Terms & Conditons

Ribbon Account Terms & Conditions

These Terms & Conditions apply to your Ribbon account. Please read them carefully. You can download a copy of these Terms & Conditions at any time on our website https://www.ribbonglobal.gi/ or via the Ribbon app by logging in and tapping on the profile icon.

Your Ribbon account is issued by Ribbon PLC, 2 Irish Town, Gibraltar GX11 1AA. Ribbon is authorised by the Gibraltar Financial Services Commission under the Electronic Money Institution permission under Part 7 of the Financial Services Act 2019 (‘FSA 2019’) (registered number 119662) as an e-money issuer

Ribbon cards are issued by Transact Payments Limited pursuant to its license from Visa Europe Limited. The terms and conditions governing your Visa Consumer Debit Card (Card) issued by Transact Payments Limited (company number 108217) (TPL) are provided as Annexure A.

Ribbon Account Agreement and Ribbon Visa Debit Card Agreement issued by TPL form the contractual framework between you and Ribbon.

In these Terms & Conditions:

“You” means the named account holder being the authorised user of the Ribbon account.

“We”, “us” or “our” means Ribbon PLC.

If you have any questions, you can contact Customer Services by:

Email: customerservices@ribbonglobal.com; or

Mobile App: click on Contact Us in your Ribbon app and send us a message.

1. What is a Ribbon account and card?

A Ribbon Account is an electronic money account from which you can make and receive payments. You can use your account to make transfers to other accounts or set up standing orders.

A Ribbon card is a Visa debit card which can be used online, in shops, over the phone or to withdraw cash from an ATM.

You can only spend money that you have paid into your account, so before making transfers or using your Ribbon account you need to make sure there are enough funds in your Ribbon account. Funds in the Ribbon account is not bank deposits and do not earn interest.

2. Who can apply for a Ribbon account?

You must be at least 18 years old to open a Standard, Premium, Student, Maritime or a Business account with Ribbon. You must provide an email address and mobile phone number to open an account so that we can communicate with you.

3. How to apply for the Ribbon account?

You can apply by downloading Ribbon app from the Apple Appstore or Google Playstore.

Before we can open an account for you, we will require evidence of your identity and in some cases, we may require evidence of your residential address too. You may need to provide us with documents such as passport, driving licence, national identity documents to confirm your identity. We will also need to carry out checks on you electronically.

4. What is the difference between Ribbon Standard, Premium, Student, Maritime and Business accounts?

Ribbon offers five types of accounts: Standard, Student, Maritime, Premium and Business. Standard, Student and Maritime accounts are free accounts for individuals.

A Standard account can be opened by anyone, while Student and Maritime accounts are specifically designed to cater to students and seafarers, respectively. Premium account is a paid account for individuals, and Business account is for business entities such as sole proprietors and freelancers.

While these accounts are similar in terms of core services like multi-currency accounts, debit cards, money transfers, and other features, we have differentiated them based on the personalised services offered to each category. The fees applied may also differ based on the account type.

5. What is the ‘Account before you fly’ account offering?

Ribbon allows students or working professionals / employees of corporate to open an account while they are still in India, before they go overseas. For this purpose, we will ask you to upload evidence of your ID and perform digital verification of your Aadhar credentials.

Further, where India address or phone number have been provided to us while opening of the account, we will require you to mandatorily replace this information with UK address and UK phone number as soon as you have it available with you.

6. How to get started?

After successfully onboarding on the Ribbon app, your account number and sort code will be immediately available to you. From this point onwards you can start using your Ribbon account. It will be followed by you receiving your Ribbon card. Refer the Ribbon Visa Debit Card Terms & Conditions for more details on card activation process.

7. Is your money in Ribbon protected?

The money in your account is held at a safeguarding account with ClearBank in the UK. The money in your Ribbon account is not covered under a deposit guarantee scheme or Financial Services Compensation Scheme, however it is safeguarded instead. Safeguarding helps protect you if we were to become insolvent. Should it happen, Ribbon customers would be paid out their e-money balances from our safeguarding bank account held at ClearBank. This process would be handled by an insolvency practitioner, not by us. However, safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else.

8. How will Ribbon communicate with you?

We will usually communicate with you through the Ribbon app. We may also communicate with you by text message or email, so you should regularly check your text messages and email account.

9. How do you add funds to the Ribbon account?

You may pay into your Ribbon account by transferring funds from a bank account or any other method notified to you from time to time. The time taken to credit funds to your account will depend on the method of deposit used. You cannot pay into your account by a balance transfer from a credit card.

As soon as we receive the funds that you have paid in, they will be on your account and ready to use. There may be occasions when we delay the funds reaching your account for up to three working days, this may happen when we need to confirm the transaction with the sending bank.

Where an overpayment has been made to your account in error, we reserve the right to debit the account with the excess amount to correct the payment transaction.

10. What transactions can you make?

You can make the following transactions from your Ribbon account:

• Faster Payment to a UK bank account you can send a faster payment to another person or business using their sort code and account number, you can check if a sort code accepts faster payments at http://www.fasterpayments.org.uk/consumers/sort-code-checker. You should make sure that the sort code and account number are correct before you submit the transaction. Faster payments can be sent on the day you authorise the transaction, for a date in the future that you specify or as a regular payment at the dates and frequency you choose. Same day faster payments will ordinarily be available at the receiving account within two hours of being submitted, however in some cases it can take upto 24 hours (or more for reasons which may include the payment being subject to additional security checks).  
• International money transfers you can send an international payment to another person or business within an accepted country. We require full details of the payee account and beneficiary bank. As the time cut-off for international remittances differ from country to country therefore we recommend to refer to the individual currency cut-off timings displayed on our website. Your payment instruction will be acted on the earliest possible payment date unless you have requested a specific future date.
• Transfer to another Ribbon account holder you may search for an account holder using their mobile phone number, provided you have saved their details in your contacts and then specify the amount of the transfer.
• E-wallet payments by adding your card to the Google Pay or Apple Pay (when available) wallets in your mobile phone and waving your mobile phone over the contactless card reader or checking the e-wallet option online. You authorise the e-wallet transaction using your mobile phone security protocol which may include biometric information such as fingerprint or face ID on your mobile phone.

• • Please Note:
    • A transaction is authorised by you when you access your Ribbon account using your personal security details and submit a faster payment or transfer request. You must ensure that you input the correct bank account details for any payment you request from your account.
    • You may, in addition, be required to enter a one-time passcode or other security information including biometric information, if available and you opt for this type of identification, to authorise a transaction or make account amendments. One-time passcodes will be sent to the mobile phone number registered to your account.
    • As soon as a transaction is authorised we will deduct the value of your transaction from the available balance on your a Fees may be deducted at the time of authorisation or when the transaction has been confirmed through the Visa system. A full breakdown of each transaction, including charges, will be available to view on your Ribbon account.
    • You may also be charged a foreign exchange Fee as set out in the Ribbon Card Fees Schedule.
    • Prior to initiating a remittance transaction, you will need to register the beneficiary in the Ribbon app. Upon successful registration of the recipient, you will be allowed to send an outward remittance.
    • You may initiate a transfer at any time through Ribbon app, however transfers will only be processed on a business day. Transactions received over a weekend or on bank holidays will be processed on the next business day.

11. Can you cancel a transaction?

Generally, authorisation for a transaction may not be withdrawn by you. However, you may be able to withdraw your authorisation where you have authorised a transaction which will take place on a future date. However, where a specific date is agreed, you may not revoke a payment order after the end of the business day preceding the agreed date.

You can cancel a standing order mandate at any time by contacting us and you can manage cancellations on the mobile app.

We may charge you an Administration Fee if a transaction is revoked by you under this paragraph.

12. How will the multi-currency account work?

The base currency of your account is GBP, however your Ribbon account allows you to hold funds in several foreign currency wallets.

You can add money in your multi-currency wallets by either funding in the base currency and then transferring it into other currency. Or you can fund your GBP, EUR, USD and CAD wallets directly by using the respective IBAN details for each wallet.

If you make a transaction in a foreign currency (non-GBP) then the corresponding currency wallet will be debited, subject to sufficient funds being available to cover the full transaction amount. If insufficient funds, then we will debit your base currency account after converting the total sum into GBP using the exchange rate set by Visa on the day they process the transaction, this may differ from the actual date of the transaction.

13. Under which circumstances will Ribbon not be liable for FX loss incurred by you?

• Any decision to make a transaction is your decision and we will not be liable for any loss or opportunity loss if exchange rates move before or after you transact
• We will have no liability for any losses that may be sustained by you as a result of a cancelled, refunded or unexecuted transaction.
• It is your responsibility to ensure that accurate, complete and correct payment instructions for the beneficiary of a payment (including payments to yourself) are provided to us through Ribbon app. If you provide incorrect beneficiary details and a FX transaction fails, we will not be liable for any currency conversion loss you incur. We reserve the right to charge you a fee for our efforts to help recover those funds
• Ribbon will only be responsible towards you for any loss incurred by you on account of our negligence, wilful default, fraud or breach of this agreement. However, in no circumstances will we be liable for any indirect, unforeseeable, or incidental losses incurred by you

14. Things you can’t buy with your Ribbon account?

You must not use your Ribbon account for illegal purposes. Please note that this list is subject to change from time to time. Additionally refer to the non-permitted industries list provided in Annexure C.

15. What information is accessible on your Ribbon account?

You can check your account by accessing it securely through our mobile app. Your statement will show:

• the amount of the transaction shown in the currency in which the transaction was paid or debited to the account
• the exchange rate used in the payment transaction (where applicable); and
• the date the transaction is authorised or posted on to the account.

This information is accessible at all times in your Ribbon account, is available free of charge, and can be stored and reproduced as necessary.

16. What are the widgets showing up in the Ribbon account?

Widgets are your favourite icons and you can easily access them on your Home screen. In addition to your regular financial needs, they help you save or set a financial target. We offer a wide variety of widgets such as Goals, Piggy Bank, Budget, Statement, Cards and Ribbon Coins to choose from.

17. What is Ribbon piggy bank?

Piggy Bank is a tool that helps you save money by collecting spare change on each transaction you make using your card. For example, when you spend £1.55, we will round up to the next 50p and therefore the spare change of 45p will automatically be moved to your Piggy bank. The Piggy Bank balance can be moved to the wallet at any time. You can choose to move the Piggy Bank balance to your Ribbon account at any time. The Piggy Bank feature is enabled by default; however, you may disable it should you choose to not round up.

18. What are Ribbon coins?

Ribbon Coins (RC) is the name of our loyalty program. The value of a RC is 1p, i.e. you can earn 1 RC for every pound you spend on your Ribbon card. Once you have a minimum of 5,000 RC, you can redeem them against a cash amount which will be added to your Wallet (5000 RC= GBP 50).

19. Does the Ribbon account offer overdraft?

No, you can only spend the money that is paid into your account.

If, for any reason, any transaction is completed when there are insufficient funds in your account then you will have to reimburse the shortfall to us, unless it is due to an error by the retailer with whom you made the transaction.

We may collect this shortfall from the funds you may hold with us in other currency wallets or which you subsequently pay into your account.

20. What if you have been overcharged or charged for transactions you didn’t make?

If you dispute a transaction that has been processed from your Ribbon account, you should contact the merchant first as this may lead to the quickest resolution. If the dispute cannot be resolved with the merchant or you dispute any other account transaction you should contact us without undue delay and in any event within 13 months on becoming aware of any unauthorised or incorrectly executed payment transaction.

Where you have informed us that an executed payment was not authorised by you in accordance with these Terms and Conditions , and you have taken all reasonable steps to keep safe personalised security information, not disclosed your security information to anyone else and not acted fraudulently, we will:

• refund the amount of the unauthorised payment to you; and
• restore the debited payment account to the state it would have been in had the unauthorised payment not taken place.

Beyond this, we will have no further liability to you. Where payee details provided by you are incorrect, we are not liable for non-execution or defective execution of the payment transaction, but we will make reasonable efforts to recover the funds involved in the payment transaction and notify you of the outcome.

You may be entitled to claim a refund in relation to transactions where:

• the transaction was not authorised under these Terms and Conditions;
• we are responsible for a transaction which we fail to execute or incorrectly execute. In these circumstances, we will refund to you the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. We will also refund to you: (a) any direct charges for which you are responsible; and (b) any interest which you must pay, as a consequence of the non-execution or defective execution of the payment transaction; or
• a pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged is more than could reasonably be expected, taking into account previous spending patterns on the card and the circumstances of the transaction. We will either refund the full amount of the payment transaction; or provide justification for refusing to refund the payment transaction.

21. What about security?

You must keep your Ribbon app security credentials safe and not let anyone else know or use them. All activities under a Ribbon account shall be deemed as activities carried out by the registered user. You are solely responsible for maintaining the confidentiality of your account passcode, and you accept responsibility for all activity that occurs under your Ribbon Account. You must keep your security information secret at all times; never disclose your PIN or security information to anyone. Security information includes your login and password details used to access your account or any other website where your account details are stored. We also recommend that you check the balance on your account regularly on the mobile app.

22. What if your Ribbon account details are compromised?

If you suspect that someone else has found out your PIN or security information or accessed your account without your permission, you must tell us without undue delay by contacting us or logging onto your account through the mobile app and notifying us.

23. Will Ribbon ever block a transaction without asking you?

We may refuse to pay a transaction, honour a Standing Order:

• if we are concerned about security of your account or we suspect your account is being used in an unauthorised or fraudulent manner;
• if sufficient funds are not paid into your account at the time of a transaction to cover the amount of the transaction and any applicable fees;
• if there is negative balance on your account;
• if we have reasonable grounds to believe that you are not using the account in accordance with these Terms & Conditions;
• if we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently); or
• because of errors, failures (whether mechanical or otherwise) or refusal to process a transaction by merchants, payment processors or payment schemes such as Faster Payments or CHAPS.

If we refuse a transaction, we will tell you why immediately, if we can, unless it would be unlawful for us to do so. You may correct any information we hold which may have caused us to refuse a transaction by contacting Customer Services.

24. Can you cancel your Ribbon account?

You have a legal right to cancel your account up to 14 days from the date your account is opened without incurring any penalty.

You can also close or cancel your account any time after the 14 day period subject to a Redemption Fee (Annexure B) through Ribbon app or by contacting Customer Services. Before you do so, you must bring your account to zero balance and ensure your piggy back and Ribbon coins are also emptied. You should also cut your cancelled card in half through the magnetic strip and chip

All fees and charges will be apportioned up until the time of the termination of the contract, and any fees and charges paid in advance will be reimbursed proportionally. You will not be entitled to a refund of money you have already spent on transactions authorised, or pending or any fees for use of the account before the account is cancelled, if applicable.

25. Can Ribbon cancel your account?

We may cancel your Ribbon account and this agreement by giving you at least two months’ notice. Reasons for cancellation may include:

• if this agreement expires;
• if you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
• if you act in a manner that is threatening or abusive to our staff, or any of our representatives; or
• if you fail to pay fees or charges that you have incurred or fail to pay back any negative balance on your account.

We may also cancel or put a freeze on your account immediately if we:

• suspect unauthorised or fraudulent use of your account;
• have any other security concerns;
• find you to be non-cooperative in providing the additional information/documents raised by Ribbon;
• have a reason to believe that you continuing to use Ribbon Account could damage our reputation or goodwill;
• find your account profile or usage to not fit into Ribbon’s risk appetite;
• have a reason to believe that the information you have provided to us at the time of account opening or subsequently is incorrect, incomplete or not true; or
• need to do so to comply with the law, regulation, court order or ombudsman order.

We may also deny access to your account where we consider it to be at risk of money laundering or terrorism financing, fraud or other criminal activity. Should we need to take these steps, we may not be able to share the exact reasons for closing your account, as it may be restricted by law.

In these circumstances, you must tell us in which other account of yours can we return any unused funds. You must do this within 3 months of the date we tell you that your account is cancelled.

26. How to clear the balance in Ribbon account?

You can clear the balance on your Ribbon account through spending, ATM withdrawals, or transfers to other bank accounts in British Pounds Sterling. See Annexure B for Fees table for the fees that may apply.

27. How to raise a complaint?

If you are unhappy in any way with your Ribbon account or the way it is managed, you can contact us at complaints@ribbonglobal.com so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly.

We will make every possible effort to address all points of complaint by email. We will respond within 15 business days upon receiving the complaint. If a full response cannot be provided within these timeframes, we will send a holding reply with a full response to follow within 35 business days.

If we are unable to resolve your complaint to your satisfaction you may have the right to refer your compliant to the Financial Services Commission at: Payment Services Team, Financial Services Commission, PO Box 940, Suite 3 Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar or email psdcomplaints@fsc.gi. Further, the complainants can also refer their complaint to the Arbiter for Financial Services (OAFS). Complaints to the Arbiter for Financial Services could be submitted through www.financialarbiter.org.mt

28. What is your responsibility if any of your account related personal details change?

You must update your details on the Ribbon mobile app as soon as possible, if you change residential address, mobile number or e-mail address. If we contact you in relation to your account we will use the most recent contact details you have provided to us. Any email or text message sent to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

29. How do we manage your personal information?

We are the controller of your personal data which we will use in order to open, administer and run your account and provide payment services to you. You hereby consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing payment services to you or otherwise to fulfil this agreement. We may transfer your personal data, including details of your transactions to our partners or service providers to process, monitor, and analyze our relevant business. If we transfer your information to third parties outside of the UK or Gibraltar, we will take steps to ensure that the third party agrees to apply the same levels of protection that apply in the UK. For further information about how we will process your personal data, please view our Privacy Policy

30. Will these Terms & Conditions ever change?

We may change these Terms & Conditions at any time. In case of a material change which may have an adverse effect on your account, we will notify you by e-mail or other agreed means at least two months before the change is due to happen. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If you cancel your account in this way then we will return any balance on the account to you and you will not be charged a Redemption Fee.

An up-to-date version of the account Terms & Conditions, as well as any notices of future changes will always be available via our website, http://www.ribbonglobal.gi You should check your mobile app or our website regularly for such notices and changes.

31. When may use of the Ribbon account be interrupted?

From time to time, your ability to use your Ribbon account may be interrupted. If this happens, you may be unable (a) to use your account to make a transaction and/or (b) to obtain information about the funds available in your account and/or about your recent transactions. However, when our services will be interrupted due to scheduled systems maintenance, we will endeavour to inform you well in advance.

32. What is our responsibility?

If we incorrectly deduct funds from your account, we will refund them. If we subsequently establish that the refunded amount had in fact been correctly deducted, we may deduct it from your available balance and may charge you a fee. If you do not have sufficient available balance, you must repay us the amount immediately on demand.

For the SMS services we offer, we are not responsible for lost, late or undelivered text messages, notifications or communications. We accept no responsibility for any technical, computer, online, telephone, cable, electronic, software, hardware, transmission, connection, internet, website or other access issue which may hinder your ability to access the SMS services.

33. What is our Liability?

If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer. However, we are not responsible for any loss or damage that is not foreseeable.

Further, if it is identified that you as a customer whilst seeking reimbursement have acted fraudulently or with gross negligence and deemed as having not met PSR ‘The Consumer Standard of Caution’, unless you are classified by Ribbon as a vulnerable customer, you would not come within the scope of APP Authorised Push Payment Reimbursement requirements. The Standard of Caution is prescribed by PSR as follows:

• The requirement to have regard to interventions: Consumers should have regard to specific, directed interventions made either by their sending PSP, or by a competent national authority of the probability that an intended payment is an APP scam payment.
• The prompt reporting requirement: Consumers should, upon learning or suspecting that they have fallen victim to an APP scam, report the matter promptly to their PSP and, in any event, not more than 13 months after the last relevant payment was authorised.
• The information sharing requirement: Consumers should respond to any reasonable and proportionate requests for information made by their PSP to help them assess a reimbursement claim. This includes requests under our ‘stop the clock’ rules.
• The police reporting requirement: Consumers should, after making a reimbursement claim, and upon request by their PSP, consent to the PSP reporting to the police on the consumer’s behalf or request the consumer to report directly the details of an APP scam to a competent national authority.

Additionally, as for APP fraud reimbursements, a payment must be executed in the UK and received in a relevant account in the UK. Gibraltar has been classified as out of jurisdictional scope by PSR, therefore if a Ribbon consumer sends funds using Faster Payments or CHAPS to an account held in Gibraltar or UK, or received funds from a Gibraltar account into his Ribbon account, then Ribbon will treat any claim received from such consumers to be not in scope of APP reimbursement policy.

Lastly, we will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programs, data or other proprietary material related to your use of Ribbon account and services.

Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

34. What about Ribbon’s intellectual property?

We own all the intellectual property in our products (for example, the content in our app and on our website, our logo and card designs). You must not use our intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).

35. In which other scenarios can your Ribbon account be charged?

We may charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities if you:

• • use your account fraudulently;
  • do not use your account in accordance with these Terms & Conditions; or
  • have been grossly negligent, for example by failing to keep your Ribbon account secure or used by someone else or where your account has been compromised.

In these circumstances we will not refund transactions and we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities.

We may also charge you an Administration Fee if we have to manually intervene to complete a payment or rectify an error on the account caused by an error or omission on your part.

36. Can you allow access of your Ribbon account to third party providers?

You may allow regulated Third Party Providers (“TPPs”) (including Account Information Service Providers (“AISPs”) and Payment Initiation Service Providers (“PISPs”)) access to your Ribbon account; either to make payments, obtain account balances or obtain information on previous transactions.

Before giving consent to a TPP, you should:

1. ensure that the TPP is authorised and holds the correct regulatory permissions;
2. check what level of access you are consenting to, how your account will be used and the extent to which your data will be shared with third parties; and
3. familiarise yourself with your obligations and rights under the TPP agreement, in particular your right to withdraw consent to access your account.

We may refuse to allow a TPP access to your account where we are concerned about fraudulent or unauthorised access.

We are not party to, or responsible for, any agreements between you and a TPP. Subject to any rights to refund you may have under these Terms and Conditions, we shall have no liability for:

1. any loss whatsoever, as a result of using a TPP and entering into a TPP agreement; and
2. any actions that the TPP takes in relation to suspending or terminating your use of their service or for any resulting losses.

37. Can the rights or obligations be transferred under these Terms and Conditions?

You may not transfer or assign any rights or obligations you may have under these Terms & Conditions to any other person without our prior written consent. We may assign the benefit and burden of these Terms & Conditions to any other person at any time on giving you two months prior notice of this. If we do this, your rights will not be affected.

38. Governing law

This agreement is governed by any applicable law (including but not limited to, any local law of the jurisdictions into which the Ribbon account and Card is provided and the Program is operated), statute, statutory instrument, act, regulation, rule, order, supervisory guidance, policy, instruction or requirement stipulated by an applicable Regulatory Authority, or interpretation promulgated or published by any Regulatory Authority, any order issued by a court having jurisdiction over a party, or such other rule as deemed valid by Ribbon PLC from time to time.

39. What are the fees?

To know more about how you will be charged whilst using your Ribbon account and card see Annexure B.

ANNEXURES

Annexure A – Ribbon Visa Consumer Debit Card Terms & Conditions

Annexure B – Ribbon Account and Card Fees & Limits

Annexure C – Prohibited industries/ services

Annexure A- Ribbon Visa Consumer Debit Card Terms and Conditions

This document forms the Visa Consumer Debit Card Cardholder Terms (Terms) and the provisions of the Fee & Limits Schedule, (collectively the Cardholder Agreement) constitutes a binding agreement between you and Transact Payments Limited.

1. Definitions & Interpretation:

2. Your Cardholder Agreement and Ribbon Card

2.1. Your Card is issued by us pursuant to a licence from the Scheme and your rights and obligations relating to the use of the Card are subject to this Cardholder Agreement.

2.2. You are not permitted to resell the Card.

3. Obtaining and activating your Ribbon Card

3.1. To apply for, and use, Ribbon Card you must be at least 18 and resident in the United Kingdom or Gibraltar.

3.2. You may apply for Ribbon Card via the Ribbon App and we may require you to provide information/documentary evidence to prove your identity and address in the UK/Gibraltar and/or we may carry out electronic identification verification checks on you.

3.3. When you receive your Physical Card, you must activate it. You may activate your Card by logging into your Ribbon Account in the Ribbon App. You cannot activate your Ribbon Card outside of the UK or Gibraltar. You can get your PIN through your Ribbon App. The Ribbon App will prompt you to activate the geolocation function on your mobile device at the time of activation of your Ribbon Card. Please make sure that you allow this feature as failure to do so will hinder your Ribbon account activation process.

3.4. Please note that it may take up to 10 working days for your Ribbon Card to be delivered to you at your UK address. It may longer for the card to be delivered to your address in India or Gibraltar.

3.5. When you activate your Physical Card, your Virtual Card will automatically be activated.

3.6. Provided we have been able to successfully complete KYC, you shall receive an activation confirmation on the Ribbon App and you will be able to use the Card. Please note that ?your first Transaction cannot be ‘Contactless’. To activate this feature, you must first perform a ‘Chip & PIN’ Transaction either at an ATM or in a store.

4. Personal Details

4.1. When entering into Transactions over the internet, some websites may require you to enter your Personal Details and, in such instances, you should supply the most recent Personal Details that you have provided Ribbon with.

4.2. You must notify Ribbon of any change in your Personal Details as soon as possible by contacting Customer Services or updating the details in the Ribbon App. You will be liable for any loss that directly results from any failure to notify us of a change in your Personal Details as a result of undue delay, your gross negligence or fraud. We will need to verify your new Personal Details and may request relevant KYC information/documents from you as applicable.

4.3. We, or Ribbon, reserve the right at any time to satisfy ourselves as to your Personal Details (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or money laundering. In addition, at the time of your application or at any time in the future, in connection with your Card, you authorise us and Ribbon to undertake electronic identity verification checks on you either directly or using relevant third parties.

5. Using your Ribbon Card

5.1. Your use of the Ribbon Card is subject to the Fees detailed in the Fees & Limits Schedule (annexure B), which shall be deducted from the Available Balance.

5.2. Your Ribbon Card is to be used to spend the funds on your Ribbon Account. Please refer to the Ribbon Account Terms & Conditions for information on how to receive funds into your Ribbon Account.

5.3. Unless we inform you otherwise, you can use Ribbon Card at any Merchant who accepts the Scheme to carry out Transactions. This includes using your Ribbon Card by tapping it against a “contactless” point-of-sale terminal reader, where permitted.

5.4. If for any reason a Transaction is carried out but its amount exceeds the Available Balance, you must pay us the deficit immediately, and if you fail to do so after receiving a notification from us, we reserve the right to take all necessary steps, including legal action, to recover this deficit.

