PingPong Services Agreements and Privacy Policy

PingPong Service Terms and Conditions

BPocket User agreement

PingPong Europe Services Agreement

Privacy Policy

PingPong Service Terms and Conditions

Please read these Terms and Conditions carefully before accessing or using the PingPong Services. These Terms and Conditions (the “Terms and Conditions”) govern the availability and use of the PingPong Services provided by us (“us”, “we”, “our”, and “PingPong”, as defined below). By opening a PingPong Account or accessing or using any part of the PingPong Services, you (the “Customer”, “Merchant”, “you”/ “your”, “any authorized user”) accept and agree to become bound by these Terms and Conditions. In addition, you agree to be bound by the Jurisdiction-Specific Terms that are relevant to the Account Jurisdiction (as specified in Section 3.1 below) in which you contract. In addition, and without limiting the foregoing, you also agree to comply with and be bound by the Privacy Policy, Cookies Policy and such other policies and guidelines, notices, circulars and announcements from time to time issued by us to you, each of which shall form a part of these Terms and Conditions.

Notwithstanding the fact that we may notify you of any major changes we make to these Terms and Conditions electronically, you shall be responsible for regularly reviewing these Terms and Conditions. At any time, you can view our then-current Terms and Conditions on our Website. All amendments, supplements and revisions shall be effective upon publication on our Website. When you use the PingPong Services after our publication of any such amendment, supplement or revision, you agree that you are deemed to have read and agreed to the latest version of our Terms and Conditions, Privacy Policy, Cookies Policy and such other policies and guidelines, notices, circulars and announcements from time to time issued by us to you. If you do not agree to such amendments, supplements or revisions, you shall immediately close your PingPong Account and stop using all of the PingPong Services.

These Term and Conditions shall be effective and legally binding on the earlier of the dates when (a) Customer creates a PingPong Account; (b) affirmatively accepts the Terms and Conditions in writing or electronically; or (c) otherwise uses PingPong’s Services. Subsequently, these Terms and Conditions shall continue in effect until the date when you close your PingPong Account and discontinue use of PingPong’s Services. Your acceptance of these Terms and Conditions shall confirm that you fully understand and accept all provisions in these Terms and Conditions. If you do not understand any of these Terms and Conditions, you are advised to obtain independent legal advice with respect thereto.

1. Important Information

1.1 You acknowledge that you and your use of PingPong Services are subject to the mandatory provisions of Applicable Law. You hereby acknowledge that you are acting in your professional or business capacity, and that you are not entering into the Agreement, nor will you use the PingPong Services, as a Consumer. You shall be solely responsible for understanding and complying with any and all laws, rules and regulations of your home country and Account Jurisdiction that may be applicable to you in connection with your use of the PingPong Services, which shall include Applicable Law, laws governing payment services, anti-money laundering or anti-terrorist financing requirements, consumer protection, data protection laws, anti-discrimination, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency exchange or licensing.

1.2 Our obligations under this Agreement are conditional on our acceptance of you as a Customer at our sole discretion, including the requirements of Section 5, regarding Customer registration requirements and Section 12, regarding Customer obligations.

1.3 We may at any time close, suspend or limit your access to your use of the PingPong Services if we suspect that you may have committed any breach or violation of this Agreement or any other agreement you enter into with us or pursuant to any proprietary monitoring systems or techniques used by PingPong when assessing the risk associated with your transaction activity. Please see Section 10 for further details. We may also limit your access to Funds as required by Applicable Law, per the instructions of law enforcement or applicable regulators, or when we consider necessary and appropriate.

1.4 We may close your PingPong Account if your account becomes inactive. Please see Section 11 for further details.

1.5 Protecting your privacy is very important to us. Please review our Privacy Policy and Cookies Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information. You shall only enter into this Agreement if you fully understand and agree to be bound by the Privacy Policy and the Cookies Policy.

2. Definitions

In the context of this Agreement, the following terms shall have the following meaning:

2.1 “Account Jurisdiction” means the jurisdiction where PingPong receives the fund from the Platform or the sender.

2.2 “Agreement” means the Terms and Conditions, all exhibits, referenced documents, attachments and such other policies and guidelines, notices, circulars and announcements from time to time issued by us to you, including the Privacy Policy and the Cookies Policy.

2.3 “Applicable Law” means any law, regulation or generally accepted practices or guidelines in the Account Jurisdiction, or any other jurisdictions applicable to your use of the PingPong Services, which shall include laws governing payment services, anti-money laundering or terrorist financing requirements, consumer protection, data protection laws, anti-discrimination, anti-corruption, human trafficking, child and forced labor, gambling, false advertising, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency transactions, or licensing. Please further refer to the Jurisdiction-Specific Terms.

2.4 “Approved Payee” means a natural or legal person approved by PingPong as payee of the Funds, which may include the European Union Tax Administration, third party service companies, etc. For the avoidance of doubt, the Approved Payee shall in no event be a Consumer.

2.5 “Beneficiary Account” means your local beneficiary bank account into which you wish to receive distributions from your PingPong Balance through the PingPong Services, as instructed by you to us through your PingPong Account.

2.6 “Business Day” means a calendar day with the exception of Saturdays, Sundays and public holidays in the Account Jurisdiction, on which the payment infrastructures of the Account Jurisdiction are open and banks carry out their regular business activities.

2.7 “Buyer” means a person or entity that purchases your product or service from you or from a Platform.

2.8 “Consumer” means a natural person, who uses payment services for personal needs outside of his/her business, commercial or professional needs or activities, or a consumer as defined by the Applicable Law in the Account Jurisdiction. Please further refer to the Jurisdiction-Specific Terms.

2.9 “Customer” or “Merchant” means you, the individual or legal entity who enters into this Agreement and in whose name the PingPong Account is registered.

2.10 “European Economic Area” or “European Union” means the region made up of the countries which have entered into the European Economic Area Agreement from time to time.

2.11 “European Union Tax Administration” means any administrative organization within the European Union responsible for collection of value added tax for a relevant country in the EEA.

2.12 “Fees” are the charges payable by you to us for using the PingPong Services which are specified in the PingPong Account held by you.

2.13 “Funds” means the funds beneficially owned by you for the conduct of the Transactions.

2.14 “Group Companies” refers to any of the entities specified in Section 3, and any other affiliates or subsidiary companies or holding companies that provide all or any part of the PingPong Services.

2.15 “Inbound Payment(s)” means the funds received in the designated Payment Account from approved Platforms or approved senders.

2.16 “Inbound Transaction(s)” means the action, initiated by Platform or approved sender, of transferring Funds to your Payment Account pursuant to Applicable Law or your agreement.

2.17 “Jurisdiction Specific Terms” mean the terms set out in Exhibit A that are applicable to your Account Jurisdiction and which forms part of this Agreement.

2.18 “Outbound Payment(s)” means a payment from the Payment Account to an Approved Payee upon an Outbound Payment Order.

2.19 “Outbound Payment Order(s)” means any instruction by the Customer to PingPong requesting the transfer of funds to an Approved Payee.

2.20 “Outbound Transaction(s)” means the action, initiated by you, of transferring Funds from you to an Approved Payee pursuant to Applicable Law or your agreement with the Approved Payee from your Payment Account.

2.21 “Payment Account” means a PingPong account designated by PingPong to you that holds your PingPong Balance.

2.22 “PingPong”, “we”, “us” or “our” means the applicable contracting entity as specified in Section 3 hereof.

2.23 “PingPong Account” means your online account where you register for PingPong Services and make ongoing use of the PingPong Services.

2.24 “PingPong Balance” means the balance of Funds as from time to time shown in your PingPong Account.

2.25 “PingPong Service Credentials” means the Payment Account credentials (bank account number, routing number, IBAN, etc.) provided to you by us solely for the purpose of using the PingPong Services.

2.26 “PingPong Services” means all payment related services provided by PingPong according to this Agreement, and “PingPong Service” shall mean any of them.

2.27 “PingPong website” or “Website” means our website available at www.pingpongx.com.

2.28 “Platform” means (i) an e-commerce marketplace or other third-party selling platform; (ii) approved by PingPong for use with PingPong Services; and (iii) where you are a seller of goods or services pursuant to a written agreement between you and the Platform.

2.29 “Service Providers” shall include banks, payment service providers, clearing networks and any other third-party payment processing services from time to time used by PingPong in the course of provision of the PingPong Services.

2.30 “Transaction” refers to either (i) an Inbound Transaction or (ii) a Withdrawal Transaction’ or (iii) an Outbound Transaction.

2.31 “VAT” means value added tax within the European Union or other jurisdictions where value added tax is imposed.

2.32 “Withdrawal Instruction(s)” means, following receipt of Funds by PingPong through an Inbound Transaction, an instruction by a Customer instructing PingPong to execute a Withdrawal Transaction..

2.33 “Withdrawal Transaction(s)” means, following the action of a Withdrawal Instruction, the payment or transfer or Funds from the Payment Account to your designated Beneficiary Account or Approved Payee.

3. Contracting Entity, Governing Law and Communication

3.1 “PingPong,” “we,” “us,” and “our” in this Agreement refer to the contracting entity listed in the chart below that corresponds to the Account Jurisdiction associated with your Payment Account, except as otherwise provided in Section 3.2 below. In the event that you open multiple Payment Accounts with us in different Account Jurisdictions, you will be deemed to have entered into agreements with each of us in the Account Jurisdictions where you have Payment Accounts with us, except as otherwise provided in Section 3.2 below. It should further be noted that the applicable agreement for a specific instruction would depend on to whom you give instructions, not the entity actually handling your instructions (if different). Please also refer to the Jurisdiction-Specific Terms when you read this Agreement.

Account Jurisdiction Contracting Entity Address for Notices Governing Law Jurisdiction
North America PingPong Global Solutions Inc., a New York corporation 1510 Fashion Island Blvd. Suite 250, San Mateo, CA 94404, USA California, U.S.A. California, U.S.A.
European Union PingPong Europe S.A., a Luxembourg Société Anonyme (S.A.) 9 Rue du Laboratoire, L-1911 Luxembourg Grand-Duchy of Luxembourg Luxembourg
Japan PingPong Asia Technology Co., Ltd. a Japan corporation East Tower 4th floor, Otemachi First Square 1-5-1 Otemachi, Chiyoda-ku, Tokyo, 100-0004 Japan Japan Japan
Hong Kong, Australia, Singapore, United Arab Emirates, Indonesia, Korea, New Zealand, Philippines, and Brazil Ping Pong Global Holdings Limited, a Hong Kong company Unit 06 12/F, Emperor Group Centre, 288 Hennessy Road, Hong Kong Hong Kong Hong Kong
United Kingdom PingPong Payment (UK) Limited 60 Cannon Street, London, England, EC4N 6NP United Kingdom United Kingdom

3.2 Notwithstanding the foregoing, including Section 3.1 and the table therein, even if you have a Payment Account within the United Kingdom, if you do not reside within the United Kingdom (or, if you are a legal entity, such legal entity is not registered within the United Kingdom), your contracting entity for all PingPong Services for Funds originating within the United Kingdom shall be PingPong Europe, S.A.

