VaultsPay Terms & Conditions

This document provides a consolidated and analytical overview of the Terms and Conditions (T&Cs) of The Vault International Payments L.L.C. By requesting the issuance of and/or using your VaultsPay Account and Card (the “Card”), you agree to abide by these Terms and Conditions (“Agreement”). Your Card is non-transferable, and it may be cancelled, suspended, or revoked at any time without prior notice subject to applicable laws or non-compliance of these Terms and Conditions. Please read this document carefully, as it governs your relationship with VaultsPay and the use of all our services.

To know more about us, visit – www.vaultspay.com

1. Introduction and Acceptance of Terms

1.1 Scope and Binding Agreement

These Terms and Conditions (“Terms”) govern your access to and use of the services, products, features, technologies, mobile application (“Mobile App”), and website (“Website”) offered by The Vaults International Payment LLC (“VaultsPay”, “we”, “us”, “our”). These Terms, together with our Privacy Policy and any other policies or documents referenced herein, form a legally binding

agreement between you and VaultsPay.

By registering for an account, downloading the Mobile App, accessing our Website, or using any of our Services, you confirm that you have read, understood, and unconditionally agree to be bound by these Terms in their entirety. If you do not agree with any part of these Terms, you must immediately cease all access to and use of the Services. VaultsPay is a UAE Central Bank-licensed provider of prepaid card

and digital wallet solutions.

You can find more details on www.vaultspay.com

1.2. About the Card & Its Usage

VaultsPay Cards are available in physical and virtual formats, linked to your VaultsPay Account. Cards are for personal or business use and must not be transferred to others. Use your card at any merchant, online shop, or ATM that accepts your card scheme.

1.3 Our Regulatory Status

The Vaults International Payment LLC is a company that provides and operates the VaultsPay platform.

We are licensed and regulated by the Central Bank of the United Arab Emirates (CBUAE) as a provider of prepaid card and digital wallet solutions.

In these Terms, “you” and “your” refer to the individual or business entity that applies for, registers, and uses the Services.

1.4 Amendments to Terms

We reserve the right to amend, modify, or update these Terms at any time at our sole discretion as per the CBUAE guidelines. The latest version of these Terms will always be available on our website and within the Mobile App.

1.5 Digital Acknowledgment

By accepting these Terms, you acknowledge and agree to receive these Terms and all related communications, notices, and documents in electronic format. You voluntarily waive any right you may have to receive a physical, paper copy of these Terms.

2. Definitions

Unless the context otherwise requires, the following capitalized terms shall have the meanings ascribed to them below:

“Account” means the digital wallet and/or prepaid card account maintained by you with VaultsPay, used to execute transactions and store funds.

“AED” means United Arab Emirates Dirhams, the lawful currency of the United Arab Emirates.

AML/CFT: Anti-Money Laundering and Combating the Financing of Terrorism, as per the laws and regulations of the UAE.

“Applicable Law” means all applicable UAE federal, emirate, and local legislation, regulations, statutes, by-laws, decrees, circulars, and regulatory guidelines in force from time to time.

“ATM” means an Automated Teller Machine.

“Available Funds” means the total amount of funds available for use on your Card at any given time.

Business Account: An Account registered by a legal business entity for corporate purposes, such as managing employee expenses.

“Business Day” means any day except a Saturday, Sunday, or official UAE public holiday.

“Card” or “Prepaid Card” means a VaultsPay-issued card (physical or virtual), including any replacement or supplementary card, linked to your Account and used to access funds.

“Card Fund” means the aggregate sum of all funds loaded onto the Card.

“Card Number” means the unique sixteen-digit number displayed on the physical or virtual Card.

Card Scheme: A payment network such as Visa Inc. or Mastercard International Inc., Al Etihad payments that sets the rules for issuing and accepting payment cards.

“Card Scheme Rules” means the rules and regulations of the relevant card scheme provider (e.g., Visa, Mastercard, Al Etihad payments).

“Card Services” means any services provided by VaultsPay or its authorized third-party service providers in connection with the Card, including customer support.

“Cardholder” means the person to whom the Card is issued and whose name may appear on the Card.

“Chargeback” means a transaction that is disputed by a customer and reversed in accordance with the relevant card scheme rules.

