Terms of Use

 

1. Introduction and Scope

 

1.1. These Terms of Use (“Terms”) constitute a legally binding agreement between Swifttransact DMCC (“Swifttransact,” “we,” “us,” or “our”), a Payment Service Provider (PSP) registered in the Dubai Multi Commodities Centre (DMCC) Free Zone, and you, the user of our services (“User,” “you,” or “your”).

1.2. These Terms govern your access to and use of Swifttransact’s payment services, website, mobile applications, APIs and any other software, tools, features, or functionalities provided on or in connection with our services (collectively, the “Services”).

1.3 By accessing or using the Services, you agree to be bound by these Terms, our Privacy Policy, and all applicable laws and regulations. If you do not agree with any part of these Terms, you must not use our Services.

 

2. Definitions and interpretation

 

2.1 In these Terms, unless the context otherwise requires:

“AML” means Anti-Money Laundering;

“API” means Application Programming Interface;

“Applicable Laws” means all laws, regulations, and rules applicable to the use of our Services in the UAE and DMCC;

“CFT” means Combating the Financing of Terrorism;

“DMCC” means the Dubai Multi Commodities Centre Authority;

“KYC” means Know Your Customer;

“Payment Services” refers to the digital payment services we offer, including but not limited to payment account issuance, payment instrument issuance, merchant acquiring, and fund transfer services;

“UAE” means the United Arab Emirates.

2.2 In these Terms, unless the context otherwise requires:

(a) headings are for convenience only and do not affect interpretation;

(b) the singular includes the plural and vice versa;

(c) “including” and similar expressions are not words of limitation;

(d) a reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality).

 

3. Eligibility and Registration

 

3.1 Eligibility: To use our Services, you must:

(a) be at least 18 years old;

(b) have the legal capacity to enter into a binding agreement;

(c) not be barred from using payment services under Applicable Laws or by Swifttransact’s internal policies.

3.2 Registration Process:

(a) You agree to provide accurate, current, and complete information during the registration process.

(b) You must promptly update your information to keep it accurate, current, and complete.

(c) We reserve the right to refuse registration or cancel accounts at our discretion.

3.3 KYC and Due Diligence:

(a) You consent to undergo our KYC and due diligence procedures, which may include providing additional documentation and information.

(b) We may periodically update our KYC requirements and request additional information from you.

(c) Failure to provide requested information may result in service limitations or account termination.

 

4. Services and Operational Matters

 

4.1 Service Description:

We provide Payment Services in accordance with our license granted by the Central Bank of the UAE and in compliance with DMCC regulations.

4.2 Service Modifications:

(a) We reserve the right to modify, suspend or discontinue any part of our Services at any time without prior notice.

(b) We may introduce new features, services, or products, subject to these Terms or separate terms and conditions.

4.3 Service Availability:

(a) We strive to ensure high availability of our Services but do not guarantee uninterrupted access.

(b) We are not liable for any Service unavailability due to factors beyond our reasonable control.

4.4 Transaction Processing:

(a) We will process transactions in accordance with the instructions received from you or your authorized representatives.

(b) You are responsible for ensuring the accuracy of all transaction details provided to us.

(c) We may delay or refuse to process transactions that we reasonably believe may be fraudulent or in violation of Applicable Laws or our internal policies.

4.5 Exchange Rates and Fees:

(a) For transactions involving currency conversion, we will apply exchange rates based on competitive market rates or rates specified by our partner financial institutions.

(b) Exchange rates are subject to change without prior notice.

(c) Our fee structure is available on our website and may be updated from time to time.

 

5. User Obligations and Prohibited Activities

 

5.1 Compliance Obligations: You agree to:

(a) Comply with all Applicable Laws, including AML and CFT regulations.

(b) Use our Services only for lawful purposes and in accordance with these Terms.

(c) Maintain the confidentiality of your account information and promptly notify us of any unauthorized use.

5.2 Prohibited Activities: You shall not use our Services to:

(a) Engage in any illegal activities, including money laundering, terrorist financing, or fraud.

(b) Infringe upon the intellectual property rights of others.

(c) Transmit any malicious code, viruses, or other harmful data.

(d) Attempt to gain unauthorized access to our systems or other users’ accounts.

(e) Engage in any activity that could damage, disable, overburden, or impair our Services.

(f) Use our Services in any manner that could interfere with, disrupt, negatively affect, or inhibit other users from fully enjoying our Services.

5.3 Responsibility for Account Activity:

(a) You are solely responsible for all activities that occur under your account.

(b) You must immediately notify us of any unauthorized use or security breach of your account.

 

6. Intellectual Property Rights

 

6.1 Ownership:

(a) All intellectual property rights in our Services, including but not limited to copyrights, trademarks, trade secrets, and patents, are owned by or licensed to Swifttransact DMCC.

(b) Nothing in these Terms grants you any right to use our intellectual property without our prior written consent.

6.2 Limited License:

(a) We grant you a limited, non-exclusive, non-transferable and revocable license to access and use our Services for their intended purpose.

(b) This license is subject to these Terms and does not include the right to copy, modify, distribute, sell, or lease any part of our Services.

6.3 User Content:

(a) You retain ownership of any content you submit through our Services

(b) By submitting content, you grant us a worldwide, royalty-free, non-exclusive license to use, reproduce, modify, adapt, publish and distribute such content for the purpose of providing and improving our Services.

 

7. Data Protection and Privacy

 

7.1 Data Processing:

(a) We collect and process personal data in accordance with our Privacy Policy and applicable data protection laws.

