YOU AGREE TO ACCEPT THIS TERMS OF SERVICE WHICH WILL BE APPLICABLE TO ALL USERS FROM NOVEMBER 06, 2016
Welcome to iPay!
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 any and all rules, regulation 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 Govt. of Peoples 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.
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 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 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.
Individuals aged 14 years or older will be eligible for using iPay Services. iPay maintains a strict non-discrimination policy for use of iPay services. Any individual aged 14 years or older will be eligible for using iPay irrespective of cast, creed, faith, gender, nationality or any other individual identity.
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, Tax Identification Number (TIN) at the time of opening your iPay Account. “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.
You should keep your mobile number and primary email address updated at your own responsibility for receiving electronic communications from iPay. iPay will consider to have provided any information to you effectively when we send email to your primary email address given in your iPay profile. You must ensure that the mobile number and/ or email address is not outdated, incorrect or blocked by your service provider. If your mobile number and/ or email become invalid and communications are returned to iPay, then we may consider your account as inactive and block any transaction as long as we are not provided with a valid mobile number and/ or email address.
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. These information may be requested through 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.
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 policy of iPay.
We may, at our discretion, impose limits on the amount of money you can send, request or pay through the 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.
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.
You agree that you will not include any extra charges on your product or service for accepting iPay as a payment method.
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.
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’ balance; 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.
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.
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.
In order to protect your account from unauthorized transaction, iPay will reimburse the amount equivalent to unauthorized transaction or error that is eligible for the safeguard according to the procedure described below.
Transactions are considered unauthorized when iPay services are used to transfer money from your account without your authorization. If you give your login information to any other person and they carry out transactions from your account without your permission, these transactions will not be safeguarded by iPay Systems Ltd.
a. To be eligible for the safeguard you must notify us within 5 working days after, or within a reasonable time of your notice of, any unauthorized transaction appears in your activity feed or transaction history. You should access your account regularly and review account activity for ensuring that unauthorized transactions are not being carried out from your account. If you enable the option of receiving email notification to your email address for activities of iPay account, you’ll also receive email alerts for having overview of your account activities.
c. Send your notification with your name, phone number, email address, amount of the unauthorized transaction or error and explanation of why you identified the transaction as unauthorized. You can notify us by:
If you send us the notification by calling to the mobile number, we may ask for written complaint, question or additional information required for processing
In case we detect any error in iPay transaction, we will rectify it as soon as possible. If less fund is transferred to your account than the actual amount, iPay will add the fund to your account. Similarly, if an excess fund is transferred to your account, the excess fund will be removed from your iPay account. In all the cases described above, you shall be notified before any rectification is carried out in any of your transaction.
If you send incorrect amount of money to any person, or make a transaction with any other individual other than intended person, due to typing mistake, haste or any other reason, iPay will not protect you with the safeguard for unauthorized transaction or error. You will be solely responsible for your error and will have to settle with that person without requesting any involvement of iPay Systems Ltd.
We will investigate the reported unauthorized transaction or error to determine its eligibility for safeguard. We will conduct an investigation and determine the eligibility of safeguard; iPay’s decision about the eligibility will be considered final.
We will conduct our investigation as soon as possible from the date of receiving the notification or if we detect any suspicious activity from your account. We will send you an email with the decision of our investigation and will reimburse you for the error or unauthorized transaction.
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.
You agree to avoid the following activities while using 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 with them under relevant laws of Bangladesh.
When you buy or sell any product through iPay make sure that you are not making any transaction involving:
You agree to unconditionally indemnify iPay, our affiliates, employees, directors, agents and suppliers from any demand, claim, fine or other liability incurred by 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 iPay error.
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 are dependent on many factors outside our control and we may need to suspend the online availability for upgradation and the 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.
“ipay.com.bd”, “ipaytk.com”, “iPay” and all other logos, custom graphics, trademarks and URL related to iPay services may not be copied or used without written consent of iPay Systems Limited. Any technology created or derived from iPay services are the exclusive property of iPay and its licensors.
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.
You agree to receive phone calls and messages from iPay Systems Limited including autodialer and prerecorded messages regarding your use of iPay services or verification purpose. The phone number that you provide to iPay must be active and stay in your possession as we may request information for verification purpose 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.
It is your responsibility to determine the taxes applicable to your transactions in iPay and you should pay the taxes to appropriate authority at your own responsibility. iPay is not responsible for determining, collecting or reporting taxations arising from your transactions. iPay shall remain indemnified from any claim of tax, VAT or any other public charges applicable on any of your transaction.
If any section/provision of the agreement is rendered invalid, it will be changed or removed while the remaining sections/provision will stay valid. iPay Systems Limited holds the right of making any amendment/correction of any terms of services from time to time in future. These modified amendments will be effective just after being posted in the website.
iPay at its sole discretion, reserves the right to terminate this agreement or any of its service for any reason at any time by refunding all unrestricted funds in your iPay account.
