VaultsPay Terms & Conditions

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”).

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

These Terms & Conditions must be read together with the applicable Key Facts Statement (“KFS”), Privacy Policy, and any associated documents made available by VaultsPay.

By registering an account, downloading the Mobile App, using any of our Services, you confirm that you have read, understood, and unconditionally agree to be bound by these Terms in their entirety.

VaultsPay is licensed for Category II activities under the Retail Payment Services and Card Schemes Regulation under license number 08.01.03.006.2023.02 issued by the Central Bank of the UAE, and Principal Member of Card Schemes.

You can find more details on www.vaultspay.com

Key Fact Statement Disclosure

Before entering into this Agreement, we shall provide the Customer with a KFS summarizing the essential terms and conditions of the payment service. The KFS will include, but is not limited to:

• Fees and Charges: A clear breakdown of applicable fees, including issuance fees, transaction charges, foreign exchange markups, and any recurring costs.

• Usage Limits: Transaction limits, daily/monthly withdrawal caps, and spending restrictions.

• Customer Rights and Responsibilities: Including the right to dispute transactions, access data, and withdraw consent.

• Data Privacy & Protection: How Customer Data / Personal Data is collected, processed, and protected under applicable laws.

• Termination and Refund Policy: Conditions under which the account or service can be closed, and any applicable refund policies.

• Liability in Case of Fraud or Unauthorized Transactions: The extent of customer liability in case of loss, theft, or unauthorized use.

• Customer Support Information: How to contact Us for inquiries, complaints, or dispute resolution.

By proceeding with the issuance of a Card or Account, the Customer acknowledges receipt and understanding of the KFS.

2. Compliance with Terms & Conditions

Please read these Terms and Conditions carefully. By proceeding, you acknowledge and accept that:

• Failure to comply with these Terms and Conditions may result in suspension, restriction, or termination of your Card and Account.

• Funds may be frozen, forfeited, or withheld in cases of non-compliance or breach.

• Legal action may be taken where necessary, and relevant information may be reported to regulatory authorities and/or credit bureaus, which could affect your access to financial services in the future. If you do not agree with these Terms and Conditions, you should not proceed with using the services

3. Amendments to Terms

We reserve the right to amend, modify, or update these Terms by giving 60 days prior notice as per the CBUAE guidelines. The latest version of these Terms will always be available on our website and within the Mobile App.

4. Digital Acknowledgment (Customer Consent and Acceptance)

By registering for, activating, accessing, or using any VaultsPay Account, Wallet, Card, Mobile Application, or related Service, the Customer expressly confirms and consents that:

• They have read, understood, and agreed to these Terms and Conditions;

• They have received and reviewed the applicable Key Fact Statement and Schedule of Charges;

• They understand the applicable fees, charges, limits, risks, and warnings associated with the Services;

• They consent to receive communications, disclosures, notices, statements, and contractual documents electronically;

• They acknowledge and accept the applicable cooling-off provisions and exclusions;

• They authorize VaultsPay to process their personal data in accordance with applicable laws and VaultsPay policies; and

• They agree to be legally bound by these Terms and Conditions.

• They voluntarily waive any right you may have to receive a physical, paper copy of these Terms.

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” means 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” means 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” means 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” means the official VaultsPay website.

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

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.

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.

VaultsPay reserves the right to conduct sanctions screening, AML/CFT checks, fraud prevention reviews, and ongoing compliance monitoring at any time in accordance with applicable laws and regulatory requirements.

Services may be restricted, suspended, or terminated where required by law, regulatory obligations, or internal risk assessments.

Cooling-Off Period

Where applicable under UAE laws and CBUAE regulations, eligible Customers may benefit from a cooling-off period after onboarding or subscription to certain financial products or services.

During the applicable cooling-off period, eligible Customers may cancel the relevant product or service without penalty, provided that:

• The service has not been fully activated, utilized, consumed, or materially used;

• No transaction has been executed using the product or service; and

• No third-party processing or settlement obligation has already arisen.

The following may not be eligible for cooling-off rights:

• Cards that have already been issued or activated;

• Completed or processed payment transactions;

• Foreign exchange transactions;

• Wallet transfers already executed;

• Services that are immediately activated upon customer request.

Where no cooling-off period applies to a particular product, transaction, or service, the Customer expressly acknowledges and agrees that such product, transaction, or service shall become immediately binding and effective upon successful activation, issuance, onboarding, or processing.