“Confidential Information” means all non-public, proprietary, or confidential information relating to you or VaultsPay, subject to the exceptions stated herein.

“Country” or “UAE” means the United Arab Emirates.

“Currency” means AED and any additional currency made available for transactions or Card funding, subject to VaultsPay’s policies.

“Customer” means an individual or entity using VaultsPay’s services and/or holding a VaultsPay Account or Card.

“Customer Support” means the VaultsPay customer service channels available for inquiries, complaints, or support.

“Delegate” means any authorized agent, contractor, adviser, or third party appointed by VaultsPay to provide any service in connection with the Card.

“Digital Platform” means any technology platform, including web and mobile applications, approved by VaultsPay for account access and transaction management.

“Dispute” means any disagreement or claim relating to the use of VaultsPay services, transactions, or Cards.

“E-commerce Website” means an online site where goods or services are offered, and VaultsPay Cards are accepted as payment.

“Foreign Currency” means any international fiat currency other than AED.

“IBAN” In the UAE, an IBAN (International Bank Account Number) is a standardized way to identify bank accounts for both domestic and international transactions. It is a unique, internationally recognized code used for payments and transfers. All UAE IBANs start with “AE” followed by 2 alphanumeric characters that include the bank code and the customer’s account number.

“Identification Checks” means the verification procedures required to confirm your identity as per VaultsPay and regulatory requirements (e.g., KYC).

“Limit” means any transaction, load, withdrawal, or balance cap set by VaultsPay for usage of the Card or Account.

“Load” / “Loaded” / “Loading” means adding funds to your VaultsPay Card or Account.

“Merchant” means any authorized retailer, entity, or provider that accepts the Card for payment, in the UAE or abroad, including physical and online establishments.

“Online Services” means any VaultsPay digital service (website, app) for managing your Card/Account, viewing transactions, or accessing support.

“Pass through Wallets” means tokenization of the cards being added to the wallets like Samsung Pay, Apple Pay, Google Pay etc)

“Payment Initiation” means a request to process a payment or transfer funds using your Card or Account, initiated via VaultsPay’s platform.

“Personal Data” means any information about a natural person that allows direct or indirect identification (e.g., name, contact details, transaction history), as defined under UAE data protection laws.

“PIN” means the Personal Identification Number allocated to your Card for transaction authentication.

“POS Terminal” means a device (physical or virtual) at a merchant location or online platform capable of processing Card transactions.

Prohibited Activities: The activities listed in Section of these Terms.

“Replacement Card” means a new Card issued to replace a lost, stolen, or damaged Card.

“Restricted Card” means a Card usable only at specific government or approved merchant networks, as communicated by VaultsPay.

“Security Code” means a code or identifier (e.g., CVV, OTP, biometric data) used to authenticate your identity and secure your transactions.

Services: All products and services offered by VaultsPay, including the Digital Wallet, Prepaid Card, Business Solutions, and the Website/Mobile App.

“Tokenisation” means the process by which your sensitive Card information (such as the Card Number) is replaced with a unique digital identifier (“token”) to enable secure transactions, particularly for mobile payments or online use.

“Transaction” means any financial activity or operation performed using your VaultsPay Card or Account, including payments, withdrawals, transfers, or purchases.

“Transactional Limits” means any daily, monthly, or per-transaction caps set by VaultsPay for spending, withdrawal, or loading funds.

“Unverified Account” means an Account where limited KYC has been completed, restricting some functionalities in accordance with regulatory standards.

“User Authentication Data” means credentials (PIN, password, biometric, token, etc.) used to verify your identity when accessing VaultsPay services.

“Verified Account” means an Account where full KYC and verification have been successfully completed.

“Virtual Card” means a non-physical, digital Card issued by VaultsPay, accessible through the VaultsPay app or website.

“VaultsPay” means VaultsPay, its affiliates, successors, and authorized partners providing Card, Account, and associated services.

“Wallet” means a digital storage of funds within your VaultsPay Account, denominated in one or more supported currencies.

Website: The official VaultsPay website.

“You”, “your”, “Cardholder” means the individual or entity who holds a VaultsPay Account and/or is issued a VaultsPay Card.

