Bayment Terms of Use

Last Updated: 5th of September 2024

Welcome to Bayment Limited ("Bayment", "we", "our", "us"). These Terms of Use ("Terms") govern your access to and use of our services, including the Bayment app and associated features (collectively, the "Services"). By using our Services, you agree to comply with these Terms. If you do not agree with these Terms, please do not use our Services.

1. Definitions

1.1 "Account" refers to the user account you create to access and use Bayment's Services.

1.2 "User" refers to any individual who uses Bayment's Services.

1.3 "P2P Market" refers to the platform within Bayment where users can buy and sell digital assets directly with each other.

1.4 "Virtual Card" refers to the digital payment card issued by Bayment for online transactions.

2. Use of Bayment Services

2.1 Account Registration and Management

• To use our Services, you must create an Account. You agree to provide accurate, current, and complete information during registration and to update this information as necessary.
• You are responsible for maintaining the confidentiality of your Account details and for all activities that occur under your Account.

2.2 Deposits and Withdrawals

• Deposits: Users can deposit funds into their Bayment wallet using the methods available within the app, including cryptocurrencies, fiat currencies, or via P2P exchange.
• Withdrawals: After depositing, Users may withdraw funds using available options or sell digital assets through our P2P Market. The methods for withdrawal include transferring to a bank account or utilizing other withdrawal options provided by Bayment.

2.3 Virtual Cards

• Issuance: Bayment provides virtual cards for online transactions. By using the Virtual Card, you agree to abide by these Terms and any applicable laws.
• Usage: The Virtual Card must be used in accordance with the terms provided. You are responsible for all transactions made using your Virtual Card.
• Security: You must take reasonable measures to ensure the security of your Virtual Card and Account. Bayment is not liable for any unauthorized use of your Virtual Card. Report any suspected unauthorized activity immediately through our support channels.

3. P2P Market

3.1 General Terms

• The P2P Market allows Users to buy and sell digital assets. Sellers list assets for sale, and Buyers can purchase these assets directly from Sellers.

3.2 Buyer Obligations

• Payment: Buyers must make payments according to the terms specified in the Seller's listing. Payments must be made through the methods and within the time frames specified in the listing.
• Confirmation: Buyers must confirm payment promptly. Failure to confirm within the Payment Window may result in the cancellation of the transaction.
• Fees: Buyers may incur charges associated with their transactions. These charges will be disclosed at the time of the transaction.

3.3 Seller Obligations

• Asset Listing: Sellers are responsible for accurately listing digital assets, including setting the price, payment method, and any other terms.
• Asset Release: Sellers must release the digital assets upon confirmation of payment by the Buyer.
• Fees: Sellers may incur charges associated with their transactions. These charges will be disclosed at the time of the transaction.

3.4 Transaction Process

• Asset Freezing and Release: When a transaction is initiated, the digital asset is temporarily frozen and not accessible to the seller or buyer. Upon confirmation of payment by both parties, the asset will be released to the buyer. If the seller does not confirm within the specified time, the funds will be unfrozen and returned to the buyer.
• No Risk Assumption: Bayment does not assume any risk related to P2P transactions. We facilitate the process but are not a party to the transaction itself. All transactions are conducted directly between Buyers and Sellers.
• Choice of Payment Methods: Payment methods available on the Bayment P2P Market are displayed as options for users to perform the fiat currency transfer. Unless expressly provided otherwise, Bayment does not have any form of relationship with the payment methods listed. Availability does not imply recommendation or endorsement.

3.5 Fees and Costs

• Transaction Fees: Bayment may charge fees for transactions conducted through the P2P Market, as specified within the app. Any Transfer Fees imposed by payment service providers are the responsibility of the Buyer unless otherwise agreed.

3.6 Security and Risk

• Transactions involving cash transfers or other non-digital payment methods carry additional risk. Users are advised to exercise caution. Bayment is not liable for losses incurred in such transactions.

4. Account Management and Closure

4.1 Account Management

• You are responsible for maintaining the confidentiality of your Account information and for all activities that occur under your Account.

4.2 Account Closure

• To close your Account, contact our support team through the app or visit our Account Deletion Page. Upon closure, your access to the Services will be terminated, and you will no longer be able to use the features provided.

5. Communication and Support

5.1 Support

• For assistance or support, use the live chat option available in the app. Support is available 24/7 to address any issues or concerns you may have.

6. Prohibited Transactions and Activities

6.1 Prohibited Activities

Users must not use Bayment’s Services for illegal activities, including but not limited to:

• Fraudulent activities or deceptive practices.
• Money laundering or any transactions intended to disguise the origin of funds.
• Financing illegal activities or engaging in activities that violate laws or regulations.

6.2 Card Usage Prohibitions

The Virtual Card must not be used for:

• Unauthorized or fraudulent transactions.
• Transactions related to illegal goods or services.
• Any form of gambling or betting unless permitted by law.
• Transactions with non-compliant merchants.

6.3 Consequences

• Violation of these prohibited activities may result in the immediate suspension or termination of your Account. Bayment may also take legal action if necessary.

7. Third-Party Service Providers

7.1 Third-Party Services

• Bayment may use third-party service providers to facilitate certain aspects of our Services. These third parties may have their own terms and conditions and privacy policies.

7.2 Liability

• While Bayment strives to use reputable third-party service providers, we are not responsible for the actions or omissions of these third parties. Any disputes should be directed to the relevant provider.

7.3 Data Sharing

• To provide and improve our Services, Bayment may share certain user information with third-party service providers. We ensure that such sharing is conducted in compliance with applicable data protection laws and our Privacy Policy.

8. Liability and Disclaimers

8.1 General Liability

• Bayment is not liable for any indirect, incidental, special, or consequential damages arising out of or related to the use of our Services. This includes loss of profits, data, or other intangible losses.

8.2 Card Usage

• Bayment is not responsible for any unauthorized transactions or charges incurred using the issued Virtual Card. Users must report any suspected unauthorized activity immediately.

8.3 No Warranty

• Bayment makes no representations or warranties about the reliability, accuracy, or completeness of the Services. The Services are provided on an "as is" and "as available" basis.

9. Appeals and Dispute Resolution

9.1 Appeal Process

• Users who disagree with a decision can file an appeal through the support option in the app. Bayment will review and respond in a timely manner. The decision made by Bayment will be final.

10. Changes to Terms

10.1 Amendments

• Bayment reserves the right to amend these Terms at any time. Changes will be effective immediately upon posting. Your continued use of the Services constitutes acceptance of the new Terms.

11. Governing Law and Jurisdiction

11.1 Governing Law

• These Terms are governed by the laws applicable in United Kingdom.

12. Affiliate and Referral Marketing

12.1 Affiliate Marketing Disclaimer

Bayment is not responsible for or a representative of any affiliate marketer who promotes or markets Bayment. Any affiliate or third-party marketer acts independently and does not represent Bayment in any official capacity.

13. Referral Program

• Bayment offers a referral program where users can invite others to join the platform. Both the inviter and the invited user are eligible for a referral incentive, which will be credited only once the invited user successfully verifies their account and purchases a virtual card.
• The incentive is subject to change at Bayment’s discretion and may be revoked if fraudulent activity is detected.
• Bayment reserves the right to modify, suspend, or terminate the referral program at any time without prior notice.

14. Contact Information

14.1 Contact Us

• If you have any questions or concerns about these Terms, please contact our support team through the app.

15. Privacy Policy

15.1 General Information

Your privacy is important to us. This Privacy Policy explains how Bayment Limited ("Bayment", "we", "our", "us") collects, uses, discloses, and protects your information when you use our Services.

15.2 Information We Collect

• Personal Information: Name, email, phone number, and ID documents provided during registration.
• Transaction Information: Details of P2P Market activities and Virtual Card usage.
• Device Information: IP address, OS, and usage patterns.

15.3 How We Use Your Information

• To provide Services, verify identity, prevent fraud, and comply with laws.

15.4 Data Security

• We implement security measures to protect your data, though absolute security cannot be guaranteed over the internet.

16. Additional Provisions

16.1 Entire Agreement

This Agreement constitutes the entire understanding regarding our Services and supersedes prior agreements.

16.2 Severability

If any provision is found invalid, the rest remain in effect.

16.3 Governing Law

These terms are governed by the laws of the United Kingdom.

By using Bayment’s Services, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy.