General terms and conditions

PUBLIC AGREEMENT FOR THE ISSUANCE AND MAINTENANCE OF ELECTRONIC MONEY

  1. GENERAL TERMS
    • This public agreement outlines the terms and conditions for utilizing electronic payment methods in the "UPAY" payment and settlement system, in compliance with the existing Civil Code of the Republic of Armenia. It constitutes the official written public offer, hereinafter referred to as the "Agreement," put forth by the "UPAY" closed joint-stock company, henceforth referred to as the "System Operator," to both individuals and legal entities for the provision of services within the "UPAY" payment and settlement system.

 

  1. BASIC CONCEPTS USED IN THE AGREEMENT
    • Electronic money - a monetary value representing a monetary claim against the "UPAY" closed joint-stock company, which:
      • Is stored on an electronic device;
      • Is issued in exchange for received funds, with its value being equal to the value of the electronic money issued by the Company (1 Armenian dram is equivalent to 1 unit of electronic money issued by the Company);
      • Is accepted as a means of payment by individuals other than the Issuer.
    • Replenished electronic money - a monetary value (prepaid electronic value) stored in the centralized database of the Issuer that can be recharged (added).
    • One-time non-rechargeable electronic money - monetary value (prepaid electronic value) stored in the Issuer's centralized database, which cannot be recharged.
    • Execution of payments with electronic money - a function through which payment for services provided by the Service Provider and products sold is carried out using electronic money. This is achieved by deducting the electronic money from the Account of the payer who initiated the payment, as recorded in the System, for the amount due, and increasing the Account of the Service Provider, also registered in the System.
    • Issuance of electronic money/Replenishment of the Settlement Account - a function through which the Issuer augments the electronic money available in the User's Settlement Account, as registered in the System, by an amount equal to the value paid in cash or through non-cash methods. This results in a monetary obligation towards the User on the part of the Issuer.
    • Redemption of electronic money - a function through which the Issuer decreases the electronic money available in the Client's Account registered in the System by the instructed redemption amount. This is accomplished by making the payment in cash or through non-cash methods, thereby reducing the Issuer's monetary obligation to the Client.
    • Electronic money conversion - a function through which the Issuer is responsible for ensuring the presence of converted electronic money in another system for issuing electronic money, within the User's electronic money account. Simultaneously, this process entails decreasing the electronic money in the account of the User who initiated the conversion, as recorded in the System, by the amount of electronic money intended for conversion. It's important to note that the Issuer's obligation towards the User is considered fulfilled upon confirmation of the electronic money's existence in another electronic money issuing system, which occurs according to the procedures established by the Issuer. In the event that electronic money is not available within the User's electronic money account in another electronic money issuing system after conversion, the Issuer is obligated to refund the money to the User.
    • Electronic money transfer - a function that obliges the Issuer to decrease the electronic money in the User's Account initiating the transfer, as registered in the System, by the specified transfer amount. Simultaneously, an equivalent amount is added to the Account of another User receiving the transfer, as registered in the System.
    • User - a natural person, legal entity, or sole proprietor who, in accordance with a agreement signed with the Issuer and the System's rules, has gained the right to utilize the electronic money they have acquired to access services provided within the System, adhering to the beforehand stated conditions and Issuer's regulations.
    • Issuer of electronic money, hereinafter referred to as the Issuer, is the "UPAY" closed joint-stock company. This company issues electronic money within the Republic of Armenia, operating in compliance with the laws of the Republic of Armenia and other relevant legal provisions.
    • System Operator: "UPAY" is a closed joint-stock company with registration number 286.120.1021396 and Taxpayer Identification Number 02677502. The company is responsible for managing the System and has the authorization from other System Participants to conduct clearing and/or settlement transactions.
    • The "UPAY" system for conducting electronic money settlements, hereinafter referred to as the System, comprises a set of procedures, regulations, and a hardware-software complex belonging to the Issuer or Agents. It is responsible for issuing and maintaining Electronic money.
    • A service provider is a legal entity or sole proprietor who, through an agreement with the System operator, agrees to accept Electronic money as a valid means of payment, following the System's rules, in exchange for the services, goods, work, and/or other civil transactions they provide.
    • Service points are branches of the Company duly registered and authorized by the Central Bank of RA.
    • Agent refers to a financial organization distinct from the Issuer. In compliance with the agreement signed with the Issuer and the System Rules, Agents carry out electronic money redemption and/or replenishment (top-up) of the User's Account.
    • A financial organization denotes an entity that holds a license for conducting monetary transactions or a bank operating within the Republic of Armenia, or a branch of a foreign bank.
    • System rules refer to the regulations endorsed by the competent authority of the System operator's management. These rules establish the terms for participating in the System, governing the issuance, use, maintenance, and services offered within the System. They encompass the general principles, procedures, and the associated technical and software components.
    • System Participant, hereinafter referred to as Participant, could be an Agent, Service Provider, or Issuer,
    • Settlement account is a compilation of records that pertain to the accounting of the Issuer's financial obligations to the User, Service Provider, or Agent, whom we will collectively refer to as the Taxpayer Identification Number, within the centralized database of the Issuer.
    • Electronic money maintenance refers to the provision of electronic money transactions (services) and the execution of associated calculations. This process enables the User to top-up the Settlement account, withdraw (redeem) electronic money from the Settlement account, transfer electronic money to other Users registered in the System, and pay Service Providers for services rendered or products purchased.
    • A receipt of transactions carried out with electronic money serves as a payment and settlement document that validates the execution of electronic money transactions. These documents are prepared following the format prescribed by the regulatory legal directives of the Council of the Central Bank of RA.
    • Password denotes a combination of symbols generated by the User. This combination functions as a means of User identification by the System. It permits access to the System and utilization of the services provided within the System.
    • PIN code is a numerical combination created by the User. The System Operator recognizes it as the User's electronic signature. The PIN code authorizes the User to conduct payments and other financial transactions, along with modifying the Password and certain data established by the System Operator.
    • Identification code of the mobile phone number is a combination of letters and/or numbers transmitted by the System Operator to the mobile phone number entered by the User as a short message. Its purpose is to verify the entered mobile phone number within the System.

 

  1. SUBJECT OF THE AGREEMENT
    • According to the Public Agreement, the System Operator commits to execute money transfers to the User's Account (referred to as Services) upon the User's request. These services pertain to the relationship between the User and the Service Providers. Simultaneously, the User agrees to accept the services duly provided by the System Operator.
    • As per the Public Agreement, all money transfers within the System are conducted using the positive balance in the User's Account. The total transfer amount, which includes any applicable commission, must not exceed the balance of units available in the User's Account.
    • Information regarding the commissions associated with transactions performed in the system is communicated to the User in advance through the Issuer's website, Service points, and other available channels.
    • The User can access all types of services provided by the System Operator only after proper authentication, except in the case of Single-use non-rechargeable electronic money.
    • An Electronic Money Settlement Account can be initiated via the Issuer's website, mobile application, or by visiting Service Points. This account is established for the User only after the User has confirmed (accepted) the corresponding public agreement (Offer).
    • One UPAY unit is equal to one Armenian dram (AMD).
  2. ENTERING INTO AGREEMENT AND EFFECTIVE DATE
    • A prerequisite for entering into a public agreement is User registration in the System, conducted in accordance with the regulations established by the System Operator and the Public Agreement. Users receive a Billing Account from the System upon entering a mobile phone identification code. The public agreement is considered to be electronically signed the moment the Settlement Account is created.
    • To register in the system, the User must enter a mobile phone number owned by them or accessible to them, create a password, and establish a PIN code within the system.
    • By signing the Public Agreement, the User confirms that they have thoroughly reviewed the provisions of the Public Agreement, the rules governing System usage, and that these rules are entirely comprehensible and acceptable. The User affirms that using the System and availing the services outlined in the Public Agreement align with their own real interests and do not in any way infringe upon the rights and legal interests of the individuals they represent. These actions also do not pose any harm to the aforementioned individuals.
    • The System Operator holds the right to unilaterally modify the provisions of the Public Agreement with prior notice by posting a message on its official website. In such a case, the User possesses the right to unilaterally terminate the Public Agreement by notifying the System Operator. If the User fails to inform the System Operator about the unilateral termination of the Public Agreement, as defined in this clause, and proceeds to use System services, it is considered that the User has agreed to and accepted the specified change or changes.
    • There are no limitations on the terms for accepting the Agreement's provisions.
    • The User is obligated to undergo authentication, the procedure for which is described in Chapter 7 of this Public Agreement.
    • This Agreement is established for an indefinite period.
  3. RIGHTS AND OBLIGATIONS OF THE PARTIES
    • The System Operator has the authority to:
      • Decline transactions executed by the User that are exclusively intended for identified Clients.
      • Refuse the User's transaction if the balance of Electronic money in the User's account is insufficient to complete the transaction, and apply the commission established by the System Operator.
      • Decline the User's transaction if the transaction is restricted by the System rules or the current legislation of the Republic of Armenia.
      • Refuse to carry out the User's transaction if the information provided in the payment order submitted by the User is inadequate to execute the specified type of transaction, if the provided information is incorrect, or if executing the specified transaction is prohibited by the current legislation of the Republic of Armenia.
      • Decline the User's transaction if there are reasonable doubts regarding the legality of the User's actions, as well as if the User enters an incorrect PIN code.
      • Disregard orders submitted by the User to the System Operator when the documents required by the prevailing legislation of the Republic of Armenia in the fight against money laundering and terrorist financing have not been provided.
      • Decline the User's request to cancel a transaction if the System Operator, based on the System rules or the Service Providers' request, finds that the transaction cannot be reversed.
      • Refrain from returning the commission charged for a completed transaction if the User submits a request to cancel the transaction. The charged commission will be reimbursed to the User only if the cancellation of the transaction was due to the fault of the System Operator.
      • Temporarily suspend the System's operation for the purpose of conducting upgrades, software enhancements, increasing security, and other preventive maintenance on the equipment and programs supporting its functioning. Users will be informed in advance of such suspensions.
      • Block the User's Account in accordance with the terms outlined in the Agreement and the current legislation of the Republic of Armenia.
      • Request additional information from the User when necessary, following the procedures specified by the legislation of the Republic of Armenia, including the regulatory legal acts of the Central Bank of the Republic of Armenia.
      • Unilaterally establish and/or modify the transaction limits on the current account. Information about these changes will be published on the System Operator's website and takes effect from the moment of publication, unless otherwise indicated by the System Operator.
      • Unilaterally modify the terms of System usage at any time.
      • Unilaterally change the provisions of the Public Agreement after posting a notice on the official website of the System Operator.
    • The System Operator is obligated to:
      • Ensure the uninterrupted operation of the system.
      • Conduct proper User identification in compliance with the Republic of Armenia's "Law on Combating Money Laundering and Terrorist Financing" and relevant regulations issued by the Central Bank of the Republic of Armenia.
      • Implement measures to maintain the confidentiality of information exchanged through the System and protect it from unauthorized access, use, and/or disclosure by third parties.
      • Ensure the uninterrupted operation of the equipment and software required for the System's operation.
      • Furnish the User with electronic settlement documents that substantiate the payments made (electronic receipts located in the History of Transactions section of the User's Settlement Account), following the procedure defined by RA legislation.
      • Upon the User's request, provide settlement documents (documentary payment receipts) validating the User's payments.
      • In cases of disputes, issue a verified certificate regarding the transfers executed by the User through the System, based on the User's application.
      • In instances of forgery, unauthorized transactions, technical errors, or other problems that occur due to the System Operator's fault, take immediate action to restore the System's operation, notifying Users through available means. In cases of such issues, strive to reestablish System operation within a maximum of 48 (forty-eight) hours, otherwise compensate Users for actual damages in the event the User files a claim for such damages.
    • The User holds the following rights:
      • Utilize the Services offered by the System Operator in line with the terms of the Agreement.
      • Receive information about operations conducted on their account according to the conditions outlined in the Agreement.
      • Get reports on operations carried out on their Account.
      • Submit applications and complaints to the System Operator as defined by the Agreement and the current legislation of the Republic of Armenia.
      • Request the System Operator to settle or otherwise manage the balance of their Account at any time.
    • The User is obligated to:
      • Refrain from sharing or otherwise disclosing Account login and transaction confirmation data to third parties.
      • Furnish the System Operator with accurate personal data and the information necessary for utilizing the services as outlined in the Public Agreement.
      • Adhere to the System Rules when utilizing the System.
      • Submit truthful data for authentication, as described in Chapter 7 of this Public Agreement.
      • Supply the System Operator with the information and documents requested within the framework of the Agreement.
      • Take responsibility for any loss of funds from their Settlement Account and any negative consequences resulting from unauthorized access to the Settlement Account and transaction confirmation data by third parties, irrespective of whether it's due to the User's carelessness, negligence, ignorance, or fault.
      • Refrain from using the Settlement Account for business purposes or permitting third parties to do so.
      • Promptly inform the System Operator of any changes in the User's passport data or other information previously provided to the System Operator.
      • Disclose to the System Operator the actual beneficiary of the Settlement Account and/or the funds held in the Settlement Account. Upon a valid request from the System Operator, provide information regarding the real beneficiary and the sources of fund receipt.
  1. LIABILITY OF THE PARTIES
    • The parties shall be held accountable for any failure to fulfill or improper fulfillment of the obligations as outlined in the Public Agreement, in accordance with the procedures mandated by RA legislation.
    • The System Operator is liable for the advance payment made by the User only if there is evidence of the payment through a bank transfer receipt, an incoming cash order, or a payment receipt issued by a Financial Organization. Additionally, this liability is applicable when the User's identity document data matches the data in the System.
    • The System Operator shall not be held accountable for equipment and program failures that affect the operation of the System, or for temporary issues that prevent the User from accessing the System if these problems arise from causes beyond the control of the System Operator. However, the System Operator commits to promptly inform Users of such problems using available means.
    • The System Operator is not liable for denying Services to the User if such refusal is based on the grounds specified in the Public Agreement and on the official website of the System Operator.
    • The System Operator is not accountable for safeguarding the confidentiality of information stored on the User's computer.
    • Complaints and requests arising from the services offered to the User by the System Operator are addressed in accordance with the procedure detailed on the official website of the System Operator.
    • The User is liable for any consequences that may arise from the loss of their Password, Billing Account Number, and/or PIN Code, or if they disclose this information to third parties in any manner.
    • In accordance with the prevailing legislation of the Republic of Armenia, the User assumes full responsibility for supplying false and/or inaccurate information as outlined in Chapter 7 of this Public Agreement.
    • The System Operator shall not be held accountable for the loss of funds from the Settlement Account and any other adverse events described in the Public Agreement. These events may occur if access to the Settlement Account and transaction confirmation data becomes available to third parties.

 

  1. USER IDENTIFICATION
    • The following data entered by the User are utilized for User identification within the system:
      • In the case of natural persons:
        - First name and last name,
        - Passport, refugee travel document, or another identification document or identification card in accordance with RA legislation,
        - Mobile phone number,
        - E-mail address.
      • For sole proprietors:
        - First name and last name of the sole proprietor,
        - Passport, refugee travel document, or another identification document or identification card according to RA legislation,
        - Information regarding the sole proprietor's activity certificate issued by the competent authority,
        - Taxpayer Identification Number,
        - Mobile phone number,
        - E-mail address,
      • For legal entities:
        - Name of the legal entity,
        - Data from the activity certificate issued by the competent authority,
        - Taxpayer Identification Number,
        - First name and last name of the head of the legal entity,
        - Passport data of the head of the legal entity, refugee travel document, or another identification document or identification card according to RA legislation,
        - Mobile phone number,
        - E-mail address.
    • A natural person User can be identified by the Issuer:
      • By attaching a payment card issued by commercial banks to the Settlement Account, except for payment cards issued by commercial banks from high-risk countries designated by the Financial Action Task Force (FATF),
      • Through individuals authorized by the Issuer,
      • By utilizing the User's identification data present in another organization. In this case, the following conditions must be met:
      • The User's prior consent is required to use their data in another organization,
      • In compliance with RA legislation, a relevant data provision/use agreement must be established with another organization.
    • A natural person User can also be identified by the Issuer through the following means:
      • Visiting the Issuer's Service Point in person with an identity document (such as a passport, identification card, refugee travel document, or another identity document in accordance with RA legislation) and submitting the appropriate application,
      • Submitting a relevant application through the mobile application, and attaching to the application a photo displaying the User's face and the corresponding page of the identity document (the page containing the photo and passport details),
      • Entering their identification card data and code (PIN, POOK) through an identification card reading device, thereby confirming the accuracy of the entered data with their electronic signature.
    • For a sole proprietor User to obtain an identified Settlement account in the system, they must visit the Issuer's Service Point with the document specified in subsection 7.1.2 of clause 7.1 of this Public Agreement. They should then submit the appropriate application, which includes the sole proprietor's signature and seal (if available) to attain the status of an identified User. Additionally, a sole proprietor User can also be identified by the Issuer through a payment card issued by commercial banks, excluding payment cards issued by commercial banks from high-risk countries designated by the Financial Action Task Force (FATF), or by individuals authorized by the Issuer to perform the identification process.
    • To obtain a recognized Settlement account within the system, the head of the legal entity User or an authorized representative acting under a power of attorney must visit the Issuer's Service Point. They should bring the document specified in sub-clause 7.1.3 of clause 7.1 of this Public Agreement, submit the appropriate application bearing the signature of the legal entity's director or the authorized representative, along with any applicable stamp. Following this, they will attain the status of an authenticated User. Legal entity Users can also be identified by the Issuer through payment cards issued by commercial banks, with the exception of payment cards issued by commercial banks from countries designated as high-risk by the Financial Action Task Force (FATF), or by individuals authorized by the Issuer to conduct identifications.
    • Individuals identified by the Issuer while conducting other transactions through the Issuer may be granted the status of a recognized User within the system.
    • Modifications to the user's identifying data in the System are carried out based on the application submitted by the User.
    • The subsequent data are utilized to identify the System Service Provider:
      - Name,
      - Organizational legal form,
      - Taxpayer Identification Number,
      - legal address,
      - business address.
    • The user hereby consents to the data necessary for his identification, as defined in Chapter 7 of the Public Agreement, being used for his identification within the System and for receiving information about the services provided by the System operator.

 

  1. PERSONAL DATA
    • By accepting the public agreement, you agree to the processing of your personal data in accordance with the Personal Data Processing Policy published on the website of "UPAY" Closed Joint Stock Company (https://www.UPAY.am/en/personal_data).
    • The User hereby certifies that he is properly informed about the legal bases and purposes of processing his personal data, the list of personal data to be processed, the actions to be performed with personal data, the scope of persons to whom personal data may be transferred, the correction of personal data by him, information about destruction, the request for the termination of data processing or performing another action related to processing, the validity period of consent, as well as the procedure for withdrawing consent by him and its consequences.

 

  1. RESOLUTION OF FRAUD, TECHNICAL ERRORS, UNAUTHORIZED FUNCTIONS AND OTHER PROBLEMS IN THE SYSTEM
    • If the User becomes aware of any fraud, unauthorized operations, technical errors, or similar problems in the System, they must immediately notify the System Operator in accordance with this Public Agreement. In the event that fraud, unauthorized operations, technical errors, or similar problems in the System have resulted in the loss of UPAY points from the User's Account, the User must notify the Operator immediately, but no later than within 5 (five) calendar days from the moment they receive information about such fraud, unauthorized transactions, technical errors, and other similar problems.
    • Upon receiving information about fraud, unauthorized operations, technical errors, or other similar issues in the system, the Operator is obliged to take all technically feasible measures and actions to rectify unauthorized operations, rectify fraud, address technical errors, and resolve other similar issues. The Operator is also responsible for investigating the root causes of these problems, implementing measures to eliminate these causes, and informing Users about the results of the actions taken.
    • If fraud, unauthorized transactions, technical errors, or other similar problems in the System result in the loss of UPAY points from the User's Account, the Operator is responsible for restoring the missing UPAY points to the User's Account, except in cases where, from the moment of the occurrence of falsifications, unauthorized transactions, technical errors, and other similar problems in the System, more than 1 (one) month has passed, and the User has not notified the Operator about the falsification, unauthorized transaction, technical error, or other similar problem within 5 (five) calendar days from the moment of discovery.

 

 

 

Unless otherwise stipulated in the Public Agreement, all notifications within the   scope of the Public Agreement are made through the specified methods: by email, the official website of the System Operator, mobile application, or short (SMS) messages. Notifications made using any of the methods mentioned above are considered valid, and there is no requirement for a confirmation notification (acknowledgment of receipt or read receipt) for them.

 

  1. DUE NOTICE
    • Unless otherwise stipulated in the Public Agreement, all notifications within the scope of the Public Agreement are made through the specified methods: by email, the official website of the System Operator, mobile application, or short (SMS) messages. Notifications made using any of the methods mentioned above are considered valid, and there is no requirement for a confirmation notification (acknowledgment of receipt or read receipt) for them.

 

  1. COMPLAINT INVESTIGATION PROCEDURE
    • If there are problems or discrepancies within the agreement, the Client can file a complaint with the System Operator.
    • Client applications and complaints can be submitted at the System Operator's branches or electronically through the System Operator's website. They will be processed according to the procedures established by the internal legal acts of the System Operator.
    • Applications and complaints will be reviewed, and responses will be provided to the User within 10 days from the date of receipt by the System Operator. If additional materials are needed or other actions are required to process the application or complaint, the System Operator may extend the processing period. However, this extension will not exceed 10 days beyond the initially set period, and the applicant will be notified in advance.

 

  1. OTHER PROVISIONS
    • The public agreement is interpreted in accordance with RA legislation.
    • The legal consequences of concluding a public agreement in electronic form are equivalent to the legal consequences of concluding a agreement by drafting a written document signed by the System Operator and the User.
    • The User guarantees that the terms of the Agreement are clear and entirely acceptable to him/her.
    • The procedure and terms for providing all services in the system are detailed on the official website of the System Operator.
    • Any disputes or disagreements arising in connection with the application and interpretation of the public agreement are subject to resolution through the process for handling potential errors, complaints, and disputes of payment acceptance at "UPAY" CJSC. Details of this process can be found on the official website of the System Operator.
    • Matters not covered by the public agreement are regulated by the provisions on the official website of the System Operator, and in the absence of such provisions, by RA legislation.
    • The Public Agreement becomes effective from the moment the User's Account is created.
    • Each of the parties has the right to terminate the Public Agreement by providing a notification to the other party at least 15 (fifteen) days in advance.

 

  1. CONFIDENTIALITY
    • The parties commit not to disclose the information acquired within the scope of the Agreement, which is deemed confidential for each of the parties.
    • The System Operator undertakes to maintain the confidentiality of the User's authorization data, account balance, details of electronic money transactions, and the User's personal data. This information can only be disclosed in cases and according to the procedures defined by the legislation of the Republic of Armenia. It may also be disclosed if necessary for the provision of services or to protect the violated rights of the Issuer. In all other cases, such information may be disclosed only with the consent or order of the User. The Issuer has the right to disclose the personal data of the payer and the payment transaction details to any payee.
    • Information that the Parties have obtained legally from other sources without breaching confidentiality terms shall not be considered confidential under the Agreement.
    • Information about the user's transactions is retained for a period of 5 years after the termination of the Agreement.

 

  1. EFFECT OF INVINCIBLE FORCE (FORCE MAJEURE)
    • The parties shall be exempt from liability for the partial or complete non-performance of obligations under the Public Agreement if it resulted from force majeure occurring after the conclusion of the Public Agreement, which the parties could not foresee or prevent. Such situations include earthquakes, floods, fires, wars, declarations of a state of emergency or martial law, political disturbances, disruptions of communication and power supply channels, actions of governmental bodies, decisions, judgments, and other acts issued by the Central Bank of the Republic of Armenia, and other situations beyond the control of the Parties that render the fulfillment of the obligations specified in the Public Agreement impossible.
    • If the force majeure continues for more than 3 (three) months, each party to the Public Agreement has the right to terminate the Public Agreement by providing prior notification to the other party.

 

  1. ISSUER'S DETAILS

 “UPAY” Closed Joint-Stock Company

Republic of Armenia, Yerevan 0069, Davit Anhaght 8/4

Taxpayer Identification Number: 02677502

Account Number: 286.120.1021396

Phone: +374 11 444 448

Share
Updated 30.11.2023 15:28