institution's conversion rate relative to the Central Bank of Europe's rate. The standard mark-up is 3%, although this does not apply to transactions made in Swedish Krona (SEK), Czech Koruna (CZK), Polish Zloty (PLN), or Romanian Leu (RON).

2.6. Statements

Account Holders receive monthly statements detailing account activity, including but not limited to transactions, fees, charges, and adjustments. These statements shall serve as the official record of account activities and shall be made available in accordance with the schedule set forth by the Financial Institution.

2.6.1. Delivery of Statements: Statements provided to Account Holders through electronic means via the Financial Institution's Online Banking platform.

2.6.2. Frequency of Statements: The standard frequency is monthly, unless otherwise agreed upon between the Account Holder and the Financial Institution. The frequency of the Fee statement is annually. 

2.6.3. Notification of Statement Readiness: Account Holders will be notified of the availability of their statement via an in-application message (hereinafter referred to as "chat") within the Financial Institution's mobile application (APP). It is the Account Holder's responsibility to ensure that notifications are enabled within the APP to receive such alerts. Upon receiving a notification, Account Holders are expected to access their statement through the online banking platform. Failure to receive a notification does not absolve the Account Holder of their responsibility to review their statements within the prescribed timeframes.

2.6.4. Review and Notification: Account Holders are responsible for reviewing their statements promptly upon receipt. Any discrepancies, errors, or unauthorized transactions must be reported to the Financial Institution within 15 days after the issuance if the statement.

2.6.5. Record Retention: Account Holders are advised to retain copies of their statements for their records and for future reference. The Financial Institution shall maintain records of statements in accordance with legal and regulatory requirements for the prescribed retention period.

2.6.6. Statement Corrections: In the event of any discrepancy identified by either the Account Holder or the Financial Institution, prompt corrective action shall be taken to amend the statement. Any adjustments will be reflected in the subsequent statement period.

2.6.7. Election for Paper Statements: While the primary method of statement delivery by the Financial Institution is electronic, via the Internet platform, Account Holders retain the right to request paper statements as an additional service. The issuance of paper statements and their delivery to the Account Holder or any authorized representatives may incur a fee, which will be levied in accordance with the Financial Institution's Tariff of Charges. Account Holders wishing to receive paper statements must expressly opt for this service and acknowledge the associated fee.

2.6.8. Access to Transaction History via App: Account Holders may access a comprehensive history of transactions through the mobile application or internet platform, which reliably reflects all account operations. This transaction history provides a detailed and accurate reference of the activities recorded per Account. However, it is to be noted that this transaction history is not classified as an official Statement as defined by banking regulations and practices. It is intended for informal reference and record-keeping purposes only and does not substitute the formal Statements issued by the Financial Institution in compliance with regulatory requirements.

The provision of statements by the Financial Institution is a vital aspect of its services and constitutes an essential component of the Account Holder's oversight of their account. It is incumbent upon the Account Holder to review all statements with due diligence and to communicate with the Financial Institution in a timely manner regarding any matter needing clarification or correction.

2.7. Copyright and Trademarks

The Channels are for the personal and non-commercial use of the Account Holder only. Any form of downloading, copying, transmitting, converting, transcribing, decoding, reproducing, or modifying the content from the Channels, whether in whole or in part, is strictly prohibited. The appearance of trademarks within the Channels does not imply that a licence of any kind has been granted.

Moreover, the Account Holder is explicitly prohibited from using any artworks, designs, layouts, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork, computer code and other content of the mobile application, Internet platform, or any of the Financial Institution's landing pages, in whole or in part, without the prior express written consent of the Financial Institution. Any unauthorized use or reproduction of the aforementioned materials may subject the Account Holder to legal proceedings and penalties under applicable intellectual property laws.

2.8. No Offer or Advice

The content presented within the Channels is for informational purposes only and shall not be interpreted as solicitation, offer, or recommendation to purchase or divest any investment, product, or service, nor shall it be deemed an encouragement to partake in any transaction. The information provided through the Channels does not represent investment, legal, tax, or other forms of advice and should not be the sole basis for any investment or other decisions. Prior to making any investment decision, you are advised to seek and obtain pertinent and specialized professional counsel tailored to your specific situation.

2.9. Any Instructions to us

The Terms and Conditions of the Financial Institution stipulate that all payment directives, orders, applications, agreements, and other declarations of intent, as well as communications issued by you through the Channels that require your Personal Identification Number (PIN) or a one-time password received via SMS, are to be considered legally binding upon you. By entering your PIN or SMS one-time password, you authorize the Financial Institution to proceed with all Instructions received via the Channels. You hereby affirm the veracity and accuracy of all information provided to the Financial Institution and accept responsibility for its authenticity and correctness.

The Financial Institution is under no obligation, unless explicitly stated otherwise, to verify, correct, supplement, confirm, or authenticate the Instructions received, nor to reverse or amend any transactions or other actions undertaken based on an Instruction. You bear full liability for any transactions executed by the Financial Institution on your behalf. The Financial Institution shall not be held accountable for any execution errors, delays, or failures to carry out Instructions that arise from inaccurately provided information by you.

Furthermore, the Financial Institution reserves the right to suspend the processing of any Instruction pending the acquisition of additional information deemed necessary. If required, you are obliged to disclose the source of the funds involved in the transaction.

Upon cessation of access to, or usage of, the Channels for any reason, it is important to note that any Instructions previously submitted by you through these Channels will not be automatically rescinded. Unless specifically arranged otherwise, Instructions will be actioned at the earliest reasonable opportunity following their reception by the Financial Institution, but no later than the subsequent Business Day.

You retain the prerogative to revoke or alter an Instruction at any point before its execution by the Financial Institution, solely by issuing a new directive to this effect. Nevertheless, you may incur a fee for the cancellation or modification of the Instruction, and you are responsible for reimbursing the Financial Institution for any expenses incurred as a result.

It is critical to acknowledge that once the Financial Institution has initiated the processing of an Instruction, you are no longer entitled to cancel or modify said Instruction.

2.10. Equipment

You are obligated to promptly inform the Financial Institution if there is any reason to believe that the security of your hardware or software, including but not limited to your SIM card or BCC card, has been breached, or if such items have been compromised, lost, stolen, or are otherwise beyond your control or susceptible to misuse. Additionally, you must notify us if you become aware that information contained within your mobile device has been disclosed to an unauthorized party. Immediate notification should be directed to our customer support chat, which operates 24 hours a day. Upon receipt of such notice, the Financial Institution will immediately suspend access to the Channels.

Nevertheless, you will remain liable for all Instructions executed by the Financial Institution prior to the receipt of your notification.

Furthermore, you are responsible for providing and maintaining all necessary hardware and software required to access the Channels and ensuring that it remains compatible with our systems. Any failure to maintain such compatibility or functionality may impact the security and operability of the Channels.


3.1. Use of Account via Channels, ATM, and POS Networks: The Account Holder may access and utilize the funds in the Account through various Channels, including but not limited to, Automated Teller Machines (ATM), Point of Sale (POS) terminals using a BCC card, and via electronic transfer methods. The Financial Institution's Tariff of Charges, which is available for review by the Account Holder, contains a comprehensive list of all applicable fees and charges associated with these services.

3.2. Transaction Limits: Transaction limits for deposits and withdrawals are in place and these limits may vary depending on the Channel utilized and the specific financial product in question. The Financial Institution reserves the right to modify these limits at any time, in accordance with operational requirements and regulatory guidelines. Account Holders are advised to acquaint themselves with these limits to ensure compliance and to facilitate smooth transactional processes.

3.3. The Account is not transferable.

3.4. Blocking of Account/Refusal to carry out transactions

3.4.1. Transaction Refusal: The Financial institution reserves the right to refuse to execute a transaction if it reasonably suspects that the transaction is invalid, fraudulent, illegal, executed in bad faith, or if there are doubts regarding the authenticity of the transaction being initiated by the Account Holder.

3.4.2. Termination of Transaction: The Bank may, without prior notice, immediately terminate an ongoing transaction if the aforementioned suspicions or circumstances are applicable.

3.4.3. Transaction Reversal: The Financial institution is authorized to reverse a transaction, in whole or in part, under circumstances where it is deemed necessary due to the invalidity or inappropriateness of the transaction in question.

3.4.4. Blocking of Transactions: The Financial institution may block a particular transaction if it falls under the reasonable suspicion of invalidity, fraudulence, illegality, or non-compliance with these Terms and Conditions.

3.4.5. Account Blocking: The Financial institution may block the Account or any other Holdings the Account Holder may have with the Financial institution if it or its correspondent bank has reasonable grounds to believe that the Account Holder is not in compliance with the Terms and Conditions, the transaction is not aligned with the Account Holder's known profile, there is suspicious activity, or if the Account Holder or transactions are in violation of regulations pertaining to anti-money laundering, counter-terrorism financing, or are related to sanctioned persons or entities.

3.4.6. Refund of Erroneous Payment: The Financial institution may claim a refund from the Account Holder, or directly debit the Account Holder's accounts without prior notice, for any funds that have been erroneously paid into the Account Holder's account. Such debiting will be reflected in the subsequent account statement.

3.4.7. The Financial institution will endeavour to inform the Account Holder of any refusal, termination, reversal, or blocking of transactions unless legally restricted or ordered by a court or regulatory authority not to do so.

3.4.8. Should the funds/Account be blocked, they will remain so until the Financial institution receives and is satisfied with the Account Holder's written explanation and/or supporting documentation.

3.4.9. The Financial institution retains the right to terminate the Account Holder's relationship with the Bank if the provided explanation/documentation or Account activity is deemed unsatisfactory in light of the conditions stated above.

3.4.10. Furthermore, the Financial institution may disclose transactional and customer information, including the identity of the ultimate Beneficiary owner, to its intermediary bank upon request, when such information is necessary for the intermediary bank to comply with its regulatory obligations concerning anti-money laundering and counter-terrorism financing.

3.4.11. The Bank or its correspondent banks may also delay processing any transaction while investigating its compliance with the conditions outlined above.

3.5. Termination of the relationship

3.5.1. The Financial Institution maintains the authority to close the Account and terminate the Agreement with the Account Holder by providing a notice period of two (2) months, or such shorter period as may be permitted by applicable law.

3.5.2. Notwithstanding the aforementioned notice requirement, the Financial Institution retains the right to close the Account and terminate the Agreement forthwith and without notice for justifiable cause. Such cause may include, but is not limited to, circumstances where: the Account Holder has committed, or is anticipated to commit, a breach of any of these Terms and Conditions; where the Account Holder is otherwise in default; in response to legislative changes; pursuant to a judicial, regulatory, or authoritative directive or recommendation; or if any situation emerges that may reasonably compromise the Account Holder's ability to fulfil their contractual obligations under this Agreement.

3.5.3. Upon termination, the Financial Institution will require the immediate settlement of any outstanding balances owed to the Bank in relation to the Account, including any accrued interest and applicable charges. The Account Holder must also ensure the return of any BCC cards associated with the Account that remain unused.


4.1. Instructions for payments scheduled for a future date will be debited from the Account on the day specified by the Account Holder. From that same date, Fee will be applied to the transaction with the relevant Account, whether the balance is in debit or credit.

4.2. Unless stipulated otherwise, Payment Instructions shall be processed in Real time. Concurrently, Fee will be pertinent to the respective Account, be it debit or credit, and will commence calculation from the date of the transaction.

4.3. Date and time will be included on payment transaction receipts. This date corresponds to the Payment instruction acceptance date time.

4.4. Throughout the duration of the contractual relationship, the User shall be entitled, upon request, to obtain the contractual terms of their agreement, the pertinent terms and conditions, and any supplementary security information as delineated in Section 19.5, titled "Security Notice."

4.5. In all cases, our responsibility for the payment transaction ends when the payment Instruction is transmitted to the Beneficiary’s Bank.

4.6. A Priority Outward Credit Transfer, when requested prior to the designated Cut-off Time on a Business Day, will be dispatched to the correspondent Bank on that same day.

4.7. Payment Instructions submitted prior to the Cut-off Time shall be debited from your Account in real time. These Instructions shall be conveyed to the receiving Bank on the same Business Day.

4.8. Payment Instructions received subsequent to the Cut-off Time, or on a day that does not constitute a Business Day, will be debited from your Account in real time. The Instructions will be forwarded to the receiving financial institution on the following Business Day.

4.9. As part of the Terms and Conditions of the Financial Institution, it is incumbent upon you, the Account Holder, to ascertain whether any payment transaction may incur charges imposed by third-party Banks and/or Beneficiary Banks, as applicable. Furthermore, it is your responsibility to make arrangements to accommodate such charges, if necessary.

4.10. You are obligated to furnish us with comprehensive and precise information necessary for facilitating transactions. This includes, but is not limited to, your International Bank Account Number (IBAN), Bank Identifier Code (BIC), and Account Number. Additionally, you commit to providing all required payment data in an accurate, consistent, and complete manner.

4.11. It is your responsibility to ensure that all payment details as required by the Beneficiary Bank and jurisdiction are complete.

4.12. In the event of a SEPA Payment Instruction and potentially in other forms of Payment Instructions, it is explicitly stated that the Beneficiary Bank will credit the Beneficiary's Account based solely on the International Bank Account Number (IBAN) or Account Number provided. This procedure will be followed regardless of whether the name of the Beneficiary specified in the Payment Instruction corresponds to the name of the Account Holder of the Beneficiary's Account. It is the responsibility of the Originator to ensure the accuracy of the IBAN or Account Number provided in the Payment Instruction.

4.13. In the event that your payment is returned by the Beneficiary Bank, we will notify you of such a Return, including, where feasible, the reasons for the Return, at the earliest possible opportunity. This notification will be made electronically or through any other available and appropriate means, unless prohibited by law. According to the Tariff of Charges, a fee may be incurred for this notification, and you may also be responsible for any charges levied by third-party Financial Institution, if applicable. Unless you provide alternative instructions, or legal restrictions prevent us from doing so, we will credit the amount of the returned funds, deducting our charges and any third-party Financial Institutions charges, back to the Account from which the funds were originally debited. Additionally, in cases where a currency conversion is necessitated, you may also be liable for any differences arising from exchange rate fluctuations.

4.14. We reserve the right to refuse or terminate Payment Instructions for several valid reasons, including, but not limited to:

4.14.1. Insufficient funds available in the Account;

4.14.2. Exceedance of the predetermined limit of your Account or card;

4.14.3. Closure of the Account; 

4.14.4. Incomplete or inaccurate provision of required information; 

4.14.5. Compliance with legal obligations, or orders from courts or other authoritative bodies; 

4.14.6. Unusual transaction patterns in contrast to your typical Account usage; 

4.14.7. Reasonable suspicion that the transaction may be associated with illegal or fraudulent activities; or 

4.14.8. Any other grounds as may be explicitly outlined in these General Terms and Conditions, or in any other specific Terms and Conditions governing the Account or any other banking product or service.

4.15. We shall have no liability to you if you suffer loss as a result of our refusal or termination in the above-mentioned circumstances. Unless the law prevents us from doing so, we will inform you electronically or through any other available and appropriate means to tell you that we are refusing to act on your payment Instruction or that we are terminating your Instruction, including where possible the reasons for the refusal or the termination. We will do this at the earliest opportunity

4.16. Consent for the execution of a payment transaction shall be deemed to have been granted by you, the Account Holder/User, under the following conditions:

4.16.1. When your signature is affixed to an authorization form that includes your Payment Account details, signifying your explicit agreement to the transaction; or,

4.16.2. When you authenticate a Payment Instruction using your Personal Identification Number (PIN) or a One-Time Password (OTP) sent via SMS within the Financial Institution’s Channels; or,

4.16.3. When you authenticate a Payment Instruction through a PIN or SMS OTP as part of the transaction process facilitated by a Third-Party Provider, under the auspices of a Payment Initiation Service Provider.

4.17. Your confirmation through any of these methods (mentioned in 4.16) constitutes binding approval for the Financial Institution or designated Third Party Providers to proceed with the Payment Instruction as specified.

4.18. Payment Instructions

4.18.1. Transfer to Card Initiation of Transfer to Card: The Account Holder or User is authorized to initiate a "Transfer to Card" Payment Instruction as an IntraBank payment. The required payment details for such a transfer include: the number of the Card issued by us, the name of the recipient, the amount to be transferred, and an optional comment for the recipient. Real-Time Processing: The "Transfer to Card" Payment Instruction is executed in real time, ensuring prompt transaction completion. Additional Grounds for Refusal or Termination: In alignment with the stipulations set forth in point 4.14 of these Terms and Conditions, we reserve the right to refuse or terminate a "Transfer to Card" Payment Instruction for any of the following reasons: if the Beneficiary Card number does not exist, or the card is blocked, expired, or closed, or if the Beneficiary Card is not issued by our financial institution.

4.18.2. Bank Transfer Initiation of Bank Transfer: Within the mobile applications (APPs), the "Bank Transfer" Payment Instruction requires the Account Holder or User to complete the following fields:  Beneficiary Name, Account number/IBAN, Transfer description (classified), Comment (optional), Amount, and Currency. Conversion to SEPA Payment Instruction: If the Account number/IBAN is identified as belonging to a financial institution or branch within the European Union and the currency is denominated in EUR, the Payment Instruction will be converted into a SEPA Payment Instruction and processed accordingly. Additional Information for Non-SEPA Transfers: If the conditions outlined in the preceding point are not met, the User will be prompted to provide additional information, and the instruction will be processed as a standard Payment Instruction. Processing for Transfers to Our Customers: Should the Beneficiary Account be associated with one of our customers, the Payment Instruction will be processed in real time, converting the Payment Instruction into an IntraBank payment. Grounds for Refusal or Termination of Payment Instructions: In addition to the conditions mentioned in point 4.14, we reserve the right to refuse or terminate Payment Instructions or SEPA Payment Instructions if: The Beneficiary IBAN does not satisfy the standard verification for IBAN number consistency, The Beneficiary IBAN does not correspond to any recognized financial institutions as per current Financial Institution dictionaries, The BIC code provided by the User does not match any financial institution as per current Financial Institution dictionaries, The Payment Instruction cannot be classified either as a SEPA Payment Instruction or as an IntraBank payment.

4.18.3. Transfer to contact Initiation of Transfer to Contact: The "Transfer to Contact" Payment Instruction within the APPs requires the following inputs: a contact selected from your phone's address book, an optional comment, the amount to be transferred, and the currency. Consent to Access Phone Address Book: By initiating a "Transfer to Contact" Payment Instruction, you expressly consent to the APPs accessing the address book on your device, which may include a mobile phone, notebook, etc. Processing for Beneficiary Customers: If the Beneficiary, identified by the phone number provided either manually or through the address book, is a customer of our institution, then this payment instruction will be treated as an IntraBank payment and processed in real time. Processing for Non-Customer Beneficiaries: Should the Beneficiary, associated with the phone number you supplied, not be a customer of our institution, we will notify the intended Beneficiary via SMS containing a link to furnish us with their payment details, including the IBAN and the receiver's name. Upon the provision of payment details by the Beneficiary, a notification will be presented within the APP, reminding you that the Beneficiary has submitted their payment details, pending your confirmation of the Payment Instruction. After you confirm the Payment Instruction, we will convert it into a SEPA Payment Instruction and execute it as such, in accordance with the relevant provisions of these Terms and Conditions.

4.19. Third Party Payments

4.19.1. In circumstances where the destination Account is maintained with an alternative Financial Institution within the European Economic Area (EEA), and unless specifically agreed otherwise, should the future date designated by you for the payment fall on a non-Business Day, the Payment Instructions will be relayed to the receiving Financial Institution on the subsequent Business Day. Payments made in EEA currencies will be credited to the receiving Bank no more than one (1) Business Day following the receipt of your Payment Instruction.

4.19.2. The Financial Institution that receives the payment is legally obligated to credit the payment to its customer's Account on the day it receives the funds from us. However, the acknowledgment and processing of payments by the receiving Financial Institution are beyond the purview and control of Papaya Ltd.

4.20. Payment Transfers for Single European Payments Area (SEPA) Credit Transfer (the “Scheme”)

4.20.1. The Scheme governs SEPA Credit Transfers conducted in Euro (EUR) between International Bank Account Numbers (IBANs) situated within the Single Euro Payments Area (SEPA). Under this Scheme, you direct us to debit an amount from your IBAN and to credit the specified sum to another IBAN. All other capitalized terms not explicitly defined herein shall bear the meanings ascribed to them in the SEPA Credit Transfer Scheme Rulebook (referred to as the "Rulebook").

4.20.2. The execution of SEPA Credit Transfers is contingent upon adherence to the stipulated Terms and Conditions: In accordance with sub-paragraph ( below, paragraph 3, and the stipulations of this paragraph, we commit to debiting your IBAN on the Acceptance Date and transmitting the SEPA Credit Transfer Instruction to the Beneficiary Bank. As per the requirements of The Scheme, the Beneficiary Bank is mandated to credit the Beneficiary's IBAN promptly upon the reception of the payment, provided that the payment arrives within the Beneficiary Bank's Cut-off Times. Consequently, your Credit Transfer Instruction will be effectuated no later than one (1) Banking Business Day after the Acceptance Date. Should the Execution Date you specify be set for a future time, the Acceptance Date will be considered as the Execution Date. It is acknowledged that if, in our assessment, legal requirements—including, but not limited to, necessary verifications to mitigate the risks of money laundering and terrorist financing—have not been met, or if we believe that legal impediments are present, the aforementioned Execution Time will not be applicable. In such instances, we will undertake all necessary actions to ensure full compliance with the law. All transactions within the scope of this Agreement must be conducted in Euro (EUR) at every stage of the process. Should your Account be denominated in a currency other than Euro (EUR), the relevant amount will be converted to Euro (EUR) utilizing the exchange rate applicable on the Acceptance Date as determined by our institution. In instances where the Beneficiary's Account is maintained in a currency other than Euro (EUR), the Beneficiary Bank is responsible for converting the transferred amount into the currency of the Beneficiary's Account pursuant to the terms agreed upon with the Beneficiary. We shall transfer to the Beneficiary Bank the full amount stated in the Credit Transfer Instructions. A SEPA Credit Transfer Instruction may be Rejected by us or by the Clearing and Settlement Mechanism or may be returned by a Beneficiary Bank prior to execution, for any of the reasons stated in the Rulebook. (a) Subject to any overriding legal or regulatory requirements or restrictions, all remittance data supplied by you in the Credit Transfer Instruction shall be forwarded in full and without alteration by us and any Intermediary Institution and Clearing and Settlement Mechanism to any such Intermediary Institution and Clearing and Settlement Mechanism and/or to the Beneficiary Bank, as may be applicable. The Beneficiary Bank should deliver all received remittance data in full and without alteration to the Beneficiary. (b) The Financial institution may be required to disclose personal data in relation to transactions effected via SEPA to the Authorities. The Financial Institution employs a proprietary BIC/IBAN verification process for the execution of SEPA payments that are included within a Credit Transfer (CT) Bulk Payment File. The Institution retains the right to modify the BIC information as part of this process. Upon written request from the Financial institution, you are required to furnish the Financial institution with the contact information of any Beneficiary, which includes the identity card number and residential address. You must ensure that the provision of such details is in compliance with all relevant legislation, including but not limited to, data protection laws that may be applicable.

4.21. Third Party Provider (TPP)

4.21.1. In accordance with legal obligations, the Financial institution shall, upon your express request and explicit consent, facilitate the enrolment with a Third-Party Provider (TPP), which may be a Payment Initiation Service Provider (PISP) and/or an Account Information Service Provider (AISP). The provision of content related to your Account to the TPP is not to be construed as an endorsement or approval by the Financial institution of your engagement with the TPP. Any interactions or agreements with such TPP are undertaken at your own risk.

4.21.2. Upon granting access to a Third-Party Provider (TPP), you acknowledge and consent to the Financial Institution transferring relevant data to the said TPP. In doing so, you agree to adhere to the terms and conditions established by the TPP. The Financial Institution shall not bear liability for any loss or damage that may arise from your utilization of the products and/or services offered by the TPP, especially in instances of errors, omissions, or irregularities attributable to either your actions or those of the TPP. You bear sole responsibility for maintaining your relationship with the TPP and for complying with the terms and conditions mutually agreed upon between you and the TPP.

4.21.3. Utilizing an Account Information Service Provider (AISP), you have the capability to aggregate and view account information from multiple financial institutions in a singular, consolidated interface. When you choose to initiate a payment through a Payment Initiation Service Provider (PISP), you consent to the sharing of your Financial Institution credentials with the PISP. Subsequently, the PISP will initiate the payment on your behalf. Following this initiation, we, the Financial Institution, will process the payment and accordingly debit the Account that you maintain with us.

4.21.4. A TPP must: Possess a valid license as a Payment Initiation Service Provider (PISP) and/or Account Information Service Provider (AISP) in Malta or in their respective home country, and acquire the necessary passporting rights to operate within Malta as a host country. Shall not, at any point, hold or retain funds in relation to the provision of payment initiation services. It is imperative to guarantee that personalized security credentials are kept confidential and are not made accessible to any third parties. Furthermore, it is essential to ensure that the transmission of such credentials is conducted securely and safely. It is incumbent upon the service provider to ensure that any information acquired during the provision of payment initiation services is disclosed solely to the Payee and only upon receiving your explicit consent. Shall abstain from retaining any sensitive payment data pertaining to you. Shall refrain from soliciting any data from you beyond what is strictly necessary for the provision of the payment initiation service or account information services.

4.21.5. We reserve the right to deny a Third-Party Provider (TPP) access to an Account in instances where the TPP is found to be in violation of any of the aforementioned conditions. Additionally, should we have reasonable grounds, supported by evidence, to believe that the TPP is engaged in unauthorized use or fraudulent activities, access to the Account may be restricted. Under such circumstances, we are obligated to report these findings to the Malta Financial Services Authority (MFSA) and/or any other relevant competent authority or regulator.

4.22. Split payment

4.22.1. Availability of Split Payment: The Financial Institution provides a singular standing order option known as "Split Payment." 

4.22.2. Nature of Split Payment: A Split Payment is a specific type of standing order whereby incoming payments from designated Originators to the requesting Account Holder's account are divided into predetermined portions and allocated to other Account Holder(s) within the Financial Institution.

4.22.3. Application Service Request: Account Holders can initiate a service request for Split Payment through promotional links associated with their account package product. These requests are to include predefined parameters relevant to the Split Payment service. In case of any technical problem with the link the applicant may request from the customer support the promo code, corresponding to the above-mentioned link, and use it within the App.

4.22.4. Parameters Defined by Promo Links: The promotional links define specific parameters for Split Payment, which include: Identification of the sender(s) for incoming payments into the Account Holder's account that are subject to splitting. Determination of the share(s) as a percentage and the identification of the recipient Account Holder(s) within the Financial Institution who will receive the allocated portions.

4.22.5. Fees for Split Payment: The standing order for Split Payment is subject to a fee as stipulated in the Tariffs of Fees schedule.
4.22.6. Fee Calculation and Share Distribution: The fee for the Split Payment service is calculated as a percentage of the incoming payment amount referenced in point 2. The portions to be distributed are calculated from the total amount of the incoming payment after deducting the Split Payment service fee.

4.22.7. Fee and split shares calculation principles: The Account Holder, upon requesting the Split Payment service, agrees to the terms outlined above and consents to the fee structure as determined by the Financial Institution. The Account Holder also affirms understanding that the split portions will be credited to the designated recipients' accounts within the Financial Institution after the applicable service fee is deducted from the incoming payment. The Financial Institution reserves the right to amend the terms or fees associated with the Split Payment service as required by regulatory changes or internal policy adjustments.

4.23. Incoming Payments

4.23.1. Crediting of Payments: Payments from external payment providers intended for you will be credited to your Account on the business day before the designated cut-off time subsequent to our receipt of a notification from the payment originator’s bank or payment provider, contingent upon our receipt of all necessary information for the payment's execution as per our stipulated criteria.

4.23.2. Confirmation of Payment Receipt: We reserve the right to withhold crediting a payment to your Account until we have received satisfactory confirmation that the payment has been credited to our correspondent account, as per our verification standards. Upon crediting your Account, we will assign a value date in accordance with the date provided in the payment order. If the value date in the payment order is earlier than our processing date, we may set the business day immediately preceding our processing date as the value date. The payment will be made available to you on the value date as determined by us. Details of the value date for the credited payment will be provided in your Account statement.

4.23.3. Execution of Payments: A payment is considered to have been properly executed if carried out according to the IBAN provided in the payment order. We may, but are not obligated to, verify the congruence of the account number in the payment order with your name and, in the event of a discrepancy, may either refuse the payment execution or request corrective details.

4.23.4. Erroneous Credits: Should your Account be credited in error, we reserve the right to reverse such credit without your consent, and you will be informed accordingly via your Account statement or report.

4.23.5. Reversal of Funds: We may debit funds credited to your Account without your consent if a correspondent bank, acting as the beneficiary bank or intermediary, fails to fulfill its obligations to us, resulting in the payment amount intended for you not being received by us. 

4.23.6. Non-Existent Account Numbers: Should an incoming payment be directed to an account number that is non-existent or closed within our Financial Institution, we will attempt the following remedial actions: Attempted Return of Payment: Our first course of action will be to attempt to return the funds to the sender. Contacting the Originator or Customer: If the originating financial institution refuses to accept the refund, or if a refund is not feasible due to the payment technology used, we will make an effort to contact the intended customer or former customer to obtain updated instructions for the return of funds.

