Koto Card Limited (trading as “The Credit Thing”) is a business registered in the United Kingdom with company number 11224081 and head office at Nightingale House, 46-48 East Street, Epsom, Surrey, KT171HQ. Your Account, Card and any e-money issued to you is issued by PrePay Technologies Ltd (“PPS”) pursuant to a license granted by Mastercard International. PPS is authorised by the FCA under the Electronic Money Regulations 2011 (FRN: 900010) for the issuing of electronic money and provision of payment services. Koto Card Limited has been appointed as an agent of PPS. This e-money Agreement is between us and you, the Account Holder. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Important information you need to know

Please read this e-money Agreement carefully before using your Account or activating the Card or using any of our services. This information forms the e-money Agreement for your Account including any associated Card and payment services that we may provide to you. By confirming that you accept the terms of this e-money Agreement, or by using your Account or activating your Card and/or using our services, you accept this e-money Agreement. If there is anything you do not understand, please don’t hesitate to contact Customer Services using the contact details in paragraph 21 of this e-money Agreement.

The Credit Thing also provides consumer Credit Facility products that may be entered into via a separate Credit Agreement. PPS is not responsible for any Credit Agreement entered into by you, this is strictly between you and The Credit Thing

Any Credit Facility provided to you by The Credit Thing will be added to your Account which will become e-money, and can be used in accordance with this e-money Agreement.

Subject to a Credit Agreement with The Credit Thing, should your Account go into a negative balance then The Credit Thing will fund your Account either up to the value of your Credit Agreement or with the equivalent amount to cover your negative balance. You will be liable to pay The Credit Thing any amount that they will fund under the Credit Agreement, plus any additional charges you may have agreed with The Credit Thing.

Defined Terms

A list of all defined terms used in this e-money Agreement can be found at paragraph 22 below.

1. ACCOUNT LIMITS

Account:

Subject to any further risk assessment requirements, on opening a new account, Account Limits are set out in the table below. Please note that it may be necessary for us to set lower Account Limits than those set out below. We can also change limits at our discretion at any time to comply with our regulatory obligations and to reduce the risk of financial crime. In the event that we lowerAccount Limits, if we are able to, we will notify you of the revised Account Limits applicable to your Account.

Any Credit Facility that you may have under a separate agreement with The Credit Thing may contribute to your Maximum Balance.

2. SCOPE OF THIS E-MONEY AGREEMENT

2.1 Your Account is an e-money account held in pounds sterling. If you qualify for an Account, you will be issued a virtual Card that is associated with your Account. Upon your request we will issue you a plastic/physical Card. Both virtual and physical Card will be Mastercard debit product, it is not a credit card or a charge card.

2.2 The Account is an electronic money product and the electronic money stored in the Account is issued by PPS, and distributed and administered by Koto Card Limited as agent for PPS.

2.3 All Cards are issued by us pursuant to our license from Mastercard. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Card remains PPS’ property.

2.4 Your rights and obligations relating to the use of your Account and Card are as set out in this e-money Agreement between you and us; you have no rights against Mastercard or its respective affiliates. If you experience any difficulties in using your Account and/or Card you should contact Customer Services.

2.5 This e-money Agreement is written and available in English only. All our communications with you relating to this e-money Agreement, the Account and any Card will be in English.

2.6 You acknowledge that we may communicate with you by e-mail and/or SMS and/or via the App or a messenger such as WhatsApp or iMessage, when we provide you with any service notifications or other information about your Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated via the App. You may download a copy of this e-money Agreement from our website (thecreditthing.com/legalinfo)

2.7 If you wish to make use of services provided by an Authorised Third Party Provider on your Account, you may do so provided that you have signed up to use the App and your Account is active. We advise that before using an Authorised Third Party Provider, you ensure that the Authorised Third Party Provider is authorised by a Regulator to provide their services. In the UK, the Financial Conduct Authority’s register (available at https://register.fca.org.uk/) and in other EEA countries respective registries maintained by national authorities will tell you whether a company is authorised. You must provide your explicit consent or share your App credentials with the Authorised Third Party Provider each time an access to your Account is required for them to provide you with their services. You should always consider the implications of sharing your App credentials and your personal information.

2.8 If an Authorised Third Party Provider requests access to your Account to provide you with their services using your App credentials, we will assume that you have given consent to do so. Please note, once you have so approved this request we are obliged to provide access to your Account if it is requested by an Authorised Third Party Provider and can only refuse access in certain circumstances.

2.9 If you do not wish to use services provided by an Authorised Third Party Provider on your Account, you simply refuse to provide your consent or refuse to share your App credentials with an Authorised Third Party Provider.

3. APPLYING FOR AND REGISTERING YOUR ACCOUNT

3.1 To apply for an Account, you must be at least 18 years old.

3.2 We will register your Account for you on the basis of the Information that you have provided to us. You must provide accurate information and tell us of any changes to your Information as soon as possible so that our records remain correct.

3.3 If we discover that the information we hold about you is incorrect, we may have to suspend or cancel your Account until we can establish the correct information, in order to protect us both.

3.4 To use the Account, you will need to download the App via your mobile phone.

3.5 You may be able to apply for a Credit Facility offered by The Credit Thing subject to a separate agreement with them.

3.6 An Account is for personal use only, not for business use. If you use your Account for business purposes we may close your Account immediately.

4. RECEIVING AND ACTIVATING A CARD

4.1 You will receive a virtual card immediately in the App once you have successfully been onboarded. You can request a physical card to be sent to you. This can be done through the App.

4.2 If you receive the Card, you must immediately sign it and activate the Card according to instructions you receive in the envelope in which the card is delivered. If the Card is intercepted before you receive it you will not be liable for any misuse.

4.3 Once the Card has been activated, the App will provide a PIN. You must never reveal your PIN to anybody and agree to keep your Card safe. We will not reveal the PIN to a third party.

4.4 You may change the PIN at most ATMs that have PIN change functionality. When selecting or changing the PIN, you must not select a PIN that may be easily guessed, such as a number that:

4.4.1 is associated with you, such as your telephone number or birth date; or

4.4.2 is part of data imprinted on your Card; or

4.4.3 consists of the same digits or a sequence of running digits; or

4.4.4 is identical to a previously selected PIN.

5. USING THE CARD

5.1 The Card can be used at any Merchant to make purchases in-store, via the internet or over the phone and can be used to obtain cash through ATMs within the UK, EEA and abroad (fees may apply, see paragraph 11).

Each transaction will need to be authorised by you at any Merchant by entering the PIN or other security code, if the Merchant does not accept chip and PIN authorisation, the Merchant may allow you to authorise the transaction by signature of the receipt. A transaction can also be authorised by tapping your Card or mobile device with The Credit Thing enabled Apple Pay or Google Pay against a Contactless enabled reader. From time to time the Contactless terminal may require you to enter your PIN for security reasons. We may refuse to execute a transaction if we believe the transaction is unlawful or fraudulent. We will treat the transactions as authorised by you if:

5.1.1 the Card PIN or other security code personal to you is used; or

5.1.2 the Card is used and you have authorised the transaction by signature of the receipt.

5.2 The Card is a debit card, which means that the Available Balance will be reduced by the full amount of each transaction you make, plus any applicable taxes and charges, including additional ATM charges if any.

5.3 You must not use your Card if the Full Deductible Amount exceeds the Available Balance, however subject to a Credit Facility you may have with The Credit Thing, you may be able to use your Card if the Full Deductible Amount exceeds the Available Balance.

5.4 Once you have authorised a particular transaction, you will not be able to withdraw your consent to that transaction.

5.5 Your Card can be used to make transactions in a currency other than pounds sterling (“foreign currency transaction”). The amount deducted from your Account will be converted to pounds sterling on the day of receipt of the transaction request. We will use a wholesale rate set by Mastercard that day and we will display the exchange rate in your App. Exchange rates can fluctuate and they may change during the day. You can find out the exchange rate applied to a transaction in your transaction history. When you use your Card to make a foreign currency transaction (transaction in currency other than the underlying currency of your Card).

5.6 Due to security safeguards, Merchants that accept your Card are required to seek authorisation from us for all of the transactions that are made by you. In some circumstances Merchants may require you to have an Available Balance greater than the value of the transaction they wish to make. You will only be charged for the actual and final value of the transaction they make. Merchants request this as they may need to access more funds than you initially planned to spend. This may be the case for:

5.6.1 hotels, rental cars, and

5.6.2 internet Merchants – certain internet Merchant sites will, on registration or at checkout stage, send a request for payment authorisation to verify if funds are available. This will temporarily impact the Available Balance.

Many merchants, particularly online merchants, will not deduct payment from your Card until goods are dispatched. You should be aware of any payments that will be deducted in this manner when you are making other purchases to ensure that your Available Balance is enough to cover all purchases. We will not block funds in instances of transactions of unknown amounts as suggested under 5.6.1 and 5.6.2 unless you authorise the exact amount of funds to be blocked. We will release any blocked funds without undue delay after becoming aware of the amount of the payment transaction, and in any event immediately after receipt of the payment order.

5.7 Where you have agreed that another person can take a payment made from your Account (e.g. if you have given your Card details to a retailer for the purpose of making a payment for renting a car or booking a hotel room), you can ask us to refund a payment if all the following conditions are satisfied:

5.7.1 the authorisation given did not specify the exact amount to be paid;

5.7.2 the amount that has been charged to your Account was more than you could reasonably have expected to pay, based on the circumstances, including previous spending patterns; and

5.7.3 you make the refund request within eight weeks of the date when the payment was taken from your Account.

5.8 We may ask you to provide information as is reasonably necessary to verify that conditions in 5.7.1 – 5.7.3 are satisfied.

5.9 If you ask us to make a refund under paragraph 5.7 then, within 10 Working Days of the date we receive your request (or if we ask for more information under paragraph 5.8, within 10 Working Days of the date we receive that information) we will either:

5.9.1 refund the payment in full; or

5.9.2 tell you the reasons why we do not agree to the refund.

5.10 You will not be entitled to a refund under paragraph 5.7 if:

5.10.1 you have given us your consent for the payment to be made; and

5.10.2 where applicable we (or the person or a Merchant you agreed to pay) have given you information on the payment in question at least four weeks before the due date of the payment; or

5.10.3 if the payment in question was higher than you reasonably expected to pay is due to a change in any currency exchange rate.

5.11 Paragraph 5.10 does not limit your rights under the Direct Debit Guarantee Scheme.

5.12 If a Merchant agrees to give you a refund for a purchase made using the Card, the funds will be added to the Available Balance of the Account when we receive the funds from the Merchant.

LIMITS ON THE USE OF THE CARD

5.13 Your Card cannot be used in all situations. Where it is not possible to obtain online authorisation that you have a sufficient Available Balance for the transaction, the Card cannot be used. This may be the case for transactions on trains, ships, and some inflight purchases. You will be responsible if an offline transaction does go through for whatever reason and you must repay us the amount that exceeds the Available Balance.

5.14 Your Card cannot be used to pay at the pump at self-service petrol pumps; however, you can use your Card to pay for the petrol by taking it to the cashier.

5.15 Your Card should not be used as a form of identification.

5.16 Your Card should not be used for any illegal purpose or in any manner prohibited by law.

5.17 Your Card should not be used for gambling, for any adult entertainment or for Quasi Cash transactions

5.18 We may ask you to surrender any Cards at any time for a valid reason in accordance with the provisions in paragraph 14 or 15 or 16 of this e-money Agreement.

EXPIRY DATE

5.19 The expiry date of your Card is printed on the back of your Card. You will not be able to use your Card once it expires. If you request a replacement Card, we may send you a replacement Card.

5.20 Any Available Balance remaining on the Account at Card expiry will remain yours for a period of six years from the expiry date. Within this period, you may at any time transfer any Available Balance on the Account to a UK bank account via Faster Payment in pounds sterling (subject to Account Limits). You will not have access to your Account and we will not return any funds remaining on the Account after six years from Card expiry and this e-money Agreement will terminate. We may charge you £5 redemption fee for this service.

5.21 You are responsible for the use of your Card issued to you under this e-money Agreement and any fees or charges that your Card may incur.

6. USING THE ACCOUNT

6.1 The Account can be used for setting up Direct Debit, for making and receiving Faster Payments and for receiving BACS Credits and CHAPS payments, each subject to Account Limits (see paragraph 1).

ADDING FUNDS TO THE ACCOUNT

6.2 Subject to the limits set out in paragraph 1, funds can be added to your Account through UK Faster Payments, UK BACS Credit and UK CHAPS payments, you will require your Account Details for adding funds via any one of these methods. Funds can also be added to the Account by depositing cash at a PayPoint.

Subject to being approved for a Credit Facility, funds can also be added to your Account by The Credit Thing with any amount that has been granted to you under a separate Credit Agreement with them. We reserve the right to permanently or temporarily restrict certain methods of adding funds to your Account in order to prevent financial crime and/or any use of Cards or Accounts which is not, in our reasonable opinion, consistent with acceptable and intended use of Cards and Accounts or which is outside of our risk appetite from time to time.

6.3 We may not credit your Account with a payment intended for your Account if:

6.3.1 the Account has reached the Account Maximum Balance or Account Limits;

6.3.2 the Account is inactive or blocked;

6.3.3 the sender has provided incorrect/invalid Account Details for your Account;

6.3.4 we suspect fraudulent activity on your Account; or

6.3.5 to do so is prohibited by any law.

6.4 The funds may be sent back to the sender without notifying you if paragraph 6.3 applies.

UK FASTER PAYMENTS OUT

6.5 To make a UK Faster Payment from your Account, you must first set up the recipient as a new payee. For setting up a new payee to make UK Faster Payments from your Account, you will need to provide name, account number and sort code of the person you wish to pay (these details are referred to as the “Unique Identifier”). You will then undergo some security authorisation steps on the App.

6.6 Once the security authorisation steps have been successfully completed, a payment to that authorised payee can be made via the App. Provided we process the payment transaction in accordance with the Unique Identifier provided by you, we will not be liable for any non-execution or defective execution if the Unique Identifier provided is incorrect.

6.7 It is your responsibility to check there is sufficient Available Balance before sending any payments out. If your Account does not have sufficient Available Balance or a valid Credit Facility to cover the payment, your payment will be rejected.

6.8 If you update your mobile number via the App or Customer Services, you are not able to set up a new payee for making payments for 24 hours.

6.9 If a payment is rejected by the recipient bank, a refund is automatically credited to your Account after we receive the funds from the recipient bank.

DIRECT DEBITS

6.10 The Credit Thing will allow you to setup Direct Debits outgoing from your Account.

6.11 To set up a Direct Debit from your Account, you must first authorise the organisation taking Direct Debit payments from the Account.

6.12 If a Direct Debit on the Account specifies that a payment is to take place on a specified day or on the last day of a certain period, then we will treat the Payment Instruction as being received on the day specified.

6.13 Any Direct Debit payment is usually taken from your Account at the beginning of the Working Day it is due.

6.14 It is your responsibility to check there is sufficient Available Balance before any payment is due. If your Account does not have sufficient Available Balance or a valid Credit Facility to cover the payment, any Direct Debit payment will be rejected.

6.15 In the case of a Direct Debit, you can revoke a payment order at any time up to the end of the working day preceding the day agreed for debiting the funds. The revocation will be effective for all future direct debits.

6.16 We will only allow a payment to be made if the payment is within your Account Limits and there is sufficient Available Balance and/or a valid Credit Facility to cover the payment.

6.17 The time of receipt of a transaction order is when we receive it. If receipt of the transaction is received out of Working Day, it is deemed to be received on the following Working Day. You cannot stop a transaction after it has been transmitted to us and you have given your consent, or when you have given your consent to a pre-authorised payment.

6.18 In relation to any payment order you give directly to us we will on request from you tell you the maximum execution time and the amount of any charges payable, including a breakdown if appropriate.

AUTHORISATION FOR PAYMENTS AND STOPPING PAYMENTS

6.19 It is your responsibility to ensure you provide correct recipient account details and payment amount when making any payment or setting up a payee. You are responsible if you give us incorrect instructions or mistakenly instruct us to make the same payment more than once, but we will try to help you get the money back. We may not always be able to do this, but we will do all we can. We may charge you a fee for tracing, recalling or cancelling a payment. If we cannot get the money back, you can request the relevant information we have about the transaction to help you reclaim the money. We will provide this information on receiving a written request from you, unless the law prevents us doing so.

6.20 You can authorise us to make a payment from your Account via the App by setting up electronic payments and giving us instructions via a third party, such as through a Direct Debit scheme or Payment Initiation Service Provider. We will treat a payment as authorised by you if:

6.20.1 the transaction was authorised from the App using the required app entry passcode or credentials and that the payee had been approved;

6.20.2 you have set up or agreed to any Direct Debit payments to be taken from your Account; or

6.20.3 a Payment Initiation Service Provider has made a payment from your Account.

6.21 We may refuse to execute or process a payment (without prior notice to you) if:

6.21.1 the Account does not have sufficient Available Balance to cover the payment; or

6.21.2 the Account is suspended or closed; or

6.21.3 the Account has reached its Account Limits; or

6.21.4 we need to do so to comply with the rules of the payment system; or

6.21.5 we suspect fraudulent activity on your Account or the payment is unlawful or fraudulent;

6.21.6 we are concerned about fraud or unauthorised access to your Account by a Payment Initiation Service Provider; or

6.21.7 required to comply with any law.

6.22 If we refuse to process a payment under 6.21:

6.22.1 we will notify you via email/SMS/in-app of the refusal and unless the law prevents us we will tell you the reasons, at the earliest opportunity and no later than the end of the next Working Day following receipt of the payment order

6.22.2 we will not be liable for any loss this may result in, nor will we be obliged to inform the intended recipient;

6.22.3 you can check your Account to ensure there was enough Available Balance and/or that correct recipient details were provided and if you contact Customer Services we will if possible tell you what you can do to correct any errors in the Payment Instruction;

6.22.4 due to concerns detailed in 6.21.6.

6.23 In the event of suspected or actual fraud or security threat to your Card or Account, we will use in-app messaging, SMS, telephone, post, email or another secure procedure to contact you. We may ask you to verify your identity for security purposes.

6.24 You will generally not be able to stop any payment once it has been authorised by you or Payment Initiation Service Provider. However you may be able to stop a Direct Debit payment provided that:

6.24.1 you cancel the Direct Debit before the end of the Working Day preceding the day your Account is due to be debited; and

6.24.2 the payment has not already been made.

6.25 If you stop or cancel a Direct Debit, you must tell the recipient to whom the Direct Debit is payable. We will not be responsible if you fail to inform them and the recipient will not have any claim against us.

6.26 If, for any reason, a payment is processed for an amount greater than the Available Balance on your Account, you must repay us the amount by which the Full Deductible Amount exceeds your Available Balance immediately after receiving an invoice from us. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action and/or closing the Account, to recover any monies outstanding. However, if you have a Credit Agreement with The Credit Thing, you will be liable to pay them.

6.27 The Available Balance on the Account will not earn any interest.

7. CHECKING YOUR ACCOUNT BALANCE

7.1 You can check the Available Balance and transaction history on the Account via the App.

7.2 Your monthly Account statements will be available in the App. You will be able to receive your monthly Account statements in a durable medium, such as email. We will send you a monthly notification to inform you that your Account statement has been produced.

8. CANCELLING, CLOSING YOUR ACCOUNT AND REDEEMING E-MONEY

8.1 You may close your Account and cancel any Card at any time by contacting Customer Services. Any Available Balance may be transferred to a UK bank account via UK Faster Payments in pounds sterling (subject to Account Limits) before cancelling the Account.

8.2 Subject to paragraph 8.5, once the Available Balance is redeemed and the Account is closed, your e-money Agreement will terminate. However, if paragraph 8.5 applies to your Account then your Account will remain active and your e-money Agreement will continue to apply to you until there is no money outstanding on your Account.

8.3 All Direct Debit transactions that were set up on the Account will be rejected once your Account is closed.

8.4 Any Credit Facility that you may have with The Credit Thing must have come to a conclusion and be fully paid before your Account is closed. You will not be able to use theAccount nor the Credit Facility after the Account is closed.

8.5 If we find any additional withdrawals, fees or charges have been incurred on your Account following the processing of the redemption request, we’ll send an itemised invoice to you and we will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

8.6 Even if you do not wish to close your Account and cancel your Card you can at any time redeem any part of monetary value by transfer to a UK bank account via UK Faster Payments in pounds sterling or by cash withdrawal at an ATM (subject to Account Limits).

9. YOUR LIABILITY AND AUTHORISATIONS

9.1 You are responsible for the use of your Account and any Cards issued for your Account.

9.2 You are responsible for keeping your Card, security information related to your Card and Account and App credentials safe.

9.3 You must not:

9.3.1 allow a third party other than an Authorised Third Party Provider to use your Account and App to provide you with their Services;

9.3.2 allow another person to use your Card or App;

9.3.3 write down your PIN or any security information in a way that enables a third party to make fraudulent use of your Account or App or Card;

9.3.4 disclose or make available your PIN or other security information related to your Card, App and Account to third parties;

9.3.5 disclose or make available your App credentials to a third party unless the third party is an Authorised Third Party Provider and you want to use services provided by them; or

9.3.6 enter the PIN in any ATM that does not look genuine, has been modified, has a suspicious device attached or is operating in a suspicious manner.

