Terms of Service

As of 30 May 2025

These Terms of Service (“Terms”) outline the terms governing the services provided by NYMO PAY LTD, with its registered office at 1907 Baseline Road, Unit 104, Ottawa, Ontario, K2C0C7, Canada. NYMO PAY LTD is registered with the Business Register under number: 1001050870 (“Company,” “NYMO PAY”,), and Customer’s use of the Services that are displayed on https://nymorpay.com/ (“Website”).

By registering as a Customer of NYMO PAY or utilizing our Services, Customer acknowledges customer understanding and acceptance of all terms and conditions stated herein.

DEFINITIONS

The following definitions clarify the terms used throughout these Terms between NYMO PAY and the Customer. These definitions aim to ensure mutual understanding of rights, responsibilities, and expectations for both parties. Review these definitions carefully, as they will be referenced throughout these Terms. These capitalized terms are for reference purposes and may not encompass all possible interpretations or contexts.

Account: An electronic money account created by the Customer with NYMO PAY, where electronic funds are stored.
Alternative Payment Method (APM): Any payment method, other than card payments, that NYMO PAY can process and has been mutually agreed upon, including e-wallets, payments via phone accounts, or other accepted methods.
Base currency: The currency selected by the Customer when opening an Account.
Business day: A day when NYMO PAY is operational and provides services, excluding public holidays, designated rest days in Canada, or any non-working days pre-announced by NYMO PAY.
Business relationships: The relationship established between NYMO PAY and the Customer during the provision of services.
Card: A payment card, such as Visa, Visa Electron, Mastercard, or Maestro, used as a payment method for Transactions.
Customer: An individual or entity holding an Account with NYMO PAY or applying to open one. This includes natural persons, sole proprietors, merchants, self-employed individuals, or other legal entities engaged in commercial activities and maintaining business relationships with NYMO PAY.
Communication: Any instruction, order, document, log, transaction, or other information intended to be shared between the parties.
NYMO PAY E-Money System: the software / hardware complex, which includes a funds transfer system with formal and standardized arrangements and common rules for the processing, settlement of payment transactions, accessible through the Website, including all programs and access points enabling the Customer to perform access to the Services, such as the NYMO PAY E-Money System, etc;
Terms: These Terms of Service, along with any annexes related to NYMO PAY services, the use of the NYMO PAY E-Money System, and any associated website or interface which constitutes the full agreement between the Customer and NYMO PAY. The latest version is published on the Website.
Deposit: Adding funds to a Customer’s Account by acquiring electronic money via designated deposit options.
Electronic Money or E-Money: Monetary value stored electronically or magnetically, represented as a claim by the Customer on NYMO PAY, issued upon receipt of funds from the Customer, and used for payment transactions within the NYMO PAY E-Money System.
Fees: Charges applied by NYMO PAY for services provided, subject to amendments from time to time. Specific Fees or agreements with a Customer may override general Fees for particular services.
Services: Any services offered by NYMO PAY, including but not limited to Account maintenance, E-Money issuance, payment instrument issuance, and payment transaction execution using E-Money via the Website.
Transaction: Any act initiated by the Customer involving the placement, transfer, or withdrawal of funds, subject to applicable Fees. Transactions may involve financial operations with Cards or APMs, fund transfers, Account replenishments via Cards or APMs, and/or OCT services if offered by the merchant.
Login authorisation data: All identification or verification details provided by NYMO PAY for Customer login and account access, such as account numbers, passwords, login codes, or verification messages sent via email or mobile.
Wallet: A sub-account within the Customer’s Account, denominated in the Base Currency selected by the Customer.
Withdrawal: The process of transferring funds from the Customer’s Account using a method chosen by the Customer in the withdrawal section of their Account, achieved by redeeming Electronic Money.

SERVICE AGREEMENT

By using our services, Customer acknowledges that Customer has carefully read, understood, and agreed to be bound by these Terms, along with any relevant laws and regulations that may apply. If Customer does not agree to these terms, Customer is prohibited from using our services.

ACKNOWLEDGMENTS BY THE CUSTOMER

Non-Banking Status: NYMO PAY is not a banking institution, and the Customer’s account is not a bank account.
No Fiduciary Role: NYMO PAY does not act as a trustee, fiduciary, or escrow holder for the E-Money in the Customer’s account.
No Interest on Balances: E-Money held in the Customer’s account will not accrue interest, and NYMO PAY will not pay interest on any balances in the Customer’s account.
Authorized Use of E-Money: NYMO PAY grants access to its E-Money system only to authorized customers. Authorized customers may use the system to purchase or redeem electronic money, make payments, and accept payments from third parties. NYMO PAY operates as an independent service provider.
Additional Terms and Updates: NYMO PAY may publish specific terms on its Website or E-Money system, which may be amended from time to time (e.g., Website Terms & Conditions, Privacy Policy, Complaints Procedure, List of Restricted Activities, Non-serviced Countries, etc.). The Customer agrees to regularly review the Website and the E-Money System for any changes.