3. Eligibility and Account Registration

3.1 Eligibility Criteria

To be eligible to open a VaultsPay Account, you must:

Be at least eighteen (18) years of age.

Be a resident or citizen of the UAE with a valid ID.

For Business Accounts, be a legally registered entity with a valid trade license.

Meet all other criteria and pass all checks required by us.

By applying for an Account, you represent and warrant that you meet these criteria.

3.2 Account Opening and Verification

You may apply for an Account by downloading our Mobile App and completing the registration process using your valid Emirates ID and mobile number. Activation of your Account and access to the full range of Services is strictly conditional upon the successful completion of our KYC process.

3.3 Your Obligation for Accuracy

You represent and warrant that all information and documentation you provide is truthful, accurate, complete, and current. You are responsible for keeping your personal information updated, which can be done via the respective section in the Mobile App. We shall not be liable for any loss arising from your failure to maintain accurate information.

4.Security and User Responsibilities

4.1 Safeguarding Your Account

You are solely responsible for maintaining the security and confidentiality of your Account credentials, including your password, Card PIN, and the security of the device used to access the App. You must take all reasonable steps to keep your credentials safe and never share them with anyone. We will never ask you for your full password or PIN.

To protect your account, VaultsPay implements robust, industry-standard security measures, including tokenization, multi-factor authentication, and real-time transaction alerts.

4.2 Liability for Account Activity

You are responsible for all activities and Transactions that occur under your Account. Any Transaction initiated using your valid security credentials will be deemed to have been authorized by you.0

4.3 Reporting Security Incidents and Card Controls

You must notify VaultsPay support immediately if you know or suspect that your Card has been lost or stolen, your device has been compromised, or your credentials are no longer secure. Upon receiving your report, we will take immediate steps to secure your Account.

You can also instantly activate, freeze, unfreeze, real time using the in-built app feature.

4.4 Liability for Unauthorized Transactions

You are responsible for all financial activity and Transactions on your Account until the moment you successfully report a lost or stolen Card or a compromised Account to us. You will not be held liable for any unauthorized Transactions that take place after you have successfully notified us.

5.The VaultsPay Digital Wallet

5.1 Nature of the Account

Your funds held within VaultsPay account, are considered electronic money, and are not covered by any deposit insurance scheme.

5.2 No Interest

The electronic money held in your Account does not earn or accrue any interest.

5.3 Safeguarding of Funds

In strict compliance with CBUAE regulations, all funds that you load into your Account are held and safeguarded by us in a segregated trust account with a licensed bank in the UAE. This ensures your funds are kept separate from our operational funds and are protected from the claims of our other creditors.

6.Funding, Transactions, and Withdrawals

6.1 Loading Funds (Top-Up)

You may load funds into your Account using the methods made available within the Mobile App, which may include bank transfer and debit card payments. All top-ups are subject to transaction limits, which may change for security or regulatory reasons.

6.2 Executing Transactions

You can use the funds in your Account to make payments to Merchants using your Card or to transfer funds to other VaultsPay users. When you authorize a Transaction, you give an irrevocable instruction to debit your Account.

6.3 International Transactions and Currency Conversion

You can use your Card for local and international transactions. If you perform a Transaction in a currency other than AED, the amount will be converted from AED to respective transaction currencies. This is subject to the conversion rate of the relevant Card Scheme and may include additional fees, which will be disclosed in our Schedule of Fees and Limits.

6.4 Checking Balance and History

You can view your current balance and a full history of your Transactions at any time through the VaultsPay Mobile App or Website.

7. The VaultsPay Card

7.1 Card Issuance and Ownership

The Card is issued by VaultsPay and remains our property. It is linked to your VaultsPay Account to provide access to your funds. We offer physical and virtual cards. Virtual cards are digital-only cards designed for secure online purchases.

7.2 Card Usage

You may use your Card for payments at any Merchant Establishment (in-store or online) or for cash withdrawals at ATMs that accept your Card’s scheme, both in the UAE and internationally. All use is subject to you having sufficient Available Funds.

7.3 Non-Transferability

Your Card is strictly non-transferable and must only be used by you.

7.4 Card Expiry

Your Card is valid until the expiry date printed on it. You undertake to destroy the Card securely upon expiry.

8. Schedule of Fees and Limits

All fees and transaction limits applicable to your Account and Card are listed in the Schedule of Fees and Limits, which is available on the VaultsPay Mobile App and our Website. These fees and limits are subject to change in accordance with Section .3 of these Terms.

9. Merchant Disputes and Refunds

9.1 Disputes with Merchants

We are not responsible for the quality, safety, or legality of goods or services purchased from Merchants. Any dispute must be resolved directly with the merchant.

9.2 Refunds

If you are entitled to a refund, it will be credited to your Account only after we receive the funds and instruction from the merchant.

10. Business Solutions

10.1 Business Accounts

We are not responsible for the quality, safety VaultsPay offers Business Accounts for corporate clients. To register, your business must provide a valid trade license and other required documentation., or legality of goods or services purchased from Merchants. Any dispute must be resolved directly with the merchant.

10.2 Employee Cards

Businesses can issue physical or virtual cards to employees to manage corporate expenses. These cards are linked to the main Business Account.

10.3 Spending Controls and Reporting

Business Account administrators can set customized spending limits and apply category-based restrictions on employee cards. The business portal provides real-time dashboards, expense summaries, and team spending breakdowns for comprehensive oversight.

10.4 Software Integration

VaultsPay for Business supports integration with accounting software such as QuickBooks and Zoho. API-based integration is also available for advanced users.

11.Prohibited Activities

You agree not to use the Services for any illegal, fraudulent, or unauthorized purposes, including but not limited to activities that violate UAE law, fund illicit organizations, relate to unregulated gambling, or infringe on intellectual property rights. A breach of this section may lead to immediate suspension or termination of your Account/Card.

12. Data Protection and Privacy

12.1 Our Commitment

Your data is handled securely and in accordance with UAE data protection laws and CBUAE regulations. We process your data for the purposes of providing the Services, ensuring compliance, and preventing fraud.

12.2 Privacy Policy

Our collection, use, and sharing of your Personal Data is governed by our Privacy Policy, which is incorporated by reference into these Terms.

12.3 Data Localization

In compliance with CBUAE regulations, all your Personal Data and Transaction data will be stored on secure servers located within the United Arab Emirates.

13. Limitation of Liability and Indemnification

13.1 Disclaimer of Warranties

The Services are provided on an “as is” and “as available” basis. We disclaim all warranties, express or implied, including merchantability and fitness for a particular purpose.

13.2 Limitation of Liability

To the maximum extent permitted by law, VaultsPay shall not be liable for any indirect, incidental, or consequential damages arising from your use of the Services. Our total liability shall be limited as per applicable regulations.

13.3 Indemnification

You agree to indemnify and hold VaultsPay harmless from any claims, losses, or expenses arising from your breach of these Terms, your violation of any law, or your use of the Services.

14.Suspension and Termination

14.1 Termination by Us

We may suspend or terminate your Account for reasons including, but not limited to, non-compliance with these Terms, suspected fraud, or legal and regulatory requirements.

14.2 Termination by You

You can close your Account at any time by contacting our customer support team.

14.3 Effect of Termination

Upon closure, any remaining undisputed balance in your Account will be refunded to you, minus any applicable fees, in accordance with UAE law.

15.Governing Law and Dispute Resolution

15.1 Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the United Arab Emirates.

15.2 Jurisdiction

The parties irrevocably agree that the competent courts of the UAE shall have exclusive jurisdiction to settle any dispute or claim arising out of this Agreement.

15.3 Prevailing Language

These Terms may be provided in both English and Arabic. In the event of any discrepancy or conflict between the two versions, the Arabic version shall be the official and prevailing version.

16. License to Use

We grant you a limited, personal, non-exclusive, non-transferable, and revocable license to access our website and use our Mobile App for your personal, non-commercial use of the Services, subject to these Terms.0

17. Intellectual Property Rights

All content, design, software, trademarks, and other materials on our Website and Mobile App are the exclusive property of VaultsPay or our licensors.2 You may not copy, reproduce, or exploit any part of our platform without our prior written permission.

18. Changes to Terms & Conditions

We may amend these Terms & Conditions at any time in line with CBUAE guidelines.

19. Communication & Support

All official communications will be sent via in-app message, SMS, email, or as otherwise specified.