9.4 You will be responsible for all transactions which you and a Payment Initiation Service Provider authorise in accordance with the provisions of this e-money Agreement.

9.5 You will be liable for all transactions that take place as a result of your acting fraudulently or failing to comply with this e-money Agreement with intent or gross negligence.

9.6 You agree to indemnify and hold harmless, us and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this e-money Agreement and/or any breach of this e-money Agreement or fraudulent use of the Account, Card, App log-in details, or PIN by or authorised by either you.

9.7 The App is only supported on devices where the operating system has not been modified, or jailbroken, or configured to allow software installation from sources other than those approved by The Credit Thing (including but not limited to the Apple App Store and Google Play). Use of the App on such a device is at your risk and we cannot be held responsible for any financial loss or loss of data or Information.

9.8 All intellectual property rights contained therein, including but not limited to any content, are owned or licensed by Koto Card Limited. Nothing in this Agreement grants you any legal rights in the App or website of The Credit Thing, other than as necessary to enable you to access the App. You agree not to adjust or try to circumvent or delete any notices contained on the App and the particular in any digital rights or other security embedded or contained within the App.

10. LOST, STOLEN OR DAMAGED CARDS

10.1 In the event of loss, theft, fraud, or any other event that results in the risk of an unauthorised use of the Card or Account, or if the Card is damaged or malfunctions, you must ensure that the Card is blocked via the App immediately or contact Customer Services. Please refer to 19.2 for further information as to how you can contact Customer Services.

10.2 Provided that you have followed one of the steps in accordance with paragraph 10.1 and that paragraph 10.4 does not apply, then you will not be liable for losses that take place following the date on which you blocked your Card and/or Account or informed Customer Services. If there is an Available Balance remaining on your Account, you can request for a replacement Card for your Account via the App. If we replace the Card, the Card will be delivered to your home address (fees apply, see paragraph 11).

10.3 In the event that we have reason to believe that you have acted fraudulently or have acted with gross negligence or intentionally (i) in failing to notify us of the lost or stolen Card or Account security details or (ii) where you have failed to keep your Card or security information related to the Card or Account safe or (iii) where you have breached this e-money Agreement, then you shall be liable for all resulting losses.

10.4 Subject to 10.3, you may be liable up to a maximum of £35 for any losses you incur for unauthorised payment transactions using your Account or Card where the Account or Card security information has been lost or stolen, or where you have failed to keep such security information safe from misappropriation. This charge, however, will not apply if: it was not possible you to detect the loss, theft or misappropriation before the payment was made (unless you have acted fraudulently) or the loss was caused by an employee or agent of us or of anybody which carried out the activities on our behalf.

11. FEES

11.1 Your Account is subject to the following fees. The fees detailed below relate to the core bundle of services provided to you that are core services in relation to normal use of your Account. Our revenue is generated by the core fees that we charge to you. The other fees are charged to you on an ad hoc basis when certain services are used/required by you on your Account.

11.2 We will deduct any charges due from the Available Balance on your Account. If there is no Available Balance of funds, or taxes or charges exceed the balance of funds available on your Account we shall send an invoice to you and will require you to refund us immediately after receiving the invoice. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

11.3 We reserve the right to use the balance in your Account to make repayments towards any credit facility that you may have open with us. All top-ups and repayments for the credit facility will be collected from the Account.

12. UNAUTHORISED AND INCORRECT TRANSACTIONS

12.1 If you have a reason to believe that a transaction on your Account was not authorised by you or a Payment Initiation Service Provider, you must inform Customer Services immediately via telephone or in-app chat, but in any event within 13 months of the date of the relevant transaction.

12.2 If you inform us of an unauthorised executed transaction under paragraph 12.1:

12.2.1 the obligation lies with us to prove that the transaction was authenticated, accurately recorded, entered in our accounts and not affected by a technical breakdown or any other deficiency in our services;

12.2.2 we will by the end of the next Working Day following receipt of notification in accordance with 12.1 and subject to 12.2.1 refund the unauthorised amount including any fees to your Account to the position it would have been in if the unauthorised or improperly executed transaction had not taken place.

12.2.3 we are not obliged to refund the unauthorised sums to you if we or The Credit Thing have reason to believe that you have acted fraudulently and we may notify the police or any other authority permitted by law. If we don’t provide a refund by the end of the next Working Day but subsequently confirm that the transaction was unauthorised, we will refund the unauthorised sums to you straight away. These will be back valued to ensure you suffer no loss.

12.2.4 We will have no further liability to you once we have refunded the unauthorised sums to you. If we subsequently discover on investigation that you were not entitled to a refund, we shall treat the refund as a mistake and be entitled to reapply the transaction, including any fees, to your Account. We shall give you reasonable notice if any such reversal of a refund.

12.3 You will be liable for all unauthorised transactions made from your Account if you have deliberately or with gross negligence failed to keep your Account security details or Card or Card security information safe in accordance with the terms of this e-money Agreement, or where you have failed to notify us without undue delay on becoming aware that your Account security details or Card or Card security information has been lost, stolen or otherwise misappropriated.

12.4 Unless you have acted fraudulently you will not be liable for any losses in respect of unauthorised transactions from your Account after you have told us that your Card or Card security information or Account security details has been lost, stolen or compromised or where the Card has been used in connection with a distance contract.

12.5 We are responsible for making payments on your Account correctly. If you tell us that a payment has been made incorrectly, we will immediately refund your Account with the amount including fees of the incorrect payment transaction and, restore your Account to the state in which it would have been had the incorrect transaction not taken place. However, this will not apply if:

12.5.1. you fail to tell us of the incorrect payment without undue delay and in any case within 13 months of the date on which the transaction occurred;

12.5.2 any part of the Unique Identifier in the Payment Details you gave us was incorrect. If so, we will make reasonable efforts to recover your money if the payment has gone missing, but we may charge you a fee to cover our costs in doing so. We will tell you how much it is before we start recovery. If we are unable to recover the funds, you can request the relevant information we have regarding the transaction to help you reclaim payment amount. For legal reasons, we are obliged to provide this information on receipt of a written request, except where the law prevents us from doing so; or

12.5.3 we can show that the payment was actually received by the other bank (in which case they are liable).

12.5.4 if the failure giving rise to the incorrect payment was due to abnormal and unforeseeable circumstances beyond our control, the consequences of which would have been unavoidable despite all efforts to the contrary, or if it arose because of our having to comply with other EU or UK law.

12.6 If funds have been paid into your Account by mistake, we can take the funds back out of your Account and/or put a hold on the money so it cannot be spent.

12.6.1 We don’t have to tell you before we take the money back or put a hold on the money.

12.6.2 If funds go into your Account by mistake, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.

12.7 If an error is made in Direct Debit, you will be entitled to a refund from the payee or us under the Direct Debit Guarantee.

12.8 Regardless of liability, if you wish to make a request for information regarding the execution of a payment transaction, we will make immediate efforts to trace the transaction and notify you of the outcome, free of charge.

13. CHANGING THE E-MONEY AGREEMENT

13.1 We may change this e-money Agreement, including fees and limits by providing you with at least two months’ notice by e-mail (provided you have supplied us with an up-to-date e-mail address). In addition, the most recent version of this e-money Agreement will be available on the App.

13.2 If you do not agree with the changes to the e-money Agreement, you may at any time within the two months’ notice period terminate your e-money Agreement and close your Account at that time in accordance with paragraph 8.1 without a charge. However, in the event you do not cancel during this period then you will be deemed to have accepted them and the changes will apply to you.

13.3 If any part of this e-money Agreement is inconsistent with any regulatory requirements then we will not rely on that part but treat it as if it did actually reflect the relevant regulatory requirement.

13.4 There are some situations where we can make changes to this e-money Agreement and we do not have to tell you in advance. These are changes you probably expect because of the nature of the product or service, or that we deem to be an improvement to the service with no negative monetary impact to you. We do not have to tell you personally in advance when any of the following happen:

13.4.1 The change has no monetary detriment to you, better protects customer funds, provides a better service or if we introduce a new service or feature from which you can benefit.

13.4.2 Whilst we will always, where possible, give you at least 2 months’ notice of any changes required by UK or EU law or regulation, there may be exceptional instances where this may not be possible. In such circumstances we will give you as much notice as possible.

14. TERMINATION OF THIS E-MONEY AGREEMENT

14.1 This e-money Agreement will continue until terminated by you or us. You may terminate this e-money Agreement at any time by giving notice to The Credit Thing. If you terminate this e-money Agreement and you also have a Credit Facility from The Credit Thing, you must ensure that you do not have an outstanding amount payable under your Credit Agreement. Once you have settled any outstanding principal and fees owed under your Credit Agreement we can terminate all agreements together.

14.2 We can terminate this e-money Agreement at any time if we give you two months’ notice via email, in-app messaging or text and refund the Available Balance to you without charge. We can also terminate this e-money Agreement with immediate effect if you, in your capacity as either the Account Holder or the Cardholder, have breached any provision of this e-money Agreement, or if we have reason to believe that you have used, or intend to use the Account or Card in a grossly negligent manner or for fraudulent or other unlawful purposes, or your behavior towards our staff members is improper, insulting, violent or threatening or making it difficult for us to continue dealing with you or if we can no longer process your transactions due to the actions of third parties. If you also have a Credit Facility, we will terminate this at the same time. All monies owed by you to The Credit Thing will still be payable under the terms of a separate Credit Agreement with them.

14.3 In the event that any additional fees are found to have been incurred on your Account following termination by either you or us, then subject to this e-money Agreement, or Credit Facility agreement you shall refund to us any sum which relates to a withdrawal on the Account or fees and/or charges validly applied whether before or after termination. We will send an invoice to you and will require you to refund us immediately. Should you not repay this amount immediately after receiving an invoice from us we reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.

15. SUSPENSION OF THIS E-MONEY AGREEMENT

15.1 We can suspend or cancel your Account or Card at any time with immediate effect without any prior notice to you if:

15.1.1 we discover any of the Information that you provided to us when applied for your Account was incorrect; or

15.1.2 we suspect or to prevent suspected unauthorised or fraudulent use of the Account, Card or any security information related to your Card or Account;

15.1.3 you have reached your Account Limit;

15.1.4 you have breached this e-money Agreement;

15.1.5 we believe that this is necessary for security reasons;

15.1.6 any legal obligations require us to do so; or

15.1.7 we have reason to believe that you, in your capacity as the Account Holder have used, or intend to use the Account or Card in (i) a grossly negligent manner or (ii) for fraudulent or other unlawful purposes or (iii) if we cannot process any transactions due to the actions of third parties, or (iv) use of Cards or Accounts is not, in our reasonable opinion, consistent with acceptable and intended use of Cards and Accounts or is outside of our risk appetite from time to time.

15.2 In the event that we do suspend or terminate your Account or Card, we will, if able to do so, tell you prior to suspending or terminating them. In addition, we may advise anyone involved in the transaction if a suspension has taken place.

16. BLOCKING YOUR CARD

16.1 We may block or stop your Card if:

16.1.1 We believe this is necessary for security reasons,

16.1.2 We have reason to suspect unauthorised or fraudulent use of your Card, or

16.1.3 We are required to do so by UK or EU legal obligations

16.2 In the event that we do stop or block your Card, we will, if able to do so, tell you prior to stopping or blocking and provide you with the reasons for doing so. If we are in the circumstances unable to give you such prior notice we will inform you immediately we are able of the stoppage and the reasons. In addition, we may advise anyone involved in the transaction if a suspension has taken place.

16.3 If we do block or stop your Card we will unblock it as soon as practicable after the reasons for so blocking or stopping cease to exist.

17. OUR LIABILITY

17.1 Subject to paragraph 17.2, our liability in connection with this e-money Agreement (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:

17.1.1 we shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds and/or failure of network services at ATMs, maximum withdrawal limits set by ATM operators and failure of data processing systems;

17.1.2 we shall not be liable for any loss of profits, loss of business, (in each case whether direct or indirect) or for any indirect, consequential, special or punitive losses;

17.1.3 where the Card is faulty due to our default, our liability shall be limited to replacement of the Card, or at our choice, refund of the Available Balance;

17.1.4 where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount;

17.1.5 in the unlikely event that sums are deducted from your Available Balance but you did not authorise such deduction in accordance with this e-money Agreement, then our liability shall be as set out in paragraph 12; and

17.1.6 in all other circumstances of our default, our liability will be limited to refund of the Available Balance.

17.2 Nothing in this e-money Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud, or otherwise to the extent that such liability cannot be limited or excluded under applicable law or regulation.

17.3 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.

17.4 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates such as Mastercard, and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with this e-money Agreement.

18. YOUR INFORMATION

18.1 Some personal data will be necessary for us to provide you with the Account and services under this e-money Agreement. Both Koto Card Limited and PPS are the Data Controllers in respect to our responsibilities in providing you with the services subject to this e-money Agreement and will use your personal data for this purpose. Should you apply to have a credit facility with The Credit Thing your personal information will be used during the onboarding and collections process. Please see the Privacy Policy published at https://thecreditthing.com/legal-info#privacy-notice for full details on the personal data that PPS and The Credit Thing hold, how we will use it and how we will keep it safe.

18.2 To make a payment we may transfer your Information/data to any payment service provider used to complete your Payment Instruction. By making a Payment Instruction you acknowledge this transfer of your Information. We will contact you if any additional information is required from you in relation to such payment. If you require any information about payment service providers used in relation to payments, you can contact Customer Services. We may also transfer your Information outside of the European Union and the EEA to enable the Cardholder to use their Card while they are travelling or as permitted by law.

18.3 If you allow or give consent to an Authorised Third Party Provider to access your Account to provide their services to you, you should know that we have no control over how an Authorised Third Party Provider will use your information nor will we be liable for any loss of information after an Authorised Third Party Provider has access to your information.

19. COMPLAINTS PROCEDURE

19.1 Complaints regarding any element of the service provided by us can be sent to us via in-app messaging center. Once a complaint has been raised it will be dealt with through email or in-app messaging.

19.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, we will confirm the procedure when we send you receipt sent to you by email or via in-app messaging.

19.3

Where possible The Credit Thing will endeavour to provide you with a final response within 3 working days of receiving your complaint. If we are unable to and your complaint relates to an issue with a payment or transaction then we aim to issue a final response within 15 days, but where this maybe out of our control no more than 35 business days. If your complaint relates to any other matter, we will respond to your complaint within no more than 8 weeks.

19.3 If we fail to resolve your complaint to your satisfaction you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, phone 0800 023 4567 when calling from UK and +44 20 7964 0500 when calling from abroad). Details of the service offered by the Financial Ombudsman Service are available at www.financial-ombudsman.org.uk.

19.4 There are also other options available, for example, you could submit a complaint to the FCA, our regulator, or try to invoke an alternative dispute resolution procedure by visiting the ODR Platform at http://ec.europa.eu/odr.

20. GENERAL

20.1 Any delay or failure to exercise any right or remedy under this e-money Agreement by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.

20.2 If any provision of this e-money Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

20.3 You may not assign or transfer any of your rights and/or benefits under this e-money Agreement and you shall be the sole party to the contract between us. You will remain liable until all Accounts and/or Cards registered in your name are terminated and all sums due under this e-money Agreement have been paid by you in full. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under this e-money Agreement to the extent permitted by applicable law and regulation.

20.4 No third party who is not a party to this e-money Agreement has a right to enforce any of the provisions in this e-money Agreement, save that Mastercard and their respective affiliates may enforce any provision of this e-money Agreement which confers a benefit or a right upon them and a person specified in paragraph 17.4 may enforce paragraph 17.

20.5 This e-money Agreement contains the information set out in Schedule 4 of the Payment Service Regulations 2017 and you can obtain a copy of this e-money Agreement at any time by visiting the App or the Website.

20.6 This e-money Agreement is governed by English law. By entering into this e-money Agreement, you agree to the exclusive jurisdiction of the courts of England and Wales.

20.7 The Financial Services Compensation Scheme is not applicable for this Account. No other compensation schemes exist to cover losses claimed in connection with your Account. In the event that we become insolvent, your funds are safeguarded under the EU Electronic Money Directive 2009/110/EC and UK Electronic Money Regulations 2011 which are designed to ensure the safety of funds held in electronic money accounts like your Account.

21. CONTACTING CUSTOMER SERVICES

21.1 If you have a query regarding your Account, you can contact us via in-app messager.

21.2 Lost, damaged or stolen cards can be blocked immediately via the Koto App or can be reported via in-app customer service.

22. DEFINITIONS

Account - The e-money account in pounds sterling which may have a Card linked to it.

Account Details – Any details related to an Account, including but not limited to, Sort Code and Account Number.

Account Holder – you, the individual entering into this e-money Agreement with us.

Account Information Services – An online service which provides consolidated information on accounts held by you with one or more payment service providers such as banks.

Account Information Services Provider – A third party payment service provider which is authorised by its Regulator to provide Account Information Services to you with your explicit consent and under a separate e-money Agreement which you have signed with them.

Account Limits – Maximum limits in relation to the Account, such as Account - Maximum Balance, and topping up limits as shown in paragraph 1.

Account Maximum Balance – The maximum balance you can have on your Account as referred to in paragraph 1.

App – A smartphone App that allows you to have access to your Account which is provided to you by Koto Card Limited.

ATM - Automated Teller Machine, otherwise known as a cash machine.

Authorised Third Party Provider – Includes Account Information Service Provider and/or Payment Initiation Service Provider.

Available Balance - The value of funds available on your Account to use.

BACS Credit – Means UK BACS Direct Credit, a payment service applicable to your Account that enables a payment to be made into an account which normally takes 3 Working Days for the funds to be cleared.

Card – A virtual card and a physical card (if you opt to have one). Prepaid Mastercard Card associated with your Account, including any additional cards.

Card Number - The 16-digit number on the front of your Card.

CHAPS - Clearing House Automated Payments System, bank-to-bank technology which enables same-business day payments to be made within the UK, provided the payment instruction is received by the sending bank or organisation before a certain time.

Contactless - A payment feature that enables Cardholders to pay by tapping the Card on a point-of-sale terminal reader for transactions of up to the contactless limit..

Credit Agreement – A separate agreement with The Credit Thing which gives you permission to spend an amount greater than the Available Balance on your Account.

Credit Facility – A credit facility provided to you by The Credit Thing in accordance with a separate agreement which you have entered into with The Credit Thing.

Customer Services - The team responsible for supporting queries relating to your Account. Contact details for Customer Services can be found in paragraph 21.

Direct Debit – A service allowing a third party to collect pre-authorised funds from your Account electronically on agreed dates, for example to pay bills.

EEA - The European Economic Area, which currently includes all countries in the European Union together with Iceland, Norway and Liechtenstein.

e-money - The electronic money associated with your Account.

e-money Agreement - This e-money Agreement with PPS regarding the services provided by PPS only and as varied from time to time. This e-money Agreement does not include any separate arrangements you may have with The Credit Thing such as for Credit Facility.

Faster Payment – A service allowing you to make and receive electronic payments in the UK using your Account which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of the UK Faster Payments Scheme.

Full Deductible Amount - The full transaction amount, including the transaction itself along with any associated fees, charges and taxes.

Information – Means any personal information related to you.

Mastercard Acceptance Mark - The Mastercard International Incorporated Brand Mark, indicating acceptance of the Card.

Mastercard - Mastercard International Incorporated whose head office is at 2000 Purchase Street, Purchase, New York, 10577-2509, USA.

Merchant - A retailer, or any other person, firm or corporation that accepts cards which display the Mastercard Acceptance Mark.

Payment Details – The details you provide to enable funds to be received into your Account or the details that you provide in order to send funds from your Account.

Payment Initiation Services – An online service which accesses your Account to initiate the transfer of funds on your behalf.

Payment Initiation Service Provider – An third party payment service provider which is authorised by its Regulator to provide Payment Initiation Services to you with your explicit consent and under a separate e-money Agreement which you have signed with them.

Payment Instruction – An instruction from you to make a payment from your Account.

PIN - Your four digit personal identification number for use with the Card.

PPS - PrePay Technologies Ltd, a company registered in England and Wales with number 04008083, with its head office at 6th floor, 3 Sheldon Square, London W26HY, which can be contacted at PO BOX 3883 Swindon SN3 9EA.

Quasi Cash – Means transactions that includes, but not limited to, purchasing travelers cheque, lottery tickets, casino gaming chips, money orders, deposits and wire transfer money orders.

Regulator – Means Financial Conduct Authority in the UK or another European financial services regulator.

The Credit Thing – The trading name of Koto Card Limited, a company registered in England and Wales with number 11224081 who can be contacted at Nightingale House, 46-48 East Street, Epsom, Surrey, England.

Unique Identifier - For UK Faster Payments the name, account number and sort code of the person you wish to pay.

we, us or our - means PPS or Koto Card Limited acting on its behalf.

Website – thecreditthing.com

Working Day – Monday to Friday but does not include bank or public holidays in England.

you, your - The Account Holder.

Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.