P A Y F R E Q U E N T

Welcome to PayFrequent! Please read these Terms of Use and our Privacy Policy (collectively the “Terms”) carefully, as you agree that you consent to these Terms by your use of this website and PayFrequent services, as described further below.

Acceptance of the Terms of Use

These terms of use are entered into by and between you and PayFrequent Limited (“Company,” “PayFrequent,” “we,” “our,” or “us”), and they govern your access to and use of PayFrequent website (www.payfrequent.com) and our online wallet (the “Wallet”), including any content, functionality, and services offered on or through the Wallet, whether as a guest or a registered user.   

Please read the Terms carefully before you use the Wallet. By using the Wallet, or by clicking to accept or agree to the Terms of Use when this option is made available to you, you accept and agree to be bound and abide by these Terms of Use and our Privacy Policy, incorporated herein by reference. If you do not agree to these Terms of Use or the Privacy Policy, do not access or use the Wallet or any PayFrequent services.

Eligibility

The Wallet is only intended for adults eighteen (18) years of age and older. You are not allowed to use the Wallet or provide information on it if you are under eighteen (18) years of age. The Wallet is limited to users who meet the Anti-Money Laundering and Counter-Terrorism Financing customer due diligence requirements outlined below.

Changes to the Terms of Use and Wallet

We will likely change and update these Terms from time to time, and these changes are effective as soon as we post them on the Wallet. If you continue to use the Wallet following the posting of any revised Terms, you are accepting and agreeing to the changes. 

We may also update the content on the Wallet as we see fit, but do not guarantee that any content is necessarily complete or up-to-date.

PayFrequent Services

The Wallet is an online environment to purchase PUSD, PEUR, and other stable cryptocurrency tokens (each a “PayFrequent Coin” and collectively “PayFrequent-coin”) for US Dollars, British Pounds Sterling, and other fiat currencies, respectively. You may also redeem PayFrequent tokens for the respective fiat currency on the Wallet. PayFrequent-coin is not money, legal tender, and are not monetary instruments. They are also not stored value or currency. Once you have PayFrequent tokens, you can trade them, keep them, or use them to pay persons that will accept your PayFrequent tokens, or redeem them for the respective fiat currency backing the tokens on the Wallet. 

PayFrequent tokens are fully backed by the currency used to purchase them at issuance, cash equivalents, short-term government securities, or liquid investments denominated in the same underlying currency. PayFrequent holders can purchase or redeem tokens for their respective fiat currencies held in escrow accounts managed by our independent fiduciary network through the Wallet. The Wallet is only intended to facilitate such purchases and redemptions. The Company escrow accounts managed by banks, depository institutions, or Group companies (each a “Banking Partner” and together with our “Banking Partners”) to maintain 1 to 1 parity between PayFrequent tokens and the fiat currencies, cash equivalents, or short-term government securities, or liquid investments held in escrow accounts for the benefit of our users. The Company itself does not guarantee any right of redemption or exchange of PayFrequent tokens for fiat currency. 

The Company reserves the right to refuse to issue or redeem PayFrequent tokens, without limiting the generality of the foregoing, if any act, conduct, transaction, omission, or misrepresentation, or the party requesting the issuance or redemption, violates, attempts to violate, causes, aids, or abets the violation of any applicable laws, statutes, ordinances, or regulations; is suspected or believed to be blocked property, frozen assets, or economic resources, or the proceeds of any crime, terrorist financing, or corruption related to any person or government official under any applicable laws; or exposes the Company to sanctions, restrictions, or penalties.

No Class Proceedings

You and we agree that any party hereto may bring claims against the other on an individual basis only and not as a plaintiff or class member in any purported class or representative action or proceeding. Unless the parties agree otherwise, any adjudicator of any claim—whether judicial or otherwise—may not consolidate or join more than one party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any adjudicator of any claim may award relief, including monetary, injunctive, and declaratory relief, only in favor of the party seeking relief, and only to the extent necessary to provide relief necessitated by that party’s claim(s). Any relief awarded cannot affect other users of the Wallet or of any Services.

Anti-Money Laundering and Counter-Terrorist Financing

We are committed to providing you with safe, compliant, and reputable services through the Wallet. Accordingly, we insist on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators.

We reserve the right to refuse registration to, or to bar transactions from or to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the FATF; to anyone that is a Politically Exposed Person within the meaning of the FATF’s 40 Recommendations; or, that fails to meet any of our customer due diligence standards, requests, or requirements. In lieu of refusing registration, we may perform enhanced customer due diligence procedures. At all times, you may be subject to an enhanced customer due diligence procedures in your use of the Wallet and any related service. The Company will validate and verify your identity based on the information provided. As part of our Know Your Customer (KYC) policy and ongoing monitoring of account activity, we may request additional information and documentation from you in the future. If we are unable to contact you and verify your identity in the future, we may need to close your account.

The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are reasonable grounds to believe that a PayFrequent is being used for illegal purposes.

We reserve the right to prohibit specific cryptocurrency exchanges from accessing the Wallet, receiving PayFrequent tokens, or transferring PayFrequent tokens if the exchange has not been preapproved by the Company or the Company is properly directed to do so by law enforcement or a court of competent jurisdiction. We reserve the right to restrict or prohibit the listing or trading of a PayFrequent on any exchange in our sole and absolute discretion. Any exchange that lists a PayFrequent token represents and warrants to the Company that by doing so it is duly organized, registered, licensed, and shall comply with all applicable laws and rules in every jurisdiction in which it operates. Furthermore, any exchange listing a PayFrequent token represents and warrants to the Company that by doing so it has Anti-Money Laundering (“AML”) and Counter-Terrorist Financing controls meeting the requirements in every jurisdiction in which it operates. The Company will make reasonable efforts to notify and inform exchanges in advance of any such restriction or prohibition unless the Company is prohibited from doing so by law enforcement or under an order from a court of competent jurisdiction.

Accessing the Wallet

We reserve the right to amend the Wallet, and any service or material we provide on the Wallet, in our sole discretion without notice. This includes, but is not limited to, replacing the existing PayFrequent smart contracts with new smart contracts or moving any PayFrequent token to a new blockchain. In the event that a PayFrequent smart contract is replaced or moved to a new blockchain, balances will be transferred and the old PayFrequent tokens will not be valid for any purpose and shall be frozen. 

Should a blockchain on which a PayFrequent token is on forks, we reserve the right to select the new fork based on factors that include, but are not limited to, community adoption and long-term viability. In the event of a fork, all PayFrequent tokens on the non-chosen fork will not be valid for any purpose and shall be frozen. The Company defines a blockchain fork as a protocol upgrade that breaks backward compatibility. The Company shall have sole and absolute discretion in defining a blockchain fork. 

In order to cause PayFrequent tokens to be issued or redeemed by the Company, you must be a verified customer of the Company. You must create an account on the Wallet and pass any bank verifications and KYC/AML validation requirements that we or our independent fiduciary partners require. It is a condition of your use of the Wallet that information you enter into the Wallet your account is correct, current, and complete. All information you enter into the Wallet is governed by our Privacy Policy. 

We reserve the right to deny access to the Wallet to anyone or cancel an account for any or no reason, including but not limited to violations of these Terms, applicable laws and regulations, or engaging in any Prohibited Uses as outlined below, and at any time, at our sole discretion. If we terminate your account for any reason, we’ll provide you with notice of our actions and make any unrestricted PayFrequent tokens available for redemption.

We reserve the right to prohibit wire submissions of fiat currency or redemption requests of PayFrequent-coin if the total amount submitted or requested is less than $1,000 USD, £1,000 GBP, or the equivalent amount of the respective fiat currency used to purchase a PayFrequent.

Account Security

You are solely responsible for maintaining the confidentiality of your account information, as well as any activities that occur under your account. You must immediately notify us of any unauthorized use of your account and any other such security breach. We will not be liable for any loss that may occur as a result of someone else using your account or password, with or without your knowledge. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.

We have the right to disable any account at any time in our sole discretion if, in our opinion, you have violated any provision of these Terms of Use.

Fees

The Company does not take any responsibility for any bank transfer, wire, or any other fees or costs (“Fees”) associated with the purchase or redemption of any PayFrequent product. Any fees incurred by you during the purchase or redemption of a PayFrequent product shall be deducted from the amount being purchased or redeemed before the balance is transferred to you. For example, if you wire $10,000 to purchase PUSD and there is a wire fee of $25.00, you will then receive $9,975.00 PUSD in your Tomochain wallet.

You are responsible for all on-chain transaction costs associated with on-chain transfers of any PayFrequent product. The Company does not charge any fees for purchasing or redeeming any PayFrequent and does not charge any on-chain transaction fees in addition to the blockchain-specific transaction fees associated with such transfers.

Taxes

You are solely liable for all the taxes, fees, and commissions resulting from the use of the Wallet. These Terms of Use alone do not create a joint venture, partnership, or principal-agent relationship between you and the Company, or any other users, and nothing in these Terms of Use may be used to imply such a relationship. You agree to indemnify the Company from any liability for, or assessment of, any claims or penalties with respect to such taxes, labor, or employment requirements, including any liability for, or assessment of taxes imposed on the Company by the relevant taxing authorities with respect to any fees paid to you as the result of using the Wallet.

Assumption of Risk; No Advice

Cryptocurrency markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable for your account on the Wallet and knowing the true status of your PayFrequent tokens even if the information on the Wallet is displayed incorrectly. 

The Company does not provide investment advice. The information contained within the Wallet is for informational purposes only, and the Company is not soliciting any action based upon such materials. The material is not to be construed as investment advice. We do not provide any consultation on the advisability of purchasing any PayFrequent, the timing of a purchase or redemption, or any other matters regarding the purchase or redemption of any PayFrequent, such as trading techniques, models, algorithms, or any other schemes. Additionally, the material accessible through the Wallet does not constitute a representation that the purchase of any PayFrequent tokens are suitable or appropriate for you.

Risks

Please note the following risks in purchasing and using PayFrequent:

Not a Bank Account

Your account with us (and any available assets held in such an account) is not a bank account or a deposit account. PayFrequent tokens are not financial instruments and the Company may not be regulated as a financial institution in your jurisdiction. No interest will be paid on any funds or other assets held in your account and all assets directly held by the Company are not insured by the Company or, except as set forth below, any third party or any government agency. The Company may collect interest on the fiat deposits held in the PayFrequent escrow accounts. 

Theft and Loss

Any depository account maintained by an independent third-party financial institution for the benefit of PayFrequent token holders may not be sufficient to cover all losses due to theft or fraud incurred by our PayFrequent holders. Transactions in PayFrequent-coin may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. 

Market Value

The market value of PayFrequent tokens may be derived from the continued willingness of market participants to exchange fiat currency or digital assets for PayFrequent tokens, which may result in the potential for a permanent and total loss of value of PayFrequent-coin in the market. 

Redemption of PayFrequent-coin

All PayFrequent tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying representative fiat currency (e.g., US cent or Britsh pence) respectively, upon redemption.

Feedback

In the event that you provide us any ideas, thoughts, criticisms, suggested improvements, or other feedback related to Wallet (collectively “Feedback”), you agree that we may use the Feedback in any way we deem appropriate to (a) improve our Wallet and (b) promote the Wallet and that you will not be due any compensation for your Feedback that is used in these ways.

Intellectual Property Rights

The Wallet and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video and audio, and the design, selection, and arrangement thereof), are owned by the Company, its licensors, or other providers of such material and are protected by Seychelles and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.

These Terms of Use permit you to use the Wallet for your use only, subject to the following restrictions: 

  • You must not reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download, store or transmit any of the material on the Wallet, except as it is created and owned by you. 
  • You must not delete or alter any copyright, trademark, or other proprietary rights notices from copies of materials from this site.
  • No right, title, or interest in or to the Wallet or any content on the Wallet is transferred to you, and all rights not expressly granted are reserved by the Company.

Prohibited Uses

You may use the Wallet only for lawful purposes and under these Terms of Use. You agree not to use the Wallet:

  • In any way that violates any applicable federal, state, local, or international law or regulation (including, without limitation, any laws regarding the export of data or software to and from Seychelles or other countries).
  • To exploit, harm, or attempting to exploit or harm minors in any way by exposing them to inappropriate content, asking for personally identifiable information, or otherwise.
  • To transmit, or procure the sending of, any advertising or promotional material, including any “junk mail”, “chain letter,” “spam,” or any other similar solicitation.
  • To impersonate or attempt to impersonate the Company, a Company employee, another user, or any other person or entity. 
  • In any way that infringes upon the rights of others, or in any way is illegal, threatening, fraudulent, or harmful, or in connection with any unlawful, illegal, fraudulent, or harmful purpose or activity.
  • To engage in any other conduct that restricts or inhibits anyone’s use or enjoyment of the Wallet, or which, as determined by us, may harm or offend the Company or users of the Wallet or expose them to liability.
  • By means of any robot, bot spider, or other automatic device or process, or by any manual process, intended to monitor or copy any of material on the Website or for any other unauthorized purpose.
  • In order to disguise the proceeds of, or to further, any breach of applicable laws or regulations, or to deal in any contraband PUSDs, other digital tokens, funds, or proceeds.
  • To use any funds or other value on the Wallet, or use any Services, with anything other than funds, keys, PayFrequent-coins, or other digital tokens that have been legally obtained by you and that belong to you.
  • To interfere with or subvert our rights or obligations or the rights or obligations of any other Wallet customer or any other third party;
  • To engage in conduct that is detrimental to us or any other Wallet customer or any other third party;
  • To falsify any account registration details provided to us;
  • To falsify or materially omit any information or provide misleading information requested by us in the course of, directly or indirectly relating to, or arising from your activities on the Wallet or the use of any Services, including at registration;
  • To reverse-engineer, decompile, or disassemble any software running on the Wallet; or, attempt to harm us through your access to the Wallet or any Services, except that nothing in this subparagraph shall be construed as limiting your free speech rights under applicable law.

Reliance on Information Posted

We do not warrant the accuracy, completeness, or usefulness of any information on the Wallet. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Wallet, or by anyone who may be informed of any of its contents.

The Wallet includes content provided by third parties, including materials provided by other users, attorneys, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.

Links from the Wallet

Links to any third-party websites on the Wallet are provided for your convenience only. We have no control over the contents of those sites or resources. If you decide to access any of the third-party websites linked to the Wallet, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.

Users Outside Seychelles.

The Wallet is controlled and operated from Seychelles and is subject to its laws. If you choose to access the Wallet outside of Seychelles, you do so at your own risk and are responsible for complying with all applicable laws, rules, and regulations.

Disclaimer of Warranties

YOUR USE OF THE WALLET, ITS CONTENT, PAYFREQUENT TOKENS, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET IS AT YOUR OWN RISK. THE WALLET, ITS CONTENT, PAYFREQUENT TOKENS, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. 

NEITHER THE COMPANY NOR ANY PERSON ASSOCIATED WITH THE COMPANY MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE WALLET OR PAYFREQUENT TOKENS. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ANYONE ASSOCIATED WITH THE COMPANY REPRESENTS OR WARRANTS THAT THE WALLET, ITS CONTENT, PAYFREQUENT TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE WALLET OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE WALLET, PAYFREQUENT TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS.

THE COMPANY HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR PARTICULAR PURPOSE.

THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Limitation on Liability

IN NO EVENT WILL THE COMPANY, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE WALLET, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE WALLET, PAYFREQUENT TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE WALLET, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS, OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE.

IN NO EVENT WILL THE COLLECTIVE LIABILITY OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES, AND THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS, TO ANY PARTY (REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE) EXCEED THE AMOUNT YOU HAVE PAID TO THE COMPANY FOR THE APPLICABLE SERVICES IN THE LAST 12 MONTHS OUT OF WHICH LIABILITY AROSE.

THE FOREGOING DOES NOT AFFECT ANY LIABILITY WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.

Indemnification

You agree to defend, indemnify, and hold harmless the Company, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) (collectively “Claims”) arising out of or relating to (i) your violation of these Terms of Use; or (ii) your use of the Wallet, or (iii) your purchase or redemption of any PayFrequent.

Governing Law

All matters relating to the Wallet and these Terms and any dispute or claim arising therefrom or related thereto shall be governed by the internal laws of Seychelles without giving effect to any choice or conflict of law provisions or rules.

Arbitration

At the Company’s sole discretion, it may require you to submit any disputes arising from the use of these Terms of Use or the Wallet, including disputes arising from or concerning their interpretation, violation, invalidity, non-performance, or termination, to final and binding arbitration under the Rules of Arbitration of the American Arbitration Association applying California law.

Waiver and Severability

No waiver by the Company of any term or condition outlined in these Terms shall be deemed a further or continuing waiver of such term or condition, and any failure of the Company to assert a right or provision under these Terms shall not constitute a waiver of such right or provision.

If any provision of these Terms is held by a court or other tribunal of competent jurisdiction to be invalid, illegal or unenforceable for any reason, such provision shall be eliminated or limited to the minimum extent such that the remaining provisions of the Terms will continue in full force and effect.

Entire Agreement

The Terms of Use and our Privacy Policy constitute the sole and entire agreement between you and the Company. concerning the Wallet and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, concerning the Wallet.

Your Comments and Concerns

All feedback, comments, requests for technical support and other communications relating to the Wallet should be directed to [email protected].

PayFri 1 e1582901740229

PayFrequent Limited incorporated in republic of seychelles under the International Business Companies Act 2016, having registered office at Global Gateway 8, Rue de la Perle, Providence, Mahe, Seychelles.

All trademarks and copyrights referred to are the property of their respective owners. Use of them does not imply ether affiliation with or endorsement by them.

Copyright © 2020 PAYFREQUENT LIMITED. All rights reserved.

MADE WITH ❤️ IN INDIA