Prepaid Card Terms and Conditions of Use

 

The following terms and conditions (the “Terms and Conditions” or “Terms”) apply to you, (the "User") of the LuzPay S.A.S (“LuzPay”) platform through the website bybitcard.com (the "Site") and the Bybit Technology Limited (“Bybit”) digital wallet mobile application, available for download through your mobile devices where available (“Application” and together with the Site the “Platform”), in connection with prepaid cards (the “Prepaid Card”).

 

LuzPay will be the issuer of the Prepaid Card and the obliged subject before the Financial Information Unit (“FIU”), but does not act as financial intermediary or Payment Service Provider before the Central Bank of the Argentine Republic (“BCRA”).

 

By accessing or using the Site in any way, including, but not limited to, visiting or browsing the Site or the contribution of content or other materials on the Site, you agree, without reservation, to be bound by these Terms and Conditions and to comply with all of the provisions contained herein.

 

LuzPay reserves the right to revise and/or modify these Terms and Conditions at any time by updating and/or modifying the Site. The User must review the Terms and Conditions each time he/she accesses the Site, since each modification will be considered tacitly accepted each time the User accesses the Site.

 

 

1. Prepaid Card

1. Any User over 16 years of age who has correctly registered his or her data in the Prepaid Card application form established in the Application may be a holder of a Prepaid Card (the “Cardholder”), except for those who by provision of the Prepaid Card issuer cannot access the Prepaid Card.

2. In all cases, the Prepaid Card is personal, unique and non-transferable, and shall be assigned to only one Cardholder and shall not be sold, assigned or transferred (including by reputation) for any purpose whatsoever. The Cardholder may not permit or authorize the use of his or her Prepaid Card by any third party. You are responsible for all transactions made with the Prepaid Card.

3. The Prepaid Card is not a credit, debit or purchase card, does not admit purchases in installments and is not governed by Law No. 25,065 of Argentina. Payments or withdrawals of funds made with the Prepaid Card shall be debited from the balance of available funds of currency (Argentine Pesos).

4. Two (2) types of Prepaid Cards are issued and shall be available, the “Physical Prepaid Card” and the “Virtual Prepaid Card”. The use of the term “Prepaid Card” may mean either of the Prepaid Cards, or only one of them, as the context may require. The Physical Prepaid Card is a personal, nominative and reloadable plastic card that may be used to purchase goods, services and/or withdraw funds in the Republic of Argentina and/or abroad at establishments associated to the MasterCard network. The Physical Prepaid Card may be used to make payments in person, through capture or contactless terminals, by Internet, telephone or any other authorized channel. On the other hand, the Virtual Prepaid Card is a personal, nominated and rechargeable virtual card that can be used to purchase goods and services in Argentina or abroad in establishments associated to the MasterCard network. When requesting the Prepaid Card service through the Site, a Virtual Prepaid Card will be automatically generated for the User and, additionally, the User will also have the possibility of choosing to request for the Physical Prepaid Card.

 

 

2. Fees, charges and commissions

1. The fees, charges, commissions, consumptions and other items applicable to the Prepaid Card (the “Fees”) will be processed by LuzPay. You authorize LuzPay to deduct from your Cardholder Account any Fees applicable under these Terms.

2. ATM withdrawals through a Physical Prepaid Card may be subject to additional fees charged by ancillary service providers, including the institutions and other companies responsible for ATMs, without our intervention.

 

 

3. Prepaid Card Application

1. When applying for the Prepaid Card, the User shall provide accurate, true and complete data and documents to that effect, which include (but are not limited to) full name, real address, telephone number, email, among others (the “Personal Data”). In addition, the User must keep such Personal Data updated at all times and / or any other information that may be required, through the Platform, accessing the settings of your profile.

2. All information or documentation provided by the Cardholder shall be considered as a sworn statement. LuzPay may request additional vouchers, documentation and/or information to complete or corroborate the information provided by the Cardholder, even after exceeding certain amounts of transactions in order to comply with the regulations of the FIU.

3. The User may access his/her Personal Data and personal information existing in the database of Luzpay and/or any of its associates, free of charge at intervals of no less than six months, unless a legitimate interest to that effect is accredited in accordance with the provisions of art. 14, inc. 3 of the Personal Data Protection Act. Likewise, the User may request, at any time, the updating, rectification and/or deletion of the Personal Data duly provided. The National Directorate for the Protection of Personal Data, the controlling body of the Personal Data Protection Law, is responsible for dealing with complaints and claims filed in relation to non-compliance with the rules on the protection of personal data. The User authorizes LuzPay under the terms of Law No. 25. 326 (“Personal Data Protection Law”) to: (i) incorporate your Personal Data in the corresponding database in accordance with the Personal Data Protection Law and any other applicable law; (ii) consult, use, provide or transfer the Personal Data in the framework of the operation of the Prepaid Card to those companies that provide services to LuzPay, including biometric data collected in the onboarding process; (iii) transfer those specifically required Personal Data and financial information when these are necessary to comply with legal obligations, in the framework of a judicial process, and are required by local and/or foreign tax authorities duly empowered to do so.

4. The Prepaid Card application shall be perfected upon receipt, either physically or virtually, by the Cardholder or by a person of legal age who is at the address indicated by the Cardholder. However, Luzpay shall have the right but not the obligation to reject, suspend or cancel a Prepaid Card application upon detection of inconsistencies in the data or documentation provided by the Cardholder at the time of the application or in case the Cardholder fails to provide the additional data or documentation requested. Likewise, LuzPay may in any case reject a Prepaid Card application at their sole discretion, without the need to provide a justification to the Cardholder.

 

 

4. Activation and Use of the Prepaid Card

1. Once received, the Prepaid Card may be activated through the Platform or any other means made available by LuzPay, following the corresponding instructions. If the correspondence containing the Prepaid Card is damaged or violated, the Cardholder must refuse to receive it and immediately communicate the fact to LuzPay through the Cardholder service channels.

2. After the Prepaid Card is activated, the Prepaid Card may be used within the validity period printed on its front, subject to the available balance in the currency or digital asset selected in the Cardholder's Account, and within the limits of use for transactions determined by LuzPay and/or by the associated service networks.

3. For security reasons, incorrect entry of the Prepaid Card password at an ATM may result in the retention of the Prepaid Card by the ATM service network. In such case, the Cardholder shall request the suspension of the Prepaid Card and the issuance of a new Prepaid Card through the enabled channels.

4. The use of the Prepaid Card shall be subject to the availability of the MasterCard network, a circumstance beyond the control of LuzPay. The approval of the transaction will be made in accordance with the specific procedures according to the type of transaction or payment channel used offered by the merchant. In any case, the fulfillment of the necessary requirements to carry out the transaction implies the acceptance of the transaction and its consequent responsibility on the part of the Cardholder.

5. The amounts of transactions made with the Prepaid Card and Fees, if applicable, will be debited from the balance of funds available in the Cardholder's Account at the time, in full and in a single debit. If the available balance of the selected digital asset or currency in the Cardholder's Account is not sufficient, the transaction will not be authorized. Transactions made with the Prepaid Card may be consulted in the corresponding section "Fees and Limits Schedule" of the Platform.

6. The User authorizes LuzPay and/or whoever LuzPay designates for such purposes to exchange the digital currency held in the User's Bybit Account into Argentine pesos ("ARS"), debit the resulting ARS from the User's Bybit Account and charge the applicable fees related to transactions pertaining to the User's Bybit Card as specified in these Terms and Conditions. Such authorization shall remain in effect as long as the User's Bybit Card is active.

7. The authorisation shall apply to transactions related to the User's Bybit Card that are settled even after the User's Bybit Card has been deactivated, provided that they were authorised while the User's Bybit Card was active.