4.23.7. Registration of Unknown Funds: In the event that our attempts to refund are unsuccessful, the funds will be recorded as 'unknown' and will enter into a holding status.

4.23.8. Charges for Holding Unknown Funds: Funds classified as unknown may be subject to a holding fee in accordance with our published Tariffs of Charges. This fee compensates for the administrative efforts and costs incurred during the period in which the funds are held and attempts to return them are made.

4.23.9. Duration of Holding Unknown Funds: Funds will be held for a period defined by applicable laws and regulations, during which time efforts to identify and return the funds to the rightful owner will continue. If the owner cannot be identified or located within this period, the funds may be handled in accordance with the legal requirements pertaining to unclaimed assets.

4.23.10. Release of Unknown Funds: Upon successful contact and verification of the rightful owner or upon receipt of valid return instructions, the held funds will be released and processed in accordance with the provided directions.

5. Top Up Facility

5.1. The "Top-up Facility" is a service provided by the Financial Institution designed to augment the Available Balance in an Account through means that do not constitute a standard Payment Instruction. This service enables the Account Holder to increase their Account balance by various methods which may include, but are not limited to, deposits via cash, checks, electronic transfers from other accounts, payments made through cards, digital wallets, or credits applied from redeemable instruments such as vouchers or gift cards.

5.2. Currently, the Top-up Facility is offered through two distinct options:

5.2.1. Top-up by Codes: This option allows Account Holders to increase their Available Balance by entering a unique code, which may be purchased or obtained separately.

5.2.2. Top-up by Binance Pay: This option permits Account Holders to top up their Available Balance using the Binance Pay service, subject to the terms and conditions of the Binance Pay platform.

5.3. Top-up by Codes 

5.3.1. Definition and Use: The "Top-Up by Codes" feature allows Account Holders to add funds to their account by entering a specific code, which represents a prepaid value.

5.3.2. Acquisition of Codes: Codes may be purchased or distributed through various channels authorized by the Financial Institution.

5.3.3. Validity and Expiration: Each code has a defined validity period. Account Holders must use the code within this period; expired codes may not be redeemable.

5.3.4. Redemption: To redeem a code, Account Holders must enter the code correctly in the designated area within the Financial Institution’s transaction interface.

5.3.5. Non-Transferability: Codes are non-transferable and can only be used by the Account Holder to whom they are issued or who has rightfully acquired them.

5.3.6. Limits on Use: There may be limits on the number of codes an Account Holder can redeem within a certain time frame and on the maximum value of each code.

5.3.7. Security: Account Holders are responsible for keeping their codes secure. The Financial Institution is not liable for stolen or lost codes.

5.3.8. Non-Refundable: Once purchased, codes are non-refundable and cannot be exchanged for cash or credit except as required by law.

5.3.9. Cancellation and Suspension: The Financial Institution reserves the right to cancel or suspend the use of any code if it suspects any fraudulent, unauthorized, or illegal activity.

5.3.10. Fees: The Financial Institution may charge a service fee for the purchase or use of codes, as detailed in the Tariff of Charges.

5.3.11. Changes to Terms: The Financial Institution reserves the right to change the terms related to the "Top-Up by Codes" feature and will notify Account Holders as required by law or the Terms and Conditions.

5.3.12. Reporting Issues: Account Holders should report any issues related to code redemption promptly to the Financial Institution’s customer service.

5.3.13. Governing Law: The "Top-Up by Codes" feature is governed by the laws of the jurisdiction in which the Financial Institution operates, and any disputes will be subject to the jurisdiction of the courts in that area.

5.3.14. Data Protection: The use of the "Top-Up by Codes" feature will comply with applicable data protection laws, ensuring the confidentiality and integrity of Account Holder information.

5.4. Top-up by Binance Pay 

5.4.1. Service Overview: "Top-Up by Binance Pay" is a service that enables Account Holders to increase their account balance using Binance Pay, a third-party digital payment platform provided by Binance.

5.4.2. Eligibility: To utilize this service, Account Holders must have a valid and verified Binance account for the name of the Account Holder with Binance Pay functionality enabled.

5.4.3. Linking Accounts: Account Holders must link their Financial Institution account with their Binance Pay account following the procedures specified by both the Financial Institution and Binance within both entities APPs.

5.4.4. Transaction Execution: Upon initiating a top-up, the Account Holder authorizes the transfer of funds from their Binance Pay account, holder in USDT (tether) to their Financial Institution account.

5.4.5. Fees and Limits: The Financial Institution may impose fees and limits on transactions conducted through Binance Pay, which will be detailed in the Tariff of Charges and transaction limits documentation.

5.4.6. Currency Conversion: If applicable, currency conversion will occur at the exchange rate provided by Binance Pay at the time of transaction, and the Financial Institution may apply additional fees for conversion as specified in the Tariff of Charges.

5.4.7. Security and Authorization: Account Holders are responsible for ensuring the security of their Binance Pay account and for authorizing transactions in accordance with Binance Pay’s security procedures.

5.4.8. Transaction Confirmation: The Account Holder will receive confirmation of the top-up transaction through their Financial Institution account notifications.

5.4.9. Refunds and Discrepancies: In case of any discrepancies or the need for a refund, the Account Holder must follow the dispute resolution process set forth by Binance Pay, subject to the terms agreed upon with Binance.

5.4.10. Regulatory Compliance: Both the Financial Institution and Binance Pay operations are subject to regulatory compliance requirements, which include anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations.

5.4.11. Data Privacy: Personal and transaction data shared with Binance Pay will be handled in accordance with the Financial Institution’s Privacy Policy and Binance’s privacy commitments.

5.4.12. Service Availability: The Financial Institution does not guarantee the continuous availability of the "Top-Up by Binance Pay" service and may suspend or terminate the service at its discretion or due to maintenance or operational issues.

5.4.13. Liability: The Financial Institution is not liable for any errors, interruptions, or service failures associated with Binance Pay, and the Account Holder’s recourse shall lie solely against Binance as per their terms of service.

5.4.14. Amendments to Terms: The Financial Institution reserves the right to amend the terms related to "Top-Up by Binance Pay" and will provide notice of such changes in accordance with regulatory requirements.

5.4.15. Termination of Service: The Financial Institution may terminate the Account Holder’s access to "Top-Up by Binance Pay" if there is suspected misuse, fraud, or non-compliance with these Terms and Conditions.

5.4.16. Сonsent for Account Linking: The Financial Institution’s mobile application (APP) will display a consent mechanism for linking the Financial Institution account with the Binance wallet. Account Holders will have the opportunity to review the terms of consent and are required to affirmatively agree to these terms to enable the "Top-Up by Binance Pay" functionality.

5.4.17. Review and Cancellation of Consent: Account Holders will have the ability within the APP to review their consent for the linkage between their Financial Institution account and Binance wallet at any time. Additionally, Account Holders reserve the right to cancel their consent should they no longer wish to use the "Top-Up by Binance Pay" service. Upon cancellation of consent, the link between the Financial Institution account and the Binance wallet will be terminated, and no further top-up transactions will be processed through Binance Pay.

6. Online bill payments/BCC Pay

6.1. "BCC PAY" is a financial service product designed to streamline the process of initiating various banking transactions directly from the Account Holder's primary banking institution. This service facilitates automated data transmission between the Account Holder's bank and designated third parties, simplifying the procedures for regular financial activities such as direct debits, standing orders, and utility payments.

6.2. BCC pay comprises from two major services:

6.2.1. Utility Bill Payment Service This service enables Account Holders to pay for merchant products, settle utility bills, and top up third-party accounts or digital wallets. During a transaction, the merchant or service user will request the Financial Institution to execute a transaction from the customer's account, providing necessary details such as the creditor's account information, payment description, and transaction amount via an Application Programming Interface (API). The customer will be redirected to the Financial Institution's APP. Upon standard login by the customer, the APP will automatically generate a Payment Instruction based on the data provided by the merchant. The customer will review and confirm the Payment Instruction, authorizing the payment to the merchant through the APP application's customary confirmation methods. The Financial Institution will subsequently notify the merchant of the successful processing of the transaction initiated as a Utility Bill Payment.

6.2.2. API Access for Merchants The Financial Institution provides a suite of APIs that permit merchants to initiate and confirm Payment Instructions from their accounts with the Financial Institution. Merchants must adhere to the specified API integration guidelines and security protocols to ensure the protection of all parties involved. The use of APIs for transaction initiation and confirmation is subject to the Financial Institution's review and approval process, ensuring compliance with regulatory standards and internal policies.

6.3. The above services under "BCC Pay" are governed by the following stipulations:

6.3.1. The Financial Institution reserves the right to modify or discontinue any aspect of the BCC Pay services at its sole discretion.

6.3.2. Account Holders and merchants are responsible for ensuring the accuracy and legitimacy of the transactions conducted through BCC Pay.

6.3.3. Fees associated with BCC Pay services will be detailed in the Financial Institution's Tariff of Charges.

6.3.4. The Financial Institution is not liable for errors or delays in processing transactions that arise due to incorrect information supplied by the Account Holder or merchant, or due to technical issues beyond the control of the Financial Institution.

6.3.5. Account Holders must comply with all relevant terms and conditions related to the use of BCC Pay services. By utilizing these services, Account Holders agree to the terms set forth by the Financial Institution and acknowledge their responsibilities in safeguarding their login credentials and authorizing transactions.

6.4. Commencement, Modification, and Termination of Merchant Relationship:

6.4.1. Establishment of Relationship: To initiate a business relationship with a Merchant, a Account Holder must submit a formal request via the official Financial Institution chat platform. The request must be accompanied by the requisite documentation as stipulated in the Financial Institution's Terms and Conditions. The requested documentation is the description of the planned business and reveal how the BCC Pay will be used within the Merchant business processes The Financial Institution will review the request and documentation for completeness and accuracy before approving the establishment of the merchant relationship.

6.4.2. Changes to Relationship: Any requested modifications to the existing merchant relationship must be communicated through the official Financial Institution chat. Such requests will be subject to verification and approval processes as outlined in the Terms and Conditions. Amendments to the merchant relationship will take effect only after confirmation by the Financial Institution and in accordance with the agreed terms.

6.4.3. Cancellation of Relationship: Either party may terminate the merchant relationship in accordance with the Terms and Conditions. Termination of the Merchant relationship does not automatically mean the termination of the relationship with the Account Holder. Account Holder wishing to terminate their relationship as Merchant must convey their intent through the official Financial Institution chat. The Financial Institution will then undertake the necessary procedures to affect the termination, ensuring all pending transactions are settled in accordance with the customer's instructions and applicable regulations. Upon completion of the termination process, the Financial Institution will provide confirmation to the customer via the chat platform or other designated communication channels.

6.4.4. The Financial Institution maintains the right to refuse the commencement or continuation of a merchant relationship based on non-compliance with its Terms and Conditions or at its discretion in accordance with applicable laws and regulations. The process for establishing, altering, or ending a merchant relationship is designed to protect the interests and security of both the customer and the Financial Institution.

6.5. Security and technical requirements

6.5.1. To facilitate the verification of the authenticity of submitted requests, the Financial Institution shall provide each Merchant with an encryption key.

6.5.2. The Financial Institution and the Merchant shall maintain the confidentiality of the Encryption Key, ensuring that it is not disclosed to or accessed by any third parties. This obligation of confidentiality is a critical component of the security measures adopted to safeguard transactional integrity and privacy.

6.5.3. The Financial Institution and the Merchant shall mutually coordinate to provide each other with reasonable advance notice of any changes in their respective information systems that could potentially impact the performance of their Agreement. Both parties are committed to ensuring that these changes are executed in a manner that preserves the integrity and functionality of each other's systems. Furthermore, they agree to refrain from any actions that might harm the information system of the other party, or cause any form of damage, through their own system or otherwise. This cooperation is essential for maintaining the seamless operation and mutual benefits outlined in the Agreement.

6.5.4. In the event of a failure detection, the Financial institution and Merchant identifying such a failure is obligated to promptly commence remedial actions. Additionally, this Party must immediately inform the other Party of the nature of the failure and provide an estimated duration for the resolution of the issue. This obligation to communicate and address failures swiftly is crucial for maintaining the integrity and continuity of the services and operations covered under the Agreement.

6.5.5. In the process of preparing requests and during other instances of data communication, the Merchant is required to adhere to the technical protocol as outlined in the technical specifications of BCC Pay. These specifications are available for reference on the blackcatcard.com website. Compliance with these protocols is essential to ensure consistent and secure data exchanges as per the established guidelines of BCC Pay.

6.5.6. Should a Transaction request align with the technical specifications set forth by the Financial Institution and include the appropriate Electronic Signature formed with help of the Encryption key of the Merchant, and provided that the Client's account possesses adequate funds for the Transaction, and the Client subsequently confirms the Transaction via the APP, the Financial institution shall issue a response to the Merchant confirming the acceptance of the Transaction. This response will be sent to the address specified in the Transaction request. This process is integral to ensuring the validation and execution of Transactions in a manner that is secure, compliant, and consistent with the established protocols.

6.5.7. In the event that a Transaction request lacks a proper Electronic Signature of the Merchant, fails to adhere to the current and valid technical specifications, or if the Client's current account does not have sufficient funds to execute the Transaction, the Financial institution is obligated to issue an error message to the Client. This message is a critical part of the Financial institution procedure to ensure that all parties are promptly informed about the status of the Transaction, especially in scenarios where it cannot be processed due to these specified deficiencies.

6.5.8. In the circumstance where a third party has gained, or is suspected to have gained, knowledge of the Merchant's encryption Key, it is incumbent upon the Merchant to immediately notify the Financial Institution of this security incident. Furthermore, the Merchant is required to refrain from utilizing the compromised encryption Key for any transactions until receiving explicit authorization or a revised agreement from the Financial Institution regarding the forwarding and acceptance of Transactions. This measure is vital for maintaining the security and integrity of the transactional process.

6.6. The Merchant is obligated to securely store all source documents related to each Transaction, including but not limited to documents that certify the completion of the Transaction such as sales invoices and lists of provided services. These documents must be kept in a location that is not accessible to unauthorized third parties. The Merchant is required to retain these documents for the duration mandated by applicable laws, but in any case, for a minimum period of two years from the date of executing the Transaction. Furthermore, upon request from the Financial Institution, the Merchant shall promptly provide access to or copies of these documents. This requirement is essential for ensuring transparency, compliance with regulatory obligations, and facilitating any necessary reviews or audits by the Financial Institution.

6.7. In the event that the Merchant fails to provide the Financial Institution with adequate certification of the delivery of goods or services, or confirmation of a wallet top-up, the Financial Institution reserves the right to declare the Transaction as invalid. Consequently, the Financial Institution may opt to debit the amount of the Transaction from any of the Merchant’s current accounts. Alternatively, the Financial Institution may withhold the Transaction amount from any payments due to the Merchant under the Terms and Conditions of their agreement. This action is a safeguard to ensure the integrity of transactions and compliance with the agreed Terms and Conditions.



7.1. The operation of the Account shall at all times be subject to and governed by the following documents: (i) the Terms and Conditions herein, (ii) the Fee Information Document as specified for each customer category, and (iii) the privacy policy documents, collectively regarded as pre-contractual information.

7.2. We are offering the following products:

7.2.1. Blackcatcard for Private Individual

7.2.2. Blackcatcard for EU Legal Entities with the VAT number

7.2.3. Blackcatcard for EU Legal Entities without the VAT number

7.2.4. Blackcatcard for non-EU Legal Entities

7.2.5. Blackcatcard for Fintech Companies

7.3. Blackcatcard for Private Individual

7.3.1. The "Blackcatcard for Private Individual" is a packaged financial product tailored for non-minor private individuals, available to residents within the European Economic Area (EEA) as well as to those residing outside the EEA.

7.3.2. For potential applicants who are residents of the EEA, the "Blackcatcard for Private Individual" product package includes: The Account: A personal payment account for managing funds. Access Tools: A BCC card which serves as a physical tool for account transactions. Mobile Application (APP): A digital application that facilitates access to the account for various financial services. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.3.3. For potential applicants residing outside the EEA, the product package comprises: The Account: A personal payment account for managing funds. Mobile Application (APP): A digital application that provides access to the account for various financial services, excluding the physical BCC card. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.3.4. All applicants, regardless of residency, are subject to compliance with the Financial Institution's application process, due diligence requirements, and must agree to the Terms and Conditions set forth by the Financial Institution. The provision of the BCC card is contingent upon the applicant's residency within the EEA and subject to the Financial Institution’s approval.

7.4. Blackcatcard for EU Legal Entities with the VAT number

7.4.1. The "Blackcatcard for EU Legal Entities with the VAT number " is a packaged financial product tailored for Legal entities (non-private individuals), registered within any of the EEA country and having the VAT number.

7.4.2. A legal entity is presumed to possess a valid Value Added Tax (VAT) number if said VAT number is verifiable through the online resource provided by the European Commission at https://ec.europa.eu/taxation_customs/vies/#/vat-validation. The accuracy and validity of a VAT number are contingent upon successful confirmation via this specified verification service.

7.4.3. For potential applicants who are residents of the EEA, the "Blackcatcard for EU Legal Entities with the VAT number" product package includes: The Account: A payment account for business needs. Access Tools: A BCC card which serves as a physical tool for account transactions. Mobile Application (APP): A digital application that facilitates access to the account for various financial services. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.5. Blackcatcard for EU Legal Entities without the VAT number

7.5.1. The "Blackcatcard for EU Legal Entities with the VAT number " is a packaged financial product tailored for Legal entities (non-private individuals), registered within any of the EEA country and does not having the VAT number or having VAT number which can’t be verified via the online resource provided by the European Commission at https://ec.europa.eu/taxation_customs/vies/#/vat-validation.

7.5.2. For potential applicants who are residents of the EEA, the "Blackcatcard for EU Legal Entities without the VAT number" product package includes: The Account: A payment account for business needs. Access Tools: A BCC card which serves as a physical tool for account transactions. Mobile Application (APP): A digital application that facilitates access to the account for various financial services. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.6. Blackcatcard for non-EU Legal Entities

7.6.1. The "Blackcatcard for non-EU Legal Entities" is a packaged financial product tailored for Legal entities (non-private individuals), registered outside of the EEA countries.

7.6.2. For potential applicants who are not residents of the EEA, the "Blackcatcard for non-EU Legal Entities " product package includes: The Account: A payment account for business needs. Mobile Application (APP): A digital application that facilitates access to the account for various financial services. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.7. Blackcatcard for Fintech Companies

7.7.1. The "Blackcatcard for Fintech Companies" is a packaged financial product tailored for Legal entities (non-private individuals) licensed as Financial Institutions, Crypto currency wallet holders and Cryptocurrency exchange companies

7.7.2. For potential applicants who are residents of the EEA, the "Blackcatcard for non-EU Legal Entities " product package includes: The Account: A payment account for business needs. Mobile Application (APP): A digital application that facilitates access to the account for various financial services. WEB portal access: A digital application that facilitates access to the account for various financial services.

7.8. The applicant may request an Account through the formal 'Application for Services' process. The specific procedure dedicated to establishing a relationship with the Financial Institution is referred to as the 'Onboarding Application for Services'. There are various methods by which the Onboarding Application for Services can be submitted:

7.8.1. In-person submission at the premises of the Financial Institution or at any location where the customer support staff of the Financial Institution are present, including at events or missions conducted by any customer support or financial management representatives of the Financial Institution.

7.8.2. Electronically, through the Financial Institution's mobile application (APP), where the applicant can complete and submit the Application for Services.

7.8.3. Online, via the Financial Institution's web portal, providing a digital avenue for applicants to submit their Application for Services.

7.9. Each submission channel is designed to provide a secure and accessible method for applicants to commence their financial services relationship with the Financial Institution.

7.10. For private individuals

7.10.1. Upon initiation of the Onboarding Application for Services, a private individual is required to be prepared to supply, via the electronic application format, the following documentation: An identification document, which may either be a Passport or National Identity Card, as proof of identity. Documentation confirming the residential address of the individual. Proof of wealth, such documentation to be furnished upon additional request from the Financial Institution

7.10.2. These documents are requisite for the successful processing of the Onboarding Application for Services and must be provided in the form and manner as specified by the electronic application process.

7.11. For non-private individuals

7.11.1. Upon initiation of the Onboarding Application for Services by a non-private individual, the following documentation is to be prepared for submission through the electronic application questionnaire: Documentation or proof substantiating the legal existence of the non-private entity or company. Evidence of the appropriate licensing where the applicant’s activities are subject to regulatory licensing requirements. Identification documents as stipulated in Section 7.10 for private individuals who are requesting the Onboarding Application for Services. In instances where the request is made by a non-private individual, this should be treated as a distinct onboarding subject, in accordance with Section 7.11 of these Terms and Conditions. Such documentation is required for all board members or their jurisdictional equivalents, as well as all beneficial owners holding "25+1" shares or more of the entity. Additional documentation detailing the current financial status of the applicant or descriptive information regarding the applicant’s business operations, which may be requested additionally.

7.11.2. These documents are essential for the comprehensive assessment and processing of the Onboarding Application for Services and must be presented in compliance with the electronic application requirements.

7.12. The Onboarding Application for Services is subject to verification and assessment by the Financial Institution. Should additional queries arise during this process, the customer support team may solicit further clarifications and/or documents from the applicant. It is the applicant’s responsibility to respond to such requests with the necessary clarifications and/or documents.

7.13. The determination of the adequacy and credibility of the information and/or documents provided lies at the discretion of the Financial Institution. Based on this evaluation, the Financial Institution reserves the right to reject the Onboarding Application for Services.

7.14. The Financial Institution may reject a customer’s Onboarding Application for Services for a variety of reasons, including but not limited to:

7.14.1. Incomplete Documentation: The applicant fails to provide all necessary and complete documentation required as part of the application process.

7.14.2. Verification Failure: Information provided by the applicant does not pass the Financial Institution’s verification processes or is found to be inaccurate or misleading.

7.14.3. Regulatory Compliance: The applicant does not meet regulatory compliance requirements, including those related to anti-money laundering (AML) and countering the financing of terrorism (CFT).

7.14.4. Risk Assessment: The applicant presents a risk profile that does not align with the risk appetite or policies of the Financial Institution.

7.14.5. Sanctions Screening: The applicant or related persons is identified on any sanction list or is otherwise ineligible to receive financial services under applicable sanctions laws.

7.14.6. Legal Restrictions: There exist legal impediments or restrictions that prevent the establishment of a customer relationship.

7.14.7. Financial Institution Policy: The applicant does not meet the specific criteria or policies set forth by the Financial Institution, which may include factors related to the business model, geographic location, or other discretionary criteria established by the Financial Institution.

7.14.8. Adverse Findings: Due diligence processes reveal adverse findings such as a history of fraudulent activities or other financial malpractices associated with the applicant.

7.15. The decision to reject an Onboarding Application for Services is taken with due consideration, and the Financial Institution is not obliged to disclose the specific reasons for rejection to the applicant. However, such decisions are made in accordance with the Financial Institution’s terms and conditions, operational guidelines, and regulatory obligations.

7.16. Upon approval of the Onboarding Application for Services by the Financial Institution, the following outcomes are formalized:

7.16.1. A contractual relationship between the applicant and the Financial Institution is duly established, signifying the commencement of a business association.

7.16.2. All components of the product package to which the applicant is entitled become activated and available for use as delineated in the terms of the service agreement.

7.16.3. The applicant is officially designated as an Account Holder with the Financial Institution, thereby gaining rights and responsibilities as stipulated in this terms and conditions.

7.17. The Account Holder is entitled to hold multiple accounts and cards, as deemed necessary for their financial management. Each request for an additional account or card must be submitted through a separate Application for Services. The Financial Institution retains the discretionary authority to conduct an additional evaluation related to the issuance of any supplementary financial products to the Account Holder.

7.18. Following such assessment, the Financial Institution may:

7.18.1. Request further clarifications or documents from the Account Holder.

7.18.2. Condition the processing of the application upon the receipt and satisfactory review of the additional information or documents, as determined by the Financial Institution’s standards.

7.18.3. Exercise the right to decline the Application for Services at its sole discretion, without the obligation to disclose the reasons for such rejection to the Account Holder.

7.19. These measures are instituted to maintain the integrity of the Financial Institution's operations and to comply with applicable regulatory and compliance standards. The Account Holder's understanding and cooperation in this process are appreciated.

8. Application for services

8.1. The Financial Institution provides a suite of Applications for Services to accommodate various customer needs. These include:

8.1.1. Onboarding Application for Services: An application process for new customers to open an account and establish a business relationship with the Financial Institution.

8.1.2. Application for Additional Account Opening: For existing customers to open supplementary accounts under their name.

8.1.3. Application for BCC Card or Additional Card Issuance: For the issuance of a new or additional BCC card.

8.1.4. Application for Card or Additional Card Block/Close: To request the blocking or closing of a BCC card or additional cards.

8.1.5. Application for Card Limits Change: For adjusting the spending or withdrawal limits on a BCC card.

8.1.6. Application for Card Closure: To permanently close a BCC card.

8.1.7. Application for Card Re-Issue: For the re-issuance of a BCC card due to expiration, loss, or damage.

8.1.8. Application for Updating Account Holder Details: For changes to the Account Holder's address, phone number, or other identifying details.

8.1.9. Application for Relationship Cancellation: To initiate the process of terminating the business relationship with the Financial Institution.

8.1.10. Application to Close Account: For the closure of an existing account.

8.1.11. Application for Payment Instruction Cancellation: To cancel a previously submitted payment instruction.

8.1.12. Application for Payment Return: To request the return of funds from a completed payment.

8.1.13. Application for Card Chargeback: To initiate a chargeback process for disputable card transactions.

8.1.14. Application for additional Service: To request additional services presented within the Tariff of Charges.

8.2. Standard Processing Procedure: Each application follows a standard processing procedure:

8.2.1. Applications can be submitted via the Financial Institution's mobile application (APP) or web portal.

8.2.2. The APP and web portal provide chat functionalities and embedded features for the submission and management of applications.

8.2.3. Received applications are processed in accordance with the Financial Institution's operational guidelines and compliance requirements.

8.2.4. The processing timeframe for each application type will be communicated to the customer through the APP, web portal, or other official communication channels.

8.2.5. The customer will receive a notification through the same channels upon the completion of the application process.

8.3. The Financial Institution reserves the right to request additional documentation or clarification from the customer as part of the application processing. Customers are encouraged to ensure that all information provided in their applications is complete and accurate to avoid processing delays.

8.4. Additional services:

8.4.1. This section delineates the terms under which the Financial Institution provides Additional Services to the Account Holder as part of the banking relationship: Current Account Confirmation Letter: Upon request, the Financial Institution will provide the Account Holder with a confirmation letter for the current account. This document will be delivered electronically and will bear the authorized signature of the Financial Institution. The confirmation letter will be transmitted to the email address provided by the Account Holder. Reference Letter: The Account Holder may request a personalized reference letter. This letter will be tailored to the individual's specifications and will be signed by an authorized officer of the Financial Institution. The reference letter will be provided in an electronic format and dispatched to the Account Holder's designated email address. Account Statement: The Financial Institution will furnish signed electronic account statements upon the Account Holder's request. The automatic electronically created statements are available free or charge. A fee, as specified in the Financial Institution's Tariff of Charges, will apply for each page of the statement provided. Audit Request Answer: The Financial Institution will respond to audit inquiries related to the Account Holder's financial records. This service does not include postal costs, which, if applicable, will be charged to the Account Holder. Postal Services: For dispatch of documents or items via express courier post, the Financial Institution will facilitate the service and charge the Account Holder in accordance with the prevailing rates of the courier service. Copy of the Payment Instruction: A copy of any payment instruction can be requested by the Account Holder and will be provided electronically via email. DHL Card Delivery: The Financial Institution offers expedited card delivery through DHL courier service. The costs associated with this service will be borne by the Account Holder and are subject to DHL's current pricing structure.

8.4.2. By requesting and utilizing any of the Additional Services mentioned herein, the Account Holder agrees to the terms specified and the fees listed in the Financial Institution's Tariff of Charges, which are subject to change. Notification of any fee changes will be communicated to the Account Holder in accordance with the Financial Institution's amendment procedures for Terms and Conditions.


9.1. If you use remote access tools for conclusion of the Agreement (distance Agreement), you are entitled to a 14-day “cooling off’ period from the Commencement Date during which you may cancel the Agreement without incurring any penalty and without having to give any reason.

9.2. Should you wish to cancel the Agreement during the “cooling off” period, please send us written revocation (in free form) and return the Plastic BCC to us (at Papaya’s head office: 31 Sliema Road, Gzira GZR 1637, Malta), unsigned and unused.

9.3. Note that you will not be entitled to a refund of any fees paid in accordance Tariff of Charges, if you have used your Card during the 14-day “cooling off” period. 

9.3.1. Charges and fees for the Services levied on a regular basis shall be payable by you proportionally up to the cancelation of the Agreement. If such charges are paid in advance, they shall be reimbursed proportionally.

9.4. Following the end of the “cooling off” period you may terminate the Agreement in accordance with Paragraph 10.


10.1. Duration of Agreement: The Agreement shall remain in effect indefinitely, subject to the provisions of paragraph 2.

10.2. Termination Rights: Each Party is entitled to unilaterally terminate the Agreement without providing reasons and without incurring any charges, by serving a Notice of termination to the other Party, except as otherwise provided in the normative acts of the Republic of Malta.

10.3. Account Closure Initiative: If initiated by the Account Holder, the agreement will be terminated within one month of receiving the Account Holder's Application for Services regarding the cancellation of the relationship, as established by our procedures.

10.4. Obligation to Terminate Relationship: We are under no obligation to terminate the relationship if it is necessary for the execution of concluded Transactions with you or if you are in red (having unallowed overdraft).

10.5. Notice Period for Termination by the Financial Institution: We may terminate the Agreement by providing at least two months' Notice to you.

10.6. Provision of Interim Statement: Upon termination of the Agreement, we will provide you with an interim statement covering at least the previous thirteen months, free of charge electronically. All other means of the statement provision if the subject of the availability and subject to the Tariff of Charges.

10.7. Proportional Charges and Fees: Charges and fees for services incurred regularly are payable by you proportionally until the termination of the Agreement.

10.8. Account Closure and Liability: Upon closing the Account, any remaining balance will secure liabilities owed by you to us.

10.9. Continuation of Obligations: Termination of the Agreement does not absolve either party from fulfilling unmet obligations established prior to the termination.

10.10. Non-Return of Documents: Documents provided by you for the conclusion of an Agreement or performance of a Transaction will not be returned.

10.11. Obligations upon Termination: Should the relationship terminate, you are required to submit all necessary documents and take all steps to fulfill obligations arising from the legal relationship with us.

10.12. Actions upon Agreement Termination:

10.12.1. We will close all your Account and cancel your Cards on the day the Agreement terminates.

10.12.2. You must promptly instruct us regarding the disposition of any remaining funds.

10.12.3. We will close Accounts and transfer the balances as per your payment order, subject to applicable laws.


11.1. Under normal circumstances, if any payment is attempted that exceeds the Available Funds on the Account the Transaction will be declined. In certain circumstances, a transaction may take your Account into a negative balance – this will normally be where the MasterCard network merchant has failed to seek authorization for the Transaction.  In these cases, providing that we are satisfied that you have not deliberately used the Card in the manner that would result in a negative Account balance, we shall grant the Unallowed Overdraft on Account to you.

11.1.1. The Unallowed Overdraft shall be granted by us in the form of non-revolving overdraft. We shall be entitled to grant on your Account the Unallowed Overdraft to the amount that is to be added to the balance of funds available in the Account in order to discharge your particular payment obligations.

11.1.2. The Unallowed Overdraft shall be deemed received at the moment of discharging your payment obligations.

11.2. The Unallowed Overdraft shall be repaid by you immediately on the day of origination of the same. 


12.1. A "Dormant Account" is classified as an account that has not recorded any customer-initiated financial transactions, excluding those transactions initiated by the Financial Institution such as fee charges or the covering of unauthorized overdrafts, for a consecutive period of six months.

12.2. Accounts that are deemed dormant will be subject to a Dormant Account fee as specified in the Tariff of Charges of the Financial Institution. This fee is levied in recognition of the administrative costs associated with maintaining inactive accounts.

12.3. Should the Account be classified as Dormant in accordance with the Financial Institution's criteria, the Financial Institution will debit the account for the applicable dormant account fee. This fee will continue to be debited on a monthly basis until the Account Holder conducts a transaction.

12.4. In the event that the Account balance is insufficient to cover the dormant account fee, the remaining balance will be applied towards the fee payment. The Account Holder will then be issued a written notice two months in advance of the impending closure of the Account due to insufficient funds to maintain its active status. It is the responsibility of the Account Holder to ensure that the Account remains active by conducting regular transactions to avoid such fees and potential closure.

12.5. Account Holders are advised to ensure activity within their accounts to avoid the Dormant Account designation and the subsequent fee. Should an account become dormant, the Account Holder will be notified using their last known contact information as per the Financial Institution’s records. Account Holders may reactivate their dormant accounts by conducting a transaction or by contacting customer service, as outlined by the Financial Institution’s reactivation procedures.



13.1. The document herein, comprising both the Important Information and the Terms and Conditions, collectively referred to as the "Agreement," sets forth the regulatory framework for the utilization of the Channels. Your engagement with the Channels constitutes your acceptance of, and agreement to be legally bound by, the stipulations of this Agreement. It is expected that you will utilize the Channels and their respective functions appropriately and in compliance with the operational guidelines provided. Furthermore, certain functions of the Channels may be governed by additional specific terms and conditions. Your usage of these specific functionalities indicates your agreement to adhere to these supplementary terms and conditions.

13.2. The designated Delivery Channels of the Financial Institution consist of the mobile application available on both iOS and Android platforms, as well as the Internet Banking web application. These Delivery Channels are exclusively for the use of customers who are duly authorized by the Financial Institution.

13.3. All activities conducted via these Delivery Channels are subject to monitoring and recording to ensure security and compliance with the Financial Institution’s operational policies. Unauthorized access or use of any of these Delivery Channels is strictly prohibited and may result in legal proceedings instituted by the Financial Institution against the unauthorized user. Customers are reminded to safeguard their access credentials and to use the Delivery Channels within the scope of their authorized purposes only.

13.4. Internet Banking Web Application: All functionalities of the Internet Banking web application provided by the Financial Institution are accessible solely subsequent to the authentication of the User. The User must successfully complete the required authentication process to engage with any of the services offered through the web application.

13.5. Mobile Application Chat Function: The chat function within the mobile application of the Financial Institution is uniquely available without the need for User authentication. This feature allows Users to communicate with customer service representatives or access support without logging into their account.

13.6. Other Mobile Application Functions: All additional functions within the mobile banking application, barring the aforementioned chat function, necessitate the User to undergo authentication. Only after the User’s identity has been verified through the authentication process will they be granted access to the various banking services and features available through the mobile application.

13.7. These provisions are established to ensure the security and privacy of User interactions with the Financial Institution’s Delivery Channels while allowing for ease of access to customer support when needed.

13.8. Access to Channels:

13.8.1. Initial Authentication: Each occasion a User accesses the Web Internet Banking and the first instance of accessing the mobile application without logging out requires initial authentication. This initial authentication is a mandatory security measure designed to verify the User's identity at the start of each session on the Web Internet Banking and at the initial entry point when using the mobile application.

13.8.2. Mobile Application Unblock: In instances where initial authentication has been previously completed within the mobile application, and there is a subsequent period of inactivity, the application is configured to automatically secure itself by blocking access. To regain access, Users must employ the designated method for unblocking the mobile application. This method is a security protocol established to protect User information and account integrity during periods of inactivity.

13.9. These security protocols are implemented to safeguard the confidentiality and security of User accounts. The Financial Institution requires Users to adhere to these protocols to maintain secure and authorized access to the Channels.

13.10. Authentication Protocols:

13.10.1. Initial Authentication Procedure: Initial authentication is carried out through the combination of the User's credentials and a One-Time Password (OTP) sent via SMS. This two-factor authentication process is integral to verifying the User's identity and securing access to the Financial Institution's services.

13.10.2. User Credentials: The credentials comprise the User ID, which is the registered mobile phone number of the User, and a Personal Identification Number (PIN), which is established by the User during the registration process. These credentials are unique to each User and must be kept confidential to ensure account security.

13.11. SMS One-Time Password:

13.11.1. The OTP for initial authentication is dispatched via SMS to the mobile phone number designated as the User ID.

13.11.2. This OTP is valid for a single session or transaction and adds an additional layer of security.

13.12. Mobile Application Unblock:

13.12.1. To unblock the mobile application after an automatic security lockout, the User must enter their previously created PIN or biometric confirmation of the device (like Face ID or Touch ID) if User selected this type of the authentication within APP.

13.12.2. This unblocks procedure ensures that only the authorized User can regain access to the mobile application without the need for further SMS verification.

13.13. All Users are required to comply with these authentication protocols as a condition of accessing and using the Financial Institution's services. These measures are adopted to protect Users against unauthorized access and potential security threats.

13.14. Except as otherwise mutually agreed upon, the utilization of the Channels is predicated upon the possession of an Account with the Financial Institution. Furthermore, access to and use of the Channels is contingent upon the User's agreement to the terms of service, which are formalized through an application submitted by the User and subsequently accepted by the Financial Institution.

13.15. Pursuant to this agreement, any applicable fees, as delineated in the Tariff of Charges, will be debited from the User's Account. These fees may include, but are not limited to, those associated with the specific product package in use, service fees, commissions, and any charges arising from non-financial transactions.

13.16. Security Requirements for Users of Mobile Applications and Web Internet Platform:

13.16.1. Secure Credentials: Users must create and maintain including a unique User ID and a strong Personal Identification Number (PIN). The credentials should not be shared with anyone and must be kept confidential at all times.

13.16.2. Authentication: Users are required to authenticate themselves each time they access the mobile application or web internet platform using the prescribed methods, such as entering credentials or responding to One-Time Passwords (OTPs) sent via SMS to their registered mobile number.

13.16.3. Regular Updates: Users must ensure that the mobile application and web browser are kept up to date with the latest security patches and updates provided by the software developers or the Financial Institution.

13.16.4. Secure Environment: Access to the mobile application and web internet platform should be conducted in a secure environment. This means avoiding public Wi-Fi networks and ensuring private networks are secured with robust encryption protocols.

13.16.5. Monitoring and Reporting: Users should monitor their accounts for any unauthorized transactions and report any suspicious activity to the Financial Institution immediately.

13.16.6. Device Security: Users are responsible for the security of the devices they use to access the mobile application and web internet platform. This includes using up-to-date antivirus software, enabling firewalls, and not jailbreaking or rooting devices.

13.17. Logging Out: Users should always log out of the mobile application or web internet platform after completing their sessions.

13.18. Compliance with Policies: Users must comply with all other security policies and procedures as outlined by the Financial Institution.

13.19. Prohibition of Unauthorized Use: Users are prohibited from attempting to circumvent security features or accessing the accounts of other Users.

13.20. Phishing Avoidance: Users must exercise caution to avoid phishing attempts. This includes not clicking on unknown links, not providing credentials in response to unsolicited requests, and verifying the authenticity of communication purportedly from the Financial Institution. We will never request you to provide us with the PIN or SMS one time password.

13.21. The Financial Institution reserves the right to update or modify these security requirements as necessary to ensure the safety and security of its mobile applications and web internet platform, and to comply with applicable laws and regulations. Users are obligated to adhere to these requirements as part of their agreement with the Financial Institution.



14.1. Card Issuance: The Card is issued upon the successful completion of an application for services process by an Account Holder and is subject to approval by the Financial Institution. The first Card is issued within the Onboard Application on services is the customer is entitled for Card issuance.

14.1.1. Card Issuance Process: Entitlement: If the Account Holder is entitled to receive a Card as part of their Account package, the issuance process shall be initiated in accordance with the following parameters provided by the User: Name Selection: The Account Holder may choose the name to be displayed on the Card. This selection must align with the Account Holder’s identity and be compliant with the MasterCard "True Name" program, allowing individuals to use names that accurately represent their identity. Card Type Selection: The Account Holder has the option to select between receiving a Physical (Plastic) Card or a Virtual Card. Binding to the account: The type of binding to the Account – main card (the first card of the account) or additional Card. Delivery Address: In the event that the Account Holder opts for a Physical Card, they must provide a delivery address within the Application for Services where the Card should be sent. The Card issuance process is contingent upon the submission of accurate and complete information by the Account Holder. The Financial Institution reserves the right to request additional information or documentation to verify the Account Holder’s identity and delivery details. Upon fulfilling these conditions, the Financial Institution will proceed with the Card issuance in accordance with the Account Holder’s selections and the applicable terms and conditions.

14.1.2. Card Issuance Protocol: Real-Time Processing: Applications for services related to the issuance of the Card are processed in real time, ensuring prompt attention to the Account Holder's request. Subject to Approval: All applications for Card issuance are subject to the approval of the Financial Institution. The decision-making process takes into account various factors to ensure compliance with institutional policies. Financial Institution's Discretion to Reject: The Financial Institution reserves the right to reject any Card issuance application if the name selected by the User deviates from their legal name, contains offensive language, or could potentially harm the reputation of the Financial Institution or MasterCard. Immediate Issuance of Virtual Card: Upon successful processing of the Card issuance application, a virtual Card is immediately issued to the Account Holder. Virtual Card Transaction Readiness: The virtual Card, upon issuance, is fully functional for Internet transactions. Access to Virtual Card Details: Necessary details for conducting Internet transactions with the virtual Card are accessible through the mobile application or the Web Internet Bank. Delivery of Plastic Card: Should the User opt for a Physical (Plastic) Card, it will be dispatched via the chosen method—standard postal service or courier delivery—to the address specified in the application for services. Transaction Blocking Prior to Activation: Transactions requiring online authorization through ATMs or physical terminals will be blocked on the Plastic Card until its activation by the User. Activation of Plastic Card: The Account Holder may activate the Plastic Card using a designated function within the mobile application. It is strongly recommended that the Plastic Card be activated only after it has been received by the Account Holder. Non-Receipt of Plastic Card: In the event the Plastic Card is not received as expected, the User is obliged to promptly contact Customer Support to address and resolve the delivery issue. Issuance of PIN for Transactions: A Personal Identification Number (PIN) for the confirmation of transactions is issued exclusively for use with the Physical (Plastic) Card. Accessibility of PIN: The PIN associated with the Plastic Card can be accessed by the User via the mobile application provided by the Financial Institution. Restriction on PIN Availability: The PIN for the Plastic Card will not be available to the User until the Plastic Card has been activated. The activation of the Plastic Card is a prerequisite for the disclosure of the PIN to ensure the security of card transactions.

14.2. The Card issued by the Financial Institution is subject to usage terms that vary according to the type of Account Holder:

14.2.1. Private Individual Account Holders: Cards issued to private individual Account Holders are intended for personal, non-commercial use. The Card may be used for transactions and withdrawals as per the limits and conditions specified in the Account agreement.

14.2.2. Business or Corporate Account Holders: Cards issued to business or corporate Account Holders are for business-related expenditures. These Cards are to be used strictly for legitimate business transactions, in accordance with the business’s operational scope and the Financial Institution’s policies.

14.3. For all types of Account Holders, the use of the Card must be in compliance with the terms and conditions set by the Financial Institution. Unauthorized or improper use of the Card may result in suspension, cancellation, or legal action. Account Holders are responsible for securing the Card and maintaining the confidentiality of the PIN and any other authentication methods.

14.4. The Financial Institution advises all Card Holders to adhere strictly to the following security recommendations to protect against unauthorized use and potential fraud:

14.4.1. Confidentiality of PIN: Card Holders must keep their Personal Identification Number (PIN) and any other security details confidential and never disclose them to anyone.

14.4.2. Card Security: Card Holders are responsible for safeguarding their Card at all times. The Card should not be left unattended, especially in public places, and should be stored securely when not in use.

14.4.3. Secure Transactions: Card Holders should only use their Card for transactions at trusted merchants and secure online platforms. Caution should be exercised when entering Card details on websites to ensure they are legitimate and secure.

14.4.4. Monitoring Account Activity: Regular monitoring of account statements and transaction history is recommended. Any unrecognized transactions should be reported to the Financial Institution immediately.

14.4.5. Reporting Lost or Stolen Cards: In the event of a lost or stolen Card, Card Holders must inform the Financial Institution without delay to enable prompt preventive measures such as blocking the Card.

14.4.6. Device Security for Online Banking: When using online banking platforms or mobile applications to manage their Card, Card Holders should ensure their devices have up-to-date security software and are protected by strong passwords.

14.4.7. Avoiding Phishing Attempts: Card Holders must be vigilant against phishing attempts. They should not respond to unsolicited emails or messages requesting Card information and should verify the authenticity of any communication claiming to be from the Financial Institution.

14.4.8. ATM Safety: When using ATMs, Card Holders should be aware of their surroundings and shield the keypad when entering their PIN.

14.4.9. Secure Personal Information: Personal information should be kept secure and not shared loosely, as it can be used in identity theft and linked to Card fraud.

14.4.10. Compliance with Financial Institution Communications: Card Holders should follow all security communications and guidelines provided by the Financial Institution for the safe use of their Card.

14.4.11. 3D Secure: your Card is enrolled in the 3D Secure service, which provides an additional layer of online authentication for credit and debit card transactions, helping to prevent unauthorized use of your Card online. The 3DS confirmation executed by the PIN or biometric confirmation (Touch ID or Face ID). For your safety, please select the 3D Secure enabled resource to make your Internet transactions.

14.5. By following these security recommendations of paragraph 14.4, Card Holders can significantly reduce the risk of fraud and unauthorized access to their accounts. The Financial Institution is committed to providing a secure banking environment and expects Card Holders to exercise due diligence in protecting their financial assets.


15.1. Card Receipt and Activation: Upon receiving your Card, you are required to sign the Card immediately. The Card activation shall be executed in accordance with the paragraph 14.1.2

15.2. Card Usage and Care: The Card is for your personal use only. You must exercise due diligence in its care, refraining from tampering with its magnetic stripe or chip. Disclosure of the Card number should occur solely during legitimate transactions, and you must adhere to any additional instructions we issue concerning the safeguarding of the Card and its security details.

15.3. Ownership and Return: The Card remains the property of the Financial institution and must be surrendered upon request.

15.4. Validity and Limits: The Card should be utilized within its specified validity period and without exceeding the authorized credit limit. It must not be used if it has been cancelled or suspended by us.

15.5. Permitted Uses: The Card is designated for the payment of goods or services, cash advances, and other approved uses. It must not be employed for unlawful purposes.

15.6. Transaction Methods: Usage of the Card may include:

15.6.1. Signing a sales voucher or order form that displays the Card number.

15.6.2. Entering the PIN at Electronic Point of Sale (EPOS) terminals or ATM to authenticate transactions.

15.6.3. 'Tapping' the Card at a point of sale to conduct contactless payments.

15.6.4. Loading the Card onto a device and/or eWallet for transactions.

15.6.5. Using the Card at cash or other machines, occasionally requiring a PIN.

15.6.6. Providing the Card number and other details for telephone transactions.

15.6.7. Engaging in online transactions, for which we advocate the use of secure payment sites.

15.7. Consent and Transaction Irrevocability: Your authorization for a transaction is confirmed by your signature, the provision of your Card number, the entry of your PIN, or the input of your Card/Security Details. Once consent is given, a transaction cannot be revoked.

15.8. Recurring Transactions: For recurring transactions or those initiated by the payee, the transaction cannot be revoked after you have given consent.

15.9. Renewal Responsibility: It is your responsibility to ensure the possession of a renewed Card prior to your current Card's expiry.

15.10. Renewal Notice: If you do not wish to renew your Card, you must inform the Financial institution at least 30 days before the Card's expiry date.

15.11. Security Details:

15.11.1. Various channels may require different security details for transactions, including: A PIN for ATM or Point of Sale transactions. A 3D Secure passcode for Internet transactions. A verification code for eWallet or app registrations.

15.11.2. These details must be kept confidential and not disclosed to anyone, nor recorded in a discoverable manner.

15.11.3. Any paper communication of the PIN or security details should be destroyed after receipt. Electronic communication of codes should only be used as intended and not recorded elsewhere.

15.12. Card/Security Details Misplacement: In case of loss or suspected compromise of the PIN or any other Card/Security Details, immediate notification to the Financial institution is mandatory.

15.13. By accepting and using the Card, you acknowledge and agree to the terms outlined herein. The Financial institution reserves the right to amend these terms as required.

15.14. The Cardholder is obliged to exercise reasonable care to prevent the loss, theft, or unauthorized use of the Card, PIN, or any associated Card/Security Details. The Cardholder must scrutinize statements promptly upon receipt or when they become available online. In the event of the Card being lost, stolen, misappropriated, or if there are grounds for suspecting potential misuse, or if the Cardholder believes that the PIN or Card/Security Details are known to someone else, the Cardholder is required to inform the Financial Institution immediately, and no later than 13 months from the debit date of any unauthorized transaction.

15.15. Subject to the preceding clause and the provisions herein, the Financial Institution will conduct investigations into unauthorized transactions. Should the Financial Institution ascertain that the transaction was not authorized by either the primary or supplementary Cardholder, and that the Cardholder is not liable, the Financial Institution will reimburse the primary account for the amount of the unauthorized transactions exceeding €50. Beyond this reimbursement, the Financial Institution holds no further liability. The Cardholder, however, bears full responsibility for all transactions made with the Card, PIN, or Card/Security Details prior to notification, under the following conditions:

15.15.1. Failure to adhere to these Terms and Conditions, especially regarding safeguarding the Card, PIN, and Card/Security Details.

15.15.2. Delay in informing us upon becoming aware of loss, theft, misappropriation, unauthorized transactions, any account errors or irregularities, or suspicion that the PIN or Card/Security Details are compromised.

15.15.3. Recording the PIN or Card/Security Details in a recognizable manner, particularly on the Card or any item kept or carried with the Card.

15.15.4. Engaging in gross negligence or fraudulent behaviour.

15.16. Subsequent to reporting to us, you will not be accountable for further transactions, staring from next Business day after the lost/stollen card report, made with your lost, stolen, or misappropriated Card, unless fraudulent actions were taken.

15.17. Notifications pursuant to this Agreement should be directed to Papaya Ltd, Sliema Road 31, Gzira, GZR1647 - Malta, Telephone: +356 20155500, or via the 24-hour available chat.

15.18. We may request information and your cooperation in recovering the Card and investigating unauthorized transactions. This includes working with us and law enforcement authorities. If instructed to report such incidents to the police, both where the incident occurred and locally upon your return, you must do so promptly.

15.19. If the Card is retrieved after being reported lost or stolen, it must not be used; instead, it should be sent back to us, cut in half, for security reasons.

15.20. Should a replacement Card be necessary, the Account Holder must formally request issuance of a new Card or Additional Card. A fee may be charged for Card replacement and collection as outlined in the Tariff of Charges.

16. Retailers - Liability, Payment Cancellation, and Refunds

16.1. Retailer or Bank Refusal: The Financial Institution assumes no liability if a merchant or bank declines to accept the Card.

16.2. Irrevocability of Payments: Once consent for a payment is provided to a merchant or supplier, or upon entering the PIN and/or providing Card/Security Details which facilitate the processing of a payment, the Financial Institution is unable to cancel the transaction. This includes recurring payments for subscriptions. To address refunds, it is the Cardholder's responsibility to engage directly with the merchant or supplier.

16.3. Receipt of Refunds: In the event a merchant or supplier consents to a refund for a Card transaction, the Financial Institution will credit the refund to the Cardholder's Account upon receipt of a valid voucher or satisfactory confirmation from the merchant.

16.4. Refunds: A Cardholder may request a refund for a payment related to a Direct Debit Mandate or subscription under the following conditions:

16.4.1. The payment was made within the European Union, Liechtenstein, Norway, or Iceland.

16.4.2. The authorization did not specify the precise payment amount.

16.4.3. The requested payment amount exceeded what the Cardholder could have reasonably anticipated based on the context, including past spending patterns.

16.4.4. The refund request is submitted within eight weeks from the payment date.

16.5. Investigation of Refund Entitlement: The Financial Institution may request necessary information to ascertain entitlement to the refund. Cooperation with the merchant or supplier may also be beneficial. Within ten working days of receiving a refund request (or additional required information), the Financial Institution will either process the refund or provide reasons for refusal.

16.6. Payment Queries Beyond Eight Weeks: For payment queries made more than eight weeks after account debit or for payments to merchants or suppliers outside the EEA, the Financial Institution is not obligated to issue a refund. However, we will advise if any assistance is possible or suggest alternative actions.

16.7. Authorisation Requests: For security purposes and to reduce card misuse, the Financial Institution may refer authorization requests back to the merchant for additional information, which may lead to the Cardholder being asked for further identification.

16.8. Disputes with Merchants or Banks: If the Cardholder is in dispute or has a claim against a merchant, supplier, or bank regarding a transaction made with the Card, all sums unrelated to the dispute must still be paid to the Financial Institution. While the Financial Institution may provide time for the resolution of any claim or dispute, payment may still be required in accordance with the terms of this agreement.

17. Cash Transactions and Quasi Cash Transactions

17.1. Cash Transactions:

17.1.1. Cash Transactions, not limited to the following, encompass: Transferring funds from the Account to other accounts. Cash Transactions executed at the counters of any other bank or entity, charged to your Account. Cash Transactions conducted through an Automated Teller Machine (ATM) or an Electronic Point of Sale (EPOS) system, debited to your Account. Purchases of travelers' cheques and foreign currency, charged to your Account.

17.1.2. Interest on Cash Transactions will accrue as outlined in clause 9 of these terms and conditions.

17.1.3. Each Cash Transaction carried out through the Bank, whether executed at our branches, via the Bank’s 24x7 Internet Banking service, or at an ATM or EPOS of the Bank, incurs a fee as specified in the Tariff of Charges. Additionally, Cash Transactions conducted at any other bank or entity, or through any external ATM network or system or non-Bank EPOS, will also attract a fee in accordance with the Tariff of Charges.

17.2. Quasi-Cash Transactions:

17.2.1. A Quasi-Cash Transaction refers to transactions representing the purchase of items directly convertible into cash. These types of transactions are distinct in nature and may have different processing and fee structures as per the Bank's policies.


18.1. You may request us to issue the Additional card to Additional Cardholder Bank in a form and according to the procedure prescribed by us.

18.2. You authorise us to issue the Additional Card to Account holder where the Cardholder may the User and you authorise each additional cardholder to authorise transactions on your behalf.

18.3. All Card transactions effected by the Cardholder will be charged to the Account. 

18.4. Where you request us for the Additional Card issuing to Cardholder, you thereby: 

18.4.1. represent that all information about the Cardholder provided by you is complete, accurate and true in all respects, and the Cardholder's consent to providing such information to us for processing has been obtained. You commit to immediately inform us on all changes in the said information; 

18.4.2. commit to ensure that the Additional Card will be used only by the Cardholder stated in the application for the Card issuing; 

18.4.3. undertake full liability for any fees, transactions, use or misuse of any Additional Card requested by you; 

18.4.4. commit to communicate the Agreement to the cardholders before he or she starts using the Additional Card and ensure that the Cardholder complies with applicable provisions of the Agreement. 

18.5. The issuance and use of Additional Cards are governed by the same standards and expectations as the primary Card, and the Primary Account Holder is responsible for the Cardholder's adherence to the Agreement's terms.

V. Agreement

19. Relationship or Agreement

19.1. Governing Law: These General Terms and Conditions, including all information provided through the Channels, are governed by and construed in accordance with the laws of Malta. By accessing or using the Channels, you hereby agree to the application of Maltese law in governing the conduct, operation, and use of the Channels. In relation to any claims or disputes that may arise concerning the Channels, their use, these General Terms and Conditions, the courts of Malta will have non-exclusive jurisdiction to address such matters.

19.2. The Channels have been developed for access and use within European Union (EU). They are not intended for distribution or use by any person or entity in any jurisdiction or country where such distribution or use would contravene local laws or regulations. If the Channels are accessed from outside of EU, such access and use are entirely at the individual's own risk and are subject to compliance with applicable local, national, or international laws.

19.3. Users of the Channels from outside of EU are responsible for adhering to their local laws and regulations. For advice on specific legal situations, users should seek the guidance of a qualified legal advisor. The Financial Institution does not imply that the Channels or the materials on them are appropriate for use outside of Malta, and it is prohibited to access the Channels from territories where their contents are illegal or unlawful.

19.4. Liability and Indemnification:

19.4.1. You agree not to hold us liable for any loss or damage incurred by any person due to your violation of these Terms and Conditions, or through your improper use of the Channels or any of its functions. The System and any software interfaces provided are designed to facilitate payments, and we do not assume responsibility for the underlying contractual relationships between customers and third parties, including beneficiaries.

19.4.2. We shall not be held accountable for any losses or costs, including consequential losses such as loss of business, which you may suffer as a result of our failure to fulfil our obligations due to: Circumstances beyond our reasonable control that were unforeseeable and unavoidable despite our efforts, such as delays or failures caused by industrial action, problems with another system or network, mechanical breakdown, or data-processing failures. Our need to comply with legal or regulatory obligations. Furthermore, we are not liable for any losses, costs, damages, actions, or expenses that occur as a result of electronic transmission of information, via the Internet or otherwise, becoming known to unauthorized individuals, unless such incidents are the direct result of our gross negligence. The terms and conditions that prescribe or infer liability or obligation beyond the termination of our agreement will remain enforceable post-termination, and any corresponding rights will be actionable. By agreeing to these terms, you undertake to indemnify the Financial institution fully against all actions, proceedings, charges, damages, and expenses that the Bank may sustain or become liable for, directly or indirectly, as a result of granting you the use of the System. This indemnification covers any liability arising out of the Financial institutions’  performance of its duties, except in cases of the Financial institutions’  gross negligence.

19.5. Security Notice

19.5.1. While the Financial Institution implements robust measures to secure its systems, the absolute security of the Channels cannot be guaranteed against unauthorized third-party access or data corruption. As such, the confidentiality and integrity of data transmitted via the Channels may not be impervious to external interference.

19.5.2. It is incumbent upon you, the user, to promptly notify us of any individuals who are no longer authorized to access the Channels on your behalf. This ensures the continuous integrity and security of your account and access privileges.

19.5.3. You are obligated to take reasonable precautions to safeguard the confidentiality and security of your Card PIN, APP PIN, the Mobile App, and any biometric data linked to your account. This includes vigilance against the dissemination, loss, theft, or fraudulent use of your access credentials and devices.

19.5.4. Should you suspect that the security of your experience with the Channels has been breached, or if there is any indication that any aspect of your account may have been compromised, it is your responsibility to inform us without delay. Immediate notification should be made through the chat function available within our applications or by sending an email to [email protected]. Prompt reporting of such incidents is crucial in enabling us to take necessary protective actions to secure your account and prevent further unauthorized access or fraudulent activities.

19.5.5. Notification of Unauthorized or Incorrect Payment Transactions: You are required to inform the Financial Institution promptly, without any undue delay, regarding the rectification of unauthorized or incorrectly executed payment transactions. Such notification must be made no later than thirteen months following the date of the transaction debit. Upon receipt of your notification, the Financial Institution will conduct an investigation. If it is determined to the Financial Institution's reasonable satisfaction that the transaction was unauthorized and you bear no liability, the Financial Institution will reimburse the account for the full amount of the unauthorized transactions, including any associated interest or charges paid due to the transaction, as well as any interest the Financial Institution would have paid on that amount, in excess of fifty Euros (€50). Following this reimbursement, the Financial Institution will not maintain any further liability to you.

19.5.6. Responsibility Prior to Notification: You bear unlimited responsibility for all transactions executed via the Channels prior to the issuance of notification to us under this clause if you have: Failed to utilize your PIN, Mobile App, and/or 3DS confirmation in adherence to these Important Information and Terms and Conditions of Use, especially if you have not taken all reasonable precautions to secure your Card PIN, Security Number/s, Mobile App, APP PIN, and biometric data, as applicable. Not immediately notified us upon suspicion or detection of irregular, unauthorized transactions, or upon realization that your Channel Credentials have been compromised, lost, or stolen. Not taken adequate measures to prevent dissemination, loss, theft, or fraudulent use, such as avoiding the recording of the Mobile device with the installed Mobile App, Card PIN, Security Number/s, and/or the APP PIN in any recognizable manner. Acted with gross negligence or fraudulently in any manner.

19.5.7. Cooperation in Recovery and Investigation: We require your cooperation and information to assist in the recovery of the APP PIN and to facilitate investigations into reported unauthorized transactions. You are, therefore, obliged to collaborate with us and law enforcement if necessary. If you are directed to report such incidents to the police, you must do so promptly. If you subsequently recover the PINs and/or the Mobile APP after reporting them lost or stolen, they should not be used; instead, they should be sent to us.

19.5.8. Adherence to User Instructions: You must comply with any user instructions or changes thereto that we may issue from time to time, as these instructions may be subject to modifications in the interest of security and operational efficiency.

20. Safeguarding requirements

20.1. The Financial Institution hereby clarifies that the Malta Depositor Compensation Scheme does not extend to your Account and BCC. However, we prioritize the security and integrity of your finances. To this end, we are committed to safeguarding all funds received from you, our valued customers.

20.2. In compliance with this commitment, all customer funds are segregated from the Financial Institution's own funds and are deposited into a distinct bank account housed within a credit institution located in a jurisdiction recognized for its robust regulatory framework. This measure ensures that, in the extraordinary event of our insolvency, any funds that have been credited to your Account will be insulated from claims made by our creditors.

20.3. This safeguarding provision is instituted to provide an additional layer of protection for your assets, reflecting our dedication to financial security and trust.


21.1. The Financial Institution reserves the right to modify these Terms and Conditions, including any associated charges, at its discretion. In the event of such amendments, the Financial Institution will provide the Account Holder with a two-month notice period before the changes take effect, unless a shorter period is permitted by applicable law.

21.2. Acceptance of Amendments: The Account Holder will be considered to have accepted the proposed amendments if the Financial Institution does not receive a notification of non-acceptance before the effective date of such changes. If the Account Holder does not agree with the amendments and notifies the Financial Institution before they come into force, the Agreement will be terminated without any charge for such termination.

21.3. Changes Beneficial to Account Holder: Amendments that are beneficial to the Account Holder may be made without prior notice. The Financial Institution will notify the Account Holder of such beneficial changes as soon as reasonably practicable, either through a notice in the local press, on the Financial Institution's website at blackcatcard.com, or via the chat function.

21.4. Right to Immediate Changes: The Financial Institution may implement changes without notice if the Account Holder is, or is likely to be, in breach of these Terms and Conditions, in default, or where there is a change in legislation, or following a directive or recommendation from a judicial or regulatory authority. The Financial Institution will notify the Account Holder of such changes as soon as reasonably possible or, if applicable, by publishing the changes in the local press, on the Financial Institution's website at blackcatcard.com, or through the chat function.

21.5. Personalized Tariff Agreements: In addition to the aforementioned terms, the Financial Institution offers the possibility of personalized tariff arrangements, which are subject to a separate agreement between Papaya Ltd and the Account Holder. Such personalized tariff agreements are only valid upon the mutual consent and signature of both parties involved. Upon entering into such an agreement, the specific terms and conditions, including any special charges or rates, will be detailed in the accompanying documentation and will take precedence over the standard Tariff of Charges to the extent that there is any inconsistency.

22. Termination of a Payment Service

22.1. You, as the Account Holder, retain the right to terminate a Payment Account or Payment Service, including those related to SEPA Credit Transfer (article 4.20) and Third Party Provider (TPP) services (article 4.21), at your discretion. However, termination is subject to the following conditions:

22.1.1. Compliance with any agreed-upon notice period, which shall not exceed one month.

22.1.2. Settlement of any outstanding amounts owed to the Financial Institution or resolution of any breach of these Terms and Conditions.

22.2. The Financial Institution may also initiate termination of the Payment Service, provided that you are given a minimum of two months' notice. There will be no charge for termination by either party under standard conditions.

22.3. Notwithstanding the above, the Financial Institution reserves the right to impose a termination fee if the Payment Service is concluded within six months of commencement. This fee structure is designed to offset the administrative costs associated with the early termination of the Payment Service.


23.1. We acknowledge that all information supplied by you to us and related to you, Transaction and our relations with third persons, is confidential and shall not be disclosed to third persons without your consent, except the information that:

23.1.1. is publicly available;

23.1.2. is required for financial institutions involved in execution of the Transaction applied for by you, at their request;

23.1.3. is your information supplied to the beneficiary of the payment applied for by you, according to the requirements of the payment processing schemes;

23.1.4. we are obliged to disclose or furnish to third parties in accordance with the requirements of applicable legal acts;

23.1.5. is disclosed to third parties that supervise and audit our operations;

23.1.6. is provided to our outsource service providers, personal data operators and attorneys;

23.1.7. is provided to our cooperation partners that provide services to us or with whom we otherwise cooperate for the sake of execution of your Transactions, our transactions or functions, or for complying with the requirements set forth in the applicable legal acts.

23.2. Confidential information is our secret and is not to be disclosed. Confidential information may only be disclosed in compliance with the requirements of applicable legal acts, these General terms and conditions and https://blackcatcard.com/legal/data-protection-policy/.

23.3. You shall agree that we are entitled to record and keep all intercommunication without prior notification and to unilaterally choose technical means for recording the same. We shall record and keep all intercommunication in accordance with the requirements of applicable legal acts and https://blackcatcard.com/legal/data-protection-policy/. You shall agree that we are entitled to use intercommunication records as evidence for protecting our interests in settling disputes and in court. We shall not be obliged to store intercommunication records for the benefit of you.


24.1. You shall pay remuneration for services rendered by us - fees and charges according to the procedures and to the amount stated in the Agreement and Fee Information document, further Tariffs of Fees.

24.1.1. We shall be entitled to unilaterally amend the Tariffs of Fees in accordance with the procedure described in Paragraph 21.

24.2. The currency exchange rates set by us shall not be included in Tariffs of Fees and shall be stated at the moment of rendering the Service. The currency exchange rates may be changed any time without prior notification, also during the Business day, considering currency exchange rate fluctuations in financial markets. Those amendments shall become effective upon publishing the changes in APP and on Website.

24.3. The fees and charges must be paid before execution of the Service, unless we have stated different procedures in the Agreement and/or in Tariffs of Fees. Unless you have paid the fees and charges to us, we are entitled to cease rendering definite Service to you or refuse rendering the Service without any notice. If we terminate or refuse rendering the Service to you, we shall not be responsible for your losses or other additional expenses of you. If we continue rendering the service, we consequently acquiring the corresponding rights of claim towards you of the amount equal to unpaid fees and charges.

24.4. Where the Services provided by us are suspended pending documentation or information required from you in relation to our obligations under this terms and conditions, the monthly fee will continue to be applied to you.

24.5. We are entitled to debit your Account with amount of any claim due under the Transactions you applied for (including amounts of payments applied for by you, fees and charges, taxes, duties, etc.) that you have undertaken to perform and/or we are entitled to without acceptance by you.

24.6. If taxes, duties or similar payments are levied on charges, we shall be entitled to withhold such payments from you, with the charge amount being increased accordingly.

24.7. You should be aware that other taxes, duties or similar costs may exist that are related to our Services, but are not paid via us or imposed by us.

24.8. Should you have any queries about the fees and charges, actual currency exchange rates or any other information, please contact us using the details in https://blackcatcard.com/contacts/

25. Updated Customer Records

25.1. As an Account Holder, you carry the responsibility to provide accurate information to the Financial Institution and to promptly update any changes to your personal details. It is imperative that you notify us immediately of any alterations in your:

25.1.1. Residential and correspondence addresses.

25.1.2. Email address.

25.1.3. Mobile phone number.

25.1.4. Legal name.

25.1.5. Nationality or citizenship.

25.1.6. Occupation or sources of income.

25.2. Neglecting to update your personal information may lead to missed critical communications or the inadvertent delivery of your information to unauthorized individuals. Additionally, the Financial Institution has a statutory duty to maintain current records of its customers. Consequently, we may request supplementary documentation to corroborate updates to certain aspects of your information. We will inform you of the necessary means to submit these documents, which may vary from electronic submission, postal delivery, or direct provision at the Papaya Ltd head office, contingent upon the nature of the update.

25.3. We will also periodically solicit confirmation or updates to your details to ensure our records remain current. Should you fail to provide the required documentation and information upon request, it may necessitate the cessation of services provided by the Financial Institution to you.


26.1. You agree, that all communications between us and you shall be in the English language. 

26.2. Our Customer Services team are normally available from 9 am to 5.30 pm (CET) Monday to Friday, excluding national and public holidays in Malta.  During these hours we will endeavour to resolve all enquiries immediately. You can contact our Customer Services team by the following methods: 

26.2.1. writing to us via APP;

26.2.2. calling by phone: +356 20 155 500

26.2.3. writing to email: regarding your PIN and Card (including Lost Cards): [email protected] for other matters and requests: [email protected] 

26.2.4. writing to us or visiting us - Papaya Ltd., 31 Sliema Road, Gzira GZR 1637, Malta.

26.3. The Financial Institution will utilize the contact details provided by you, the Account Holder, for all necessary communications. Given that some communications may contain confidential and financial information, it is imperative that you maintain the accuracy and currency of your contact details and promptly notify us of any changes. The English language shall be the default language for interpreting this Agreement and for all related communications, unless an alternative agreement is in place.

26.4. The Financial Institution may employ any of the following methods to communicate with you, based on the information you have supplied:

26.4.1. Mobile phone number, through calls or SMS

26.4.2. Email address

26.4.3. Postal service

26.4.4. Chat function within our services

26.4.5. Push notifications on devices

26.5. Notices regarding amendments to terms and conditions and the Tariff of Charges will be disseminated with a minimum of two months' notice via electronic means to Account Holders utilizing the Channels. A notification via email, SMS, push notification, or chat, as appropriate, will be issued once the updates are available on an alternate channel. It is recommended that you regularly monitor your Mailbox to stay informed of pertinent information we may send.

26.6. In the event that no objection is received to proposed changes within the framework contract, such changes will be considered accepted by you. The Financial Institution reserves the right to introduce additional communication methods in the future.

26.7. We bear no responsibility for communications that do not reach you if they have been dispatched to the contact details you have provided. We will deem such communications as received. Telephonic and other forms of communications with us may be monitored or recorded for the purposes of maintaining and enhancing our Channels, as well as for security, audit, or training purposes. Moreover, in the case of any disputes related to given Instructions or purported Instructions, our records shall serve as prima facie evidence for the resolution of such disputes.

26.8. You acknowledge and agree not to bypass the receipt of any messages. Electronic messages are considered received by you once they are made available to you.

27. Bank – Customer Termination

27.1. Notwithstanding the provisions outlined in previous clauses and any specific agreements established between you and the Financial Institution, we retain the authority to unilaterally and in good faith terminate, in whole or in part, the business relationship with you at any time. Such a right to discontinue the relationship is reserved for instances where there are substantial legal grounds, particularly concerning attempts, actual acts, or suspicions of involvement in money laundering, financing of terrorism, or any other criminal activities. This action will be taken in accordance with the appropriate legal frameworks and regulatory obligations, ensuring that the Financial Institution acts within its legal rights and responsibilities when terminating a business relationship under such serious circumstances.

28. Severance

28.1. Each clause within these Terms and Conditions operates independently. Should any provision, which is not deemed fundamental, become illegal, invalid, or unenforceable at any point, this will not affect or diminish the legality, validity, or enforceability of the remaining provisions. The integrity of these Terms and Conditions as a whole is designed to be upheld, ensuring that the remainder of the agreement remains intact and enforceable, even if individual non-essential clauses do not.

29. Waiver

29.1. The extension of any period of grace or leniency granted by us to you, or any waiver by us of a breach by you of any term within these Terms and Conditions, shall not in any way diminish or waive our rights and powers under these Terms and Conditions. No such extension or waiver shall constitute a permanent modification of the terms or an ongoing waiver of that term.

30. Complaints

30.1. Complaints may be submitted in English language. Should you have any grievances concerning our products or services, we encourage an initial discussion through our chat service or with an official at Papaya Ltd's Head Office. If the matter remains unresolved to your satisfaction, you have the following options for escalation:

30.1.1. Reach out to our Customer Service Centre via our contact portal at https://blackcatcard.com/contacts/ .

30.1.2. Send a written communication to The Manager, Customer Issues, at Papaya Ltd, located at Sliema Road 31, Gzira, GZR-1637, Malta.

30.1.3. address your complaint in an electronic format and email it to [email protected] .

30.2. We are committed to responding to your complaints promptly and comprehensively, either on paper or another durable medium such as through the APP. Our response will address all issues raised within a reasonable period, no later than 15 Business Days from the receipt of the complaint. Should exceptional circumstances arise that prevent us from responding within 15 Business Days, we will issue an interim response specifying the reasons for the delay and the expected date for our final response, not to exceed 35 Business Days.

30.3. If the resolution provided by us does not meet your satisfaction, or if an agreement cannot be reached, you have the right to take the issue further in writing to:

30.3.1. The Office of the Arbiter for Financial Services, if you qualify as an eligible customer, at First Floor, Pjazza San Kalcidonju, Floriana FRN 1530, Malta. Additional details are available at http://www.financialarbiter.org.mt , with contact options including a Freephone for local calls at 8007 2366 and a direct line at 2124 9245.

30.3.2. The Central Bank of Malta, if you do not qualify as an eligible customer, as per the applicable criteria.

31. Distance Selling Regulations

31.1. The Distance Selling (Retail Financial Services) Regulations of 2005, as promulgated by Legal Notice 36 of 2005 and subsequently amended, are applicable if your engagement with the Bank is conducted at a distance, such as via the internet, our Channels, email, telephone, postal service, or other non-face-to-face channels. These Regulations apply exclusively to consumers engaged in personal, non-business-related financial activities.

31.2. You are entitled to cancel your agreement for a financial product or service within fourteen (14) days from the date of application or receipt, provided that the entire application process has occurred away from the Financial institution’s business premises. This cancellation right is not universal and does not extend to all financial products and services. To enact your cancellation rights, a written notice must be submitted to the Financial institution, addressed to your branch, within the specified fourteen-day period.

31.3. Upon exercising your right to cancel, you are obligated to repay any outstanding sums and to return any cheque books or cards issued to you within thirty (30) days from the issuance of your cancellation notice. Should you choose not to exercise this right, the Bank will proceed under the assumption that you consent to the continuation of the agreement under its established Terms and Conditions.


32.1. Commitment to Data Protection: The Financial Institution is committed to protecting your personal data in accordance with the Data Protection Act (Chapter 586 of the Laws of Malta) and the General Data Protection Regulation (EU) 2016/679 ("GDPR"), as well as any other applicable regulations concerning data protection.

32.2. Collection of Personal Data: We collect personal data that you provide directly to us during the application process, throughout our relationship, and from the use of our services. This may include contact details, identification information, financial details, transaction history, and other personal information required for us to provide our services to you. (refer to https://blackcatcard.com/legal/data-protection-policy/ )

32.3. Use of Personal Data: The personal data collected will be used for the purposes of account administration, providing our services and products, meeting legal and regulatory requirements, and for any other purposes to which you have consented.

32.4. Disclosure of Personal Data: Your personal data may be shared with third parties only when necessary for the provision of services, for the fulfilment of regulatory obligations, or when required by law. Third parties may include service providers, regulatory bodies, law enforcement agencies, and other financial institutions.

32.5. Data Retention: The Financial Institution will retain your personal data for as long as necessary to fulfil the purposes for which it was collected, to satisfy any legal, accounting, or reporting requirements, and to resolve disputes or enforce our agreements.

32.6. Data Subject Rights: As a data subject, you have the right to access your personal data, request correction or deletion, object to processing, and request data portability in certain circumstances. You also have the right to withdraw consent at any time, where relevant.

32.7. Security Measures: We implement robust technical and organizational security measures to protect your personal data against unauthorized access, alteration, disclosure, or destruction.

32.8. Data Protection Officer: The Financial Institution has appointed a Data Protection Officer (DPO) to oversee compliance with data protection laws and regulations. The DPO can be contacted for any inquiries or concerns regarding data protection.

32.9. Notification of Breaches: In the event of a personal data breach, we will notify you and the relevant authorities as required by law, outlining the nature of the breach, the possible consequences, and the measures being taken to address it.

32.10. Updates to the Policy: This policy may be updated from time to time to reflect changes in our practices or legal requirements. You will be notified of any significant changes to the policy.

32.11. Contact and Complaints: If you have any questions, complaints, or require further information about how we use your personal data, please contact our Customer Service Centre. If you believe that your data protection rights have been breached, you have the right to lodge a complaint with the Office of the Information and Data Protection Commissioner of Malta.

32.12. This section of the Terms and Conditions is intended to ensure full transparency regarding our data processing activities and to affirm your rights as a data subject under the applicable data protection legislation.


33.1. Compliance with Anti-Money Laundering Laws: In adherence to regulations concerning the prevention of money laundering and the financing of terrorism, we are required to obtain, verify, and record information that identifies each individual or entity that engages in financial transactions with us.

33.2. Provision of Information: You are obligated to supply us with all necessary information and documentation as we may require to fulfil our regulatory obligations. It is your responsibility to promptly inform us of any changes or updates to the information or documents provided.

33.3. Verification of Transactions: The account statement shall constitute prima facie evidence of the transactions executed. You are required to present us with any documentary proof or information regarding discrepancies between the recorded transactions and those executed, or any transactions that were unauthorized.

33.4. Disclosure of Material Facts: You must inform us of any known facts or occurrences that could potentially result in an undue advantage for you or cause financial loss to us, in accordance with the provisions outlined in https://blackcatcard.com/contacts/ .

33.5. Tax Compliance Duties: We are mandated to perform due diligence and report details pertaining to you and your account(s) under Maltese tax legislation. Should there be grounds to believe you are subject to tax obligations in jurisdictions beyond Malta, we may be compelled to disclose information about you and your account(s) to Maltese or other relevant tax authorities. This disclosure may occur directly or through the Maltese tax authority, which may relay the information to foreign tax agencies. Upon our request for additional documentation or information for this purpose, you must provide it expeditiously. Failure to comply may lead to the suspension or closure of your account, or, as dictated by law or regulation, we may be required to withhold portions of payments to your account and remit those funds to the respective tax authorities.

33.6. FATCA and CRS Information: For comprehensive details on the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), please consult the information previously provided to you or that which is available on our website.


34.1. Notification via Mobile Messaging: We shall send short message notifications (PUSH/SMS) to the mobile phone number you have provided.

34.2. Scope of Notifications: These messages aim to keep you informed about various activities, including but not limited to notifications for APP access, transactional updates on your Account (such as credits and debits), as well as authorizations of Transactions, and other account-related events.

34.3. Obligation to Review Messages: It is your responsibility to promptly read and examine any messages we send. If we do not receive any communication from you within 24 hours of the message being sent, regarding discrepancies or errors in the message content, the details within the message will be considered as accurate and confirmed by you.

35. Chargebacks and Transaction Claims

35.1. Chargebacks: As part of the services provided under these Terms and Conditions, the Financial Institution processes chargebacks in accordance with MasterCard rules and regulations. A chargeback is a transaction reversal meant to serve as a form of consumer protection from fraudulent activity committed by both merchants and individuals.

35.1.1. Initiation of Chargebacks: You, as the Cardholder, may initiate a chargeback request if you believe a card transaction was processed in error or is fraudulent in nature. To do so, you must contact our customer service within the timeframe specified by MasterCard regulations, providing all necessary documentation and evidence to support your claim.

35.1.2. Chargeback Process: Upon receipt of a chargeback request, the Financial Institution will investigate the claim by liaising with the merchant's bank. If the chargeback is accepted, the transaction amount will be credited back to your account.

35.1.3. Grounds for Chargebacks: Chargebacks may be filed under several circumstances, including but not limited to unauthorized use of the card, services or goods not received, or transactions not processed in accordance with the agreed terms.

35.2. Transaction Claims: In the event of a dispute where a chargeback is not applicable or if a chargeback has been denied, you may raise a transaction claim.

35.2.1. Definition of Transaction Claim: A transaction claim refers to a formal complaint lodged by you when you have a grievance against a merchant, and a chargeback cannot be processed. This may occur if the grounds for a chargeback under MasterCard rules are not met, or if the chargeback process has been exhausted without resolution.

35.2.2. Filing a Transaction Claim: To file a transaction claim, you must submit a written statement to the Financial Institution detailing the nature of the dispute, including any relevant evidence.

35.2.3. Handling of Transaction Claims: The Financial Institution will review the claim and attempt to mediate between you and the merchant. If the Financial Institution determines that the claim has merit, it will take appropriate action, which may include negotiating a settlement with the merchant on your behalf.

35.2.4. Unfounded Transaction Claims: If a transaction claim is determined to be without basis, you may be subject to a transaction claim fee as outlined in our Tariffs of Charges. This fee compensates for the administrative costs incurred during the claim investigation process.

35.2.5. Resolution of Transaction Claims: The outcome of a transaction claim is contingent upon the evidence provided and the cooperation of the parties involved. The Financial Institution will communicate the result of the claim to you once a determination has been made.

35.3. By agreeing to these Terms and Conditions, you acknowledge and consent to the procedures and fees associated with chargebacks and transaction claims as outlined above.



36.1. Agreement to Affiliate Program:

36.1.1. By applying for our Services, you consent to enrol as a participant in the affiliate program, which may include a Cashback program, administered by our partner, Baltic Technology Solutions OÜ, subject to the Terms and Conditions of Baltic Technology Solutions OÜ (hereinafter referred to as the "Affiliate Program").

36.2. Acknowledgement of Terms:

36.2.1. In conjunction with the application for and utilization of our Services and the Affiliate Program, you affirm that you have reviewed, comprehended, and agreed to the Terms and Conditions set forth by Baltic Technology Solutions OÜ.

36.2.2. You hereby grant permission for the transfer of your personal data to Baltic Technology Solutions OÜ, in its capacity as data controller, to the degree required for the establishment and continuation of a contractual relationship with Baltic Technology Solutions OÜ. Your privileges as a data subject are delineated in the Data Protection Policy of Baltic Technology Solutions OÜ.

36.3. Discontinuation of Participation:

36.3.1. You reserve the right to terminate your involvement in the Affiliate Program or any component thereof by following the procedures outlined in the Terms and Conditions of Baltic Technology Solutions OÜ. Such termination should be affirmed through a notification submitted via the APP.

36.4. Reinstatement in Cashback Program:

36.4.1. Should you wish to reactivate your participation in any of the Cashback programs offered by our partner, Baltic Technology Solutions OÜ, you may do so by dispatching a confirmation through the APP.

36.5. By subscribing to our Services, you acknowledge and agree to the stipulations mentioned above, which govern your membership in the Affiliate Program. Your engagement in the Affiliate Program is at your discretion, and you may opt to commence or cease participation in accordance with the terms provided by Baltic Technology Solutions OÜ and communicated via the APP.

VII. Partnership

37. TomPay payments

37.1. Partnership between Papaya Ltd and TomPay Ltd

37.1.1. The Papaya has entered into a strategic partnership with TomPay Ltd ("Partner Institution"), aimed at offering innovative financial solutions and services to the Company's customers. This partnership leverages the strengths of both entities to enhance the efficiency, security, and convenience of financial transactions.

37.1.2. TomPay Ltd is represented in this partnership by its trading mark, Banxe, which symbolizes the Partner Institution's commitment to quality, reliability, and innovation in the financial sector.

37.1.3. As a significant outcome of this partnership, the Papaya, through TomPay Ltd, offers its customers the ability to conduct incoming and outgoing payments, named TomPay Payments, within the SEPA (Single Euro Payments Area) system. This service facilitates seamless cross-border euro transactions, enhancing the financial experience of Papaya's customers.

37.2. Service Initiation and Account Opening by TomPay

37.2.1. Upon the initial request for the TomPay payment service by a User, TomPay Ltd shall proceed to open an account for the said User within the financial institution, TomPay Ltd, to facilitate the provision of payment services.

37.2.2. The User hereby authorizes Papaya Ltd to transmit to TomPay Ltd the personal data of the User, or data pertaining to the legal entity on behalf of which the User requests the payment service. Such authorization compels Papaya Ltd to provide the data in the specific format and detail as mandated by TomPay Ltd for the purpose of User or entity onboarding.

37.2.3. TomPay Ltd reserves the unequivocal right to undertake the verification of the User's data or the data of the legal entity represented by the User. This verification process may, at TomPay Ltd's discretion, necessitate the request for additional information or documents from the User. The duration of this verification process is to be determined solely by TomPay Ltd. Access to the service will not be considered as granted, nor the service initiation process deemed complete, until such a time when the User, or the legal entity represented by the User, has been fully onboarded by TomPay Ltd, culminating in the opening of an account by TomPay Ltd for the User or the User's managed Company.

37.3. Outgoing TomPay Payment Procedure

37.3.1. A User shall initiate an outgoing TomPay payment via the mobile or web application designated for such transactions as a SEPA payment. Should the SEPA payment facility be temporarily unavailable at the moment of transaction initiation, the payment shall default to a standard TomPay payment process.

37.3.2. The fee structure for TomPay Payments shall align with the established tariff schedule applicable to SEPA payments, as determined by TomPay Ltd.

37.3.3. Subsequent to the completion of Secure Customer Authentication, Papaya Ltd shall debit the payment amount, including any applicable fees, from the User's account maintained at Papaya Ltd. The equivalent funds shall then be credited to the TomPay account that has been established in the name of the User or the User’s represented Legal entity. Thereafter, Papaya Ltd shall initiate an outgoing payment from the account opened by the TomPay for the ordinary in question to the beneficiary, adhering to the payment instructions received by Papaya Ltd.

37.3.4. All outgoing payments are subject to verification procedures in accordance with Anti-Money Laundering (AML) regulations as enforced by Papaya Ltd and TomPay Ltd. Both institutions reserve the right to request additional information pursuant to Article 33. No payment shall proceed until all requisite information, as per Article 33, has been furnished to both Papaya Ltd and TomPay Ltd. In instances where a payment falls outside the risk parameters of any participating financial institution, said payment shall not be initiated and will be subject to rejection.

37.4. Receipt of Incoming TomPay Payments

37.4.1. For the Incoming TomPay Payments, the User shall direct incoming payments to the specific IBAN issued by TomPay Ltd by providing this IBAN as the beneficiary account number in payment instructions furnished to the payer.

37.4.2. Upon the crediting of an incoming payment to the account held by the User or the User's represented legal entity with TomPay Ltd, the User shall instruct both Papaya Ltd and TomPay Ltd to transfer the full amount of the incoming payment to the User's designated account at Papaya Ltd.

37.4.3. Tariffs applicable to TomPay Payments for incoming transactions shall be consistent with the tariff schedule established for SEPA payments and as published by TomPay Ltd.

37.4.4. All incoming payments are to undergo verification processes compliant with Anti-Money Laundering (AML) standards as stipulated by Papaya Ltd and TomPay Ltd. Both institutions maintain the authority to solicit additional information in accordance with Article 33. Processing of any payment is contingent upon the provision of all necessary information as demanded by Article 33 to both Papaya Ltd and TomPay Ltd. Should an incoming payment not adhere to the risk criteria of either financial institution involved, the processing of such payment shall be halted and the payment may be refused.

37.5. Communication channels for TomPay payments

37.5.1. Additionally for the communication channels, mentioned within the Article 26, in relation to the TomPay payments, additionally may be used communication by the emails from the team of TomPay under the name Banxe.

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