Terms of Service
THIS AGREEMENT SETS FORTH THE TERMS AND CONDITIONS UNDER WHICH OKPAY WILL PROVIDE ITS ACCOUNT SERVICES. THIS AGREEMENT DESCRIBES USERS RIGHTS AND OBLIGATIONS WHEN USING THESE SERVICES. USER MUST READ THE AGREEMENT CAREFULLY AND BE SURE USER UNDERSTANDS THESE TERMS AND CONDITIONS.
CREATION OR USE OF A OKPAY ACCOUNT MEANS USER ACCEPTS ALL THE TERMS AND CONDITIONS OF THIS AGREEMENT.
THE PARTIES TO THIS AGREEMENT ARE THE ISSUER AND THE USER.
1. Definition of Terms
EUR backing the OKPAY currencies is held in trust by OKPAY Inc. for the exclusive benefit of all OKPAY account holders collectively.
1.1. "OKPAY"; means the currency backed by EUR; the word "OKPAY"; is a registered trademark.
1.2. "Issuer"; means OKPAY Inc.
1.3. "Primary User"; means the User that creates the OKPAY account. Primary User is the owner of the account from the perspective of Issuer. Primary User may add additional Users to the account. The Issuer shall treat all such additional Users as agents or delegates of Primary User.
1.4. "Permissions"; means account access privileges granted by Primary User to designated additional Users. Unless Primary User specifically limits permissions, such additional Users have the same privileges as Primary User with certain exceptions, including, but not limited to (1) the ability to reassign Primary User status and (2) the ability to close the account.
1.5. "User"; means any user accessing a OKPAY account with permissions granted by Primary User.
1.6. "Available Balance"; means the total balance of a particular OKPAY account minus any accrued fees.
1.7. "Spend"; means the act of transferring value between OKPAY accounts. Spends are accounted in EUR (or other foreign currency equivalent) and convey title to that precise amount of value. Spends may not exceed Available Balance.
1.8. "Passphrase"; means a series of characters, known only to User, deemed of suitable complexity as determined from time to time by Issuer. For purposes of this agreement, Passphrase also refers to other authentication mechanisms to which User and Issuer mutually agree.
2. Conditions of Use
User acknowledges that (i) OKPAY is not a bank (ii) OKPAY accounts are not insured by any government agency and (iii) OKPAY is not subject to banking regulations.
2.1. User Obligations. User agrees that all User obligations under this Agreement are the joint and several obligations of all the Users with greater than read-only access to a particular account.
2.2. Identifying Information. User must provide Issuer with valid and accurate identifying information as determined from time to time by Issuer.
2.3. Protection of Passphrase
2.3.1. User is responsible for the protection of Users Passphrase that gives access to Users OKPAY account. User agrees that, in the event of the loss or misuse of Users Passphrase, Issuer disclaims all liability for such loss. User shall indemnify and hold harmless Issuer for relying on transactions authorized using Users Passphrase prior to such time as User notifies Issuer that Users Passphrase has been compromised.
2.3.2. User acknowledges and accepts that in the case of a claim of unauthorized Spends, the presumption shall be that all Spends are authorized by and are the liability of the User.
2.3.3. User must not divulge Users Passphrase to anyone else, nor may User use anyone elses Passphrase. User agrees that Issuer will treat any person accessing Users account using Users Passphrase as the User.
2.3.4. Issuer is not responsible for losses incurred by User as the result of Users misuse of a Passphrase.
2.3.5. User agrees that any action taken by any person using Users Passphrase shall be binding on User and all other parties with an interest in that account.
2.4. Irrevocability of Spends
2.4.1. User agrees that all Spends initiated by User are final and not reversible.
2.4.2. User is responsible for all Spends from Users OKPAY account, except as provided in section 2.3, even if the instructions provided by User are incorrect.
2.4.3 User understands and acknowledges that user is aware that OKPAY spends are irrevocable and that user agrees to follow the policy of buyer beware ("Caveat Emptor") when using OKPAY at various merchant sites, especially merchants such as gaming or gambling or "HYIP" and other types of investment or chance games or matrixes or Ponzis (pyramid schemes), which are identifiable by their promises of extremely high (more than 1% per day) rates of return, and that should user still wish to deal with such merchants that it is at user's own risk.
2.4.4 User understands and acknowledges that OKPAY is registered and is 100% domiciled and that OKPAY follows the laws including, but not limited to, allowing gaming and gambling businesses to use OKPAY as a payment system, which may not be acceptable or legal in user's own jurisdiction.
2.4.5 User understands and acknowledges that OKPAY does not act as judge or jury or as law enforcement or as a court of law with respect to any disputes between users of OKPAY. User understands that any such involvement by OKPAY in the affairs of users of the system could expose OKPAY to civil legal liability, or possibly criminal liability, even if OKPAY believes that its actions are in good faith.
2.4.6 User understands and acknowledges that OKPAY has posted fraud alerts on its home page and that links to the fraud alerts and these Terms of Service appear (and must be acknowledged) before any spend or transfer can be made in user's OKPAY account. These fraud alerts specifically warn users not to use OKPAY to make spends or internal transfers to Ponzi or "HYIP" or other high yield investment-type programs and to make sure that user is made aware of the dangers of sending funds to unknown or poorly known internet sites. User has the right to completely ignore these warnings and instructions if user chooses so to do, but user acknowledges that user does NOT have the right to then blame OKPAY for not physically restraining user from doing foolish things with user's funds or for not policing the internet.
2.5. Disputes Between Users
2.5.1. Any disputes that arise between Users are not the responsibility of Issuer.
2.5.2. User acknowledges Issuer does not make any guarantees regarding purchases made when using the OKPAY service. User acknowledges that Issuer does not ensure the quality, safety, or legality of any merchandise received, nor that the seller will even ship the merchandise.
User agrees to indemnify and hold harmless Issuer, its agents, affiliates, officers, directors and employees from any claim or demand whatsoever relating to or arising out of Users use of the OKPAY system, except for any loss caused by willful misconduct of Issuer.
3. Obligations of Issuer
Issuer shall honor these obligations:
3.1. Reserve Requirement
3.1.1. All funds in circulation shall be backed 100% at all times with unencumbered EUR (or other currency that is held in Users OKPAY account).
3.1.2. Under no circumstances will Issuer abrogate its obligation to back all electronic funds with (at least) 100% reserve EUR.
3.2. User Interface
Issuer will ensure that a secure online User interface is made available.
3.3. Exchange Rates
Strictly for Users convenience, Issuer may allow Spend order entry in terms of national currency units using an exchange rate specified by Issuer. Posted exchange rates are only for convenience of User. Issuer does not make a market for exchange and Issuer does not represent that anyone will make a market honoring the specified exchange rates.
3.4.2. Unless (1) otherwise approved by User or (2) ordered by a court or arbitration body of acceptable jurisdiction, as determined by Issuer, Issuer shall not reveal Users contact or identifying information or transaction history to any third party.
3.4.3. Issuer will not store Passphrase in plaintext. No employee of Issuer will ever ask for Users Passphrase.
3.4.4 User agrees that the only way to recover access to a User Account where the Passphrase or Login ID have been lost is by following the password recovery procedure established by Issuer. User is responsible for being able to meet the requirements and costs for the password recovery. OKPAY will not be responsible in any way for any of Users losses due to User failing to meet the requirements for password recovery.
4. Rights of Issuer
Issuer reserves the following rights:
4.1. Governance Model
Issuer reserves the right to appoint third parties to fulfill specified governance roles, including, but not limited to: (1) Trust, (2) Auditor, (3) Operator.
4.2. Value Limits
Issuer may set value limits (balance, spends, etc.) on a OKPAY account based on the sufficiency of the identifying information provided by User or by order of a court or arbitration body acceptable to issuer. Issuer may restrict Users ability to use more than one OKPAY account in an attempt to circumvent the value limit.
Issuer reserves the right to assess and collect the following fees from Users account:
4.3.1. Monthly Fee collected by Issuer monthly from users account.
4.3.2. Spend Fee deducted by Issuer in EUR from the recipient account of a Spend.
4.3.3. Other Administrative Fees collected by Issuer for providing support to User when User contacts Issuer and Issuer is not at fault.
4.3.4. Funds Recovery Process and Fees.
Upon satisfying all legal requirements necessary to recover funds, OKPAY will, if at all possible, attempt to recover the funds in question. Common legal requirements include, but not limited to: valid court orders, valid law enforcement orders, notarized copies of all requests submitted in writing and notarized copies of all IDs. In most cases all originals have to be submitted via snail mail, as electronic copies sent by e-mail are not acceptable. If by any reason OKPAY is requested to recover any funds by any reason, a one-time 10% Recovery fee will be charged in order to cover any and all expenses of the recovery process.
Issuer will not escheat inactive OKPAY accounts. An inactive account with a balance shall remain dormant forever, other than continued assessment of fees, unless and until an heir presents valid documentation entitling the heir to inherit the account.
4.5. Force Majeur
Issuer will not be responsible for delays or failures in the transmission, receipt or execution of orders, payments, deliveries or information due to events beyond its control. The obligations of this contract precede any government enactment.
4.6. Right of Association
Issuer reserves the right to refuse service to particular individuals or entities, at its sole discretion, with or without cause.
4.6.1. Refusal with Cause
Issuer will block any transactions that increment or decrement the balance in Users OKPAY account ("Freeze"), with cause:
188.8.131.52. Issuer will Freeze the OKPAY account of User if User uses, or attempts to use the OKPAY service in connection with tampering, cracking, modifying or otherwise corrupting the security or functionality of the OKPAY system. Additionally, User will be subject to damages and other penalties, including criminal prosecution where available and the notification of the general public of Users actions, at the sole discretion of Issuer.
184.108.40.206. Issuer will Freeze or remove a Freeze from a OKPAY account, if ordered to do so by an order from a court or arbitration body of acceptable jurisdiction, as determined by Issuer.
220.127.116.11. Fees will continue to be assessed on a frozen account.
Issuer retains all right, title, and interest in and to trademarks. User shall only use OKPAY trademarks with the express permission of Issuer. User shall not use the trademarks in any manner that is disparaging to OKPAY. Under no circumstances may a User alter, modify, or change Issuers trademarks.
4.8 Exchange services (i. e. exchanging national currency to OKPAY and vice versa and other currencies to OKPAY and vice versa) are provided by independent Exchange Providers
4.9. Privacy and Confidentiality Policy
4.9.1 OKPAY recognizes the Users right to confidentiality and privacy.
4.9.2 Unless ordered by a ruling body of competent jurisdiction acceptable to Issuer, Issuer shall not reveal Users contact or identifying information or transaction history to any third party.
4.9.3 Issuer will ensure that User has the ability to examine Users contact and identifying information and make updates and changes when necessary.
4.9.4 Issuer will not store any User details, including but not limited to account history, contact or identifying information, or Personal Identification Number(s) in unencrypted plain text under any circumstances.
4.9.5 User agrees that OKPAY has the right to monitor the OKPAY Network electronically from time to time in order to operate the System properly.
4.9.6 Issuer will email User only if (a) User's email address is either
listed with Issuer as someone who has expressly shared this address for
the purpose of receiving information in the future ("opt-in"), or (b)
User has registered or otherwise have an existing relationship with
Issuer. Issuer respects User's time and attention by controlling the
frequency of the mailings.
4.9.7 To cease receiving Issuer's emails User must login to his or her
account and disable all email notifications, which by default are enabled.
5. Third Party Links
5.1 OKPAY provides links to other web sites that may be of interest or of use to Users solely for the convenience of Users. Any such linked site does not constitute part of the OKPAY Network unless expressly stated. OKPAY is not responsible for the privacy practices, or the content of any such web sites.
5.2 User acknowledges and agrees that OKPAY (and its directors, affiliates, officers, employees and agents) give no warranties or representations in connection with any links to other web sites or the operations of those web sites and in no way guarantees the use of such web sites or the services offered, included but not limited to the services of any Exchange Provider.
Failure to exercise or delay in exercising any right, power or remedy hereunder by Issuer shall not operate as waiver thereof, nor shall any single or partial exercise of any right, power or remedy of Issuer hereunder preclude any other or future exercise thereof or the exercise of any other right, power or remedy.
The provisions of this Agreement shall be continuous and shall inure to the benefit of Issuer, its successors and assigns, and shall be binding upon User and/or the estate, personal representatives, administrators and successors of User. Issuer may assign its rights and delegate its duties as to any or all transactions under this Agreement. User shall not delegate any obligations hereunder without the prior written consent of a duly authorized officer of Issuer and any attempt at such delegation without such consent shall be void.
In the event that any provisions of this Agreement shall be determined by an arbitration body or a court of competent jurisdiction to be unenforceable in any jurisdictions, such provision shall be unenforceable in that jurisdiction and the remainder of this Agreement shall remain binding upon the parties as if such provisions were not contained therein. The enforceability of such provision shall otherwise be unaffected and remain enforceable in all other jurisdictions.
10. Entire Agreement
This Agreement constitutes the entire and whole Agreement between User and Issuer and is intended as a complete and exclusive statement of the terms of the Agreement. This Agreement shall supersede all other communications between the parties. This Agreement may be amended only upon execution of a subsequent agreement or upon Users failure to object within 10 days to modifications posted on Issuers website.
Last updated 2010-01-25
This policy describes the ways we collect, store, use and protect your personal information. You accepted this policy when you signed up for our Service. We may amend this policy at any time by posting a revised version on our website. The revised version will be effective at the time we post it. In addition, if the revised version includes a substantial change, we will provide you with 30 days' prior notice by posting notice of the change on OKPAY website.
Throughout this policy, we use the term "Personal Information" to describe information that can be associated with a specific person and can be used to identify that person. We do not consider personal information to include information that has been anonymized so that it does not identify a specific user.
1. Personal Information Collection
1.1. When you visit the OKPAY website, we collect your IP address and standard web log information, such as your browser type and the pages you accessed on our website.
1.2. If you open an account, we collect the following types of information from you:
- Contact information - your name, address, phone, email, instant messenger ID and other similar information.
- Financial information - the full bank account numbers and credit card numbers that you link to your OKPAY account.
1.3. Before permitting you to use our Service, we may require you to provide additional information we can use to verify your identity or address or manage risk, such as your date of birth, passport or other information. We may also obtain information about you from third parties such as credit bureaus and identity verification services.
1.4. When you are using our Service, we collect information about your account transactions and we may collect information about your computer or other access device for fraud prevention purposes.
1.5. Finally, we may collect additional information from or about you in other ways not specifically described here. For example, we may collect information related to your contact with our customer support team or store results when you respond to a survey.
2.1. When you access our website, we, or companies we hire to track how our website is used, may place small data files called "cookies" on your computer.
2.2. We send a "session cookie" to your computer when you log in to your account. This type of cookie helps us to recognize you if you visit multiple pages on our site during the same session, so that we don't need to ask you for your password on each page. Once you log out or close your browser, this cookie expires and no longer has any effect.
2.3. We also use longer-lasting cookies for other purposes such as to display your e-mail address on our sign-in form, so that you don't need to retype the e-mail address each time you log in to your account.
2.4. We encode our cookies so that only we can interpret the information stored in them. You are free to decline our cookies if your browser permits, but doing so may interfere with your use of our website. We may also collect information about your computer or other access device to mitigate risk and for fraud prevention purposes.
3. Personal Information Protection
3.1. We store and process your personal information on extremely secured dedicated servers, and we protect it by maintaining physical, electronic and procedural safeguards in compliance with applicable government regulations. We use computer safeguards such as firewalls and data encryption, we enforce physical access controls to our buildings and files, and we authorize access to personal information only for those employees who require it to fulfill their job responsibilities.
4. Use of Personal Information
4.1. Our primary purpose in collecting personal information is to provide you with a secure, smooth, efficient, and customized experience. We may use your personal information to:
- provide the services and customer support you request;
- process transactions and send notices about your transactions;
- resolve disputes, collect fees, and troubleshoot problems;
- prevent potentially prohibited or illegal activities, and enforce our Terms of Service;
- customize, measure, and improve our services and the content and layout of our website;
- send you targeted marketing, service update notices, and promotional offers based on your communication preferences;
- compare information for accuracy and verify it with third parties.
5. Sharing Information with OKPAY Users
5.1. To process your payments, we may need to share some of your personal information with the person or company that you are paying or is paying you. Your contact information, date of sign-up, the number of payments you have received from verified OKPAY users, and whether you have verified control of a bank account are provided to other OKPAY users who you transact with through OKPAY. Additionally, you can provide to OKPAY users any information about your account by filling in a special form My Account -> Profile -> Account -> Public Information.
5.2. If you are buying goods or services and pay through OKPAY, we may also provide the seller with your address to help complete your transaction with the seller. The seller is not allowed to use this information to market their services to you unless you have agreed to it. If an attempt to pay your seller fails, or is later invalidated, we may also provide your seller with details of the unsuccessful payment. To facilitate dispute resolutions, we may provide a buyer with the seller's address so that goods can be returned to the seller.
5.3. We work with merchants to enable them to accept payments from you using OKPAY. In doing so, a merchant may share information about you with us, such as your email address, when you attempt to pay that merchant. We use this information to confirm to that merchant that you are a OKPAY customer and that the merchant should enable OKPAY as a form of payment for your purchase. Also, if you request that we validate your status as an OKPAY customer with a third party, we will do so. Please note that merchants you buy from and contract with have their own privacy policies, and OKPAY may not be held responsible for their operations, including, but not limited to, their information practices.
5.4. Regardless, we will not disclose your credit card number or bank account number to anyone you have paid or who has paid you through OKPAY, except with your express permission or if we are required to do so to comply with a subpoena or other legal process.
6. Sharing Information with Other Parties
6.1. We may share your personal information with:
- Members of the OKPAY Inc. corporate family – to provide joint content and services (like registration, transactions and customer support), to help detect and prevent potentially illegal acts and violations of our policies, and to guide decisions about their products, services and communications. Members of our corporate family will use this information to send you marketing communications only if you have requested their services.
- Service providers under contract who help with parts of our business operations; (fraud prevention, bill collection, marketing, technology services). Our contracts dictate that these service providers only use your information in connection with the services they perform for us and not for their own benefit.
- Financial institutions that we partner with to jointly create and offer a product such as the OKPAY credit card where we share information with partner bank to determine whether you should receive pre-approved offers for the OKPAY credit card. These financial institutions may only use this information to market OKPAY-related products, unless you have given consent for other uses.
- Credit bureaus to report account information, as permitted by law.
- Banking partners as required by credit card association rules for inclusion on their list of terminated merchants (in the event that you meet their criteria which includes having OKPAY close your OKPAY Account due to your breach of the OKPAY Terms of Service).
- Law enforcement, government officials, or other third parties when
- we are compelled to do so by a subpoena, court order or similar legal procedure
- we need to do so to comply with law
- we believe in good faith that the disclosure of personal information is necessary to prevent physical harm or financial loss, to report suspected illegal activity, or to investigate violations of our Terms of Service.
- Other third parties with your consent or direction to do so.
6.2. OKPAY will not sell or rent any of your personal information to third parties for their marketing purposes and only shares your personal information with third parties as described in this policy.
6.3. If you open an OKPAY account directly on a third party website or application, any information that you enter on that website or application (and not directly on an OKPAY website) will be shared with the owner of the third party website or application.
7. Restrict from Sharing your Personal Information
7.1. Federal and state laws allow you to restrict the sharing of your personal information in certain instances. However, these laws also state that you cannot restrict other types of sharing. Because we have chosen to refrain from certain types of data sharing, the only type of sharing of your personal information that you may restrict is as follows:
If you do not want OKPAY to share your personal information with other financial institutions for the purpose of marketing our jointly offered products to you, please log in to your account and uncheck the appropriate box in the My Account -> Profile -> Account -> Notifications.
7.2. You can also control how we use your contact information to market our services to you in the notifications preferences.
8. Accessing and Changing your Personal Information
You can review and edit your personal information at any time by logging in to your account and clicking the Profile link.
9. Contact Us About Privacy Questions
If you have questions or concerns regarding this policy, you should contact us by using this form.
Last updated 2010-02-7