8. Any cancellation of a purchase transaction must be requested by the Cardholder to the establishment where the transaction was made. At the time of the cancellation request, the Cardholder shall obtain the corresponding cancellation voucher directly from the merchant. The balances of the Prepaid Card will be reimbursed to the Cardholder upon Mastercard's approval of the cancellation, such approval being beyond the control of LuzPay.

9. Luzpay will arrange for return to the User's Bybit Account any excess ARS amount that remains on the User's LuzPay account after the Prepaid Card transaction is settled, or any ARS resulting from refund or otherwise reversal of any Prepaid Card transaction.

10. LuzPay will claim from the User the technical overdraft amount (if applicable), should the User spend on the Prepaid Card more than can be redeemed from the User's Bybit Account.

11. In the event that a Cardholder makes two purchase cancellations, the Prepaid Card may be automatically blocked in order to protect the security of the Cardholder's funds.

12. The User declares that he/she is aware of the risks and fluctuations in the prices of the digital assets traded on the Site. The exchange value between fiat currencies and digital currencies or cryptocurrencies are those indicated on the Site.

 

 

5. PEP and Origin of Funds Affidavit

1. The Cardholder declares under oath that he/she is not included and/or covered within the “Politically Exposed Persons List” (“PEP”) approved by the Financial Information Unit, which he/she hereby acknowledges as read. However, should the Cardholder be included and/or covered within the PEP list approved by the Financial Information Unit, the Cardholder undertakes to indicate in detail to LuzPay the reason through the enabled service channels. The Cardholder undertakes to inform any modification that may occur in this respect within 30 (thirty) calendar days from the occurrence of the modification, by submitting a new affidavit through the service channels enabled by LuzPay.

2. The Cardholder declares as a sworn statement that any available balance of the transactions carried out with the Prepaid Card were obtained through lawful and declared activities, and shall have an equally lawful destination.

 

 

6. Term of the Prepaid Card

1. The Prepaid Card will be valid from the date of activation until the expiration date stated on the front of the Prepaid Card. Upon expiration of the term, the Prepaid Card will be automatically cancelled.

2. LuzPay may cancel the Prepaid Card or any of the services provided if it is not used by the Cardholder for at least 6 (six) consecutive months, without prior notice to the Cardholder.

3. LuzPay may cancel the Prepaid Card or any of the services provided, for any reason, upon prior notice, if possible.

4. In case of expiration and/or cancellation of the Prepaid Card, if applicable, the Cardholder may request a new Prepaid Card through the channels enabled by LuzPay.

 

 

7. Report of loss, theft, robbery or misuse, cancellation and reissuance of Prepaid Card

1. The Cardholder must immediately inform LuzPay through the enabled channels, of the loss, theft, robbery or misuse of the Prepaid Card. The Prepaid Card reported as lost, stolen, stolen or misused will be cancelled and cannot be reactivated.

2. The Cardholder shall be solely responsible for the use of his or her Prepaid Card until he or she reports the event and obtains confirmation of the cancellation of the Prepaid Card from MasterCard or LuzPay. MasterCard or LuzPay shall in no event be liable for any use of the Prepaid Card prior to its effective cancellation.

3. Once cancelled, the issuance of a new Prepaid Card shall be subject to the Fees applicable at the time of the new application, if any.

 

 

8. Cancellation or suspension of the Prepaid Card. Revocation Clause

1. The Cardholder may request the voluntary cancellation of their Prepaid Card at any time through the channels enabled by LuzPay.

2. The Prepaid Card will be cancelled or suspended in the following cases, which are not exhaustive: (i) report of damage, loss, theft or robbery of the Prepaid Card by the Cardholder, (ii) judicial or competent authority request, (iii) suspicion of fraud, illegal or prohibited use at the sole discretion of LuzPay or MasterCard, (iv) suspension or cancellation of the Cardholder's Account, (v) failure to provide LuzPay with the requested information or documentation, (vi) breach of these Terms and Conditions.