3. Your Obligation for Accuracy

You represent and warrant that all information and documentation provided by you is truthful, accurate, complete, and up to date. You are responsible for promptly updating your personal and contact information, including your mobile number and email address, through the Mobile App or other approved channels. VaultsPay shall not be liable for any losses, delays, or failed communications arising from inaccurate, incomplete, or outdated customer information.

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.

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, temporarily freeze, and unfreeze in 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 and blocked the card.

4.5 Important Warnings and Risk Disclosures

Customers must carefully review and understand the following warnings before using VaultsPay Services.

• Funds held within the Wallet or prepaid products are electronic money and are not protected by any deposit insurance scheme.

• Certain transactions, once authorized and successfully processed, may not be cancelled, reversed, or recoverable.

• International transactions and foreign currency conversions may be subject to exchange rate fluctuations, conversion charges, correspondent banking fees, and additional third-party charges.

• Failure to safeguard passwords, OTPs, PINs, devices, or card details may result in unauthorized transactions and financial loss.

• Services may occasionally be affected by technical failures, maintenance activities, cyber incidents, telecommunications disruptions, regulatory actions, or third-party service interruptions.

• Failure to complete KYC, verification, AML/CFT, or compliance requirements may result in suspension, restriction, or termination of services.

• Transaction limits, loading limits, withdrawal limits, and usage restrictions may apply in accordance with regulatory requirements, internal controls, and customer verification status.

• Customers should regularly review account activity and immediately report any suspicious, unauthorized, or fraudulent activity to VaultsPay.

Failure to comply with these Terms and Conditions may result in adverse financial and legal consequences, including but not limited to additional fees, penalties, and the loss of access to financial services.

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.

6.1 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 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 for various purposes like Bill payments, Domestic Transfers, and Other Value-added Services offered by Valutspay. When you authorize a Transaction, you give an irrevocable instruction to debit your Account.

You may also use Card linked to your Account for Cash withdrawals and for payments at any Merchant Establishments (In Store or Online), both in UAE and overseas, subject to applicable limits and funds available in your account.

Once a transaction has been successfully processed, it may not be cancelled, reversed, or recovered except in accordance with applicable laws, card scheme rules, or VaultsPay policies.

This is to note that certain services and transactions may depend on third-party card schemes, payment processors, banking partners, telecommunications providers, or network operators, and may be subject to their availability, operating rules, restrictions, and service interruptions.

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.

6.5 Account Statement

The Customer may access and download the Account Statement through the VaultsPay Mobile Application or Website.

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 & 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.

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. The renewal of the card, if applicable, will be issued to you as per the instructions received during Issuance of the Card and charges if any, will be debited from the balance available in your account.

You undertake to destroy the Card securely upon expiry.

All fees and transaction limits applicable to your Account and Card are listed in the Key Fact Statement available on our website. Any change in the fees and limits would be done in accordance with VaultsPay internal policies and CBUAE guidelines.

VaultsPay shall provide Customers with at least sixty (60) calendar days’ prior notice before implementing any material changes to applicable fees, charges, transaction limits, or product terms, unless a shorter period is permitted or required under applicable laws or regulatory requirements.

9.1 Disputes with Merchants

We are not responsible for the quality, safety, or legality of goods or services purchased from Merchants. Any Dispute / Chargeback will be processed by VaultsPay in accordance with the Card Scheme Regulations.

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.

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.

11.1 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.

11.2 Privacy Policy

VaultsPay collects, processes, stores, uses, and shares Customer Personal Data in accordance with applicable laws, regulatory requirements, and internal policies for the purpose of providing services, conducting identity verification and compliance checks, processing transactions, preventing fraud, managing risks, improving customer experience, and fulfilling legal and regulatory obligations.

Customer Personal Data may include identity information, contact details, device information, transactional data, and other information required for onboarding and service delivery.

VaultsPay may share Customer Personal Data with regulatory authorities, banking partners, card schemes, payment processors, service providers, affiliates, delegates, and authorized third parties on a need-to-know basis and subject to appropriate confidentiality and security measures.

VaultsPay implements reasonable administrative, technical, and organizational safeguards to protect Customer Personal Data against unauthorized access, misuse, disclosure, alteration, or loss. Customers may request access to, correction of, or withdrawal of consent relating to their Personal Data, subject to applicable legal and regulatory obligations.

For detailed information on VaultsPays’ Privacy Policy, please visit https://www.vaultspay.com/legal/privacy-policy

11.3 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.

11.4 Customer Communication & Disclosures

We ensure that all communications, disclosures, and notifications are provided to you:

• Are clear, fair, and not misleading

• Are written in plain and understandable language

• Highlight key risks, obligations, and charges where applicable

• Important notices and warnings, where required, shall be prominently displayed.

• Through mobile applications, websites, email, SMS, customer support channels, and other approved communication methods.

• Key disclosures, notices, and customer communications shall be made available in English and Arabic and in accessible formats where required under applicable laws and regulatory standards.

• May provide customer awareness, fraud prevention guidance, educational materials, and security-related communications through its website, mobile application, and official communication channels.

We collect, store, use, share and otherwise process your personal data. To learn more about why and how we do this, please read our Privacy Policy. It will also provide useful information about the rights you may have in relation to your personal data and how you may be able to exercise such rights.

11.5 Customer Data Collection and Consent

By accepting these Terms, you acknowledge and consent that:

• Your personal data may be collected, processed, stored, and shared for the purpose of providing services, complying with legal obligations, and improving customer experience

• Such data may include identity information, contact details, transaction data, and device-related information

We shall obtain your explicit consent before:

• Collecting personal data

• Sharing data with third parties, except where required by law

Explicit Customer Consent

“By applying for or using VaultsPay services, the Customer expressly and voluntarily consents to the collection, processing, storage, use, and sharing of Customer Data / Personal Data in accordance with applicable laws, regulatory requirements, the Privacy Policy, and these Terms & Conditions. The Customer may refuse or withdraw consent; however, this may impact the availability of certain services or result in restriction or termination of the account.”

11.6 Purpose and Use of Personal Data

Your personal data shall be collected and processed only for:

• Provision and operation of services

• Compliance with regulatory and legal requirements

• Fraud prevention and risk management

• Customer support and dispute resolution

• We shall not process your data for purposes incompatible with the above without your consent.

11.7 Mandatory and Optional Data

Certain personal data is mandatory for onboarding and continued use of services. Failure to provide mandatory data may result in:

• Inability to open or maintain an Account

• Restrictions on services

• Account suspension or closure

• Optional data requested will be clearly identified.

11.8 Withdrawal of Consent

You may withdraw your consent for data processing at any time by contacting Customer Support. However:

• Withdrawal of consent may impact our ability to provide services

• We may continue to retain and process data where required by law or regulatory obligations

11.9 Data Sharing and Third Parties

We may share your personal data with:

• Regulatory authorities

• Financial institutions and payment networks

• Service providers and vendors

• Fraud prevention agencies

Such sharing shall be:

• Limited to necessary purposes

• Conducted in compliance with applicable laws

11.10 Source of Data

We may collect your data from:

• Information provided directly by you

• Transactions conducted using our services

• Third-party verification agencies (e.g., KYC providers, credit bureaus)

11.11 Customer Rights

You have the right to:

• Access your personal data

• Request correction of inaccurate or incomplete data

• Request restriction of processing, where applicable

• Raise concerns regarding misuse of data

• Requests may be submitted through our official communication channels.

11.12 Customer Complaints and Escalation

Customers may submit complaints, disputes, or service-related concerns through VaultsPay’s official customer support channels.

VaultsPay shall acknowledge and handle customer complaints in accordance with applicable CBUAE requirements and internal complaint-handling procedures.

Where a customer remains dissatisfied following completion of the internal complaint resolution process, the Customer may escalate the complaint through the applicable channels made available by the Central Bank of the UAE, subject to applicable laws and regulations.

11.13 Data Processing Limitations

We shall ensure that:

• Data processing is limited to what is necessary

• Data is not retained longer than required

• Appropriate security measures are implemented to protect your data

12.1 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.

12.2 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.

VaultsPay shall not be liable for any delay, interruption, or failure in performance caused by events beyond its reasonable control, including system failures, telecommunications outages, cyber incidents, governmental actions, or force majeure events.

12.3 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.

13.1 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.

13.2 Termination by You

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

13.3 Effect of Closure

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

13.4 Terms & Conditions of Account Closure

13.4.1 Customer Request for Account Closure

You may request closure of your Account at any time through the Application, website, or other approved communication channels.

Upon receipt of your request:

• Your Account shall be restricted from initiating new transactions.

• The closure process shall be initiated.

• A final account statement will be provided within seven (7) business days, subject to settlement of all pending transactions, reversals, and obligations.

We reserve the right to verify your identity before processing the closure request.

13.4.2 Closure Fee

A closure fee shall apply if the Account is closed within six (6) months from the date of activation.

No closure fee shall apply where:

• The Account has been active for more than six (6) months; or

• Closure is initiated by the Company.

Any applicable fees shall be deducted from the available Account balance prior to closure.

13.4.3 Closure Cancellation (Cooling-Off / Reversal of Request)

You may request cancellation of your account closure request within 72 hours provided:

• The closure process has not been completed; and

• No final settlement has been executed.

Once the account is fully closed, it cannot be reactivated, and a new account must be created.

13.4.4 Company’s Right to Close or Restrict Account

We may close, suspend, or restrict your Account at any time by providing prior notice, in accordance with applicable laws and regulatory requirements.

Notification may be provided through:

• In-app notifications

• Registered email or mobile number

• Any other approved communication channel

13.4.5 Immediate Closure Without Prior Notice

We may immediately restrict or close your Account without prior notice where:

• Fraudulent, suspicious, or unauthorized activity is detected

• Regulatory or legal obligations require immediate action

• KYC or identification requirements are not fulfilled

• You breach these Terms and Conditions

• Outstanding dues remain unpaid

• The Account is used for unlawful purposes

• Insolvency, bankruptcy, or death is reported

• There is suspected misuse of services

13.4.6 Conditions for Completion of Closure

Account closure shall only be completed once:

• All pending transactions are settled (including card transactions and authorizations)

• All outstanding balances, fees, and charges are cleared

• All disputes, refunds, or chargebacks are resolved

• All linked services, cards, and payment instruments are deactivated

We reserve the right to delay closure until all obligations are fully discharged.

13.4.7 Balance Handling Upon Closure

• Any positive balance in the Account must be withdrawn or transferred by you prior to closure.

• If funds remain, we may transfer the balance to your registered bank account or via an approved payout method.

In case of Small Balance-

Where the remaining balance is less than AED 1:

• We may notify you to withdraw the balance within a specified period; and

• If unclaimed, the amount may be transferred to a designated internal account (Unclaimed Funds Account) in accordance with applicable laws.

13.4.8 Account Balance Synchronization

The final settlement amount will be based on the system-recorded ledger balance, including:

• Pending authorizations

• Reversals

• Fees and charges

In case of discrepancies, the Company’s records shall prevail unless proven otherwise.

13.4.9 Customer Responsibilities

Before requesting closure, you must:

• Cancel all recurring payments, subscriptions, and standing instructions

• Settle all dues and obligations

• Remove stored payment credentials

• Destroy any issued cards or instruments

You remain liable for all transactions initiated prior to closure, even if processed after closure.

13.4.10 Dormant and Inactive Accounts

• Accounts shall be considered inactive if there is no activity for 6 months

• It shall be considered dormant after 24 months, or as per regulatory requirements

We may:

• Restrict account functionality

• Notify you prior to dormancy classification

• Handle balances in accordance with regulatory requirements

13.4.11 Post-Closure Obligations

Closure of your Account does not affect:

• Outstanding liabilities

• Chargebacks or reversals

• Ongoing investigations

• Legal or regulatory obligations

Certain provisions of these Terms shall survive account closure.

13.4.12 Data Retention

We shall retain your data and transaction records after closure in accordance with:

• Applicable laws

• Anti-money laundering (AML) regulations

• Regulatory requirements

13.4.13 Cooling-Off Period

There is no cooling-off or free cancellation period applicable to the Account once it has been successfully activated.

The Customer may request account closure at any time in accordance with the Account Closure process outlined in these Terms & Conditions. Any outstanding obligations, pending transactions, or applicable charges must be settled prior to closure.

14.1 Governing Law

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

14.2 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.

14.3 Prevailing Language

These Terms may be provided in both English and Arabic.

In the event of any inconsistency or discrepancy between the English version and the Arabic version of these Terms and Conditions, the Arabic version shall prevail to the extent required under applicable UAE laws and regulations.

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

VaultsPay reserves the right to amend these Terms & Conditions, fees, limits, product features, or services in accordance with applicable laws and CBUAE guidelines by providing Customers with a minimum notice period of sixty (60) calendar days prior to such changes becoming effective, unless otherwise permitted under applicable laws or regulatory requirements.

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

Customers may raise complaints, disputes, or service concerns through VaultsPay’s approved communication channel at support@vaultspay.ae

VaultsPay shall acknowledge and handle complaints in accordance with applicable regulatory timelines and internal complaint handling procedures.

If the Customer remains dissatisfied, the matter may be escalated in accordance with applicable UAE laws and regulatory procedures.