EZSY User Agreement
About this Agreement (Reg 28 version)
EZSY is a mobile application that allows users to, inter alia, pay and receive funds from his or her contacts, pay and receive refunds from merchants, exchange foreign currencies and obtain merchant tokens from merchants and/or influencers for special promotions and deals (“our Services”).
Ezsy Pte. Ltd. (“ezsy”) is incorporated in Singapore and is currently operating under Regulations 28 (Exemption from requirement to hold standard payment institution licence) under the Payment Services Regulations 2019. As such, specified conditions will be applicable to the following services that we provide:
- account issuance service, e.g. e-wallet does not exceed S$1,000;
- domestic money transfer service, i.e. transfers within Singapore subject to conditions;
- cross-border money transfer service, subject to conditions;
- merchant acquisition service, e.g. QR pay; and
- e-money issuance service (where the total float held does not exceed S$5 million).
Notice for non-Singapore residents
EZSY Pte Ltd is operating under Regulations 28 of the Payment Services Regulations and does not hold a Standard Payment Institution licence nor a Major Payment Institution licence. Please note that you may not be able to recover all the money you paid to EZSY Pte Ltd if EZSY Pte Ltd’s business fails.
We may amend any of the Legal Documents from time to time. Such revised Legal Documents shall be effective as published on EZSY (https://www.ezsy.com/) or such other means as we may determine. Your continued use of EZSY and any associated software constitutes your consent and acceptance of the revised Legal Documents. If you do not agree to any of the terms and conditions of the Legal Documents, you must stop using EZSY and its associated software and its services and terminate your relationship with us.
EZSY Account refers to Individual EZSY Account and/or the Corporate EZSY Account, where applicable. Your EZSY Account refers to your account with EZSY wherein you may use your EZSY wallet to transfer, pay, or convert fiat currencies, stablecoins (e.g. USDT) or Merchant tokens.
Eligibility for Individual EZSY Accounts
To open, use and maintain an Individual EZSY Account, you represent and warrant to us that you satisfy the following requirements:
- You must have full capacity and authority to bind yourself to the Legal Documents;
- You must have a valid mobile number as each Individual EZSY Account is registered to each person’s unique phone number;
- You must pass any due diligence checks we may implement from time to time;
- You must not have had any previous EZSY account suspended, revoked or closed by us; and
- You guarantee to us that your opening, using, and maintaining of the EZSY Individual Account does not violate any laws applicable to you.
Save for Corporate Accounts, each person can have only one Individual EZSY Account in his or her name. We may refuse the creation of duplicate accounts for the same person. Where duplicate accounts are detected, we reserve the right to close and/or merge such duplicate accounts in our sole discretion.
You shall only use your own Individual EZSY Account in your own name and not the account of any other person or entity or on the behalf of any other person or entity.
Eligibility for Corporate Accounts
EZSY welcomes entities to open, use and maintain a Corporate EZSY Account. A Corporate EZSY Account differs from an Individual Account in the following manners:
● A Corporate EZSY Account does not have the same features as EZSY e-Wallet nor have the same e-money limits. Please contact us at email@example.com if you are interested in having a Corporate EZSY Account for your business needs.
To open, use and maintain a Corporate EZSY Account, you and the entity are to satisfy the following requirements:
- You must have full capacity and authority to bind your entity to the Legal Documents;
- Your entity must hold a valid mobile number as each Corporate EZSY Account is registered to a unique phone number;
- You and your entity must pass any due diligence checks we may implement from time to time;
- You and your entity must not have had any previous Corporate EZSY account suspended, revoked or closed by us; and
- You and your entity guarantee to us that your opening, using, and maintaining of a EZSY Corporate Account does not violate any laws applicable to you.
All information you provide to us must be accurate, complete and truthful at all times. You agree to promptly notify us of any changes to your personal information.