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.
If you read any translated version of this agreement, it had 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.
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.
When you add your bank account to iPay account for carrying out transaction between your iPay account and bank account, you are authorizing iPay to debit or credit fund to and from your iPay account to iPay’s official account according to your instructions and terms of this agreement. You also authorize iPay to take necessary steps and request addition information and/or document from you or your bank for verifying the credibility of your bank account.
iPay will maintain 24/7 call center for assisting its valued members and managing the complains that they have. Members can lodge their complaints of dispute with buyer or seller by calling directly to the call center, sending Short Message Service (SMS), email or through Interactive Voice Response (IVR). iPay will initiate the action required for addressing the complaint within a month of receiving it.
If the investigation of the complaint reveals that 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. Even it 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.
For being eligible for iPay buyer’s protection, buyer must complete the payment of the purchase to the seller and have an iPay account of good standing. Buyers need to agree not to mediate the dispute of purchase through any other means if he/she wants the safeguard of Buyer’s Protection from iPay. One can seek iPay Buyer’s Protection if
The ‘not described accurately’ items are the sold products that are materially different from what the seller has described on website or in the listing. Some examples are:
A buyer cannot claim for Buyer’s Protection if the item of claim had been described accordingly or was custom made for his/her order. An item is “described accordingly” if it is similar to the Seller’s description of the item. Some examples are:
Eligibility: To be eligible for iPay Buyer’s Protection, one must meet the following requirements;
If the buyer is eligible for iPay Buyer’s protection and the investigation of iPay concludes in favour of his/her claim, iPay will arrange for the refund of the price paid for the purchase of the disputed item.
When the complaint of dispute is filed to iPay, both buyer and seller will be notified about the dispute. Both the 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 of the party may escalate it to claim. Once a dispute has been escalated to a claim, iPay will make a final decision in favour of the buyer or the seller. 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 party must comply with iPay’s decision. Generally, buyer will be required to ship the item that he/she claimed as ‘not described accurately’ back to the seller (at his/her 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, he/she will not receive a refund on his/her 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 he/she 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 he/she already received a recovery for the disputed purchase directly from the seller or another third party.
Seller can lodge a complaint to iPay about dispute under iPay seller’s protection if he/she has delivered the ordered item to the buyer but had not received any payment for it.
If the seller is holding a business account in iPay, he/she agrees to settle the legitimate claim or dispute filed for purchases under iPay Buyer’s protection. The requirements stated in resolution process and eligibility buyer’s protection also applies 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 safeguard of seller’s protection from iPay if:
The resolution process will have similar option 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 his/her favour then the sales invoice amount will be transferred to his/her account, after deducting the iPay fees associated with the disputed transaction.
In above case, both the buyer and seller undertake that iPay shall remain indemnified from any claim either from buyer or seller.
You are responsible for all claims, fees, fines or other liabilities incurred by iPay, third party or other user caused due to your breach of this agreement. You agree to reimburse the affected party for any liability caused due to your action.
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’ll need to reimburse the remaining amount to iPay by adding money to you iPay account within three working days.
If we have reason to believe that you have engaged any of the prohibited activity mentioned in section 7.1, we may take any or all of the following actions:
In case of such action you will receive a prior notice.
iPay may place hold or reserve on your account balance for security of our users’ account and iPay System. We will provide notice for our action and you will have opportunity for requesting restoration of your access if we deem it appropriate.
iPay will monitor activities and transaction in your profile and set privilege classes and status for your account. The privilege classes and account status will have preset Transaction Profile for each of them. Your daily and periodic transaction should be consistent with the Transaction Profile for your account class and status
In case any dispute arises between you and iPay, you will inform iPay immediately. We affirm you that we will address your concern and provide you with a neutral and cost effective mean of settling the dispute quickly. You can inform us by:
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 experienced as an arbitrator. The arbitration should be held in Bangladesh and the existing law of Bangladesh will be applicable in the arbitration.
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 section 11.1 and 11.2. You agree to obey the instructions of the regulators which may be changed from time to time on Anti-Money Laundering Act-2012, Counter Terrorism Act-2009, Counter Terrorism Act (amended) -2012, Counter Terrorism Act (amended)-2013 and other such act/regulations which to be issued from time to time in future.
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 cost associated with the case and lawyer’s charge of minimum 10,000 Taka for improperly filed claims. You will be liable for the fees and charge if you fail to withdraw the claim promptly after receiving written notifications from iPay.
iPay will be entitled to recover all associated cost according to this agreement even in case you are declared insolvent under the provision of any bankruptcy or insolvency law.
iPay will communicate with you through your primary mobile number and/or email address, which you should keep updated at all time. It will be considered that you have received the electronic communication after 24 hours of posting it on our website or to your email address. Postal mail will be considered received within 5 business days of sending the mail.
You may send notices to iPay by: