14+ and the only owner
iPay accounts are open to anyone aged 14 or older. The account is yours alone — no shared logins, no operating it for someone else.
Terms of service
The deal, plainly stated.
When you sign up, log in or move money on iPay, you’re entering this contract with iPay Systems Ltd. We’ve kept the binding language intact below — and added a plain-English summary and table of contents so you don’t have to hunt.
- Effective from
- 6 November 2016
- Parties
- You · iPay Systems Ltd.
- Governing law
- People’s Republic of Bangladesh
The shape of the deal
Lawful trade only
Use iPay for goods and services that are legal in Bangladesh. Restricted categories — weapons, narcotics, counterfeit goods and others — are off the table.
Buyer & seller protection
Both sides of a transaction can lodge a dispute. iPay investigates and decides — and either party can escalate from a dispute to a claim.
Settled in Bangladesh
Disputes are first raised with us, then arbitrated under Bangladeshi law. Improperly filed litigation may be recovered as costs.
These cards summarize the contract. The full, binding text follows below — read it before deciding to use iPay.
Preamble
You agree to accept this terms of service, applicable to all users from 6 November 2016.
Welcome to iPay.
This agreement is a contract between you and iPay Systems Ltd. (a Bangladeshi company), governing your use of iPay services. You must agree with the terms and conditions of this agreement — including the privacy policy and other policies of iPay Systems Ltd. — and should read all of these terms carefully before accepting.
This agreement and other policies of iPay may be amended at any time by posting a revised version on our website. The revised version will be effective at the time we post it.
Your account may be suspended, closed or your access to iPay services and / or funds may be limited if you breach this agreement or any other policies you agreed with iPay Systems Ltd. It is your sole responsibility to understand and comply with all rules, regulations and laws of the jurisdictions applicable to you in connection with your use of iPay services. You are committed to follow the rules and regulations of the Government of the People’s Republic of Bangladesh, Bangladesh Bank and other related regulators when using services provided by iPay Systems Ltd. You will be accountable for any unlawful use of your iPay account.
01
Services & eligibility
1.1
iPay services
iPay services
iPay Systems Ltd. is a complete payment solution of Bangladesh and beyond. iPay is a secure payment ecosystem that you may choose for your daily transactions. The transactions in iPay can be performed from mobile devices or personal computers connected to the internet. Using this system, you will be able to exchange money with other iPay members and make payments for purchases, utilities, and other services in a cashless form in compliance with local laws and regulations.
iPay account holders have the sole responsibility of their account including but not limited to the products or services that they sell or buy using the iPay platform. You will use iPay with integrity when making or realizing any payment through the iPay platform; iPay will not be liable for your transactions.
It is to be understood that iPay account holders can use this system only for buying or selling products or services which are lawful within the jurisdiction of Bangladesh; if any account holder carries out a transaction for any unlawful product or service, the account holder will be solely liable for the transaction and iPay will be held indemnified for any legal action taken against it.
1.2
Age eligibility
Age eligibility
Individuals aged 14 years or older are eligible to use iPay services. iPay maintains a strict non-discrimination policy for use of iPay services. Any individual aged 14 years or older is eligible to use iPay irrespective of caste, creed, faith, gender, nationality or any other individual identity.
1.3
Identification
Identification
You must provide correct and updated information to iPay Systems Ltd. for opening and maintaining your account. You need to upload a copy of your valid National ID / Passport and Tax Identification Number (TIN) at the time of opening your iPay account. The “Identification” profile of your account in the Account Settings option should be updated with valid identification documents, address of residence and other required information as and when required.
a · Your contact information
You should keep your mobile number and primary email address updated at your own responsibility for receiving electronic communications from iPay. iPay will consider any information effectively provided when we send an email to your primary email address given in your iPay profile. You must ensure that your mobile number and / or email address is not outdated, incorrect or blocked by your service provider. If your mobile number and / or email becomes invalid and communications are returned to iPay, we may consider your account inactive and block any transaction until we are provided with a valid mobile number and / or email address.
b · Identity verification
iPay may validate your identity and may take the assistance of third parties to make inquiries about the information you provide to iPay Systems Ltd. For the process of verifying information, you may need to provide further information or documentation, including but not limited to TIN / NID, or follow directed procedures to confirm ownership of your email address, bank account, etc. This information may be requested through a third party if required.
Any objection on your part to provide further information or documentation as requested by iPay shall constitute ineligibility for using iPay services.