From time to time, we or our third party service providers may request for additional information or make additional enquiries necessary to verify your identity, mobile number, funding sources and/or transactions. You agree to cooperate with all such requests and answer all such enquiries with the best of your ability.
We may reject or cancel your EZSY Account registration application to register for a EZSY Account without providing you any reason.
You are responsible for maintaining adequate security and control over your EZSY Account and your mobile phone, including its login credentials and/or personal identification number (“PIN”) or any other codes used to login or access your mobile phone and/or EZSY).
You are advised to adopt the following security precautions and practices:
- Install and update your operating system, anti-virus, anti-spyware and firewall software in your mobile devices with the latest version available;
- Patch your mobile device with regular security updates provided by the operating system provider;
- Use a strong password, such as a mixture of letters, numbers, and symbols;
- Make regular backups of your data in your mobile device;
- Delete junk or chain emails;
- Do not open email attachments from strangers;
- Do not disclose personal, financial, or credit card information to suspect websites; and
- Do not use a mobile device which cannot be trusted.
With regards to your PIN in particular, you should not do any of the following:
- voluntarily disclose your PIN to any third party;
- disclose your PIN in a recognisable way in your EZSY username, on your mobile device or mobile device casing;
- keep a record of your PIN in any way that allows any third party to easily misuse your PIN.
Should you keep a record of your PIN, you should make reasonable efforts to secure the record by keeping it in a secure electronic or physical location accessible or known only to you or unlikely to be found by a third party.
EZSY is equipped with an e-wallet (the “EZSY Wallet”). The EZSY Wallet is equipped to hold a wide range of fiat currencies and stablecoins (i.e. USDT) and at amounts of up to 8 decimal places. We may add additional fiat currencies, stablecoins and/or stop supporting any fiat currencies or stablecoins at any time without prior notice and in our sole discretion.
You may use your EZSY Wallet for a variety of purposes, including but not limited to, paying and receiving funds, paying for goods and services from merchants, and the exchange of currencies and stablecoins (i.e. USDT).
You acknowledge and agree that you are responsible for any taxes that may be applicable to the payments you make or receive.
When you fund, hold, transfer, withdraw or exchange any fiat currencies or stablecoins, you authorize us to execute the transaction and charge you with any applicable fees.
Status with MPI License: Once we obtain our MPI license, kindly note that for Singapore EZSY Account Holders (who reside in Singapore), there is a top up limit of S$5,000 (or its equivalent) and an annual aggregate transaction limit of S$30,000. This means that you will only be allowed to hold S$5,000 (or its equivalent in a foreign currency) in your EZSY Wallet and you will only be able to transfer an annual aggregate of S$30,000 (or its equivalent in a foreign currency). Both figures will be displayed in your EZSY Wallet to ensure you are able to plan your transactions.
You will also acknowledge that EZSY Wallet does not allow any conversion (buying / selling) between fiat currencies and Digital Payment Tokens (“DPTs”), which are crypto currencies or virtual currencies, under MAS’s definitions.
Funding your EZSY Wallet
You may choose to fund your EZSY Wallet by our accepted debit cards, credit cards, bank transfer, payment gateway, or such other methods of loading funds into the EZSY Wallet as are made available in EZSY (each a “Funding Source”). The chosen Funding Source must be in your name.
Where you have topped up your EZSY Wallet such that you hold fiat currency in your EZSY Wallet, such balance shall be referred to as “EZSY Credit” EZSY Credit is e-money as defined under the Payment Services Act 2019.
The number and type of Funding Sources available to you will depend on a variety of factors, including but not limited to, the country in which you have registered with EZSY, and the country in which you are using EZSY.
You acknowledge and agree that utilising any of the Funding Sources to fund your EZSY Wallet is not part of the Company’s Services. Such are services provided by third parties and as such, we are unable to guarantee the efficacy of the use of any particular Funding Source and we may change or stop offering a Funding Source at any time without notice.
If you top up via any Funding Source, you are deemed to have agreed to the terms of service of the Company’s processing partners and/or your financial institution (where applicable), including any fees or charges that may be imposed by such processing partners and/or your financial institution (if any).
Please be aware that you are prohibited from transferring, topping up or funding your EZSY Wallet with DPTs, crypto or virtual currencies or fiat currencies from illicit or anonymised sources. If the source of your DPTs, crypto or virtual currencies are found to have been through Anonymiser (anonymizing tool), Mixer (laundry service, tumbler), Tor, Dark Wallet or any tool to hide, comingle, layers, randomize the source or identity or IP address, you acknowledge and agree that we may reject, cancel and/or report your transactions accordingly.
You agree that we may issue a reasonable authorization hold, which is not an actual charge against your debit or credit card in order to verify your payment method. The hold may appear in your bank or card statement as “pending” The authorization hold is issued as a preventive measure against any unauthorized or fraudulent usage of your card.
There may be limits on the amount that can be funded and the number of fund transfers into your EZSY Wallet.
As EZSY Wallet purchases may involve card transactions through a financial institution, in the event of any error in such transaction resulting in chargebacks from the financial institution, the Company reserves the right to set-off the amount (up to the disputed amount) from your EZSY Credits or by any other way it deems fit in its sole discretion.
Current status: You cannot top up or withdraw any currency (physical) notes/coins. Any refunds will be via PayNow or Bank Transfer back to your designated bank account in Singapore that is in your name.
NOTE: Singapore EZSY Account Holders can only withdraw his or her EZSY Credits in Singapore Dollars to his or her personal bank accounts.
Current Status: We do not and will not provide any feature on EZSY which will allow users to trade physical foreign currency notes with one another or give users access to physical foreign currency notes (whether from EZSY itself or from other EZSY users).
We implement minimum thresholds for the conversion of EZSY fiat currencies.
The minimum amount required to convert EZSY fiat currencies is 0.01 and the maximum amount allowed to convert EZSY fiat currencies is subject to the stock and flow limits imposed by regulators in each respective country.
Our sources include XE.com, Morning Star, BTSE and a variety of banks and money changers. We may change the rates based on a number of factors: (i) Research conducted by the Operations Team, (ii) Price at which we bought the particular Currency, and (iii) Current market rate.
The Company does not determine the exchange rate and the exchange rate is determined solely by third parties.
You acknowledge and agree that in any exchange for EZSY fiat currencies or stablecoin, the actual exchange rate at which an order is executed may be different from the prevailing rate indicated in EZSY due to the fluctuations in price. You understand that we are not liable for any such price fluctuations.
You are responsible for all risks associated with having multiple fiat currencies or stablecoins in your EZSY Wallet, including any risks associated with fluctuations in the relevant exchanges rates over time.
You may not convert fiat currencies or stablecoins for speculative trading purposes, conversion arbitrage, or conversion options.
We may impose limits on the amount that can be exchanged and the number of exchanges in your EZSY Wallet.
The Company reserves the right to reverse any conversion with EZSY in its sole discretion.
Paying a Merchant
Please ensure that your EZSY Wallet has sufficient balance to pay a Merchant. In the event that your EZSY Wallet balance is insufficient, the transaction will be declined.
We may impose limits on the amount that can be paid to a Merchant and the number of payments to Merchants from your EZSY Wallet.
The Company reserves the right to reverse any payment to any Merchant in its sole discretion.
You may claim or receive a variety of merchant tokens from time to time. Subject to additional terms and conditions as may be implemented by the relevant party, merchant tokens may be used to redeem special promotions and deals with Merchants and/or Influencers.
The merchant tokens are not legal tender or DPT or crypto currency. The merchant tokens are utility tokens that may be exchangeable with Ezsy Credits, subject to relevant governing conditions.
You may send merchant tokens to other EZSY Wallets or exchange merchant tokens with other EZSY Wallet holders according to the prevailing exchange rate.
You acknowledge and agree that in any exchange of merchant tokens, the actual exchange rate at which an order is executed may be different from the prevailing rate indicated in EZSY. You understand that we are not liable for any such fluctuations.
You are responsible for all risks associated with having multiple fiat currencies or stablecoins in your EZSY Wallet, including any risks associated with fluctuations in the relevant exchanges rates over time.
The Company reserves the right to invalidate all or any of the merchant tokens in connection with any fraudulent/unauthorized activity at the Company’s sole discretion.
You acknowledge and agree that the Company may suspend, reject, forfeit, reverse or refund the processing of any top-ups or withdrawals from the EZSY Wallet, any payments sent or received, or conversion transactions for any reason whatsoever. We may suspend, reject, forfeit, reverse or refund any transactions where we suspect you to have breached this User Agreement or be engaged in any illegal activities, including fraudulent transactions, money laundering, terrorism financing or other activities.
You acknowledge that you will not receive interest or other earnings on your EZSY Credits and that the Company is not a bank and therefore any deposit insurance schemes do not apply.
Our refund policy is set out on our website. Our refund policy may change from time to time, according to the Company’s sole discretion.
Closing your Account
You may choose to close your EZSY account at any time, subject to any pending transactions. You may email us at firstname.lastname@example.org. The Company shall process the closure of your EZSY account within 3 to 5 working days. The closure of your account is irreversible. All data within your EZSY account, including your transaction history will thereafter be deleted and removed when it is no longer necessary. EZSY keeps a copy of your transaction history for AML/CFT purposes and in the event of any disputes.
Your account may be classified as “dormant” if you do not enter the EZSY Application in 3 years. EZSY will endeavour to contact you from time to time about your EZSY Wallet and the remaining balance in your EZSY Wallet to prevent your account from being classified as dormant. Once classified as dormant, you may be required to verify your identity and your mobile phone number to use your EZSY account again.
The charges, commissions and/or fees are set out before you execute any transaction. Please note that any charges, commissions and/or fees are subject to change from time to time at the Company’s sole discretion.
By default, we will send you in-app notifications as well as email notifications about any outgoing and incoming transactions you make. We endeavour to notify you of such transactions in real-time. You are responsible for enable transaction notifications and to monitor such notifications sent to you.
You may choose to opt-out of any or all of such notifications at any time and we will comply with your notification preferences accordingly.
You are welcome to contact our Customer support team via e-mail at email@example.com.
You should report any unauthorized, erroneous or disputed transaction to EZSY as soon as practicable to our customer support email. Where you are unable to report the unauthorized transaction as soon as practicable, we may ask for the reasons for the delayed report.
NOTE: For Singapore users, you may refer to our website for our place of business. For any queries, please direct them to firstname.lastname@example.org and we endeavour to respond to you as soon as practically possible.
Our normal business days are Monday through Friday, 9am to 6pm. In the event of any changes to our normal business days or hours, we endeavour to publish such change in publicly available material.
Restrictions on the use of the EZSY mobile application
You must access and use our Services only for legal, authorised and acceptable purposes.
You shall not use (or assist others in using) our Services in ways that:
(a) violate, misappropriate, or infringe the rights of EZSY, our users, or others, including privacy, publicity, intellectual property, or other proprietary rights;
(b) are illegal, obscene, defamatory, threatening, intimidating, harassing, hateful, racially, or ethnically offensive, or instigate or encourage conduct that would be illegal, or otherwise inappropriate, including promoting violent crimes;
(c) involve publishing falsehoods, misrepresentations, or misleading statements;
(d) impersonate someone;
(e) Hold negative balances in your EZSY Wallet. In the event that you hold a negative event, you agree to top up the negative balance immediately. We may use a debt collection service or take further legal action towards you to recover the negative balance. We may charge you for any costs incurred as a result of these additional collection efforts.
(f) Intentionally or knowingly providing inaccurate, false or misleading information to us;
(g) Directly or indirectly allowing another person or entity to use your EZSY Account or directly or indirectly using another person or entity’s EZSY Account;
(h) Illegal activities, including but not limited to fraudulent transactions, money laundering, terrorist financing, unlicensed moneylending, bribery and corruption, breach of applicable sanctions laws and regulations, or currency laws or regulations;
(i) Hacking activities such as the unauthorised infiltration, interference or expropriation designed to access, copy, disrupt, modify, delete, corrupt, damage, deactivate, disable, harm, or otherwise impede our software, our associated software, programs, firmwares, hardwares, computer systems, operating systems, or environments or that to our connection or services to or with our internet service providers, payment processors or other third party service providers;
(j) Create accounts for our Services through unauthorized or automated means, collect the information of or about our users in any impermissible or unauthorized manner, sell, resell, rent, or charge for our Services or distribute or make our Services available over a network where it can be used by multiple devices at the same time.
From time to time, EZSY may contain links leading to third party websites, payment channels, hyperlinks, applications which are not operated by EZSY (“third party content and services”). Such third party content and services are provided as a convenience and are operated by third parties, other than the Company. The Company shall not be responsible or liable, whether directly or indirectly, for any damage or loss caused or sustained by the user, in connection with the use or reliance on such third party content and services. Your use of such third party content and services are at your own risk. Please note that when you use third-party services, their own terms and conditions as well as their privacy policies will govern your use of such services.
Examples include, but are not limited to the following circumstances:
● Using your Visa or Mastercard to top-up your EZSY Wallet;
● Using Wechat’s QR Code Scanning function to top up your EZSY Wallet; and
● Clicking on a third-party link whilst you are browsing EZSY.
Please note that when you use third-party services, their own terms and conditions as well as their privacy policies will govern your use of such services.
The Company exclusively owns all intellectual property rights embodied by, or contained in the EZSY mobile app, its Application Programming Interface (“API”) or any copies thereof. Such intellectual property rights include, but are not limited to, the trademarks, service marks, names, logos, designs, signs, acronyms and other insignia (whether registered or unregistered) used and displayed in or through the EZSY mobile application (the “Marks”).
The Company grants a non-exclusive and non-transferable license to electronically access and use the Services only in the manner described in the Legal Documents. The Company may revoke or terminate this license at any time in its sole discretion.
Nothing in the Legal Documents or the EZSY mobile application should be construed as granting, by implication, estoppel or otherwise, any license or right to use any of the Trademarks, without our prior written approval.
You represent and warrant the following to the Company:
- You are eligible to sign up and use the Services according to the criteria set forth in the Legal Documents and according to any applicable laws, applicable to you;
- You have the authority to execute and perform the obligations required according to the Legal Documents;
- You provide accurate and complete personal information;
- You will fulfill all of your obligations to us and comply with all laws applicable to you.
The Company provides the services “as is” and “as available” without any warranty whatsoever.
The Company disclaims all express, implied, or statutory representations including but not limited to, any warranties of title, merchantability, fitness for a particular purpose, non-infringement, or any other type of warranty or guarantee.
The Company makes no express, implied, or statutory representations, warranties or guarantees about the following:
- the accuracy, reliability or correctness of any data provided through its Services,
- that the Services will meet your specific individual or merchant needs or requirements,
- that the Services will be available at any particular time or location,
- that the Services will function, function in an uninterrupted or timely manner, or be secure,
- the transaction processing times
- that the Services will correct any defects or errors in the Services, API, documentation or data, or
- that the Services are free of viruses or other harmful code.
You acknowledge that you are responsible for your compliance with any applicable law or regulation in the use of our Services. You agree to indemnify us and hold us harmless for any breach of any applicable law or regulation.
We disclaim and exclude all liability for your defective executions in relation to your use of our Services. This includes circumstances such as the following:
- any losses incurred as a result of providing or confirming inaccurate, false or misleading information;
- accidentally or unintentionally sending EZSY Credits, sending EZSY Credits to the wrong recipient or merchant;
- sending the wrong amount of EZSY Credits to a recipient or merchant;
- converting EZSY Credits into the wrong currency or converting the wrong amount of EZSY Credits into a different currency.
Whilst we may make reasonable efforts to assist you in recovering the funds involved in the transaction (and may charge you for doing so), we are unable to guarantee that you will be able to recover the funds involved in the transaction.
We limit our liability for any losses or damages you may incur arising from the use of our Services as a result of our breach of the Legal Documents to your actual direct losses or damages or the balance in your EZSY Wallet, whichever is lower.
We disclaim and exclude all liability for the following:
- any losses or damages caused by issues associated with the use of internet or electronic communications or technological attacks affecting you, us, your or our third party service providers, that may delay, interrupt, fail your use of our Services or infect your mobile device, computer equipment, data or other proprietary material;
- any consequential, incidental or indirect losses or damages (including but not limited to pure economic loss, loss of profits, loss of business or opportunities, depletion or goodwill and like loss) however caused, to the fullest and maximum extent as allowed by the applicable laws.
We are not responsible in any way for any direct, indirect, special or consequential, economic or other damages arising in any way from your use of EZSY and any of the Services.
In respect of erroneous transfers made (whether the wrong amount of EZSY Credits sent to a recipient or to the wrong recipient), kindly contact our customer service as soon as practicable. We will make reasonable efforts to recover the sum sent in error.
Refunds from Merchants
In respect of any refunds from merchants, kindly liaise with the merchant directly about the merchant’s own refund policy. Any refunds done by merchants are done at the merchant’s sole discretion.
Liability arising from unauthorised transactions
In accordance with MAS E-Payments User Protection Guidelines, kindly note the following:
You are responsible and liable for actual loss arising from an unauthorised transaction where the primary cause was due to your recklessness. This includes circumstances where you deliberately failed to comply with the Security Measures as set out above.
You are responsible and liable for authorised transactions where you attempt to act fraudulently to defraud any other EZSY user or EZSY itself.
Where you have complied with all the Security Measures above, you will not be responsible for any loss arising from an unauthorised transaction (in which you did not know of and did not consent to), if the loss arises from any action or omission by EZSY.
Where you have complied with all the Security Measures above, you will not be responsible for any loss arising from an unauthorised transaction that does not exceed S$1,000, if the loss arises from any action or omission by any third party.
Other terms and conditions
We may, at our discretion and/or in line with the applicable laws, impose limits on the amount of your balance that can be topped up, sent, paid or converted into another currency or the number of top-ups, transactions and conversions thereof.
The end-user shall not assign or transfer its rights or obligations under this Agreement without the prior written consent of EZSY. The Company may assign or transfer its rights or obligations under this Agreement without the end-user’s consent.
Nothing in this Agreement is intended to grant to any third party any right to enforce any term of this Agreement or to confer on any third party any benefits under this Agreement for the purposes of the Contracts (Rights of Third Parties) Act (Chapter 53B) of Singapore and any re-enactment thereof, the application of which legislation is hereby expressly excluded.
For the avoidance of doubt, your limitations and entitlements when using your EZSY Wallet may vary depending on a variety of factors, including the country in which you are using the application, the place where you registered an account with EZSY, the place where you initiated a transaction, the place where your funds are being transacted and/or your place of residence, in accordance with the respective laws and regulations.
You acknowledge that you will not receive interest or other earnings on your EZSY wallet balance and that the Company is not a bank and therefore any deposit insurance schemes do not apply. The balance set out in the EZSY shall serve as conclusive evidence of your EZSY Credits balance.
The governing law of this User Agreement shall be the local laws of where your account is registered. Any dispute between you and us in connection with your EZSY Account and/or this Agreement shall be brought in the courts of where your EZSY Account is registered.