These terms and conditions form the Agreement between us and shall be referred to as the “Agreement” or “Card Terms and Conditions”.
We reserve the right to amend this Agreement at any time, by adding, deleting, or changing provisions of this Agreement. All amendments will comply with the applicable notice requirements in the United Arab Emirates that are in effect at that time.
By requesting for issuance of and / or using the prepaid card (the “Card”) issued by us, You confirm and agree that you understand, accept and shall comply with these Terms and Conditions “Agreement”, and you understand and agree that the issuance of the Card to you is subject to your identity being successfully identified by us in accordance with the policy and procedures notified to you at the time of issuance of the Card. Your Card is non-transferable, and it may be cancelled, repossessed, or revoked at any time without prior notice subject to applicable law or non-compliance of the Card Terms and Conditions.
Definitions and Interpretation
In these Terms and Conditions, the following terms shall have the following meanings:
“Account” means the adult account maintained on the Verity App which is used to transfer money to supplementary accounts and cards connected to it.
“Additional Terms” means the specific terms and conditions which apply to prepaid
cards as described herein for such Card.
“ATM” means Automated Teller Machine.
“AED” means United Arab Emirates Dirhams, currency of United Arab Emirates.
“Available Funds” means the available balance in the Card and through the Verity
App that is available for utilization or withdrawal, as reduced by any transaction amounts which have been reserved, blocked, are pending or have otherwise not been processed or released.
“Base Currency” refers to the default currency” and any Transaction
performed by you in a currency not available on the Card will be converted into the Base Currency. The Base Currency for your Account and Cards is Emirati Dirhams (AED).
“Card” means each prepaid card issued by Verity to you or a supplementary card holder, whether with or without your name being printed or embossed on the physical Card and which may also be in the form of a virtual card. We may offer different types of prepaid Cards which may be subject to Additional Terms and Conditions. Any references to ‘Card’ also include any Replacement Card, and/or any Supplementary Technology deployed by us for use with your Card where appropriate.
“Card Number” means the unique sixteen-digit number printed or embossed on the face or reverse of the Card, or as displayed on the app.
“Card Fund” means the aggregate sum of all the funds loaded onto the Card and Verity App account in each Currency supported.
“Card Program Manager” Verity The App’s partner who services the prepaid cards we are issuing you and is responsible for any matters relating to it including delivery, fraud, activation, etc… is Nymcard Payments Ltd.
“Card Services” means any services provided by us, our third-party service providers, Issuing Bank, or the Program Manager, in connection with the Card, including call center services.
“Charges” means amounts (including any fees or charges) payable by you arising from usage of the Card under these Terms and Conditions.
“Currency” Currency means, anyone amount of Emirati Dirhams (AED), and any additional currency that we may make available in connection with the Card from time to time and includes, without limitation all transactions fees, service charges, additional expenses, damages, legal costs and disbursements.
“E-commerce website” means internet websites where merchant (Retailer) accepts the Card for purchase of goods and services.
“Identification Checks” means checks carried out in order to obtain, verify and record information that identifies each person who purchases or loads funds onto a Card. We may ask you for your name, address, date of birth and other information, directly or indirectly that will allow us to reasonably identify you. We will ask to see your ID, and/or other identifying documents where required.
“Issuer, Issuing Bank” means Mashreq Bank psc (“Bank and/or Mashreq”).
“Limit” means the limit set by us for usage on the Card for cash withdrawal or purchase of goods and services, subject to the Available Funds. We may change the set limit on the Card at any time at our sole discretion. Please refer to Annex 1 for further information.
“Load” “Loaded” “Loading” means to add money to the Card, and ‘Loaded’ and will be construed accordingly.
“Merchant” means any establishment, retailer, corporate entity, person or other virtual establishment, supplying goods and/or services, which accepts/honors the Card as a mode of payment.
“PIN” means a unique Personal Identification Number allocated to each Card.
“Primary Account or Card Holder” means the adult whose name is used to open a Verity App account and the person who issues supplementary cards to their children.
“POS Terminal” means Point of Service, or an electronic terminal available at Merchants whether local or international, capable of processing Transactions.
“Program Manager” NymCard Payments Ltd, the party appointed by us to provide Card Services, support and such other services as determined by us.
“Replacement Card” means a substitute Card which may be issued to you in the event of the loss or theft of your Card.
“Restricted Use’ means countries and regions in which the use of the card is currently prohibited. Countries and regions with restrictions include Iran, North Korea, Crimea, Sudan. Restricted use may also apply to certain Merchant Category Codes (MCCs). These restrictions may be amended.
“Shortfall” occurs in certain circumstances when the Available Funds and/or in the case of the Card a particular currency drops below zero (0).
“Supplementary Cardholder” means the child nominated by the “Primary Cardholder” to use the “Card” and in whose name we issued a Supplementary Card. The supplementary card is linked to the Primary Card Fund.
“Supplementary Technology” means any technologies or devices that we may introduce for use together with, or as a replacement for, your Card and which may include without limitation, wristbands and mobile wallets
“Transaction” means transactions made by using the Card, whether with or without use of the Card Number, PIN or signature, and regardless of whether any slip or other voucher was signed by you and includes any cash withdrawal made available by you or the amount charged (or otherwise debited to the Card) by us or a Merchant for any goods, service or benefit (whether or not such service was utilized by you) obtained by the use of the Card, the Card Number or the PIN or in any other manner, including mail, telephone, facsimile or internet orders
“Mobile Services” Mobile Services are optional mobile applets that may be available to download through your Registered Mobile Device. Mobile Services may enable you to use your Registered Mobile Device to perform transactions such as balance enquiries, view available funds and Customer Services communications.
“Supported Currency” means Local Currency of issued service, which in this case is United Arab Emirates Dirhams AED
“Unsupported Currency” means a currency other than a Supported Currency.
“Card User” means the person whose name is on the Card in reference, whether a supplementary or main card.
“We”, “Us”, “Our” Verity the App Ltd (provider of Verity App), a DIFC registered company; Program Manager (NymCard Payments Ltd); Issuing Bank (Mashreq Bank); and any other partner or third party we may work with in respect to the issuance, management, or distribution of Cards.
“Working Day” means any day of the week, excluding Fridays after 1pm, Saturdays, and Sundays and statutory holidays in the United Arab Emirates.
“You”, “your” means the owner of the Account and the person legally responsible for all Cards issued.
1. The Card
We may also ask for additional information to help us investigate. We will not refund any unauthorised transaction if we think that:
5.5 Merchant Disputes;
If you have a dispute concerning the quality of goods or services bought with the card, we won’t be able to refund you unless the Merchant (retailer) agrees to it. If you have agreed that a retailer can take payment from your card, we’ll only be able to initiate your claim if all the following conditions apply:
You must also give us any additional information that we ask for that is reasonable, for us to investigate whether you are entitled to a refund.
For instance, you withdraw cash from an ATM that dispenses a currency other than that of the country where the ATM is located, the merchant or ATM operator may convert the cash being withdrawn into the domestic (local) currency before converting it back to the cash being dispensed. It might occur even though the cash being dispended is the same as that of one of your available Currency Wallets. Thus, amount debited or reflecting in your account statement may be higher than the amount which is dispensed by the ATM. Not every ATM operator informs of the exact amount to be debited to your Account before you withdraw cash from their ATM.
6.6 Fees and limit schedule available in Annex 1.
6.7 The foreign currency equivalent for the above-listed amounts will be determined based on the Conversion Rate or the VISA Conversion Rate, as applicable.
6.8 For this section, a “day” is defined as a 24-hour period commencing at 12am (UAE Time).
Refer to fees and costs schedule in Annex 1.
10.1 To close your Account, you can do so through the Verity App.
10.2 At your option, you can spend your Available Balance by withdrawing funds at an ATM, spend the
funds by transacting at a merchant through one of your prepaid cards or, if applicable, you can request your Available Balance be returned via bank transfer, with any applicable fees charged by the bank, which will be deducted from the final amount. The transfer will be sent within 10 business days.
10.3 All returns may be net of fees as per Annex 1, and uncollected transactions.
10.4 We will pay you your Available Balance on the closing date. Upon closure of your Account, you may
be asked to destroy or return the Card to us. In any event, the Card linked to your Account will be automatically cancelled.
11.1. You may redeem the balance of any unspent funds into your Bank account. Payment will only be made to a UAE bank account in your name. Redeeming the balance of unspent funds will be in AED.
11.2 A cash out fee may be charged for redeeming unspent funds on the Card at the Purchase Location or through Card Services if: (i) you redeem unspent funds on the Card before the Termination Date; or (ii) you redeem unspent funds on the Card and end this Agreement or (iii) you redeem unspent funds on the Card after a period of twelve (12) months from the Termination Date.
If you have any queries regarding the Card, please refer to the Verity App, otherwise call +971 600505005
ANNEX 1: Fees and Limits
There are some limits placed on your card. Some operators or retailers may set their own limits, which may be less than the amounts below.