3. In accordance with the provisions of art. 34 of Law 24.240, the User has the right to revoke the acceptance of the service within ten (10) business days from the date of receipt of the contract, notifying in a reliable manner or by the same means in which the service or product was contracted.

 

Such revocation shall be without cost or liability for the User, to the extent that he/she has not made use of the respective service and that, in the event that he/she has used it, he/she shall only be charged the fees and charges foreseen for the service, proportionate to the time of use of the service.

 

 

9. Limits

1. The daily, monthly and annual limits on the number of transactions shall be established in the corresponding section "Fees and Limits Schedule" of these Terms and Conditions. Likewise, the minimum and maximum limits on the amount of currency or digital assets shall be established in the corresponding section "Fees and Limits Schedule" of these Terms and Conditions.

 

 

10. Channels of Attention to the Holder

1. LuzPay provides the Cardholder with different channels of attention and queries related to the Prepaid Card. The Cardholder may obtain assistance in the Platform or any of the channels enabled in the Platform.

 

 

11. Foreign Operations

1. The Prepaid Card is international, the User will be able to use it in all online platforms and merchants adhered to the MasterCard network worldwide. At the moment of using the Prepaid Card to pay in any physical or virtual commerce abroad, the tax and exchange treatment will be as defined by Luzpay.

2. The payments reconciliation is made in Argentine pesos; therefore, transactions with the Prepaid Card in foreign currency shall be converted into Argentine pesos according to the official exchange rate provided by LuzPay. The User accepts and acknowledges that transactions in foreign currency may be subject to taxes, deductions or withholdings determined by the controlling authority in accordance with the regulations in force. Any tax, deduction or withholding now or to be created in the future applicable to such transactions shall be borne by the User.

 

 

12. Limitation of Liability

1. LuzPay does not guarantee uninterrupted access to the channels of use of the Prepaid Card, which may not be available due to technical inconveniences, internet failures, unavailability of the MasterCard network, unavailability of the withdrawal boxes or ATMs adhered to the network, or any other reason, including those beyond the control of LuzPay.

2. LuzPay shall not be liable for any direct damage, loss of profit or any other damage or prejudice that the Cardholder may have suffered in relation to any of the transactions with the Prepaid Card or the unavailability of the Service, which are unrelated to the actions of LuzPay. It shall not be liable for any consequences derived from loss, theft, robbery and/or misuse or for the provisions of these Terms and Conditions.

3. LuzPay provides the Prepaid Card service. LuzPay does not act as a financial intermediary or as a Payment Service Provider before the BCRA.

4. The User shall hold harmless, indemnify and hold harmless LuzPay, its affiliates and their directors, managers, employees, agents, operators, representatives and attorneys-in-fact, for direct damage, loss of profits or any other damage or harm suffered or likely to be suffered by the User, other Users or a third party in connection with Prepaid Card transactions made, declined or restricted.

 

 

13. Modification of Terms and Conditions

1. LuzPay may at any time modify these Terms. The Cardholder will be notified of such modifications through the publication of the new terms on the Platform. The Cardholder agrees that access to or use of the Prepaid Card, upon notification, constitutes full acceptance of the new Terms. If the Cardholder does not agree to the new Terms, the Cardholder must stop using the Prepaid Card. In case of modifications to essential features of the service, the Cardholder will be notified through the publication of the new Terms on the Platform and will be given the possibility to accept the new Terms or not. In case of non-acceptance of the new Terms and, if the Cardholder's consent is required for the provision of the Services, access to the Prepaid Card will be partially or totally disabled.

 

 

14. Assignment

1. LuzPay may assign to any of its related companies, affiliates or to a third party its contractual position, this contract and/or any of the rights and obligations arising from it. The Cardholder hereby gives its consent to any and all of the aforementioned operations.

 

 

15. Fees and Limits Schedule