1.4
Ownership
Ownership
You must be the owner of the account, and conduct business on behalf of yourself only. Letting any other individual have access to your account shall render your account ineligible and the account shall be subjected to further penal procedures as per the policy of iPay.
02
Financial transaction
2.1
Transaction limits
Transaction limits
We may, at our discretion, impose limits on the amount of money you can send, request or pay through iPay, as well as the amount of money you can add or withdraw from your iPay account. We may increase your transaction limits in tiers according to the extent your account is verified and the activity of your iPay account.
2.2
Fees
Fees
When you use iPay financial services, applicable fees will be charged from your account as and when applicable. You must have enough balance in your account for processing the transaction along with applicable fees and charges. Applicable fees may be revised and increased as and when required.
03
Receiving payment
3.1
No extra charges
No extra charges
You agree that you will not include any extra charges on your product or service for accepting iPay as a payment method.
3.2
Personal payments for sales
Personal payments for sales
If you are selling goods or services, you may not ask the buyer to send you a Personal Payment as “Send Money” for the purchased item.
04
Account balances
The balance you hold in your iPay account will be maintained with the highest level of integrity. We will keep your balance in a pooled account along with other iPay members’ balances; this balance will not be used for corporate or any operational expenses. You agree to maintain balance in your iPay account without any interest. iPay may receive interest on amounts that iPay holds on your behalf. You agree to assign your rights to iPay for any interest derived from your funds.
Your balance in the pooled account shall remain indemnified from any irregular transaction carried out by any other iPay account holder.
05
Account closure
5.1
Account closing steps
Account closing steps
You may close your account at any time by following the instructions in your iPay account. You must withdraw your balance prior to closing your account. Any bonus balance or offer associated with your account will no longer be available for you.
5.2
Limitations on closing your account
Limitations on closing your account
If you close your account while we are conducting an investigation, we may hold your funds to protect iPay, affiliates or a third party against the risk of fees, fines, penalties and other liability. You will remain liable for all obligations related to your account even after the account is closed.
07
Acceptable use policy
You will not abuse the payment platform of iPay by conducting any of the prohibited activities, unlawful activities or transactions requiring approval before taking the permission of iPay Systems Ltd.
7.1
Prohibited activities
Prohibited activities
a · General prohibitions
You agree to avoid the following activities while using iPay:
- Breaching this agreement, the privacy policy or any other agreement you have entered into with us.
- Violating any law or regulation.
- Violating copyright, trademark, or patent of iPay or any other third party.
- Engaging in potentially suspicious or fraudulent activity or transactions.
- Refusing to confirm or provide your identity or any other information requested for any investigation.
- Providing misleading or false information.
- Using iPay services in a way that may result in disputes, complaints, fines, penalties or any other liability to iPay, our users, any third party or you.
- Distributing or disclosing a user’s information for marketing purposes without the explicit consent of the user.
- Collecting unsolicited payments through iPay.
- Using the system in a manner which imposes unreasonable or disproportionately large load on our infrastructure.
- Facilitating any virus, worm or Trojan horse, or any other malware that is damaging or interfering with our system or data.
- Undertaking any action that might hamper the services we receive from our payment processors, banks, internet provider or other suppliers.
- Monitoring or copying our website using a proxy, robot or manual process without prior written permission of iPay.
Explanation: copyright, trademark, patent or any other term used above are to be meant and construed in their usual, ordinary sense or definitions attached to them under the relevant laws of Bangladesh.
b · Restricted trade & transactions
When you buy or sell any product through iPay, make sure you are not making any transaction involving:
- Ammunition, firearms, combat or tactical knives, weapons or related accessories.
- Narcotics, drugs or tobacco products.
- Antique or obscene items.
- Stolen or counterfeit goods.
- Sexually oriented material or services.
- Items promoting violence, hate or racial intolerance.
- Multi-level marketing programmes.
- Off-shore banking, lottery or annuity.
- Debt-settlement services, credit transactions or insurance activities.
- Offering or receiving payments for bribery or corruption.
- Cheque-cashing or currency-exchange businesses.
- Payment collection on behalf of a merchant.
- Any other contraband goods or illegal items.
08
Generic terms
8.1
Indemnification
Indemnification
You agree to unconditionally indemnify iPay, our affiliates, employees, directors, agents and suppliers from any demand, claim, fine or other liability incurred by a third party arising out of the breach of this agreement. The foregoing parties will not be liable for any lost profit or consequential damage arising out of unlawful use of iPay services. The mentioned parties will only be liable for the actual amount of direct damage if it is caused by an iPay error.
8.2
Availability & nature of service
Availability & nature of service
iPay is a payment platform. It does not provide banking, fiduciary or trustee services. iPay is not liable for the services and products whose transactions are made using iPay services. We cannot guarantee that the buyer or seller you are dealing with is authorized or will complete the transaction.
Since iPay services depend on many factors outside our control, and we may need to suspend the online availability for upgrades and maintenance of the system, we cannot provide any warranty about the amount of time needed to complete any transaction. iPay will make reasonable effort to run smooth and prompt functioning of the system within our limitation.
8.3
Intellectual property
Intellectual property
“ipay.com.bd”, “ipaytk.com”, “iPay” and all other logos, custom graphics, trademarks and URLs related to iPay services may not be copied or used without the written consent of iPay Systems Ltd. Any technology created or derived from iPay services is the exclusive property of iPay and its licensors.
8.4
Securing your password
Securing your password
You should maintain the security of your iPay account by controlling and making sure that all IDs, passwords, PINs or other codes that you use for accessing iPay services are secured and not revealed to any other person.
8.5
Communication with you over phone
Communication with you over phone
You agree to receive phone calls and messages from iPay Systems Ltd., including auto-dialer and prerecorded messages, regarding your use of iPay services or for verification purposes. The phone number that you provide to iPay must be active and stay in your possession as we may request information for verification by contacting you over the phone. Your voice and conversation with iPay over the phone may be recorded for resolving complaints, detecting fraud and ensuring security.
8.6
Tax
Tax
It is your responsibility to determine the taxes applicable to your transactions in iPay, and you should pay the taxes to the appropriate authority at your own responsibility. iPay is not responsible for determining, collecting or reporting taxation arising from your transactions. iPay shall remain indemnified from any claim of tax, VAT or any other public charges applicable on any of your transactions.
8.7
Agreement survival, amendment & termination
Agreement survival, amendment & termination
If any section / provision of the agreement is rendered invalid, it will be changed or removed while the remaining sections / provisions will stay valid. iPay Systems Ltd. holds the right of making any amendment / correction of any terms of service from time to time in future. These modified amendments will be effective just after being posted on the website.
iPay, at its sole discretion, reserves the right to terminate this agreement or any of its services for any reason at any time by refunding all unrestricted funds in your iPay account.
8.8
Assignment of rights
Assignment of rights
You may not assign or transfer your rights and obligations that you have entered into by signing / agreeing with this agreement to anyone else without iPay’s written permission. iPay reserves the right to assign or transfer this agreement or any obligation or right under this agreement at any time.
8.9
Translation of this agreement
Translation of this agreement
If you read any translated version of this agreement, it has been translated solely for your convenience of understanding the agreement. If any discrepancy arises between the translated agreement and this English agreement, the English version of the agreement will prevail and be enforced.
8.10
Instructions given by you on your account
Instructions given by you on your account
When you give any authenticated instruction (verbal or written) to be carried out on your account, iPay will carry out the instruction accordingly. iPay will not be liable for the consequences of the actions on those instructions as those were delivered by you.
09
Members’ protection
Members can lodge their complaints of dispute with a buyer or seller by calling directly to the call centre, by email, via app & web, the iPay official Facebook page, Facebook Messenger and other channels. iPay will initiate the action required for addressing the complaint within a month of receiving it. iPay maintains call-centre operations from 8 am to 10 pm for assisting its valued members and managing the complaints accordingly.
If the investigation of the complaint reveals that the member has filed a wrong allegation to gain other benefit or harass the opposite party, the monetary amount of the complaint will be realized from his / her iPay account along with other fines and penalties. The account can also be suspended or permanently closed if found associated with such wrongful allegation. The account holder will be notified before any of the above action is taken.
9.1
Buyer’s protection
Buyer’s protection
For being eligible for iPay buyer’s protection, the buyer must complete the payment of the purchase to the seller and have an iPay account in good standing. Buyers need to agree not to mediate the dispute of purchase through any other means if they want the safeguard of buyer’s protection from iPay. One can seek iPay buyer’s protection if:
- He / she has not received the item that they have paid for.
- The item received is “not described accurately” by the seller.
- He / she received the wrong number of items.
What “not described accurately” means
“Not described accurately” items are sold products that are materially different from what the seller described on the website or in the listing. Some examples are:
- Buyer received a completely different item — e.g. they purchased a pen but received a wall clock.
- The condition of the item is misrepresented — e.g. the description said “new” but the item received was “used”.
- The item is missing major parts or features which were not disclosed in its description when the buyer purchased it.
- The item was materially damaged during shipment.
A buyer cannot claim buyer’s protection if the item of claim was described accordingly or was custom-made for their order. An item is “described accordingly” if it is similar to the seller’s description of the item. Some examples are:
- Defects in the item were correctly described by the seller.
- The item was properly described but the buyer did not want it after receiving.
- The item was properly described but did not meet the buyer’s expectation.
- The item has a minor defect and was listed as used condition.
Eligibility
To be eligible for iPay buyer’s protection, one must meet the following requirements:
- The full amount of the item must be paid with a single payment from the buyer’s iPay account.
- The disputed item must be a physical item that can be shipped to the buyer’s address.
- The buyer must not have received any compensation amount related to the disputed purchase from another source.
- The buyer should have an updated profile and significant transactions in their iPay account.
If the buyer is eligible for iPay buyer’s protection and the investigation concludes in favour of the claim, iPay will arrange for the refund of the price paid for the purchase of the disputed item.
Resolution process
When the complaint of dispute is filed to iPay, both buyer and seller will be notified about the dispute. Both parties will have the opportunity of resolving the dispute through mutual agreement on condition that they will update iPay about the status of the dispute. If the dispute is not settled by mutual agreement, either party may escalate it to a claim. Once a dispute has been escalated to a claim, iPay will make a final decision in favour of the buyer or the seller. The buyer will be asked to provide necessary documents that iPay requires for proceeding with the investigation. iPay retains full right to make a final decision in favour of buyer or seller according to the outcome of the investigation. When iPay makes a final decision regarding the dispute, both parties must comply with iPay’s decision. Generally, the buyer will be required to ship the item that they claimed as “not described accurately” back to the seller (at their own expense), and the seller will need to accept the item back and refund the buyer the full purchase price plus original shipping cost. In the event a seller loses the claim, they will not receive a refund on the iPay fees associated with the transaction.
In the resolution process described above, both buyer and seller must agree to hold iPay indemnified from any claim either from the buyer or the seller.
Claims filed with seller or other third parties
Buyer agrees not to file a dispute / claim under iPay buyer protection if they have already filed a claim with the seller or another third party.
No double recovery
Buyer will not be able to receive a recovery for a purchase under iPay buyer protection if they have already received a recovery for the disputed purchase directly from the seller or another third party.
9.2
Seller’s protection
Seller’s protection
Seller can lodge a complaint to iPay about a dispute under iPay seller’s protection if they have delivered the ordered item to the buyer but did not receive any payment for it.
If the seller is holding a business account in iPay, they agree to settle the legitimate claim or dispute filed for purchases under iPay buyer’s protection. The requirements stated in resolution process and eligibility for buyer’s protection also apply for seller’s protection as appropriate. Additional seller-specific points are included in this section.
Eligibility
Seller will be eligible for filing any dispute and receiving the safeguard of seller’s protection from iPay if:
- They have supplied the product to the buyer at the shipping address mentioned in the order.
- They have proof of delivery / shipment, including the date.
- They have supplied a product / item which matches the specification mentioned in the invoice.
- They have supplied all parts of the goods / product in the condition described in the product description.
- They have provided iPay with all the documents and information required for the dispute investigation.
Resolution process
The resolution process will have similar options of mutual settlement and can then be escalated to a claim as described in buyer’s protection. Seller will need to comply with the shipment requirement of seller’s protection and provide all necessary documents and information for aiding the investigation. Seller agrees to accept the final decision of iPay regarding the filed claim. If iPay decides in their favour, the sales-invoice amount will be transferred to their account, after deducting the iPay fees associated with the disputed transaction.
In the above case, both the buyer and seller undertake that iPay shall remain indemnified from any claim either from buyer or seller.
10
Action for your liability to iPay
You are responsible for all claims, fees, fines or other liabilities incurred by iPay, third parties or other users caused due to your breach of this agreement. You agree to reimburse the affected party for any liability caused due to your action.
10.1
Reimbursement of the liabilities
Reimbursement of the liabilities
The amount that you owe to iPay against any liability will be immediately removed from your iPay account balance. If you do not have enough balance, the existing balance of your account will be removed and you will need to reimburse the remaining amount to iPay by adding money to your iPay account within three working days.
10.2
Actions against prohibited activities
Actions against prohibited activities
If we have reason to believe that you have engaged in any of the prohibited activity mentioned in section 7.1, we may take any or all of the following actions:
- Suspend, close or limit your access to your iPay account or specific iPay service.
- Obtain BDT 10,000 or more for each prohibited transaction or activity that you perform on iPay.
- Refuse to provide iPay services to you at the time of detection of the prohibited activity or any time in future.
- Place your funds or specific transactions on hold for suspicion of an illegal transaction, fraudulent activity, etc.
In case of such action, you will receive a prior notice.
10.3
Holds or reserves
Holds or reserves
iPay may place a hold or reserve on your account balance for the security of our users’ accounts and the iPay system. We will provide notice for our action and you will have the opportunity to request restoration of your access if we deem it appropriate.
10.4
Transaction profile consistency
Transaction profile consistency
iPay will monitor activities and transactions in your profile and set privilege classes and status for your account. The privilege classes and account status will have a preset transaction profile for each of them. Your daily and periodic transactions should be consistent with the transaction profile for your account class and status.
11
Dispute settlement guide
11.1
Inform iPay first
Inform iPay first
In case any dispute arises between you and iPay, you will inform iPay immediately. We affirm that we will address your concern and provide you with a neutral and cost-effective means of settling the dispute quickly. You can inform us by:
- Writing to iPay Systems Ltd., Silver Tower (Level 12), 52 Gulshan Avenue, Circle-1, Dhaka-1212, Bangladesh.
- Sending email to support@ipay.com.bd with subject line “Initial Dispute Notification”.
- Calling 16542 or +880 9638 900801.
11.2
Arbitration
Arbitration
In the event of controversy or claim, any dispute arising out of or in connection with this agreement, if not solved by mutual understanding, shall be settled by arbitration. The arbitration shall be conducted by one or three arbitrators, who have at least ten years of experience in the particular field and also experience as an arbitrator. The arbitration shall be held in Bangladesh and the existing law of Bangladesh will be applicable in the arbitration.
11.3
Law & jurisdiction of dispute
Law & jurisdiction of dispute
If either party is not satisfied by the dispute resolution through the arbitrator, the dispute and solution provided by the arbitrator can be extended to any court of Bangladesh after following the dispute settlement guideline of sections 11.1 and 11.2. You agree to obey the instructions of the regulators which may be changed from time to time, on the Anti-Money Laundering Act 2012, Counter-Terrorism Act 2009, Counter-Terrorism Act (amended) 2012, Counter-Terrorism Act (amended) 2013 and other such acts / regulations issued from time to time in future.
11.4
Litigation filed improperly
Litigation filed improperly
All disputes and claims you have against iPay should be resolved in accordance with section 11 of this agreement. Any cases filed by breaching this agreement will be considered improper, and iPay reserves the right to recover fees and costs associated with the case and lawyer’s charge of minimum BDT 10,000 for improperly filed claims. You will be liable for the fees and charges if you fail to withdraw the claim promptly after receiving written notification from iPay.
11.5
Insolvency
Insolvency
iPay will be entitled to recover all associated cost according to this agreement even in case you are declared insolvent under the provisions of any bankruptcy or insolvency law.
11.6
Communicating with you
Communicating with you
iPay will communicate with you through your primary mobile number and / or email address, which you should keep updated at all times. It will be considered that you have received the electronic communication after 24 hours of posting it on our website or sending it to your email address. Postal mail will be considered received within 5 business days of sending the mail.
11.7
Communicating with us
Communicating with us
You may send notices to iPay by:
- Writing to iPay Systems Ltd., Silver Tower (Level 12), 52 Gulshan Avenue, Circle-1, Dhaka-1212, Bangladesh.
- Sending email to support@ipay.com.bd with subject line “Dispute Processing for iPay”.
- Calling +880 9638 900801.
Disputes desk · open
Got a dispute? Tell us first.
Per section 11.1, the agreement asks you to inform iPay before anything else. We’ll address your concern and offer a neutral, cost-effective way to resolve it — usually within one working day.
Reach iPay
- Postal address
- iPay Systems Ltd. · Silver Tower (Level 12)
52 Gulshan Avenue, Circle-1
Dhaka-1212, Bangladesh - support@ipay.com.bd
- Helpline
- 16542 · +880 9638 900801
⬡ Licensed PSP — Bangladesh Bank