(b) You consent to the collection, use, storage, and disclosure of your personal data as described in our Privacy Policy.

7.2 Data Security:

(a) We implement appropriate technical and organizational measures to protect your personal data.

(b) You are responsible for maintaining the confidentiality of your account credentials and for any activities that occur under your account.

7.3 Third-Party Services:

(a) Our Services may integrate with or link to third-party services.

(b) Your use of such third-party services is subject to their respective terms and privacy policies.

(c) We are not responsible for the content or practices of any third-party services.

 

8. Limitation of Liability and Indemnification

 

8.1 Limitation of Liability:

(a) To the fullest extent permitted by Applicable Laws, we shall not be liable for any indirect, incidental, special, consequential, or punitive damages arising out of or relating to your use of our Services.

(b) Our total liability for any claims arising under these Terms shall not exceed the amount of fees paid by you to us in the six months preceding the claim.

 

8.2 Indemnification:

(a) You agree to indemnify, defend, and hold harmless Swifttransact DMCC, its affiliates, officers, directors, employees, and agents from and against any claims, liabilities, damages, losses, and expenses, including reasonable legal fees, arising out of or in any way connected with your access to or use of the Services or your violation of these Terms.

8.3 Force Majeure:

We shall not be liable for any failure or delay in the performance of our obligations under these Terms due to causes beyond our reasonable control, including but not limited to acts of God, war, terrorism, riots, embargoes, acts of civil or military authorities, fire, floods, accidents, strikes, or shortages of transportation facilities, fuel, energy, labor, or materials.

 

9. Termination and Account Closure

 

9.1 Termination by Swifttransact DMCC:

(a) We may terminate or suspend your access to our Services at any time, with or without cause, and without prior notice.

(b) We may terminate your account if you violate these Terms or if we reasonably suspect that you have used our Services for any illegal or unauthorized purpose.

9.2 Termination by User:

(a) You may terminate your account at any time by contacting us and ceasing to use our Services.

(b) Termination of your account does not relieve you of any obligations to pay any outstanding fees or settle any pending transactions.

9.3 Effects of Termination:

(a) Upon termination, your right to access and use our Services will immediately cease.

(b) We may, but are not obligated to, delete any data associated with your account after termination.

(c) Sections 6, 7, 8, 11, and any other provisions that by their nature should survive termination shall survive any termination or expiration of these Terms.

 

10. Governing Law and Dispute Resolution

 

10.1 Governing Law:

These Terms shall be governed by and construed in accordance with the laws of the Emirate of Dubai and the federal laws of the United Arab Emirates as applicable in the Emirate of Dubai, without giving effect to any principles of conflicts of law.

10.2 Dispute Resolution:

(a) Any dispute arising out of or in connection with these Terms, including any question regarding its existence, validity, or termination, shall be referred to and finally resolved by arbitration under the Arbitration Rules of the DIFC-LCIA Arbitration Centre, which Rules are deemed to be incorporated by reference into this clause.

(b) The number of arbitrators shall be one.

(c) The seat, or legal place, of arbitration shall be the Dubai International Financial Centre.

(d) The language to be used in the arbitration shall be English.

10.3 Injunctive Relief:

Notwithstanding the foregoing, we may seek injunctive or other equitable relief to prevent breaches of these Terms or to enforce specifically the terms and provisions hereof in any court of competent jurisdiction.

 

11. Miscellaneous Provisions

 

11.1 Entire Agreement:

These Terms, together with our Privacy Policy and any other legal notices or additional terms and conditions or policies published by Swifttransact on the Services, shall constitute the entire agreement between you and Swifttransact concerning the Services.

11.2 Severability:

If any provision of these Terms is held to be unenforceable or invalid, such provision will be changed and interpreted to accomplish the objectives of such provision to the greatest extent possible under applicable law, and the remaining provisions will continue in full force and effect.

11.3 Waiver:

The failure of Swifttransact to enforce any right or provision of these Terms will not be deemed a waiver of such right or provision. Any waiver of any provision of these Terms will be effective only if in writing and signed by Swifttransact.

11.4 Assignment:

(a) You may not assign or transfer these Terms, by operation of law or otherwise, without Swifttransact ‘s prior written consent.

(b) Swifttransact may assign these Terms in whole or in part to any person or entity at any time with or without your consent.

11.5 Notices:

(a) We may provide notices to you via email, regular mail, or postings on our website or through the Services.

(b) Notices to us should be sent to the address specified in Section 12 unless otherwise indicated.

11.6 No Partnership:

Nothing in these Terms is intended to or shall operate to create a partnership between the parties, or authorize either party to act as agent for the other, and neither party shall have the authority to act in the name or on behalf of or otherwise to bind the other in any way.

11.7 Third-Party Rights:

A person who is not a party to these Terms has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of these Terms.

11.8 Language:

These Terms were originally prepared in the English language. Although we may provide one or more translated versions of these Terms for your convenience, the English language version of these Terms will control in the event of any conflict with other versions.

 

12. Amendments and Updates

 

12.1 We reserve the right to modify these Terms at any time in our sole discretion.

12.2 Any changes will be effective immediately upon posting on our website or notifying you by other means.

12.3 Your continued use of our Services after any such changes constitutes your acceptance of the new Terms.

12.4 It is your responsibility to review these Terms periodically for any updates or changes.

 

13. Contact Information

 

If you have any questions about these Terms or our Services, please contact us at:

Swifttransact DMCC

Email: compliance@payepic.com

By using our Services, you acknowledge that you have read, understood and agree to be bound by these Terms of Use.