5.5. There are certain circumstances where a Merchant may require you to have an Available Balance greater than the value of the Transaction you wish to make and you will only be charged for the actual and final value of the Transaction. Merchants may request this as they may need to access more funds than you initially planned to spend for example, when making hotel or rental car reservations. In the event that a Merchant has prior authorization on your Card, you will not have access to the relevant funds until the Transaction is completed or, if sooner, up to a period of 30 days. We will only block access to the exact amount of funds authorised by you.

5.6. Your Ribbon Card cannot be used where such Merchants are unable to obtain online authorisation that you have sufficient Available Balance for the Transaction (for example, Transactions made on trains, ships, some in-flight purchases and tollbooths. We accept no liability if a Merchant refuses to accept payment using the Card.

5.7. We do not recommend using a Virtual Ribbon Card to purchase an item over the internet that subsequently would require the presentation of a physical reference device in order to obtain that item. Examples include certain theatre ticket purchases, hotel stays, car rentals, and online purchases picked up in person.

5.8. You must not use the Card for anything noted in the below table.

5.9. You may be eligible to participate in Ribbon’s loyalty program which allows you to earn Ribbon Coins and redeem them for rewards. TPL does not provide, and is not responsible or liable in any way for, the loyalty program. The loyalty program is not governed by this Cardholder Agreement. Please contact Ribbon should you have any queries regarding the loyalty program or Ribbon Coins.

6. Authorising Transactions

6.1. You will need to give your consent to each Transaction by, where applicable, a) using your PIN or other security code personal to you; or b) providing the Card details and/or providing any other details personal to you and/or your Card. Once you have given such consent to the Transaction, it will be deemed to be authorised.

6.2. Certain Merchants may not accept payments made through the Ribbon Card and we accept no liability for this: it is your responsibility to check the restrictions of each Merchant.

6.3. Your ability to use or access the Ribbon Card may occasionally be interrupted, for example if Ribbon or any third-party service providers need to carry out maintenance on their systems or websites. Please contact Customer Services should you experience any problems using your Ribbon Card and these will be resolved as soon as possible.

7. Managing & Protecting Your Ribbon Card

7.1. You will need a Personal Identification Number (PIN) in order to make payments at a Merchant with the Card. Your PIN will be available to you in your Ribbon App.

7.2. You will need a Personal Identification Number (PIN) in order to make payments at a Merchant with the Card. Your PIN will be available to you in your Ribbon App.

7.3. You will need a Personal Identification Number (PIN) in order to make payments at a Merchant with the Card. Your PIN will be available to you in your Ribbon App.

7.4. You will need a Personal Identification Number (PIN) in order to make payments at a Merchant with the Card. Your PIN will be available to you in your Ribbon App.

1. never letting any other person use your Security Details;
2. never writing your Security Details on your Ribbon Card or on anything you usually keep with your Card;
3. keeping your Security Details secret at all times for example, by not using your PIN if anyone else is watching.

7.5. Failure to comply with this condition 8 may affect your ability to claim any losses in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, with undue delay or with gross negligence. In all other circumstances, your maximum liability shall be as set out below at condition 12.

7.6. If you believe that someone else knows any of your Security Details, you must notify us by contacting Customer Services immediately.

7.7. In the event that we suspect or believe that your Ribbon Card may be subject to any fraud or security threats, Ribbon will notify you securely via email/SMS/push notification.

7.8. ? Once your Ribbon Card has expired or if it is found after you have reported it as lost or stolen you must destroy it by cutting it in two through the magnetic strip.

8. Cancellation

8.1. You may terminate your Ribbon Card at any time by contacting Customer Services. When you terminate your Ribbon Card, your Ribbon Account will also be terminated, in accordance with the Ribbon Account Terms and Conditions

8.2. Once your Ribbon Card has been cancelled, it will be your responsibility to destroy your Physical Card(s), unless it is lost.

8.3. If any further Transactions are found to have been made or charges or Fees incurred using the Ribbon Card or we receive a reversal of any prior funding Transaction, we will notify you of the amount and you must immediately repay to us such amount on demand.

9. Expiry

9.1. Your Ribbon card will be valid for 5 years from the date of issuance. You will not be able to use your Ribbon Card following its Expiry Date. This Cardholder Agreement shall terminate on the Expiry Date unless you are issued with a replacement card

10. Termination or Suspension of your Ribbon Card

10.1. When this Cardholder Agreement is terminated, your Card cannot be used. We, or Ribbon for us, may terminate this Cardholder Agreement at any time by giving you two months’ advance notice (which will be sent to the email address that you have provided to us);

10.2. We, or Ribbon for us, can suspend your Card, restrict its functionality or terminate this Cardholder Agreement at any time with immediate effect if:

1. you haven’t given us the information we need or we believe that any of the information that you have provided to us was incorrect or false; or
2. you do not repay money that you owe to us; or
3. you fail to provide the Personal Data necessary for us to comply with our legal obligations and to fulfil this Cardholder Agreement; or
4. we reasonably suspect that the security of your Ribbon Card has been compromised or that you, or any third party, have used, or intend to use Ribbon Card in a grossly negligent manner or for fraudulent or other unlawful purposes;
5. your agreement with Ribbon plc (the Ribbon Account Terms and Conditions) has been suspended, restricted or terminated; or
6. we believe that your use of Ribbon Card may result in harm to us or our systems; or
7. we believe that your continued use of Ribbon Card may damage our reputation; or
8. you become bankrupt; or
9. we are required to do so under Applicable Law or where we believe that continued operation of the Program may be in breach of Applicable Law; or
10. we cannot process some or all of your Transactions due to the actions of third parties; or
11. you have breached this Cardholder Agreement.

10.3. In the event that we do suspend or terminate your Ribbon Card then, where lawfully permitted, we or Ribbon shall notify you in advance or as soon as possible afterwards. We may advise anyone involved in the Transaction if a suspension has taken place.

11. Loss or Theft of your Ribbon Card.

11.1. You are responsible for protecting your Ribbon Card as if it were cash in your wallet – if it is lost or stolen, you may lose some or all of the money on your Ribbon Card unless you contact us as specified in this condition.

11.2. You must cancel your Ribbon card without delay by logging into your Ribbon Account through the Ribbon App, if you know or suspect that your Ribbon Card is lost, stolen, misappropriated or subject to unauthorised use or that the PIN or any of the Security Details is known to an unauthorised person or you think that a Transaction has been incorrectly executed.

11.3. You shall be liable for up to a maximum of £35 of losses due to unauthorised Transactions made before you informed us about the theft, loss or misappropriation of the Card unless the theft, loss or misappropriation was not detectable to you or the loss was caused by us or by Ribbon. If our investigations reveal that you authorised a disputed Transaction or that you acted fraudulently or that you negligently or with intent breached the terms of this Cardholder Agreement (for example, by not keeping your Card or PIN safe), you may be liable for any loss we suffer due to use of the Card.

11.4. Once a loss, theft or unauthorised use of your Ribbon Card is reported, use of the Card shall be blocked to avoid further losses.

11.5. Replacement Ribbon Cards will be sent to the most recent address you have provided and will be subject to a Fee, as set out in the Fees & Limits Schedule (Annexure B).

11.6. You agree to cooperate with our agents, any Regulatory Authority, the police and us if your Ribbon Card is lost, stolen or if we suspect fraudulent use of the Card.

11.7. In the event that you inform us of any unauthorised or incorrectly executed Transaction without undue delay, or in any event no later than 13 months after the debit date, we will refund the amount immediately unless we have any reason to believe that the incident may have been caused by a breach of this Cardholder Agreement, through gross negligence or we have reasonable grounds to suspect fraud.

11.8. In the event of a non-executed or defectively executed Transaction, we will make immediate efforts to trace the Transaction and will notify you of the outcome. We will not charge you for such efforts. In the event that we are liable for such Transaction, we will refund the amount, together with the amount of any resulting charges to which you may be subject, without undue delay.

11.9. In the event that a Transaction that was executed arrived later than it should have according to the terms of this Cardholder Agreement, you may request that we contact the receiving payment institution to ask them to treat it as if it was made on timey.

11.10. In the event that a Transaction is made which is initiated by a Payee, we will provide a refund of that amount, subject to clause 11.11, only in circumstances where you can prove that.

1. the exact Transaction amount was not specified when you authorised the payment; and
2. the amount of the Transaction exceeds the amount that you could have reasonably expected, taking into account your previous spending pattern, the terms of this Cardholder Agreement and the relevant circumstances of the case.

11.11. The refund referred to in 11.10 will not be provided if:

1. the amount relates to currency exchange fluctuations; or
2. you have given your consent to execute the Transaction directly to us; or
3. information on the Transaction was provided or made available in an agreed manner to you at least 4 weeks prior to the due date of the Transaction; or
4. you request the refund from us later than 8 weeks from the date on which it was debited.

12. Payment Disputes

12.1. If you dispute a Transaction that you have authorised, and which has been processed on your Ribbon Card, you should settle this with the person you bought the goods or services from; we are not responsible for the quality, safety, legality or any other aspect of goods or services purchased with your Ribbon Card.

12.2. If your dispute with a Merchant relating to a Transaction cannot be resolved you should contact us at Customer Services, and we will attempt to assist you as far as is reasonably practicable

12.3. If you have reason to believe that a Transaction was carried out without your consent or in error, you may ask Ribbon to investigate the Transaction. If an investigation occurs, the disputed amount will be unavailable to spend until our investigation is complete and if we receive information that proves the Transaction was genuine, this will be deducted from your Available Balance and we may charge you an investigation fee, subject to the Fees & Limits Schedule (Annexure B). If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

13. Foreign Exchange

13.1. If you use your Ribbon Card in a currency other than the currency in which your Card is denominated (“Foreign Currency Transaction”), and if you do not have sufficient funds in the corresponding foreign currency wallet, then the amount deducted from your Available Balance will be the amount of the Foreign Currency Transaction converted to your Ribbon Card currency using a rate set by the Scheme.

13.2. You may also be charged a foreign exchange Fee as set out in the Fees & Limits Schedule (Annexure B). In order to allow you to compare charges for currency conversion, you can view the real-time percentage difference between the amount that will be charged on your Ribbon Card for a Foreign Currency Transaction (consisting of the mark-up applied by the Scheme as well as any other charges) and the latest available euro foreign exchange rates issued by the European Central Bank. You can view this information on Ribbon App prior to making a Foreign Currency Transaction.

14. Our Liability

14.1. We shall not be liable for:

1. 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;
2. any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;
3. any use of the Ribbon Card that is contrary to this Cardholder Agreement;
4. any goods or services that are purchased with the Ribbon Card; and
5. any damages due to loss, fraud or theft that you have reported to us later than 13 months after the ent.

14.2. Where the Ribbon Card is faulty due to our default, our liability shall be limited to replacement of the Ribbon Card.

14.3. 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.

14.4. Nothing in this Cardholder Agreement shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud

14.5. The above exclusions and limitations set out in this paragraph shall apply to any liability of Ribbon or our affiliates such as the Scheme, and other suppliers, contractors, representatives and any of their respective affiliates (each a “Protected Party” ) (if any), to you, which may arise in connection with this Agreement. This clause 15.7, and the exclusions and limitations set out in this paragraph, are intended to operate to benefit any and all such Protected Parties and to be enforceable by each Protected Party, in accordance with the Contracts (Rights of Third Parties) Act 1999. This clause 15.5 may be amended by agreement between you and us without obtaining the consent or agreement of any Protected Party

15. Complaints

15.1. Should you wish to make a complaint about your Ribbon Card, you may contact Customer Services by email at complaints@ribbonglobal.com to submit details of any such complaint.

15.2. Upon our receipt of your emailed complaint, we shall endeavour to respond to you as quickly as possible but in any event we shall reply to you by email and (where applicable) by phone call within 15 Business Days.

15.3. If, having received a response from our Customer Services team, you are unhappy with the outcome you can escalate your complaint to TPL’s Complaints Department by writing to complaints@transactpaymentslimited.com

15.4. If TPL’s Complaints Department is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted. You will receive a formal response of their findings within 35 Business Days of your complaint.

15.5. We will make every effort to reach a resolution to your complaint and will fully explain the reasoning behind our decision.

15.6. In the unlikely event that we are unable to resolve your issue to your satisfaction you have the right to refer your complaint to the Financial Services Commission at: Payment Services Team, Financial Services Commission, PO Box 940, Suite 3 Ground Floor, Atlantic Suites, Europort Avenue, Gibraltar or email psdcomplaints@fsc.gi

16. General Communication

16.1. Any communication from us or from Ribbon to you will be given via SMS and/or by notification on your Ribbon App and/or by email (using the latest contact details with which you have provided us).

16.2. You may contact Customer Services via the details which are set out in clause 1.

17. Personal Data

17.1. TPL will collect certain information about the purchaser and the users of the Ribbon Card in order to operate the Card program. Your provision of your Personal Data and our processing of that data is necessary for each of us to carry out our obligations under this Cardholder Agreement. At times, the processing may be necessary so that we can take certain steps, at your request, prior to entering into this Cardholder Agreement. If you fail to provide the Personal Data which we request, we will take steps to terminate this Cardholder Agreement in accordance with clause 11.1(iii) above.

17.2. We will manage and protect your personal data in accordance with all applicable data protection laws. For full and comprehensive information about when and why we collect personal information about you, how we use it and the conditions under which we may disclose it, please refer to our Privacy Policy which is provided to you at the time we collect your Personal Data.

18. Changes to the Terms and Conditions

18.1. We may update or amend this Cardholder Agreement at any time on at least 2 months’ advance notice, which we shall instruct Ribbon to give you by e-mail or in-app push notification. (using the latest contact details you have you have provided us with).

18.2. If you do not agree with the changes to the Cardholder Agreement, you may at any time within the 2-month notice period terminate your Cardholder Agreement. You will be deemed to have accepted any change to this Cardholder Agreement unless you notify us before the proposed date of the change

18.3. If any part of this Cardholder 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. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical.

19. Language

19.1. The English language version of this Cardholder Agreement and of any communications and Website content will prevail over any other language version which we may issue from time to time.

20. Governing Law

20.1. This Cardholder Agreement is governed by Gibraltar law.

21. Jurisdiction

21.1. You agree to the non-exclusive jurisdiction of the courts of Gibraltar.

22. Miscellaneous

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

22.2. The Ribbon Card is a payment service product and not a deposit or credit or banking product and, as such is not governed by the Deposit Security Scheme of Gibraltar. Please refer to Section 7 of the Ribbon Account Terms and Conditions in relation to the safeguarding of your funds.

22.3. If any provision of this Cardholder Agreement is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.

22.4. You may not assign or transfer any of your rights and/or benefits under this Cardholder Agreement and you shall be the sole party to the contract between us. You will remain liable until any Ribbon Card issued to you is cancelled or has expired and all sums due under this Cardholder Agreement have been paid by you in full. We may assign our rights and benefits under this Cardholder Agreement to a third party and may subcontract any of our obligations under this Cardholder Agreement.

Annexure B – Ribbon Account and Card Fees & Limits

Annexure C – Prohibited Industries/Services

Non-permitted Industries

1. Weapons / military-grade security

2. Multi-level marketing

3. Pawnbrokers

4. Political organizations

5. Precious metals and stones, including diamond traders

6. Unauthorized re-sale of luxury goods – including watch traders

7. Adult entertainment

8. Drug paraphernalia

9. CBD and related products

10. Carbon credits, including carbon credits traders

11. Cryptoassets

12. Gambling Betting (including Lottery Tickets, Casino Gaming Chips, Off – track Betting and Wagers)

13. Ponzi / pyramid schemes

14. Firms involved in the servicing of illegal goods/services including but not limited to: counterfeit goods/trademark infringement, human trafficking, child labour, or prostitution

15. Mining and extraction

16. Scrap metal traders

17. Energy traders

18. Speculative trading

DISCLAIMER

Ribbon Plc (“Ribbon”) is a Gibraltar registered company no 119662, authorised and regulated by the Gibraltar Financial Services Commission under Part 7 of the Financial Services Act 2019. The Ribbon account and card are electronic money products which are not covered by the Financial Services Compensation Scheme. Ribbon Visa card is issued by Transact Payments Limited company number 108217, a firm authorised and regulated by the Gibraltar Financial Service Commission.