USE OF SERVICES

Authorized Customers: NYMO PAY offers its services solely to customers who have been duly authorized after completing the necessary approval process.
Acceptance of Terms: As a condition of authorization, the Customer must accept these Terms and any specific terms published on the Website.
Information Requirement: During the authorization process, NYMO PAY may request specific information, and the Customer must provide such information within 4 (Four) business days. This includes, but is not limited to, identification verification. The Customer understands and agrees to supply any additional required information in compliance with anti-money laundering regulations. Failure to provide such information within the designated time frame may result in the suspension or closure of the Customer’s account.
Discretionary Authorization: NYMO PAY is under no obligation to accept any customer and may, at its sole discretion, determine the conditions of acceptance and the scope of information required from the Customer.
Obligation to Maintain Updated Information: The Customer must ensure that all information provided to NYMO PAY remains accurate and up-to-date. NYMO PAY reserves the right to request additional information periodically, and the Customer is obliged to comply. Failure to provide requested information may result in the immediate termination of the relationship with the Customer.
Failure to Submit Documents: If the Customer fails to submit requested documents or information, NYMO PAY reserves the right to deactivate the Customer’s account and may determine whether to continue the relationship.
Notification of Changes: The Customer agrees to notify NYMO PAY within 4 (Four) business days of any changes in circumstances or information previously provided.
Account Usage: Upon successful authorization, the Customer will be granted access to a personal account with NYMO PAY. Only the Customer has the right to access and use this account, and only for the activities and purposes outlined in the Account application. Any change in purpose or activity will require a new application for review.
Security of Account: The Customer is responsible for securing their login credentials (e.g., password, login code, user ID, etc.). The account should only be used in accordance with these Terms and the intended purpose.
Single Account Policy: A Customer is permitted to have only one authorized account with NYMO PAY. Any additional accounts or applications submitted will be linked to the sole approved account. If multiple accounts are identified, the Customer authorizes NYMO PAY to close one account and transfer any funds to the remaining account.
Prohibited Activities: The Customer is prohibited from attempting to tamper with, hack, modify, or interfere with the security or functionality of the NYMO PAY E-Money System. In the event of suspected unauthorized activities, NYMO PAY may freeze the account and suspend transactions until the issue is resolved.
Language of Communication: All communications and information will be provided in English. The Customer acknowledges that English will be the language used for these Terms and any further communication between the Customer and NYMO PAY.
Telecommunication Risks: The Customer understands and accepts the inherent risks of using various communication methods (telephone, email, mobile applications, etc.), including potential failures of hardware, software, or communication infrastructure. The Customer assumes full responsibility for these risks and agrees to use these means of communication at their own risk.
Limitation of Liability: NYMO PAY is not liable for any issues arising from communication disruptions or errors, including those resulting from system failures, delays, or unauthorized interception of data.
Recording of Communications: NYMO PAY reserves the right to record and/or document all communications (e.g., phone calls, emails, chats) between the Customer and NYMO PAY. These records may be used as evidence in any dispute or legal proceedings. The Customer understands and acknowledges that they cannot rely on the availability of such recordings.
Notices and Communications: NYMO PAY may communicate with the Customer by posting notices on the Website, emailing to the verified address associated with the Customer’s account, or by phone or SMS. The Customer agrees to regularly check these channels for notices. Notices are considered received 24 hours after being posted on the Website or emailed. If sent by mail, the notice will be deemed received three 4 (Four) days after it is mailed.
Requesting Disclosures: The Customer may request a copy of any legally required disclosures, including these Terms. NYMO PAY will provide such disclosures in a durable medium (e.g., email). If the Customer withdraws consent to receive electronic communications, NYMO PAY may charge a document request fee and reserves the right to close the Customer’s account.
Communication with NYMO PAY: Any notices or communication intended for NYMO PAY must be sent via email to info@NYMO PAY.com.
Agreement Confirmation: By registering or using the NYMO PAY Account, the Customer agrees to and accepts all these Terms. The use of the Account signifies the Customer’s unconditional acceptance of these Terms.

REGISTRATION AND USE OF ACCOUNT

Login and Authorization

To use our services, the Customer must create an account with NYMO PAY by providing accurate and complete details. Customer agrees to keep Customer account credentials, including Customer username and password (“Login credentials”), confidential. Customer is solely responsible for all activities under Customer account, and Customer must notify us immediately of any unauthorized use or security breaches.

To access a Customer account, the Customer can log in through the Website or mobile application using Customer login credentials. If Customer experiences any issues with login authorization, Customer should contact NYMO PAY for technical assistance.

Once NYMO PAY verifies Customer login credentials, Customer will be able to access Customer account and initiate payment instructions.

If Customer believes that Customer login credentials have been compromised, Customer must notify NYMO PAY immediately and request to have Customer account blocked while an investigation is conducted. The Customer can contact us via phone or email for assistance.

Exclusive Right to Use the Account

The Customer must maintain the confidentiality of Customer login credentials and take all necessary precautions to prevent unauthorized access. Customer is responsible for any loss or misuse of Customer login credentials and agrees to fully indemnify NYMO PAY for any claims arising from unauthorized use.

Anyone accessing a Customer account using Customer’s login credentials will be treated as the account holder, unless NYMO PAY requests additional verification to confirm identity.

If Customer suspect that Customer login credentials have been compromised, Customer may request that they be blocked. Only Customer can unblock Customer login credentials.

The Customer acknowledges that the NYMO PAY E-Money System is provided “AS IS” and “WITH ALL FAULTS.”

Creating and Maintaining Wallets in Customer Account

Once Customer gains authorized access to Customer account, Customer can create electronic money wallets (also referred to as sub-accounts) in different currencies. These are recorded in the NYMO PAY E-Money System as sub-accounts in the selected currency. The Customer is not required to maintain a balance in any wallet. If the Customer do have a balance, funds are pooled and segregated with those of other customers, in accordance with legal requirements and NYMO PAY’ policies.

Transactions: deposits, withdrawals, internal transfers and payments

In order to make a Transaction, the Customer will firstly need to fund his Account by purchasing electronic money to be credited to his Account or by receiving electronic money transferred via NYMO PAY E-Money System from other customers.

Deposits:

The Customer may purchase E-Money by using one of the “Deposit” methods available to the Customer depending on certain criteria, e.g. country of residence, etc. The Customer must provide the information requested and pass all identity and security validation and verification checks prior to the receiving of acceptance by NYMO PAY, which shall allow depositing funds to the Account. For any Deposit, the Customer authorizes NYMO PAY to obtain and receive funds on behalf of the Customer from the payment source chosen by the Customer, less any applicable Fees, and to issue electronic money to the Customer’s Account.

When depositing the funds, the Customer understands and expressly agrees that the funds he deposits in one chosen currency will be deposited by NYMO PAY into the Customer’s respective Wallet for immediate transfer by depositing the respective amount in electronic money corresponding to that particular currency in case the Customer possesses Wallet in that particular currency in his Account. The Customer further understands and agrees that in case, if the Customer does not possess a Wallet in the currency deposited by the Customer, NYMO PAY may automatically open, and the Customer expressly authorises and instructs NYMO PAY to do so, the Wallet in that currency and deposit these funds to that corresponding to the Customer’s depositing currency Wallet or it may be converted to another currency (at NYMO PAY discretion) and in its turn due to cross-border payments regulations in different regions an FX difference between the processed amounts and settlement amounts may occur. The Customer acknowledges this fact and shall not raise any claims in relation to the mentioned conversion.

The Customer understands, acknowledges and accepts that due to cross-border payment regulations in different regions and settlements an FX difference between the processed amounts and settlement-specific aspects amounts may occur, even though the Transaction currency and Account currency are the same.

The Customer understands and accepts that NYMO PAY, upon its full discretion, may impose certain limits on amounts of purchased electronic money/ Virtual currency and/or impose special requirements and/or refuse to accept funds for electronic money/ Virtual currency purchase from the Customer at the sole discretion of NYMO PAY.

Withdrawals:

The Customer may “Withdraw” electronic money by using one of the Withdrawal methods available to the Customer on the Account depending on certain criteria, e.g. country of residence, etc. The Customer must provide the information requested and pass all identity and security validation and verification checks prior to the withdrawal authorisation by NYMO PAY. For any Withdrawal, the Customer authorizes NYMO PAY to perform remittance from electronic money into Customer’s base currency via the withdrawal source chosen by the Customer less any applicable Fees, and to remit the electronic money back to Customer.

The Customer understands and expressly agrees that NYMO PAY may only proceed with the Withdrawal of Customer’s funds into an account that is held in the Customer’s name (Customer is the account holder and beneficiary of the account) at a credit institution, i.e. bank or into an account that is held in Customer’s name at payment institution that has established cooperation with NYMO PAY.

The Customer understands and accepts that NYMO PAY may be requested by law to impose certain limits on amounts of Withdrawal of electronic money and/or impose special requirements and/or refuse to withdraw Customer’s funds until the information is submitted by the Customer and all requirements under the law are fully satisfied.

Deposits and Withdrawals are subject to Fees and currency conversion fees depending on the method used according to the Fee Schedule available on the Website, which the Customer agrees to constantly observe. Furthermore, Deposits and Withdrawals may be subject to the imposition of limits that correspond to the level of information provided by the Customer, and potential risk presented by the Customer and may also be imposed at the sole discretion of NYMO PAY.

Payments within the NYMO PAY E-Money system:

The Customer may make Payments to other customers and/or customers that accept NYMO PAY transfers by entering NYMO PAY E-Money System. The Customer is obliged to specify the purpose of the Payment, which shall conform with the specified nature of business in the Customer application for the Account opening. When all the fields are filled in the NYMO PAY E-Money System will calculate and show the transfer Fees.

By making Transaction the Customer expressly confirms that all the data entered is correct and shall bear the full responsibility if any mistake appeared in the entered data.

By making Transaction the Customer provides full authorisation to NYMO PAY to transfer the funds as instructed. Electronic Money will then be transferred within the NYMO PAY E-Money system to the destination indicated by the Customer. The execution of Transaction shall usually take place immediately, however, in case of technical malfunctioning the execution of Payment may delay, in which case NYMO PAY will make all efforts to fix the technical malfunctioning and proceed with the Payment execution within a reasonable time.

The Customer fully acknowledges that after proceeding Transaction the Customer may no longer cancel or amend the Transaction. Thus, by making Transaction the Customer irrevocably gives instructions to NYMO PAY to proceed with it and does not intend to cancel or alter it.

Internal transfers:

The Customer may make “Internal transfers” between Wallets in different currencies. During the Internal transfer process spot exchange rate will be displayed, however, the Customer expressly accepts that he understands and acknowledges that the spot exchange rates are only indicative. After proceeding the Transaction, chosen by the Customer amount will be internally transferred between Wallets in different currencies.

The Customer may make Internal transfers by specifying recipient’s (which is NYMO PAYs customer as well) email and/or registered phone number in accordance with NYMO PAY E-Money System requirements.

History of Transactions in the Account

All the history of Transactions including charges, fees and margins, shall be recorded in the History section of the Account and shall be available to the Customer at any time. The Customer shall also be able, for an additional fee described on the Website, to request NYMO PAY to confirm to the Customer any Transaction made and NYMO PAY will be obliged to confirm any Transaction made on the Customer’s Account. History also indicates statutes of the Transactions as completed, cancelled, or pending.

Fees and charges

The Customer expressly agrees to duly pay for any Services provided by NYMO PAY.

The Customer acknowledges and understands that he is obliged to read and acknowledge Fees prior to instructing NYMO PAY to make any Transactions. The Fees document contains all applicable interest rates, commissions and fees for Services provided by NYMO PAY, thus the Customer shall observe these at all times.

In case the Transaction initiated by the Customer requires a currency exchange, the current spot rate provided by the liquidity provider will be applied.

The Customer agrees that any Fees that are due by the Customer to NYMO PAY shall be withdrawn by NYMO PAY directly from the Customer’s Account and/or Wallet at any time.

NYMO PAY reserves the right to introduce new services and to, therefore, introduce new charges which the Customer obliges to pay in accordance with these Terms. New charges that are favourable to the Customer may be introduced without prior notice.

NYMO PAY is entitled to unilaterally amend the Fees. NYMO PAY shall notify the Customer of these changes by setting the date when the new Fees take effect.

NYMO PAY reserves the right to deduct all the losses resulting from Customer’s unauthorised actions.

The Customer remunerates the NYMO PAY for opening, maintenance and closing of Accounts/Wallets, execution of the Transactions and other services in accordance with the Fees. The Customer is obligated to get itself acquainted with the Fees and/or exchange rates.

Changes to exchange rates shall come into effect immediately without notice and the Customer shall not have the right to object to such a change.

Where insufficient funds are placed on the Customer’s Account or Wallet to pay any Fees or Deductions that are due hereunder, Customer will not be able to use its Account and Wallets until funds have been placed on the Payment Account to allow the outstanding Fees to be deducted by NYMO PAY. NYMO PAY has a right to invoice the Customer with the amount of such outstanding Fees and Deductions, and the Customer is obliged to pay such invoices immediately, but in no case later than within three (3) business days.

Where insufficient funds are placed on the Customer’s Account or Wallet to pay any Fees and Deductions that are due hereunder, NYMO PAY reserve the right to deduct any outstanding Fees and Deductions from other Accounts or Wallets operated by Customer that hold sufficient funds (or the foreign currency equivalent, based on the prevailing foreign exchange rates available to us) to meet some or all of any such outstanding fees and charges, and Customer expressly consent to such deduction.

Uncleared funds and payments, negative balance

Certain electronic money purchase options may entitle the Customer to have electronic money credited to its account before payment for electronic money purchase and applicable fees are cleared by the Customer’s designated financial institution or association or other payment service provider. In that case, NYMO PAY may periodically present these uncleared payments to the Customer’s financial institution or association or other payment service provider, as applicable. In addition, NYMO PAY may debit insufficient funds and uncleared payments from Customer’s account, obtain them from Customer’s designated financial institution or association or other payment service provider, as applicable, or collect them from the Customer in other ways. NYMO PAY will tell Customer before NYMO PAY does this unless telling Customer would compromise reasonable security measures or otherwise be unlawful, in which case NYMO PAY will tell Customer when NYMO PAY is permitted to do so.

Further, a negative balance on the Customer’s account is a situation when there is insufficient electronic money in the Customer’s account. A negative balance on the Customer’s account may occur for various reasons described in these Terms (for example, if NYMO PAY claims repayment of an ungrounded refund of electronic money Customer received from NYMO PAY). Any negative balance on the Customer’s account is the Customer’s debt to NYMO PAY with an immediate payment term. NYMO PAY may require and collect payment from Customer to cover an outstanding negative balance on Customer’s account at any time. Failure by Customer to make payment is a breach of these Terms. NYMO PAY may at any time send Customer reminders or take other debt collection measures, including, but not limited to, mandating a debt collection agency or solicitors, or pursuing a court claim. NYMO PAY may also charge Customer fees and expenses NYMO PAY reasonably incur in connection with debt collection or enforcement efforts.

SAFEGUARDING CUSTOMERS’ FUNDS

NYMO PAY implements and maintains procedures and measures designed to safeguard Customer’s funds. NYMO PAY fully complies with the relevant safeguarding requirements of applicable laws, as well as directives and instructions of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

Particularly, NYMO PAY safeguards Customers’ funds received in exchange for the issue of electronic money and funds received from Customers or via another payment service provider (including a credit institution/bank) for the execution of payment transactions, for the provision of payment services not connected to the issue of electronic money.

NYMO PAY ensures that the funds received are legally protected in the interest of Customers, particularly holders of electronic money and users of payment services (including payment services not connected to the issue of electronic money), against demands from other creditors, particularly in the case of dissolution, liquidation or insolvency.

NYMO PAY ensures and guarantees that in the event of its dissolution, and/or liquidation, the funds safeguarded will be distributed to the rightful owners in priority over the claims of other creditors of NYMO PAY.

NYMO PAY does not commingle safeguarded NYMO PAY deposits safeguarded funds in separate so-called customers’ accounts with credit institutions in Canada and the EU Member States:

In case of the provision of payment services not related with the issue of electronic money and in case Customers’ funds are held by NYMO PAY and not delivered to a payee or transferred to another payment services provider (including a credit institution/bank) by the end of the business day following the day when the funds have been received, NYMO PAY deposits such funds in its customers’ accounts.

In case NYMO PAY receives funds in the exchange for electronic money to be issued and until their redemption deposits such funds in its customers’ accounts.

CHARGEBACKS

The Customer must observe the condition of electronic money purchase. If the Customer chose a payment instrument for electronic money purchase that is subject to a chargeback right, the Customer agrees that it will not exercise the chargeback right and will not chargeback any electronic money purchase the Customer made by using that payment instrument and that was credited to Customer’s account other than on occasions where NYMO PAY did not fulfil obligations under these Terms, which would result in Customer having the right to a refund of electronic money purchased.

Without limiting NYMO PAYs rights or remedies under these Conditions or any applicable law, if Customer cancels, chargebacks or reverses an electronic money purchase, the Customer is responsible for paying NYMO PAY funds equal to the par value of the electronic money purchased, plus applicable fees. NYMO PAY may, at its discretion, recover the amount of a cancelled purchase or chargeback of electronic money by reducing the balance on Customer’s account or otherwise collecting the amount from Customer. NYMO PAY may charge Customer the fees and expenses NYMO PAY incur in connection with a chargeback and action undertaken to challenge the same.

RESTRICTED ACTIVITIES ON THE ACCOUNT

NYMO PAY does not accept payments from or to sanctioned countries and territories in accordance with the laws, regulations and internal policies.

NYMO PAY does not provide services to Customers, who are engaged in restricted activities. For the purposes of these Terms the restricted activities are: breach of these Terms; breach of law, statute, contract or regulation; breaches of NYMO PAY copyrights, patents, trademarks or any other intellectual property rights; provision of false, inaccurate or misleading information; failure to provide information as requested by NYMO PAY; send or submit to NYMO PAY documents that NYMO PAY reasonably believes to be fraudulent; attempt any action that might lead to unjust enrichment during the dispute; usage of anonymising proxy; use services provided by NYMO PAY that may result in dispute, claim, fines etc.; disclose information of other Customers to third parties; facilitate any viruses, Trojan horses, worms or other computer programming tools that may make damage to NYMO PAY E-Money system.

NYMO PAY does not accept payments from or to sanctioned countries and territories in accordance with the laws, regulations and internal policies, including but not limited to Abkhazia, Afghanistan, Antarctica, Barbados, Burkina Faso, Cameroon, Chad, Congo (the Democratic Republic of the), Crimea, Cuba, Haiti, Iran (the Islamic Republic of), Iraq, Jamaica, Korea (the Democratic People’s Republic of), Mali, Mozambique, Myanmar, Pakistan, Palestine, State of Panama, Russian Federation (the), Somalia, South Ossetia, South Sudan, Syrian Arab Republic (the), Togo, Trinidad and Tobago, Vanuatu, Yemen.

UNAUTHORIZED TRANSACTIONS

It is the Customer’s sole responsibility to ensure that NYMO PAY services are not used for any transactions that could be deemed illegal.

The Customer must refrain from engaging in the following actions:

Using NYMO PAY services to obtain a cash advance from a credit/debit card or assisting others in doing so;
Using NYMO PAY services in a way that could lead to abuse of a bank’s reversal process, credit card systems, or violation of credit card association rules;
Using NYMO PAY services for activities that contravene applicable laws, contracts, statutes, or regulations, including but not limited to laws related to money laundering, fraud, criminal activity, financial services, unfair competition, or consumer protection;
Sending unsolicited emails or engaging in other forms of mass messaging (spam);
Tampering with, hacking, modifying, damaging, or interfering with the security or functionality of NYMO PAY services, or attempting to do so;
Violating NYMO PAY or third parties’ intellectual property rights;
Refusing to cooperate with an investigation to verify the identity of the Customer, Customer representative, or beneficial owner, or refusing to provide any requested information or documents required by NYMO PAY under applicable law or these Terms.

This list is not exhaustive, and it remains the Customer’s responsibility to avoid using NYMO PAY services for any transactions or activities that may be considered illegal.

TERRITORIAL SCOPE AND REGULATORY DISCLAIMER (MiCA)

Territorial Use of Services
The Services provided by NYMO PAY are not intended for use by individuals or entities located in jurisdictions where the offering of such Services would be contrary to applicable laws or regulations.

In particular, our Services are not directed to, and must not be used by, persons located in or resident in the European Union (EU), unless access is made solely at the initiative of the user.

No Active Marketing or Solicitation in the EU
NYMO PAY does not market, advertise, or promote its Services to residents of the EU, and does not consider the EU as a target market. Any availability of our Services to EU users is strictly incidental and shall not be interpreted as solicitation or active offering within the meaning of Article 61(3) of Regulation (EU) 2023/1114 (MiCA).

Reverse Solicitation Disclaimer
By accessing or using our Website and Services, you confirm that:

You have not been approached or solicited by NYMO PAY or any of its representatives;
You have initiated contact with us entirely at your own discretion and for your own purposes;
You understand and accept that we do not hold a crypto-asset service provider license issued under MiCA or by any competent authority of an EU Member State.

Restricted Access and Responsibility
It is your responsibility to determine whether accessing and using our Services is lawful in your jurisdiction. We reserve the right to restrict access to our Services in specific jurisdictions at our sole discretion, including through geo-blocking and/or registration denial.

No Regulatory Approval or Licensing Representation
Nothing in these Terms shall be construed as an assertion or implication that the Services are approved, licensed, or otherwise regulated under MiCA or any EU financial services framework.

SECURITY VALIDATION AND VERIFICATION CHECKS

The Customer acknowledges that some transactions or options for receiving, purchasing, transferring, or redeeming electronic money may require different types of identity and security validation and verification checks, which may include third-party verification systems. The Customer agrees to submit to these checks when choosing options that require them.

Additionally, these transactions may be subject to specific minimum or maximum limits.

NYMO PAY may validate and verify any information or data the Customer provides.

CUSTOMER’S WARRANTIES

The Customer warrants and represents that:

If the Customer is a registered entity (e.g., LLC), at least one director is domiciled in the place of incorporation and the registered address;
The Customer will provide its Products/Services to customers without undue delay;
The Customer’s Products/Services comply with the applicable laws in any jurisdiction where the Customer offers its goods and services;
The Customer holds all necessary licenses and permits to advertise and provide its goods and services;
The Customer is not involved in any illegal, fraudulent, deceptive, or manipulative practices and does not send or receive funds from illegal sources.

The Customer agrees to indemnify NYMO PAY against any losses, costs, liabilities, or expenses (including attorney’s fees) arising from the Customer’s failure to comply with these Terms.

NYMO PAY may deduct such losses and expenses at its discretion.

AMENDMENTS

NYMO PAY reserves the right to amend these Terms at any time by notifying the Customer. Such notice may be provided via email, posted on the Website, or displayed when the Customer accesses their account. Any amendments will become effective as specified in the notice unless the Customer objects within 30 calendar days. If the Customer objects, it will be considered a notice of termination of the agreement, and the Customer may close their account. The parties may terminate the relationship in accordance with these Terms.

NYMO PAY may also use its Website to inform the Customer about changes to these Terms. Posting a notice on the Website will be considered a valid notification. The Customer is encouraged to regularly review the Website and/or check their online reporting for updates.

SUSPENDING AND CLOSING AN ACCOUNT

The Customer may close their account with one month’s notice to NYMO PAY. The Customer must inform NYMO PAY of their decision to close the account. Upon request, NYMO PAY may agree to close the account immediately. The account will be closed immediately if the Customer disagrees with changes to these Terms.

When closing the account, the Customer is responsible for canceling pending transactions and any pending electronic money transfers.

Closing the account does not result in the deletion of data held by NYMO PAY. NYMO PAY will continue to retain this data, including transaction history, for a minimum of five years, or longer if required by law or NYMO PAY Privacy Policy.

NYMO PAY may also close the Customer’s account or any related payment services with 10 (ten) business days’ notice.

NYMO PAY may suspend or restrict account functionality or close the account without prior notice for reasons including but not limited to:

Suspected unauthorized or fraudulent use of the account;
Compromise of login details;
Persistent or serious breaches of these Terms;
Inappropriate sharing of account access;
Provision of false information or documents;
Suspicion of unauthorized use of credit/debit cards or bank accounts;
Abuse of reversal or chargeback processes;
Refusal to cooperate with investigations or provide necessary identification information;
Transactions that may be considered cash advances or assisting others with cash advances;
Engagement in illegal or fraudulent activity, including receiving or transferring funds of suspicious origin;
Security, credit, or fraud risks to NYMO PAY;
Compliance with anti-money laundering or anti-terrorist financing investigations;
Abuse of NYMO PAY staff or threatening behavior;
Insolvency, bankruptcy, or suspension of commercial activities;
Violation of laws applicable to the Customer’s use of NYMO PAY services;
Requirement by law or court order, or compliance with government authority instructions.

Unless informing Customer would compromise reasonable security measures or otherwise be unlawful, NYMO PAY will where practicable notify Customer in advance or immediately afterwards of the closing of Customer’s account or suspension or restriction of the functionality of Customer’s account and Customer’s right to request Transactions and receive electronic money transfers. If the reason for the suspension of Customer’s account can be reasonably cured or remedied, NYMO PAY will notify Customer of action to be taken to eliminate the reason and to restore the functionality of Customer’s account.

If NYMO PAY closes Customer’s account, NYMO PAY will redeem any unrestricted or undisputed amount of electronic money in Customer’s account according to these Terms.

If NYMO PAY suspects that Customer is engaging in an activity referred to these Terms, NYMO PAY may contact the relevant government authority, recognised crime prevention body and other third parties and disclose details of any prohibited activities, under NYMO PAY Privacy Policy or any applicable law and/or take legal action against Customer.

If Customer does not access Customer’s account for 9 (nine) months, NYMO PAY will close it. After closure NYMO PAY will attempt to notify Customer using the last contact details Customer gave NYMO PAY to try to send Customer any funds for redemption in Customer’s account. If that information is not correct and NYMO PAY are unable to complete the payment to Customer, then the available balance on Customer’s account.

PRIVACY AND CONFIDENTIALITY

By accepting these Terms, the Customer also agrees to the NYMO PAY Privacy Policy.

Customer is fully responsible for Customer’s compliance with the applicable data and privacy laws, including obtaining all consents that may be necessary to provide personal information to NYMO PAY or third parties.

Customer shall have its own independently determined privacy policy, notices and procedures for personal information Customer processes as a data controller. In complying with the applicable data and privacy laws Customer and NYMO PAY shall each separately without limitation:

implement and maintain at all times all appropriate technical and organisational security measures in relation to the processing of personal information;
maintain a record of all activities on the processing of personal information carried out;
provide information as may be reasonably requested by the other party to demonstrate compliance with obligations under the applicable data and privacy laws;
not knowingly do anything to permit anything to be done which might lead to a breach by the other party of the data and privacy laws applicable to that party.

The Customer acknowledges and accepts that:

for quality assurance, security and fraud detection purposes, when speaking to members of NYMO PAY customer support service, the Customer’s call may be monitored and/or recorded;
for fraud and security purposes NYMO PAY keeps personal information submitted by Customer even after Customer’s account is closed if so requested by the applicable law, these Terms or NYMO PAY Privacy Policy;
for identity validation and verification purposes NYMO PAY may make the following information available to other business entities and users to which Customer transfers electronic money or from which Customer receives electronic money transfers: Customer’s name, account number, legal jurisdiction, address, email address and/or IP address.

The Customer further acknowledges and undertakes to maintain the confidentiality of information, including the confidentiality of technical and financial information, Customer receives while using or receiving NYMO PAY services about other business entities, users or NYMO PAY, or NYMO PAYs technology and Customer undertakes to use this information only in connection with NYMO PAY services.

Neither party shall disclose to any person (unless required to do so by any applicable law or by any regulatory or supervisory authority or by any other person entitled by law to require such disclosure) any information relating to the business, transactions, finances or other matters of confidential nature of the other party which it may in the course of its duties or otherwise become aware, and each party shall use all reasonable endeavours to prevent any such disclosure;

By adhering to these Terms, the Customer acknowledges, understands and accepts that its data such as, including but not limited to, email and/or phone number may be processed by NYMO PAY and may be demonstrated to another NYMO PAY Customer in the frame of using NYMO PAY E-Money System, as a result of NYMO PAY recommendations to the Customer in relation to different Transaction methods within the NYMO PAY E-Money System.

By adhering to these Terms, the Customer authorizes NYMO PAY to disclose such information relating to the Customer as may be required by any law, rule, counterparties, or regulatory authority without prior notice to the Customer.

WAIVER OF RIGHTS

The rights and remedies contained in these Terms shall be cumulative and not exclusive of any rights or remedies provided by law. No delay or omission of NYMO PAY in exercising any right, power or remedy provided by law or under these Terms, or partial or defective exercise thereof, shall:

impair or prevent any further or other exercises of such right, power or remedy; or
operate as a waiver of such right, power or remedy;

No waiver of a breach of all or part of these Terms shall (unless expressly agreed in writing by the waiving party) be construed as a waiver of any future breach of the same or as authorizing a continuation of a particular breach.

REMEDIES

The Customer shall indemnify NYMO PAY and keep NYMO PAY indemnified against all Deductions, losses, taxes, expenses, costs, and liabilities whatsoever (present, future, contingent or otherwise, and including reasonable legal fees) which may be suffered or incurred by NYMO PAY as a result of or in connection with:

Any breach of these Terms, applicable laws and the Regulations by the Customer;
As a result of illegal actions performed by the Customer using NYMO PAY services.

The Customer acknowledges that a breach of some provisions of these Terms may cause irreparable harm to NYMO PAY. Taking into consideration the complexity of such harm, its indefinite duration and dependence on the third parties, the Parties hereby agree that for the admitted aggregation (which isn’t declared in the Customer Application and does not comply with the Customer’s stated goods and services type or any Transaction made on behalf another entity without NYMO PAYs approval) the Customer shall pay, as liquidated damages, 150 000,00 EUR (one hundred and fifty thousand euro and 00 cents) for each revealed case of such violation. The Parties confirm that this sum represents a genuine pre-estimate of NYMO PAYs damages suffered as a result of that particular breach. The above shall not exclude the NYMO PAYs right to claim damages in excess of the liquidated damages in accordance with the general provisions of applicable law, moreover, the payment of such liquidated damages does not release the Customer from reimbursement/indemnification against any costs, interests, fees, charges, penalties, assessments and fines subsequently caused by such violation.

The Customer acknowledges that a breach of some provisions of these Terms may cause irreparable harm to NYMO PAY. Taking into consideration the complexity of such harm, its indefinite duration and dependence on the third parties, the Parties hereby agree that in case any of the banks, APM Systems, their agents or the third-party facilitators terminates the business relations (fully or partially) with NYMO PAY because of the actions of the Customer under these Terms, the Customer shall pay, as liquidated damages, 100 000,00 EUR (one hundred thousand euro and 00 cents) for each bank, APM System, its agent or third-party facilitator. The Parties confirm that this sum represents a genuine pre-estimate of NYMO PAYs damages suffered. The above shall not exclude the PSP’s right to claim damages in excess of the liquidated damages in accordance with the general provisions of applicable law, moreover, the payment of such liquidated damages does not release the Customer from reimbursement/indemnification against any costs, interests, fees, charges, penalties, assessments and fines subsequently caused by such violation.

ELIGIBILITY

The Customers hereby warrants that it is not located in and will not use the Services in relation to any of these prohibited jurisdictions:

Afghanistan, Cuba, Iran, North Korea, Syria, Russian Federation, Belarus, Regions of Ukraine: Crimea, Donetsk and Luhansk, Myanmar (Burma), Central African Republic, China, Congo DR, Lebanon, Libya, Mali, Nicaragua, Somalia, Sudan, Venezuela, Yemen.

The list provided above is non-exhaustive and may be updated at any time without prior notice.

DISPUTE RESOLUTION AND JURISDICTION

The Customer and NYMO PAY shall make every endeavour to amicably resolve any dispute, in good faith and in a constructive manner. The Customer acknowledges and agrees that threats and blackmailing towards NYMO PAY are prohibited and constitute a valid ground for interrupting negotiations and for immediate termination of any business relationships;

In carrying out any activities under these Terms, the Parties shall observe the laws of Canada.

In the first instance, the Customer shall raise any complaint relating to the services provided under these Terms with NYMO PAY.

The Parties shall endeavour to settle all disputes and discrepancies arising from these Terms and relating to execution, validity and abrogation of these Terms via negotiations. If such negotiations last for more than 20 (Twenty) Business Days this dispute and discrepancy shall be submitted, at the discretion of any Party to the Courts of Canada. NYMO PAY may also sue the Customer in connection with these Terms in the jurisdiction in which that respective Party has its registered office (if different).

APPLICABLE LAW

These Terms are governed by the laws of Canada.

In carrying out any activities under these Terms, the Parties shall observe applicable laws and Regulations.

THIRD PARTY RIGHTS

No term of these Terms is intended to confer a benefit on or to be enforceable by, any person who is not a party of these Terms.

ASSIGNMENT

None of the Parties shall assign or transfer these Terms or any or all of their rights and/or obligations under these Terms nor any part of it, nor any benefit nor interest in or under it, to any third party without the prior written consent of the other Party which shall not be unreasonably withheld; provided, however that NYMO PAY may assign these Terms without the consent or approval of Customer to NYMO PAY parent or subsidiary or associated companies, in connection with a merger, reorganization, recapitalization or sale of all of or substantially all of NYMO PAY stock, business or assets. Any attempt to assign these Terms other than as permitted herein shall be null and void. Subject to the foregoing, these Terms will be fully binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.

FORCE MAJEURE

No failure or omission by any Party to carry out its obligations or observe any of the stipulations or conditions of these Terms shall give rise to any claims against the party in question or be deemed a breach of these Terms, if such failure or omission arises from a cause of force majeure, such as acts of God, war or warlike hostilities, civil commotion, riots, blockades, embargos, sabotage, strikes, lockout, shortage of labor, delay in deliveries of whatsoever from sub-contractors or machine failure caused by force majeure, or any other event beyond the control of the party in question.

NOTICES AND CONSENTS

Any notice to be given by either of the Parties hereto to the other in connection with this Terms shall be in writing and shall be delivered to the address stated in this Terms or Customer application or to such other address as either party may notify to the other for such purpose unless provision of notice is explicitly stipulated otherwise by these Terms.

GRANT OF LICENSE

Customer while using NYMO PAY software such as an API, reporting system, software developer’s toolkit or other software application that Customer have downloaded to Customer computer, device, or other platform then NYMO PAY and its licensors grant Customer a limited nonexclusive license to use the software in accordance with the documentation, including all updates, upgrades, new versions and replacement software, as described herein for Customer personal use only. The Customer may not rent, lease or otherwise transfer his rights in the software to a third party. Customer must comply with the implementation and use requirements contained in all documentation, together with any instructions provided by NYMO PAY from time to time accompanying the NYMO PAY services (including, without limitation, any implementation and use requirements NYMO PAY impose on Customer to comply with applicable laws and card scheme rules and regulations).

If Customer does not comply with NYMO PAY instructions, implementation and use requirements Customer will be liable for all resulting damages suffered by Customer, NYMO PAY and third parties. The Customer agrees not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code which is derived from the software. Customer acknowledges that all rights, title and interest to NYMO PAYs software are owned by NYMO PAY. Any third party software application Customer use on the Website is subject to the license Customer agreed to with the third party that provides Customer with this software.