3.3 Notwithstanding the foregoing, including Section 3.1 and the table therein, if you are a resident of Vietnam, your sole contracting entity for all PingPong Services shall be PingPong Global Technology Limited, a Hong Kong company.

3.4 While PingPong will exercise reasonable efforts to communicate with you in the language(s) with which you are familiar, the languages currently supported by PingPong for Customer support are English, Chinese (Mandarin and Cantonese), French, and Japanese. Notwithstanding the foregoing, we reserve the right to communicate with you in exclusively English, which will be the prevailing language for PingPong communications, with all other languages available for convenience only.

3.5 You may contact Customer Support at any time by sending a message through the contact links on our website (www.pingpongx.com), via email at service@pingpongx.com, by phone at 400-601-6666 (inside China) or (+86) 0571-8972-2222. You may also contact any of our affiliate offices via the contact information listed in Section 3.1 above.

3.6 You acknowledge and confirm that PingPong may provide notice or other service related information to you by posting it on the PingPong website(s) (which shall include the webpage in your PingPong Account), emailing it the email address listed in your PingPong Account, mailing it to the street address listed in your PingPong Account, calling you by phone, or sending you a “text” / SMS message. You must have internet access and an e-mail account to receive communications and information relating to PingPong Services. You further confirm that such notices shall be deemed to have been received by you upon the earlier of our issuance to you or upon publication on the PingPong website(s). You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide such disclosures to you in a form which allows you to store and reproduce this information (e-mail shall be sufficient).

4. PingPong Service Overview

4.1 PingPong provides you, the Customer, with a payment service that allows you to:

(a) Receive Inbound Payments from approved Platforms or senders to a designated Payment Account;

(b) Withdraw Funds from the Payment Account to your local Beneficiary Account pursuant to Withdrawal Instruction or this Agreement;

(c) Initiate Outbound Payment from the Payment Account to an Approved Payee; and

(d) Report transaction data in some circumstances, for regulatory compliance purposes as required to receive foreign currency.

4.2 PingPong Services may be subject to certain limitations and may not be available in certain jurisdictions, depending on:

(a) the location of (i) you, (ii) the Platform or (iii) senders/originators of Funds;

(b) applicable regulatory requirements or Applicable Law in the Account Jurisdiction;

(c) the Jurisdiction Specific Terms applicable to the Account Jurisdiction; and

(d) other similar factors as determined by PingPong from time to time.

4.3 In order to provide PingPong Services, PingPong may rely on its Group Companies, financial institutions, third-party banking counterparts, or payment providers.

4.4 PingPong is not a bank or a credit institution. PingPong shall not accept any deposit from you nor pay any interest to you on your Funds/PingPong Balance, including Funds held in the Payment Account, and PingPong does not offer any feature or benefit of a bank account. By accepting these Terms and Conditions, you acknowledge that PingPong is authorized to retain any interest that arises with respect to the sum of any Funds held in PingPong’s bank account(s). You further acknowledge that the Payment Account does not qualify as a deposit account as defined by relevant laws and regulations, including Applicable Law, and thus Funds held in your PingPong Account or in the process of Transaction are not insured. However, PingPong shall strictly adhere to applicable requirements that ensure the liquidity and protection of Funds held on your behalf. PingPong may, at its sole and absolute discretion, settle your PingPong Balance to your Beneficiary Account if the PingPong Balance is not withdrawn by you for a period from time to time specified by us in accordance with Applicable Law.

4.5 PingPong shall be an independent contractor that provides the PingPong Services to Customers. PingPong shall in no event act as a fiduciary, trustee or escrow holder on your behalf. Subject to the specific terms applicable to the Account Jurisdiction, PingPong shall act solely as an agent for you or the Approved Payee in respect of the Funds.

4.6 You shall in no event allow the Platform any right to debit the Payment Account and you shall be liable to PingPong for any debits made on such account by Platform or any other third party without PingPong’s prior written approval. Your failure to observe this Section shall be a material breach of this Agreement and we may terminate this Agreement forthwith without compensation and without prejudice to our other rights and remedies hereunder.

5. Your PingPong Account

5.1 PingPong Accounts. The use of PingPong Services requires that you register for a PingPong Account. Your rights to such PingPong Account are limited by and set forth in this Agreement. A business or individual engaging in business activities approved by PingPong from time to time may apply to use the PingPong Services via our PingPong website by registration of a PingPong Account. As part of the application process, you will need to accept this Agreement and you may further be asked to confirm your acceptance to other arrangements that we may from time to time offer you. You agree to provide us with true, accurate, and complete information when you register for a PingPong Account. You will be able to see relevant information in your PingPong Account pursuant to the personal data access rights provided under relevant data protection laws.

5.2 Eligibility. To be eligible to open a PingPong Account, you agree that:

(a) You must have full legal capacity under Applicable Law to enter into and fully perform this Agreement. If you do not have such full legal capacity, you shall not register to use our PingPong Services. Any person who registers as a user of PingPong Services or provides such person’s personal information to PingPong represents that such person has full legal capacity under Applicable Law. If you register for the PingPong Services on behalf of a business or commercial entity, you represent and warrant to us that you are legally authorized under the business entity’s formation and organizational documents or under the laws of your home country to agree to this Agreement and you shall supply all such proof to us within three (3) days from the date of our request therefor.

(b) You shall not use PingPong Services except as a business or individual using PingPong Services for business-related and commercial activities. PingPong Services are intended to enable payments for business-related and commercial activities and are not intended for personal or Consumer use. You shall not use the PingPong Services for domestic or household purposes or as a Consumer. You hereby acknowledge and represent that at all times while using the PingPong Services you are using our services for business purposes, and that you are not a Consumer for the purpose and application of Applicable Law.

(c) You shall maintain and use your PingPong Account solely for your own business, trade or profession. You shall not represent any third party in registering with PingPong for a PingPong Account or otherwise assist in the circumvention of these Terms and Conditions or PingPong’s KYC (as defined below) requirements.

(d) You may only use the PingPong Services through your PingPong Account for your own business and not on behalf of any other person or entity, except for in certain circumstances approved by PingPong where PingPong may require written confirmation from the authorizing party granting authority to transact on their behalf and any other documentation we may require to assist us in order to fulfill the requirements of our compliance policies.

(e) You acknowledge that PingPong strictly prohibits impersonating or falsely claiming an affiliation with any person or entity while using PingPong Services. Your failure to observe this Section shall be a material breach of this Agreement and we may terminate this Agreement forthwith without compensation and without prejudice to our other rights and remedies hereunder.

(f) We do not, and in no situation shall we be deemed to provide, any tax or legal advice or approval or counsel with respect to any PingPong Services, their amount and timing, nor with respect to your relationship with a Payee nor the European Union Tax Administration nor your tax, legal or business status or situation.

5.3 PingPong’s Role. Except for our limited role in facilitating certain aspects of payments in accordance with this Agreement, we shall in no event be considered to be involved in or party to any contract with respect to any underlying transactions between you and any Buyer, Platform, supplier, sender, the Approved Payee or any other party. For the avoidance of doubt, we are neither the Buyer nor the Seller of your products or services. You authorize us to hold, receive, and disburse Funds in accordance with your Withdrawal Instructions or Outbound Payment Orders and subject to Applicable Law. In this limited capacity, we act only as a service provider to you but not as a trustee. We may use the services of one or more Group Companies or Service Providers to provide the PingPong Services and process Transactions. Notwithstanding the foregoing, if we consider it necessary and appropriate in our sole discretion, we may request that you provide evidence of transactions underlying or related to the PingPong Services. You shall provide all such evidence we reasonably request within three (3) days from the date of such request.

5.4 Verification. Your use of PingPong Services is subject to PingPong’s Know Your Customer and approval processes (collectively, “KYC”). We have the right to request information and documentation prior to your use or during your use of the PingPong Services including, but not limited to, information and documentation relating to your identity or the identity of your shareholders, proof of address, proof of ownership, and additional business-related information and documentation. You agree that PingPong may check and verify the information you provide as necessary or advisable to validate your identity, including through the use of third-party intermediaries or databases. You agree to provide to PingPong within three (3) days of PingPong’s request, all information required by PingPong for the purpose of complying with its compliance obligations. We shall be entitled to deny your use or continued use of the PingPong Services if you fail or refuse to provide the information requested by us under this Section.

5.5 Account Credentials. For certain approved Platforms, you may request PingPong Account Credentials, which you will provide to such Platforms from which you wish to receive payment through PingPong Services. Your PingPong Account Credentials shall be unique to you and shall be provided to the Platform by you in order to properly receive and transfer the Funds on your behalf. You shall keep the PingPong Account Credentials safe and strictly confidential. You must keep your PingPong Account Credentials secure and you must not disclose your PingPong Account Credentials to any third party. You shall be solely responsible for all activities conducted by any party using or accessing your PingPong Account whether such use or access is authorized or not and you shall further indemnify the Indemnified Persons (as defined below) for all losses of the foregoing in connection therewith.

5.6 Account History. We may make summaries of your PingPong Account activity available to you through the online PingPong Account portal.

(a) Information regarding settlements of Inbound Payment, Fees, and foreign exchange rates are typically displayed in the online transactions history in your PingPong Account. Such display shall constitute a request for confirmation by PingPong to you. You shall periodically review and validate the transaction information summarized for you by PingPong and notify PingPong of any error immediately upon discovery thereof. Your failure to notify PingPong within three (3) months from the day when the transaction statement was made available to you shall constitute an acceptance by you of the transactions listed in your PingPong Account.

(b) Except as required by Applicable Law, you shall solely be responsible for (a) compiling and retaining permanent records of all transactions and other data associated with your PingPong Account and your use of the PingPong Services, and (b) checking all payment activity to and from your PingPong Account to ensure no unauthorized behavior has occurred. Except as required by Applicable Law, upon the termination of this Agreement for any reason, PingPong shall in no event be under any obligation to store, retain, report, or otherwise provide any copies of, or access to, any records, documentation or other information in connection with your PingPong Account or any transactions submitted by you through the PingPong Services.

5.7 Processing and Rejections. We will process only Transactions that we deem to be properly sourced and authorized. You acknowledge and accept that PingPong may, at any time, reject or limit payments in our sole discretion, or suspend access to your PingPong Account, in accordance with Applicable Law, instructions by regulator or internal compliance and risk management policies of PingPong. You agree that Transactions carried out pursuant to this Agreement may be subject to disclosure to competent authorities. You may, to the extent permitted by Applicable Law, access the information so disclosed where such information concerns you, provided such right to access does not undermine the purpose of the fight against money laundering or terrorist financing. You agree that you shall not bring any prosecutions, civil liability actions or any professional sanction against PingPong, its managers or employees who have reported their suspicions in good faith to the relevant authorities.

5.8 Restricted Use. You agree that in connection with your use of PingPong Services, you will not:

•commit any breach of this Agreement, Privacy Policies or any other agreements that apply to you;

•violate any Applicable Law or any laws or regulations of the country where you manufacture, purchase, store or sell your products or provide services;

•engage in unlawful businesses or activities;

•infringe or misappropriate the intellectual property rights or rights of publicity or privacy of PingPong or any third party;

•sell counterfeit goods or goods produced in whole or in part using child or forced labor;

•provide false, inaccurate or misleading information;

•refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us; or

•send or receive Funds that PingPong reasonably believes are potentially involved in money laundering, terrorist financing or other illegal activities.

If PingPong believes that you may have engaged in any of the above Restricted Uses, PingPong may, in its sole discretion, suspend or terminate your PingPong Account or refuse to provide you with any PingPong Services in the future. You shall further indemnify the Indemnified Persons for all of their respective losses in connection therewith. PingPong may use your name and logo to identify you as a customer of PingPong, but PingPong’s use of your name and logo does not create any ownership right therein and all rights not granted to PingPong are reserved by you.

5.9 Court Orders or Regulatory Actions. If PingPong is notified of a court order, regulatory action or equivalent legal or governmental process that affects your PingPong Account, we may be required to temporarily or permanently withhold or freeze all or some portion of the money in your PingPong Account, or release such money to third parties. PingPong will decide, in its sole discretion, what action is required in such circumstances. Unless the court order, Applicable Law, regulatory requirements or other legal process require otherwise, and only if permitted by Applicable Law, we will notify you of such actions. PingPong shall not be under any obligation to contest or appeal any court order or legal process involving you or your PingPong Account.

5.10 Compliance with Sanctions Regulations. You understand that PingPong will comply with all applicable sanction laws and regulations (“Sanctions Regulations”) enforced by various jurisdiction which shall include the People’s Republic of China, the Hong Kong SAR of the People’s Republic of China, the United States of America, the United Nations, the European Union and the United Kingdom. No PingPong Service shall be provided to any individual or entity which (a) prescribed as sanctioned; (b) subject to any sanctions; (c) violates any Sanctions Regulations; or (d) violates the internal compliance and risk management policies of PingPong. You shall strictly comply and be bound by the Sanctions Regulations and policies of PingPong and shall not use any PingPong Service to engage in any activity which violates or tends to violate the Sanctions Regulations, which shall include using PingPong Services to process Funds originating from or shipping to any persons, countries, organizations or other entities or related to activities or purposes prescribed as sanctioned or subject to any sanctions under the Sanction Regulations. Your violation of any of the foregoing provisions shall be a material breach of this Agreement, in which case PingPong shall be entitled to, in addition to other remedies available at law or in equity, suspend or terminate all or part of PingPong Services without compensation to you, and you shall indemnify the Indemnified Persons from all losses arising therefrom (if any).

6. Inbound Transactions

6.1 Only Platforms or senders approved by PingPong may make payments to your PingPong Account for the purposes permitted under the PingPong Services. PingPong may approve such Platforms or senders at its sole discretion. Inbound Payments that are not approved by PingPong may be rejected in PingPong’s discretion. Any costs and expenses associated with rejected payments shall be borne solely by you, as applicable. You represent that the acceptance of Funds through the PingPong Services shall in no event commit any breach of your Agreement with the Platform or with any other party.

6.2 PingPong shall allow Funds to be received in U.S. dollars, Canadian dollars, euros, British pounds, Japanese yen, Singapore dollars, Australian dollars, Mexican pesos, UAE dirham, Hong Kong dollars, South Korean won, Swedish krona, South African rand, Swiss franc, Danish krone, Chinese yuan, Norwegian kroner, New Zealand dollar, Polish zloty, Czech koruna, Romanian leu, Indian rupees, Thai baht and Brazilian real.. PingPong may, at any time at its sole discretion, enable or disable any currencies. Payment Accounts denominated in these currencies are held with banks established either in the country of origin of the currency or in another country.

6.3 You may provide your PingPong Account Credentials to the Platforms from whom you wish to receive payment through the PingPong Services. You acknowledge and confirm that the PingPong Services are not a bank account and you are not permitted to carry out any activity that falls outside of the scope of the PingPong Services. You agree not to conduct any direct communication with any bank that is involved in provision of the PingPong Services unless such communication is approved by an authorized representative of PingPong in advance in writing. Any direct contact with a bank or other payment provider regarding the PingPong Services may result in immediate termination of your use of the PingPong Services.

6.4 PingPong Services will only accept or send Funds via debit or wire transfer networks. PingPong Services do not support cash, credit card payments or checks for Inbound Payment and Outbound Payment.

6.5 You acknowledge and confirm that the time required for Inbound Payments to reach your Payment Account shall in no event be under PingPong's control. As an illustration only and not otherwise, payments typically arrive at your Payment Account within one (1) to three (3) Business Days from the date of remittance, but there is no guarantee thereof. If an Inbound Payment is not received within five (5) Business Days from the payment instruction of the relevant Platform, we may initiate an internal investigation on your behalf upon your request. You shall directly resolve any issues or disputes associated with Platforms and their policies with the Platform. PingPong shall in no event be under any obligation to resolve such issues or disputes for you.

6.6 PingPong shall use commercially reasonable efforts to inform you of Inbound Payments received to a Payment Account by updating your PingPong Balance within one (1) Business Day from the date of receipt of the Funds in the Payment Account. ,

6.7 If requested by a Platform or Service Provider, or if PingPong deems it necessary at its sole discretion, PingPong shall provide a receipt in the name of you, evidencing PingPong's receipt of Funds as instructed by you. You authorize PingPong to provide a copy of this Agreement as well as information regarding Inbound Transactions and Outbound Transactions to any Platform or Service Provider that requests information concerning the Merchant, Inbound Transactions or Withdrawal Transactions.

7. Withdrawal Transactions

7.1 PingPong Services shall only be used as business to business services and shall in no event be used for Consumer transactions. Thus, you may receive Funds only in your Beneficiary Account as approved by PingPong. PingPong may refuse to carry out any Withdrawal Instruction that may involve sending Funds to any Beneficiary Account that is not under your name, or to a bank account of which you are not the beneficial holder. Unless otherwise expressly approved by us, you shall be the sole accountholder of each of your Beneficiary Accounts.

7.2 After the completion of an Inbound Transaction and when your PingPong Balance is positive, you may submit a Withdrawal Instruction to instruct PingPong to transfer part or all of the PingPong Balance to your Beneficiary Account, net of Fees. The Withdrawal Instruction must include the following information:

(a) the amount requested in the currency corresponding to the Funds PingPong received from the Platform; and

(b) valid Beneficiary Account details.

7.3 With respect to Beneficiary Account details:

(a) You shall ensure that your Beneficiary Account information is true, accurate and complete. We shall in no event be held responsible for Funds being sent to the wrong bank account as a result of provision of untrue, inaccurate or incomplete Beneficiary Account information. In the event that the payment is rejected due to untrue, inaccurate or incomplete Beneficiary Account information provided by you, you shall solely be responsible for relevant Fees and PingPong may directly deduct such Fees from your PingPong Balance. In case of any incorrect or misdirected payment, we may take reasonable measures to assist you with tracing and, if reasonably feasible, recovering such payments, but we shall not be liable for any payments that cannot be recovered. All our additional costs in relation thereto shall be borne by you.

(b) You shall ensure that your Beneficiary Account is in good standing and able to receive Funds. If your Beneficiary Account bank rejects the Withdrawal Transaction from PingPong, Funds will be held with PingPong until a valid Beneficiary Account is provided. All costs associated thereto shall be borne by you.

(c) PingPong shall be entitled to reject any Beneficiary Accounts that do not comply with PingPong’s compliance requirements or if payments to such Beneficiary Account would violate Applicable Law. You shall provide other Beneficiary Account(s) so that we can continue to provide the PingPong Services to you.

7.4 Once you submit a Withdrawal Instruction to PingPong to execute a Withdrawal Transaction and debit your Beneficiary Account with the amount of such Withdrawal Transaction, less all applicable Fees, the withdrawals to your Beneficiary Account shall be irrevocable and you will not be able to refund the Funds transferred into your Beneficiary Account.

7.5 After receiving a Withdrawal Instruction, PingPong will initiate a Withdrawal Transaction in the amount and currency you selected, less any Fees. Any Fees charged by the bank of your Beneficiary Account shall be your sole responsibility and PingPong shall not be liable for such fees.

7.6 PingPong reserves the right to offset from any PingPong Balance any amounts owed to PingPong by you, including, but not limited to, all Fees payable under this Agreement.

7.7 Withdrawal Instructions received by PingPong will be processed within one (1) to three (3) Business Days at the currency exchange rate as detailed in Section 9.3 below.

8. Outbound Transactions

8.1 You shall ensure that any Outbound Payment Order be accompanied with the following information, if applicable:

(a) the amount and currency under which of the Outbound Payment Order has to be executed;

(b) the name of the relevant Payee;

(c) the international bank account number or, where relevant, the payment account’s details of the relevant Payee; and

(d) any other information required by PingPong to proceed with the Outbound Payment Order, including the underlying transaction details and documents, which will include any information necessary for PingPong to comply with Applicable Law.

If you are an individual or entity in mainland China, Outbound Transactions are limited to transactions in respect of warehousing, logistics, taxation and other expenses allowed pursuant to Applicable Law incurred outside of China for the purpose of selling goods or providing services on the Platform. PingPong is entitled to review or further require you to supplement the supporting materials and may refuse to process your payment instruction based on internal compliance policies.

8.2 PingPong may refuse to execute an Outbound Payment Order in the event of technical issues or if the information provided by the Customer is untrue, inaccurate or incomplete. PingPong shall make reasonable detail regarding such refusal available to the Customer on such Customer’s PingPong Account as long as the relevant Outbound Payment Order is subject to such refusal.

8.3 The time of receipt of an Outbound Payment Order, the time of execution and the value date are determined as follows:

(a) Time of receipt. The time of receipt of an Outbound Payment Order is the time when the Outbound Payment Order is actually received by PingPong. If the Outbound Payment Order is received by PingPong after the cut-off time (set by PingPong’s contracting entity as described in Section 3 hereof) on a Business Day or on a day which is not a Business Day, the Outbound Payment Order shall be deemed to have been received on the immediate succeeding Business Day for such PingPong contracting entity. Once the Outbound Payment Order is received by PingPong, it shall be irrevocable.

(b) Time of execution. After receipt of an Outbound Payment Order, PingPong shall ensure that the amount of the Outbound Payment is credited to the payee's bank or payment service provider’s account at the latest by the end of the Business Day immediately succeeding receipt of the Outbound Payment Order.

(c) Value date. The debit value date for the Customer acting as payer shall be no earlier than the point in time at which the amount of the Outbound Payment Order is debited from the Payment Account.

(d) The time limits. The time limits prescribed above are usual time limits and apply subject to the Payment Account Balance being positive and showing sufficient Funds in order for PingPong to proceed with the requested Outbound Payment Order. For the sake of clarity, the foregoing time limits may be extended due to practical circumstances of which we shall inform you accordingly.

9. Fees

9.1 PingPong shall advise you of all Fees that may be charged by PingPong against you through the PingPong Account. Acting reasonably, and following notice to you, PingPong may from time to time adjust existing Fees or introduce new Fees. You shall pay all Fees as from time to time adjusted by us and your continued use of the PingPong Services indicates your continued acceptance of such Fees. When we adjust our Fees, we will publish the updated Fees in your PingPong Account portal and may send you an email notification (if required). If you have any questions or are unclear as to any Fees, you should contact PingPong Customer Support.

9.2 Fees payable by you will be deducted from your Payment Account, and will be charged when the Transaction is executed. You hereby authorize and instruct us to so deduct such Fees.

9.3 Your Transaction may be subject to currency conversions. If the Transaction involves a currency conversion, such conversion will be completed at the foreign exchange rate at the applicable transaction time as determined by PingPong at our sole and absolute discretion. To avoid the fluctuation of foreign exchange rate, foreign exchange rates of each Transaction will be determined when such Transaction is processed by PingPong. As a result, and subject only to Applicable Law, the foreign exchange rate provided by PingPong prior to the execution of such Transaction is for reference only and the actual foreign exchange rate during the Transaction shall prevail. You acknowledge and confirm that you shall be bound by the applicable exchange rates from time to time.

10. Termination and Suspension

10.1 If you wish to terminate your PingPong Account, you may simply discontinue using the PingPong Services. This Agreement shall terminate on the date when you close your PingPong Account and discontinue use of PingPong’s Services. The provisions of this Agreement relating to ownership, representations and warranties, indemnity, jurisdiction and venue, and limitations of liability shall survive termination of this Agreement.

10.2 PingPong may suspend or terminate your access to all or any part of the PingPong Services at any time, with or without cause. Where practicable and not prohibited by Applicable Law, we will provide at least seven (7) days’ prior notice by email, unless there are exceptional circumstances, or regulatory circumstances (including but not limited to court or governmental orders) causing PingPong to take immediate action, such as where we discover (a) you have provided false, misleading, untrue, incomplete or inaccurate information or have otherwise acted dishonestly; (b) you commit a breach of this Agreement or any other agreement you enter into with PingPong; (c) your PingPong Account has been compromised or for other security reasons; (d) you are engaged in fraud, money laundering, terrorist financing or other illegal activities or we reasonably suspect the same; (e) you use PingPong Services illegally or fraudulently in violation of Applicable Law or we reasonably suspect the same; or (f) there are other grounds that PingPong considers it appropriate. Together with a termination/suspension notice, we may also provide instructions on how to withdraw remaining Funds, if it is not forbidden by Applicable Law.

10.3 When your PingPong Account is suspended or terminated, any further attempted use of the PingPong Services will result in your Funds being rejected and returned to the Platform, and may warrant notification to appropriate authorities. You are solely responsible for any fees incurred in connection with the rejected payments.

11. Inactive Accounts

11.1 Your PingPong Account is deemed to be inactive if:

(a) the Payment Account has no Transactions during a period of twelve (12) consecutive months; and

(b) The Customer to whom the PingPong Account is registered, or its legal representative or authorized persons, is not clearly, in any form whatsoever, participating in PingPong Services.

11.2 Three (3) months prior to reaching inactive status, we will send an initial notification to your email address on our records to request action, provide options for keeping your account active, and inform you of the consequences of not responding.

11.3 If you do not respond to our initial notice within three (3) months, and your PingPong Balance is zero, we will automatically close or freeze your PingPong Account, which blocks all Transactions.

11.4 If you do not respond to our initial notice within three (3) months, and your PingPong Balance is positive, we will make reasonable efforts to contact you with a final notice, after which your Funds will be considered “inactive”. Inactive PingPong Accounts may be subject to fees and charges as from time to time as announced by us and will continue to be deducted until the balance is depleted, at which point your PingPong Account will be closed.

11.5 Please contact PingPong Customer Service if you have any questions about remaining Funds in your PingPong Account if it has been closed pursuant to this section, or if you are the legal representative of an incapacitated or deceased Customer.

12. Customer Obligations and Warranties

12.1 You represent and warrant that you are not acting on behalf of, or for the benefit of, anyone else, unless in the case of a natural person, you are opening the account for and under the direction of the company or legal person or entity that employs such natural person.

12.2 You hereby undertake, until the termination of this Agreement, to communicate promptly to PingPong any change in your business ownership, shareholding and directorship, business activities, post mail address, email address, phone contact details or any modification with respect to your account with the Beneficiary Account.

12.3 You shall provide us with all KYC information, business details and documents, transaction data and documents relating to all transactions relating to any Transaction within three (3) days from the date of our request.

12.4 In the event of a breach of the above provisions, you shall be liable to the Indemnified Persons for the resulting damages and you agree to indemnify the Indemnified Persons and hold the Indemnified Persons harmless from any claims of third parties related thereto.

13. Complaints

13.1 If you feel that we have not met your expectations in the delivery of PingPong Services or if you think we have made a mistake, you can file a complaint. General complaints can be made to PingPong’s global customer service center by emailing at service@pingpongx.com or calling at (+86) 400-601-6666.

13.2 Refer to Exhibit A for jurisdiction-specific complaint procedures.

14. Secure Use of PingPong Services

14.1 You shall adequately protect your PingPong Account against any loss, theft, misappropriation or unauthorized use of your PingPong Account by safeguarding all IDs, passwords, and Account Credentials, as well as your computer(s), mobile phone(s) or other device(s).

14.2 You must contact Customer Support (see Section 3.3) immediately if any of following should occur:

(a) You become aware of any loss, theft, misappropriation or unauthorized use of your PingPong Account;

(b) You become aware of any unauthorized or erroneous Withdrawal Instruction or Transaction.

14.3 PingPong will provide appropriate means for you to make such notice and shall provide you with the means to prove, for eighteen (18) months following such notice, that you made such notice.

15. Limitation of Liability

15.1 In no event will PingPong, any Group member, or its or their Service Providers, be liable with respect to any subject matter of this Agreement under any contract, tort, negligence, strict liability or other legal or equitable theory for (A) (i) any special, incidental or consequential damages, (ii) the cost of procurement for substitute services, or (iii) for interruption of use or loss or corruption of data; or (B) (i) with respect to any single event, more than 5% of the Fees collected by PingPong from you for the 12 months immediately preceding such event, and (ii) in the aggregate, more than 105% of the Fees collected by PingPong from you for the trailing 12-month period preceding the date of the most recent claim action. PingPong shall have no liability for any failure or delay due to matters beyond its reasonable control.

15.2 In respect of any Inbound Payment, you hereby release the Platform or the sender from liability for such payment as of when the Funds related thereto are actually received by PingPong and not as of that later time when the Funds are settled to you by PingPong.

15.3 Outbound Payment Orders can only be executed if they comply with regulatory standards. PingPong will not be held liable for any damages which could result from the non-execution or defective execution of an Outbound Payment Order where such non-execution or defective execution is due to the fact that the Customer provided information which was untrue, inaccurate, incomplete or incorrect. In the case of paying VAT in the European Union, Outbound Payment Orders are executed according to the relevant Approved Payee’s international bank account number (IBAN) provided that such bank account is held with a bank in the European Union (the “Unique Identifier”). In the case of a discrepancy between the Unique Identifier provided by the Customer and any other information, PingPong may, without incurring any liability, rely solely on the Unique Identifier. In such case, the Funds under the relevant Outbound Payment Order transmitted by the Customer will be deemed to have been transferred to the intended beneficiary. If the Unique Identifier provided by the Customer is incorrect, PingPong will not be held liable for any damages which could result from the non-execution or defective execution of the Outbound Payment Order so long as PingPong has executed such Outbound Payment Order in accordance with the indicated Unique Identifier. The Customer will assume sole responsibility thereto and reimburse all costs of PingPong.

15.4 You acknowledge that PingPong may provide the PingPong Services using facilities provided by banks, payment service providers, clearing networks and other third-party payment processing services. No commercial agreement exists between the Service Providers and yourself and each of the Service Providers will accordingly have no direct liability to you.

15.5 We shall not be liable for any underlying sales transactions occurring on the Platform between either you or a Buyer. It is your responsibility to ensure that you only make payments to or receive payments from persons or entities related to commercial transactions in compliance with your applicable legal obligations. PingPong has no influence on the underlying process of buying or selling goods, and no legal relationship with the Platform or Buyers, and will not be made liable to or in respect of any Buyer or Platform or for the underlying products or services being sold or bought, nor for the correct completion of any sale or purchase of goods or services. You assume exclusive responsibility for your product and your obligations to Buyers and Platforms, and shall indemnify and hold PingPong harmless from any claim by any of them against PingPong. The sale of counterfeit goods or goods breaching intellectual property rights can also lead to legal action by rights holders and a potential loss of Funds. If you are in doubt as to the legality of a transaction you should not continue with your payment.

15.6 You shall be solely responsible for reporting to all applicable government tax authorities all Funds underlying your use of the PingPong Services and for the payment of any applicable taxes that apply to such payments as well as any other applicable reporting requirements including, but not limited to, any customs or foreign currency controls. PingPong may request you to provide proof of payment of taxes as and when it considers necessary and appropriate. To the extent permitted by Applicable Law and unless otherwise expressly agreed to in writing by PingPong, you shall be solely liable for, and you shall indemnify the Indemnified Persons against, any tax withholding required in connection with your use of the PingPong Services.

15.7 Neither party shall be held liable or considered to have failed under these rules in case of late or non-performance when their cause is related to a force majeure situation as defined by the governing law defined in Section 3.

15.8 All of Section 15 of this Agreement shall survive termination hereof.

16. Protection of Your Data

16.1 We will ensure that all your personal information is held in accordance with the data privacy and security provisions of Applicable Law and our published Privacy Policy. Your use of the PingPong Services is subject to the Privacy Policy which you agree to as part of these Terms and Conditions. Please make yourself familiar with the Privacy Policy by reviewing it on our website. PingPong, in its sole discretion, may amend the Privacy Policy by an update on the Privacy Policy page of the PingPong website. You may review the Privacy Policy at any time by clicking on the Privacy Policy on the PingPong website.

16.2 YOU ACKNOWLEDGE AND AGREE THAT PINGPONG RESERVES THE RIGHT TO ACCESS AND DISCLOSE PERSONAL DATA RELATING TO YOU TO THRID PARTIES TO COMPLY WITH ALL APPLICABLE LAWS AND LAWFUL REQUESTS FROM GOVERNMENT OR OTHER REGULATORY AUTHORITIES, OR TO PROVIDE SERVICES OF PINGPONG OR PROTECT PINGPONG, ITS CUSTOMERS OR OTHER USERS.

17. Miscellaneous

17.1 Availability of Agreement. The terms of this Agreement have been made available to you prior to its commencement and remains available thereafter on our Website. At any time during the contractual relationship, you have a right to receive, on request, the terms of this Agreement on a durable medium.

17.2 Changes to Agreement. We update the PingPong Services from time to time, and that means sometimes we have to change the terms of this Agreement. PingPong, at its sole discretion, may amend, revise or update this Agreement. Subject to any restrictions set forth in the Jurisdiction-Specific Terms, such changes will come into effect immediately upon publication thereof. If we make any material changes, we shall notify you via email or other means. If you disagree with our changes, then you should stop using the PingPong Services and close your PingPong Account. Your continued use of our PingPong Services will be subject to the new terms. However, any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.

17.3 Service Providers. PingPong has the right to involve third parties in providing PingPong Services. PingPong may require that certain processing steps are carried out directly through such third parties, completely or partially, as described in the Privacy Policy.

17.4 Prevention of Money Laundering and Terrorist Financing. PingPong is subject to Applicable Law regarding the fight against money laundering and the terrorist financing. As a result, PingPong reserves the right to obtain information from you, including, but not limited to, information about your identity, business transactions, business relationships, or financial information. In addition, PingPong must take all the steps necessary to identify you and, where appropriate, the beneficial owner of the PingPong Account or any Inbound Payments linked to the PingPong Account. You acknowledge that PingPong may terminate or postpone, at any time, the use of login details, access to an Account or execution of a transaction in the absence of any sufficient information about its purpose or nature.

17.5 Severability. Should one or several provisions of these general terms and conditions be or become invalid or prove to be unenforceable, this shall not affect the validity of the other provisions. In this case, the contracting parties shall replace the invalid or unenforceable provision by another provision that comes closest to the economically intended purpose. The same applies in the case of a regulatory gap.

17.6 Indemnification. You shall indemnify PingPong and its Group Companies and its and their respective directors, officers, employees, contractors, agents, representatives and authorized persons (collectively “Indemnified Persons”) for and keep the Indemnified Persons fully and effectively indemnified against (a) all direct and indirect damages (including accounting, legal and other professional advisors’ fees) incurred by the Indemnified Persons in connection with any breach of the terms and conditions herein by you or the Indemnified Persons’ enforcement thereof; or (b) any claim, proceeding, damages (including accounting, legal and other professional advisors’ fees) incurred by the Indemnified Persons in connection with the provision of any of the PingPong Services, whether or not arising from or in connection with your improper use of such PingPong Services or any damages to the Indemnified Persons (or their respective assets, computer hardware, devices, facilities or software) as a result of performing such PingPong Services.

17.7 Disclaimer of Warranties. The PingPong Services shall be provided on an “as is” basis. PingPong and its Service Providers hereby disclaim all warranties of any kind, express or implied, including the warranties of merchantability, fitness for a particular purpose and non-infringement. Neither PingPong nor its Service Providers, makes any warranty that our Services will be error free or that access thereto will be continuous or uninterrupted. You understand that you download from, or otherwise obtain content or services through, our PingPong Services at your own discretion and risk.

17.8 Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction specified in Section 3.1 with reference to the Accounts Jurisdiction (“Governing Law Jurisdiction”). Subject to the Jurisdiction-Specific Terms, the parties hereby submit to the non-exclusive jurisdiction of the courts of the Governing Law Jurisdiction.

17.9 Interpretation. In this Agreement, headings are inserted for ease of reference only and shall not affect the meaning of the terms of this Agreement; any phrase introduced by the terms "include", "including", "for example" or any similar expression will be construed as illustrative, not exhaustive, shall be deemed to be followed by "without limitation" and shall not limit the sense of the words prior to such term; references to a statute or statutory provision include, unless the context requires otherwise, a reference to that statute or statutory provision as from time to time amended, modified, extended, re-enacted, consolidated and all statutory instruments, orders, bylaws, directions and notices made pursuant to it made before or after the date of this Agreement; the word "or" is not exclusive; pronouns in the masculine, feminine or neuter genders will be construed to state and include any other gender, and words, terms and titles (including the terms defined herein) in the singular form shall be construed to include the plural, and vice versa, unless the Agreement otherwise specifies; the words "this Agreement", "herein", "hereby" and words of similar import, refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited; the language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction shall be applied against any Party. These Terms and Conditions were originally written in English. While we may translate these Terms and Conditions into other languages or offer customer support in languages other than English from time to time, in the event of a conflict or discrepancy between a non-English version of these Terms and Conditions or a communication from PingPong and the English version of these Terms and Conditions or communication from PingPong, the English version will prevail.

EXHIBIT A: JURISDICTION-SPECIFIC TERMS

The following terms apply to certain Account/Customer Jurisdictions and shall be deemed to be included in and form a part of the PingPong Terms and Conditions. To the extent any conflict exists between these country-specific terms and the PingPong Terms and Conditions, the provisions of these country-specific terms will prevail to applicable Customers. By using services in connection with the Account Jurisdictions below, you agree to be bound by the terms and conditions set out below, as well as the PingPong Terms and Conditions.

Applicable to Account Jurisdiction in Australia

1. Clause 5.3 is deleted and substituted with the following:

“5.3 We are not involved in any underlying sales transaction between the Buyer and you or the Platform. You will direct the Platform to pay amounts it receives for you to a bank account of PingPong nominated by us. Upon receipt of funds from the Platform, to PingPong’s bank account, we will become obliged to pay you an amount equal to what we receive, less our applicable fees and charges. We will arrange for the relevant amount to be credited to the bank account that you nominate. We do not hold the funds paid to PingPong’s bank account on trust for you. We may use the services of one or more Group Companies or Service Providers to provide the PingPong Services.”

Applicable to Account Jurisdiction in the United Kingdom

PingPong Payment (UK) Ltd is a company incorporated under the laws of England and Wales with registration number 12602063. We are authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017. Our FCA register number is 974154. This Agreement and the relationship between us is governed by the laws of England and Wales. This does not affect your mandatory rights under the laws of the country in which you reside.

1. For any claims in court, you submit to the non-exclusive jurisdiction of the courts of England and Wales. This means for example that if you were able to bring a claim against us in court arising from this agreement, it would be a court in England or Wales. But if the law allows you to do so, you can bring the claim in the court of another country instead, such as the country in which you are based.

2. “Applicable Law” includes the laws of England and Wales and regulations that apply to this agreement and our relationship with you, including the following:

a. The Payment Service Regulations 2017 (the “PSRs”);

b. Data protection laws, including the UK General Data Protection Regulation and the Data Protection Act 2018 (the “Data Protection Law”); and

c. Money laundering laws, including the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

3. Clause 5.6(a) is replaced as follows: Information regarding settlements of Inbound Payments, fees, and foreign exchange rates are displayed in the online transactions history in your PingPong Account. This constitutes a request for confirmation by PingPong to you. You must notify PingPong as soon as you notice that a payment not authorised by you or someone you have authorised has been made from your account. If such unauthorised payment is made, we will refund the payment before the end of the business day after you tell us unless you have acted fraudulently, there was a mistake in any of the details you gave us for the payment, we can show that the payment was received by the other person’s bank or you deliver the notification described in the foregoing sentence more than thirteen (13) months after the payment was made (provided that, in any event, we may agree to investigate such payment).

4. Clause 16.2 is replaced as follows:

“16.2 Changes to Agreement. We are constantly updating the PingPong Services, and that means sometimes we have to change the terms of this Agreement. PingPong, at its sole discretion, may amend, revise or update this Agreement. If we make changes, we will notify you via email or other means two (2) months before the changes take effect. If you disagree with our changes, then you should stop using the PingPong Services within the designated notice period. Otherwise, in absence of such notification before the proposed date of their entry into force, you will be deemed to have accepted those changes if you continue to use PingPong Services. Your continued use of our PingPong Services will be subject to the new terms. However, any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.”

5. The Customer hereby acknowledges that the Payment Accounts designated through use of the PingPong Services are not deposit accounts, that they may not be used as such, and the Customer agrees that the Customer will use the Payment Accounts only to make and receive payments and not to store funds. Funds received in Payment Accounts do not benefit from the legal framework applicable to deposit accounts and the UK’s Financial Services Compensation Scheme does not apply. However, the Payment Service Regulations 2017 apply to us and these are designed to ensure the safety of funds in payment accounts.

6. Under Regulation 89 of the Payment Services Regulations 2017, the credit value date for you as payee shall be no later than the Business Day on which the amount of the valid Inbound Payment is credited to PingPong’s account. The Funds received to your designated Payment Account from a Platform shall be immediately available for you.

7. Data Protection. We use your personal data solely for order processing purposes. Your personal data is processed and stored in compliance with the provisions of the Data Protection Law, as amended. With respect to data protection, we have implemented appropriate technical and organizational measures to protect your personal information from accidental loss or alteration and from unauthorized access, use or disclosure in compliance with the Data Protection Law. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use such personal information for improper purposes. You acknowledge that providing your personal information might entail a risk. Refer to our Privacy Policy for more details.

8. Complaints. For complaints related to UK services, we have internal procedures for handling and investigating complaints fairly and promptly in accordance with regulatory requirements. Any complaints about us or the services we provide should be addressed to us in the first instance by contacting Customer Service. Please tell us that you are making a complaint. This helps us to identify it as a complaint instead of, for example, a request for information. We will send you an acknowledgement in accordance with our Customer Complaint Policy, which you can view here. We will try to provide you with an answer or resolution to your complaint within the timeframes as outlined by the Financial Ombudsman Service. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you. If your complaint is not resolved to your satisfaction, you may contact the Financial Ombudsman Service at Exchange Tower, London, E14 9SR, United Kingdom on 0800 023 4567 or by completing a form available at https://www.financial-ombudsman.org.uk. We will communicate with you in English.

9. If you are not a consumer, micro-enterprise or charity (each as defined in the PSRs), then in accordance with Regulations 40(7) and 63(5) of the PSRs (which provide that we and you may agree that certain provisions of the PSRs shall not apply), you agree that all of the provisions of Part 6 of the PSRs and Regulations 66(1), 67(3) and (4), 75, 77, 79,80, 83, 91, 92 and 94 of Part 7 of the PSRs shall not apply to any of your Payment Accounts and any related services and that a different time period shall apply for the purposes of regulation 74(1).

Applicable to Account Jurisdictions in the European Union

1. PingPong Europe S.A. is a registered Luxembourg S.A. in the Registre de Commerce et des Sociétés of Luxembourg under the registration number B211775 duly licensed in Luxembourg as an Electronic Money Institution under the prudential supervision of the Commission de Surveillance du Secteur Financier ("CSSF") with CSSF registration number W00000014. The CSSF maintains a register of the organisations that it regulates at http://supervisedentities.cssf.lu/index.html?language=en#Home; you can look up PingPong by name.

2. In other to provide you better payment service, you hereby authorize and instruct PingPong Europe S.A. to send all the funds available in your Payment Account with PingPong Europe S.A. to other PingPong Group companies’ Payment Account, unless you expressly make a written request to PingPong Europe S.A. to keep such funds in the Payment Account under PingPong Europe S.A.

3. “Applicable Law” relates to Luxembourg laws, specifically the following:

a. The Luxembourg law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems, as amended.

b. Data protection laws, specifically the Regulation (EU) 2016/679 ("GDPR") dated 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.

c. Money laundering laws, meaning (i) the Luxembourg law dated 12 November 2004 on the fight against money laundering and terrorist financing, as amended, and (ii) the Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of the amended law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended and supplemented from time to time.

4. Clause 10.2 is replaced as follows:

“10.2 PingPong may suspend or terminate your access to all or any part of the PingPong Services at any time, with or without cause. Where possible, we will provide at least two (2) months’ prior notice by email, unless there are exceptional circumstances, or regulatory circumstances (including but not limited to court or governmental orders) causing PingPong to take immediate action, such as where we discover you have provided false, misleading, incomplete or inaccurate information or have otherwise acted dishonestly; (b) you breach this Agreement or any other agreement you enter into with PingPong; (c) your PingPong Account has been compromised or for other security reasons; (d) you are engaged in fraud, money laundering, terrorist financing or other illegal activities or we reasonably suspect the same; (e) you use PingPong Services illegally or fraudulently in violation of Applicable Law or we reasonably suspect the same; or (f) there are other grounds that PingPong considers it appropriate. Together with a termination/suspension notice, we may also provide instructions on how to withdraw remaining funds, if it is not forbidden by Applicable Law.”

5. Clause 17.2 is replaced as follows:

“17.2 Changes to Agreement. We are constantly updating the PingPong Services, and that means sometimes we have to change the terms of this Agreement. PingPong, at its sole discretion, may amend, revise or update this Agreement. If we make major changes, we will notify you via email or other means two (2) months before the changes take effect. If you disagree with our changes, then you should stop using the PingPong Services within the designated notice period. Otherwise, in absence of such notification before the proposed date of their entry into force, you will be deemed to have accepted those changes if you continue to use PingPong Services. Your continued use of our PingPong Services will be subject to the new terms. However, any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.”

6. Pursuant to this Agreement, PingPong will act as payment service provider (“prestataire de services de paiement”) under the Applicable Law and you will act as beneficiary (“bénéficiaire”) under the Applicable Law, and the Payment Account will be a payment account (“compte de paiement”) as defined in paragraph 5 of article 1 of the Applicable Law and for the purposes of the Applicable Law. The relevant Platform will act as payer (“payeur”).

7. The Customer hereby acknowledges, pursuant to article 10 (2) of the Applicable Law, that the Payment Accounts designated through use of the PingPong Services do not constitute deposit accounts, that they may not be used as such, and that Funds received in Payment Accounts benefit from the legal framework applicable to deposit accounts.

8. Under article 99 of the Applicable Law, the credit value date for you as payee shall be no later than the Business Day on which the amount of the valid Inbound Payment is credited to your PingPong Balance. The Funds received to your designated Payment Account from a Platform shall be immediately available for you. The delays in this paragraph shall be adapted to reflect the delay of article 99 (1) of the Applicable Law if this legal delay is reduced.

9. Data Protection. We use your personal data solely for order processing purposes. Your personal data is processed and stored in compliance with the provisions of the Law of Luxembourg of 2 August 2002 on personal data protection, as amended. With respect to data protection, we have implemented appropriate technical and organizational measures to protect your personal information from accidental loss or alteration and from unauthorized access, use or disclosure in compliance with articles 22 (1) and 23 of the Data Protection Law. However, we cannot guarantee that unauthorized third parties will never be able to defeat those measures or use such personal information for improper purposes. You acknowledge that providing your personal information might entail a risk. Refer to our Privacy Policy for more details.

10. No Consumer Services. The Customer and PingPong hereby agree, and the Customer acknowledges, to waive the provisions of the Applicable Law that may, under such Applicable Law, be set aside where the user of a payment service is not a consumer, and including the provisions as contemplated in article 59 and 78 of the Applicable Law (or any provisions replacing these articles in case of amendment of the Applicable Law).

11. Complaints. For complaints related to E.U. services, we have internal procedures for handling and investigating complaints fairly and promptly in accordance with regulatory requirements. Should you not be satisfied with our response, you may choose to escalate your claim to senior management or to the financial sector regulator in Luxembourg. Please refer to our Customer Complaints Policy.

Applicable to Account Jurisdiction in Hong Kong

1. Applicable Law means any applicable law, regulation, directives or generally accepted practices or guidelines from time to time issued by any regulatory authority, or any other jurisdictions applicable to your use of the PingPong Services, including laws governing payment services including anti-money laundering or terrorist financing requirements, data protection laws, anti-discrimination, false advertising, gambling, illegal sale or purchase or exchange of any goods or services, and those related to export/import activity, taxes or foreign currency transactions. The relevant laws, regulations and guidelines in Hong Kong shall include:

a. Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)

b. Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)

c. Organized and Serious Crime Ordinance (Cap. 455)

d. United Nations (Anti-Terrorism Measures) Ordinance (Cap. 575)

e. United Nations Sanctions Ordinance (Cap. 537)

f. Weapons of Mass Destruction (Control of Provision of Services) Ordinance (Cap. 526)

g. Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Money Service Operators)

2. Consumer under this Agreement shall refer to consumers as interpreted in the Sale of Goods Ordinance (Cap.26).

3. Ping Pong Global Holdings Limited is registered with Customs & Excise Department as Money Service Operator since 2016.

4. Section 17.8 of this Agreement shall be deleted in its entirety and be replaced as follows:

5. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereby irrevocably submit to the exclusive jurisdiction of the courts of Hong Kong.

6. Section 5.8 of this Agreement shall be extended to cover the following scenarios:

•apply your Payment Account as a e-wallet or any form of stored value facility;

•apply your Payment Account to hold funds for a period exceeding the time allowed under Applicable Law in Hong Kong.

7. Section 4.4 of this Agreement shall be deleted in its entirety and be replaced as follows:

“PingPong is not a bank or a credit institution or a stored value facilities licensee and it does not accept any deposit from you, accept any stored value from you nor pay any interest to you on your Funds/PingPong Balance. By accepting these Terms and Conditions you acknowledge that PingPong is authorized to retain any interest that arises with respect to the sum of any Funds held in PingPong’s bank account(s). You further acknowledge that the Payment Account does not qualify as a deposit account as defined by relevant laws and regulations, and thus Funds held in your PingPong Account or in the process of Transaction are not insured. However, PingPong shall strictly adhere to applicable requirements that ensure the liquidity and protection of Funds held on your behalf. PingPong may, at its sole and absolute discretion, settle your PingPong Balance to your Beneficiary Account or conduct refund to the originator’s account (as the case may be) at any time at the sole and absolute discretion of PingPong if the PingPong Balance is not withdrawn or applied by you for a period of 180 days.”

8. A new Section 8.4 of this Agreement shall be added immediately after Section 8.3:

“You may need to deposit immediately available funds into your Payment Account to ensure that you have sufficient PingPong Balance for us to execute the Outbound Payment Order(s). For the sake of convenience only but not otherwise, subject to section 4.4, if you have a series of Outbound Payment Orders which will be executed within a specific period of time (which shall in no event exceed 90 days), and if you wish to prefund such funds to your Payment Account, you may make such arrangements provided always that such funds shall in no event be considered as deposit or stored value under Applicable Law. If the funds (or any part thereof) are not used within a period of 180 days from the date of deposit, we may handle such funds (or any part thereof) in accordance with section 4.4.”

Applicable to Account Jurisdictions in Japan

1. “Applicable Law” relates to Japan laws, including:

a. Act on Regulation of Transmission of Specified Electronic Mail of Japan (Act No. 26 of April 17, 2002)

b. Act on the Protection of Personal Information (Act No. 57 of May 30, 2003)

c. Foreign Exchange and Foreign Trade Act (Article 55-10 unenforced, etc.)

2. You authorize PingPong to receive funds on your behalf in Japan as part of the bill payment services (Shuno Daiko).

3. At the conclusion of Inbound Transactions in Japan, or the time of PingPong’s receipt of Inbound Payment from Platforms in Japan, the obligation of such Platforms (on behalf of buyers of goods or services in commercial transactions) to you (as seller or service provider) for such funds shall be deemed to be satisfied unless otherwise stipulated.

4. Any decimal of the Fees will be rounded down to zero.

Applicable to Account Jurisdictions in the United States

1. Applicable Law includes:

a. Bank Secrecy Act (BSA), as amended by the USA PATRIOT Act (2001)

b. Administrative rulings and guidelines issued by the Financial Crimes Enforcement Network (FinCEN) applicable to money services businesses

c. State-specific money transmitter regulations

d. Office of Foreign Assets Control (OFAC) Regulations

2. PingPong Global Solutions Inc. is registered with FinCEN as Money Service Business since 2015.

3. Clause 4.5 is replaced as follows:

“4.5 PingPong is an independent contractor that provides the PingPong Services to PingPong Customers. You duly appoint PingPong, and PingPong agrees to act, as your agent to handle the Funds and all relevant matters, pursuant to this Agreement. PingPong does not act as a fiduciary, trustee or escrow holder fiduciary, trustee or escrow holder on your behalf or the Platform’s behalf.

4. Clause 15.2 is replaced as follows:

“15.2 In respect of any Inbound Payment, PingPong acts as your agent to receive Funds from Platform, you hereby acknowledge and release the Platform from liability for such payment as of when the Funds related thereto are received by PingPong and not as of that later time when the Funds are settled to you by PingPong.”

5. Clause 11.4 is replaced as follows:

“PingPong will determine the escheatment requirement of the fund in the inactive PingPong Account based on the applicable states law, at which time the fund in PingPong Account may be deemed “unclaimed property”. Where required, PingPong will send you a notice prior to escheating any funds in your inactive PingPong Account. PingPong will determine your state of residency based on the state listed in the address for your PingPong account. If your address is unknown or registered in a foreign country outside United States, the funds in your PingPong account, will be escheated to the State of New York. Where required, PingPong will send you a notice prior to escheating any funds in your PingPong account. If you fail to respond to this notice, the funds in your PingPong Account, will be escheated to the applicable state. If you would like to claim any escheated funds from the applicable state, please contact the applicable state’s unclaimed property administrator.”

6. For California Users:

You, the customer, are entitled to a refund of the money to be transmitted as the result of this agreement if PingPong Global Solutions Inc does not forward the money received from you within 10 days of the date of its receipt, or does not give instructions committing an equivalent amount of money to the person designated by you within 10 days of the date of the receipt of the funds from you unless otherwise instructed by you.
If your instructions as to when the moneys shall be forwarded or transmitted are not complied with and the money has not yet been forwarded or transmitted, you have a right to a refund of your money.
If you want a refund, you must mail or deliver your written request to PingPong Global Solutions Inc at 1510 Fashion Island Blvd., Suite 250, San Mateo, CA 94404. If you do not receive your refund, you may be entitled to your money back plus a penalty of up to $1,000 and attorney’s fees pursuant to section 2102 of the California Financial Code.

Applicable to Customer located in India

PingPong acts as an Online Payment Gateway Service Provider (“OPGSP”) (as prescribed by the Reserve Bank of India) (“OPGSP”) in India for the purpose of facilitating certain payment services. The customer in India may be eligible to use PingPong Services to conduct Inbound Transactions and Withdrawal Transactions (but not to make Outbound Transactions) via PingPong as OPGSP, as described in the foregoing Terms and Conditions, subject to the terms set forth below.

If you are a registered user of PingPong, you may use the PingPong Services in India to receive payments in consideration of export by you of goods or services of value not exceeding the equivalent of US$10,000 per transaction, as may be amended from time to time (“Eligible Inbound”). You may use the PingPong Services for export of such goods and services as permitted under the laws of India, including but not limited to the prevalent Foreign Trade Policy of India, and in all cases only for lawful and valid transactions and not for any prohibited transaction as detailed in the Terms and Conditions.

When withdrawal, you must indicate the purpose of the transactions underlying the Eligible Inbound, as requested under India regulations to enable collection of data relating to the transactions as foreign exchange transactions. Failure to provide PingPong with accurate information shall be your sole responsibility. We will not be liable for withdrawn funds being sent to the wrong bank account as a result of you providing incorrect details. Providing inaccurate information regarding your bank account may result in rejection of funds or blocking your use of PingPong Services.

Eligible Inbound received by PingPong on your behalf as OPGSP will be maintained in a Nostro collection account of an Authorized Dealer Bank in India, until being transferred exclusively to your designated bank account subject to the applicable law.

Notwithstanding the foregoing, you may use PingPong Outbound Services of VAT to pay your VAT bill to tax authority, and the amount equal to the underlying amount of your VAT payment will be redirected to the VAT authority, instead of being transferred to your bank account.

BPocket User Agreement

Last updated: October 2020

Thank you for using BPocket! This BPocket User Agreement (this "Agreement") is made and entered into by and between PingPong Global Solutions Inc. ("PingPong" or " We") and the user ("You") with regard to BPocket account and BPocket services, together with the PingPong T&C, governs the use of BPocket by you. This Agreement is a supplement to PingPong Services Terms and Conditions (" PingPong T&C") and it must be read together with PingPong T&C. Unless otherwise defined in this Agreement, all capitalized terms have the meanings given in the PingPong T&C.

WE MAY CHANGE THE TERMS OF THIS AGREEMENT, INCLUDING FEES AND FEATURES OF YOUR ACCOUNT, AT ANY TIME, WITH OR WITHOUT NOTICE TO YOU BY POSTING AN UPDATED AGREEMENT ON OUR WEBSITE AT https://b2b-cdn.pingpongx.com/b2b/protocol/BPocket-User-Agreement-legal.html UNLESS APPLICABLE LAW REQUIRES A DIFFERENT METHOD. YOUR CONTINUED USE OF YOUR BPOCKET AFTER THE EFFECTIVE DATE OF ANY CHANGE CONSTITUTES ACCEPTANCE OF ANY CHANGE MADE TO THIS AGREEMENT.

1.Important Information

1.1 BPocket services is a prepaid access account provided by PingPong Global Solutions Inc. that enables you to receive and hold funds, manage those funds, and make electronic payments and other payments. BPocket services is offered by PingPong as a licensed money transmitter in the United States, as applicable.

1.2 In order to use BPocket, you should read and comply this Agreement. Before accepting this Agreement, please carefully read it thoroughly. If you do not agree with any content of this Agreement, or if you cannot understand the terms, please contact PingPong customer service immediately.

1.3 By clicking checkbox on the webpage, it means that you have understood and agreed to accept this Agreement and all existing and subsequent rules, page displays, operation procedures, announcements or notices in connection with this Agreement.

1.4 By using BPocket and related services, you represent and warrant that your use is for commercial purposes only, and that you are not entering into the Agreement and will not use the BPocket services for personal, family or household purposes.

2.Use on BPocket

2.1 Opening a BPocket Account and Identity authentication. To the extent that we have not done so already, PingPong may be required to request and verify certain information from you prior to opening a BPocket Account for you.
You authorize us, directly or through third parties, to make any inquiries we consider necessary to verify your identity from time to time. The information we request may vary depending on the circumstances and may include name, address, a date of birth (for individuals), identification number such as a taxpayer identification number (“TIN”), social security number, ownership of your email address, phone number or financial instruments, a credit report from a credit reporting agency, your driver’s license or other identifying supporting documents as we deem appropriate.
By opening a BPocket Account and using the related services, you confirm that you are not subject to sanctions programs administered or enforced including but not limited by the Office of Foreign Assets Control of the U.S. Department of the Treasury.

2.2 Adding Money to BPocket Account: You may add money to your BPocket via an inbound wire from your own bank account. Please be informed any wire fees charged by your bank for such transfers shall be borne by you. We may allow you to request that either the entirety or some portion of your PingPong Balance be settled to your BPocket in this manner. Your PingPong Balance may be settled to your BPocket at the same time as you initiate a payout request to an approved third party or at any other time.

2.3 Link or Unlink a Payment Method. PingPong may offer you the ability to use BPocket by linking or unlinking your U.S. debit card or bank account (“Linked Bank Account”) to your BPocket. Please keep your payment method information (e.g. debit card number and expiration date) accurate and current. When you use your Linked Bank Account as a payment method, you are allowing PingPong to initiate a transfer from your Linked Bank Account to the recipient. For these transactions, PingPong will make electronic transfers from your Linked Bank Account in the amount you specify. You authorize PingPong to try this transfer again if the initial transfer is rejected by your bank for any reason.

2.4 Availability of Funds in BPocket Account. Your funds are available for use when credited to your BPocket and shown to you as an available balance in your BPocket. Your balance could be reviewed at any time through the PingPong user dashboard. Funds settled from your PingPong Balance will generally be available after the request is processed. Funds from outside sources (such as your own bank account) will generally be available when good funds are credited to PingPong. When you add funds or have initiated an incoming transfer, the transaction will show as “pending” in your user dashboard until the funds are received and credited to your BPocket.

2.5 Nature of Funds in BPocket Account. Except as otherwise provided by applicable law, your money in BPocket does not constitute a demand deposit (checking) account, savings account, or other asset account. BPocket is a prepaid access account provided to you by PingPong as a licensed money transmitter. We will hold and transmit funds on your behalf in accordance with applicable law. Any funds associated with your BPocket represent an unsecured claim against us and is not insured by the Federal Deposit Insurance Corporation (FDIC). We combine money held on your behalf in with the money of other BPocket Product users and hold it in a custodial account or accounts we maintain with our banking partners, in our name, as agent for the benefit of BPocket users. We own any interest or other earnings on any funds held as permissible investments associated with these fund. However, the claim against us represented by this money is not secured by these investments and you do not have any ownership interest (either legal or beneficial) in these investments. These pooled amounts are held apart from our corporate funds, and we will neither use these amounts for our operating expenses or any other corporate purposes nor will we voluntarily make these amounts available to our creditors in the event of bankruptcy or insolvency.

2.6 Sending Money from Your BPocket Account. You may use available funds in your BPocket to:

(a) send money to another approved BPocket Account;

(b) withdraw money to a Linked Bank Account via an eligible debit card or directly, subject to the account being approved by PingPong; or

(c) send money to an approved third party payee’s bank account.

2.7 Limitation on Your BPocket. Your BPocket account and transaction activity is subject to review and monitoring. PingPong may, in its sole discretion, take account-level or transaction-level actions. We monitor for, among other things, activity that is potentially suspicious or illegal, as well as for compliance and risk management with this Agreement and applicable law. In connection with our review process, you may be required to provide us with additional information and/or documentation to verify your identity or for other purposes. PingPong may refuse to execute or may delay or hold transactions involving your BPocket (whether loads or disbursements) based on technical, security or compliance concerns we identify or experience, or if the information you provided is incomplete or incorrect. Except where prohibited by applicable law, we will provide you information about a delayed or refused transaction through your BPocket account on the user dashboard. We may also set limits on the amount and volume of transactions that can initiate involving your BPocket account. We will provide you with information regarding such limits through our website and/or your user dashboard. We also may impose such limits or restrictions for security reasons and in accordance with applicable law.

2.8 Closing BPocket Account. You may close your BPocket account and terminate your relationship with us at any time, but you will remain liable for all obligations related to your BPocket account even after your BPocket account is closed. When you close your BPocket account, we will cancel any scheduled or incomplete transactions. You must withdraw or send available balance from your BPocket account before closing it.
In certain cases, you may not close your BPocket account, including:

(1) to evade an investigation.

(2) if you have a pending transaction or an open dispute or claim.

(3) if your BPocket account has a negative balance.

(4) if your BPocket account is subject to a hold, limitation or reserve.

3.BPocket Services Fees

3.1 The services fees applicable to BPocket can be found on your dashboard and will be disclosed to you in advance each time you initiate a transaction in your BPocket. BPocket Service fees are not refundable. We reserve the right to modify these fees unilaterally from time to time without further notice.

3.2 You authorize us to deduct BPocket service fees for BPocket services directly from your BPocket Account. Please note that applicable fees for other PingPong services may be offset directly from your PingPong Balance as set forth in the PingPong T&C.

3.3 If the balance in your BPocket account becomes negative for any reason, that negative balance represents an amount that you owe to PingPong. PingPong may deduct these amounts from funds that are added to your BPocket account later, either by you or from payments you receive.
If you hold funds in a BPocket account in multiple currencies, and the balance for one of the currencies becomes negative for any reason, PingPong may set off the negative balance by using funds you maintain in a different currency. If you have a negative balance in non-U.S. dollars, PingPong will convert this negative balance to U.S. dollars. In either case, a currency conversion will be necessary, and PingPong’s transaction exchange rate (including our currency conversion spread) will be used.

4.Protection from Unauthorized Transactions

4.1 Scope of Unauthorized Transaction. An “Unauthorized Transaction” occurs when money is sent from your BPocket account that you did not authorize and that did not benefit you. For example, if someone steals your password, uses the password to access your BPocket account, and sends a payment from your BPocket account, an Unauthorized Transaction has occurred.

4.2 Exclusion of Unauthorized Transaction. The following are NOT considered as Unauthorized Transactions if you give someone access to your BPocket account (by giving them your login credentials information) and they use your BPocket account without your knowledge or permission. You are responsible for all the transactions made in this situation.

4.3 Reporting an Unauthorized Transaction. We generally cannot reverse Unauthorized Transaction that you initiate in your BPocket unless otherwise required by applicable law. Please note that you must notify us IMMEDIATELY if you believe there has been an unauthorized transaction made using your BPocket.

5.Safeguard

5.1 You must:

(a) only allow authorized users to access your BPocket and not any other person;

(b) regularly monitor your account to make sure no unauthorized transactions involving your BPocket have occurred;

(c) if you suspect that someone else knows your BPocket password; or details, or if you think your BPocket may be misused, stop using the BPocket and contact us immediately.

5.2 You must also comply with any additional security requirements we notify to you from time to time.

5.3 We may disclose any information we believe to be reasonable to law enforcement agencies if we suspect there has been any unauthorized use, misuse, illegality or fraud in connection with your BPocket.

6.Restricted Activities

In connection with your use of our websites, your BPocket account, BPocket services, or in the course of your interactions with PingPong, other PingPong customers, or third parties, you must not:

(1) Breach this Agreement or any other agreement you enter into with PingPong or its affiliates;

(2) Violate any law, statute, ordinance, rules or regulation;

(3) Infringe PingPong or any third party's copyright, patent, trademark, trade secret or other intellectual property rights, or rights of publicity or privacy;

(4) Act in a manner that is defamatory, trade libelous, threatening or harassing;

(5) Provide false, inaccurate or misleading information;

(6) Send or receive what we reasonably believe to be potentially fraudulent funds;

(7) Refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us;

(8) Attempt to double dip during the course of a dispute by receiving or attempting to receive funds from both PingPong and the seller, bank or card issuer for the same transaction;

(9) control an account that is linked to another account that has engaged in any of these restricted activities;

(10) conduct your business or use the BPocket services in a manner that results in or may result in complaints, fees, fines, penalties or other liability or losses to PingPong, other PingPong customers, third parties or you;

(11) use your BPokcet account or the PingPong services in a manner that PingPong, Visa, MasterCard, American Express, Discover or any other electronic funds transfer network reasonably believes to be an abuse of the card system or a violation of card association or network rules;

(12) take any action that imposes an unreasonable or disproportionately large load on our websites, software, systems (including any networks and servers used to provide any of the PingPong services) operated by us or on our behalf or PingPong services;

(13) provide yourself a cash advance from your credit card (or help others to do so);

(14) allow your BPocket account to have a negative balance;

(15) facilitate any viruses, trojan horses, malware, worms or other computer programming routines that attempts to or may damage, disrupt, corrupt, misuse, detrimentally interfere with, surreptitiously intercept or expropriate, or gain unauthorized access to any system, data, information or PingPong services;

(16) use an anonymizing proxy, any robot, spider, other automatic device, or manual process to monitor or copy our websites without our prior written permission; or use any device, software or routine to bypass our robot exclusion headers;

(17) take any action that may cause us to lose any of the services from our Internet service providers, payment processors, or other suppliers or service providers; or

(18) use the BPocket services to test credit card behaviors.
If we believe that you’ve engaged in any of these restricted activities, we may take several actions to protect PingPong, its customers and others at any time in our sole discretion. The actions we may take include, but are not limited to, the following:

(1) terminate this agreement, limit your BPocket account, and/or close or suspend your BPocket account, immediately and without penalty to us;

(2) refuse to provide any PingPong services to you in the future;

(3) limit your access to our websites, software, systems (including any networks and servers used to provide any of the PingPong services) operated by us or on our behalf, your PingPong account or any of the PingPong services, including limiting your ability to add or send money with any of the payment methods linked to your BPocket account, restricting your ability to send money;

(4) hold the balance in your BPocket for up to 180 days if reasonably needed to protect against the risk of liability;

(5) update inaccurate information you provided us; or

(6) take legal action against you;

If we close your BPocket account or terminate your use of BPocket services for any reason, we’ll provide you with notice of our actions and make any unrestricted funds held in the balance of BPocket available for withdrawal.

7.Services Suspension and Termination

7.1 PingPong may suspend or terminate all or part of BPocket services from time to time.

7.2 You understand and agree that PingPong has the right to determine its business strategy at its sole discretion. In the event of a merger, acquisition, reconstruction or asset transfer, PingPong has the right to assign all or part of the assets related to BPocket to a third party; PingPong may also transfer all or part of the services under this Agreement to a third party, in accordance with applicable law, for operation and performance after notifying you unilaterally.

7.3 If you fail to pay the service fees in full and on time, PingPong is entitled to suspend or terminate BPocket services.

7.4 You agree that we are entitled to terminate this Agreement by providing a 7 working days’ prior notice to you unless there are exceptional circumstances, or regulatory circumstances (including but not limited to court or governmental orders) causing PingPong to take immediate action when, including but not limited to:

(a) we discover you have provided false, misleading, incomplete or inaccurate information or have otherwise acted dishonestly;

(b) you breach this Agreement or any other agreement you enter into with PingPong or its affiliates;

(c) your BPocket account has been compromised or for other security reasons;

(d) you are engaged in fraud, money laundering, terrorist financing or other illegal activities or we reasonably suspect the same;

(e) you use BPocket illegally or fraudulently in violation of applicable law or we reasonably suspect the same;

(f) we are required by law or the orders of competent authorities to do so;

(g) we suspect there is safety or security risk or other circumstances that PingPong deems inappropriate; or

(h) there are other grounds that PingPong considers it appropriate.

Together with a termination/suspension notice, we may also provide instructions on how to withdraw remaining funds in your BPocket, if it is not forbidden by applicable law.

8.Disclaimer of Warranty and Release

8.1 No warranty. BPocket services are provided “as-is” and without any representation or warranty, whether express, implied or statutory. PingPong specifically disclaims any implied warranties of title, merchantability, fitness for a particular purpose and non-infringement.
PingPong does not guarantee continuous, uninterrupted or secure access to any part of BPocket services, and operation of our websites, software, or systems (including any networks and servers used to provide any of the PingPong services) operated by us or on our behalf may be interfered with by numerous factors outside of our control. PingPong will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, debit cards, credit cards, and check issuances are processed in a timely manner but PingPong makes no representations or warranties regarding the amount of time needed to complete processing because BPocket services is dependent upon many factors outside of our control, such as delays in the banking system or the U.S. or international mail service. Some states do not allow the disclaimer of implied warranties, so the foregoing disclaimers may not apply to you.

8.2 Release of PingPong. If you have a dispute with any other BPocket account holder, you release PingPong from any and all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, arising out of or in any way connected with such disputes. In entering into this release you expressly waive any protections (whether statutory or otherwise, for example, California Civil Code § 1542) that would otherwise limit the coverage of this release to include only those claims which you may know or suspect to exist in your favor at the time of agreeing to this release.

9.Indemnification and Limitation of Liability

9.1 You must indemnify PingPong for liabilities related to your BPocket account and your use of the BPocket services. You agree to defend, indemnify and hold PingPong, its affiliates, officers, agents, employees and counsels harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party due to or arising out of your breach of this Agreement, your improper use of the BPocket Services, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your BPocket account or access our websites, or systems (including any networks and servers used to provide any of the PingPong services) operated by us or on our behalf, or any of the PingPong services on your behalf.

9.2 You are liable for all transfers of funds initiated from your BPocket made by you and any authorized users.
Without limiting any clause of the PingPong T&C, you will be liable for all unauthorized transactions where you have contributed to the loss by:

(a) breaching or compromising the security safeguard of your BPocket; or

(b) delaying the reporting of the loss, theft or misuse of your BPocket, in which case you will be liable for all losses until such time as you notify us of the loss, theft or misuse of your BPocket.

9.3 Our liability is limited with respect to your BPocket account and your use of BPocket services. In no event shall PingPong be liable for lost profits or any special, incidental or consequential damages (including without limitation damages for loss of data or loss of business) arising out of or in connection with our websites, software, systems (including any networks and servers used to provide any of the BPocket services) operated by us or on our behalf, any of the BPocket services, or this Agreement (however arising, including negligence), unless and to the extent prohibited by law.

9.4 Our liability to you or any third parties in any circumstance is limited to the actual amount of direct damages. In addition, to the extent permitted by applicable law, PingPong is NOT liable, and you agree not to hold PingPong responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly from: (1) your use of, or your inability to use, our websites, software, systems operated by us or on our behalf, or any of the BPocket services; (2) viruses or other malicious software obtained by accessing our websites, software, systems operated by us or on our behalf or any of the BPocket services or any website or service linked to our websites, software or any of BPocket services; (3) delays or disruptions in our websites, software, systems operated by us or on our behalf and any of the BPocket services; (4) bugs, errors, or inaccuracies of any kind in our websites, software, systems; (5) content, actions, or inactions of third parties; or (6) a suspension or other action taken with respect to your BPocket account.

10.Intellectual Property

"PingPong" and all logos related to the BPocket services are either trademarks or registered trademarks of PingPong, its affiliates or its licensors. You may not copy, imitate, modify or use them without our prior written consent. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of PingPong. You may not copy, imitate, modify or use them without our prior written consent. You may not alter, modify or change these logos in any way, use them in a manner that mischaracterizes PingPong or the BPocket services or display them in any manner that implies BPocket’s or PingPong’s sponsorship or endorsement. All right, title and interest in and to PingPong websites, any content thereon, the BPocket services, the technology related to the BPocket services, and any and all technology and any content created or derived from any of the foregoing is the exclusive property of PingPong, its affiliates and its licensors.

11.Agreement to Arbitrate

If we are unable to do so to your satisfaction, you may report to customer service directly.

ANY CLAIMS ARISING OUT OF, RELATING TO, OR CONNECTED WITH THIS AGREEMENT MUST BE ASSERTED INDIVIDUALLY IN BINDING ARBITRATION CONDUCTED BY A SINGLE ARBITRATOR WITH EXPERIENCE IN CONSUMER ONLINE PAYMENT SERVICES DISPUTES ADMINISTERED BY THE AMERICAN ARBITRATION ASSOCIATION (“AAA”) IN ACCORDANCE WITH ITS COMMERCIAL ARBITRATION RULES AND THE AAA SUPPLEMENTARY PROCEDURES FOR CONSUMER-RELATED DISPUTES.

The forum for arbitration shall be in the city closest to your residence having a federal district courthouse. The arbitrator shall not conduct any form of class or collective arbitration nor join or consolidate claims by or for individuals. To the extent allowed by applicable law, the Arbitrator, and not any federal, state, or local court or agency, shall have exclusive authority to resolve any dispute relating to the interpretation, applicability, enforceability or formation of this Agreement including, but not limited to, any claim that all or any part of this Agreement is void or voidable. Judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction.

This Agreement and each of its parts evidence a transaction involving interstate commerce, and the United States Arbitration Act shall apply in all cases and govern the interpretation and enforcement of the arbitration rules and arbitration proceedings.

Waiver of Right to Jury; Class Action Waiver. TO THE EXTENT ALLOWED BY LAW, YOU AGREE TO IRREVOCABLY WAIVE ANY RIGHT YOU MAY HAVE TO A TRIAL BY JURY OR OTHER COURT TRIAL (OTHER THAN SMALL CLAIMS COURT) OR TO SERVE AS A REPRESENTATIVE, AS A PRIVATE ATTORNEY GENERAL, OR IN ANY OTHER REPRESENTATIVE CAPACITY, OR TO PARTICIPATE AS A MEMBER OF A CLASS OF CLAIMANTS, IN ANY LAWSUIT, ARBITRATION OR OTHER PROCEEDING FILED AGAINST US AND/OR RELATED THIRD PARTIES.

12.Miscellaneous

12.1 Assignment. You may not transfer or assign any rights or obligations you have under this Agreement without our prior written consent. We may transfer or assign this Agreement or any right or obligation under this Agreement at any time.

12.2 Security interest. As security for the performance of your obligations under this Agreement, you grant to PingPong a lien on, and security interest in and to, funds held in your BPocket account.

12.3 No Waiver. Our failure to act with respect to a breach of any of your obligations under this Agreement by you or others does not waive our right to act with respect to subsequent or similar breaches.

12.4 Governing law. You agree that, except to the extent inconsistent with or preempted by federal law and except as otherwise stated in this Agreement, the laws of the State of California, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between you and PingPong regarding your use of the BPocket services.

12.5 State disclosures. In addition to reporting complaints against PingPong directly to PingPong as described above, if you are a California resident, you may report complaints to the California Department of Business Oversight by mail at Department of Business Oversight, Attn: Consumer Services, 1515 K Street, Suite 200, Sacramento, CA 95814 or online through its website at http://www.dbo.ca.gov/Consumers . The California Department of Business Oversight offers assistance with its complaint form by phone at 866-275-2677. If you are a California resident, you have a right to receive communications about your BPocket account and the BPocket services by email. To make such a request, send a letter to PingPong Global Solutions Inc., Attn: Legal Department, 1510 Fashion Island Boulevard, Suite 250, San Mateo, CA, USA and include your email address, and your request for that information by email.

Florida residents may contact the Florida Department of Financial Services in writing at 200 East Gaines Street, Tallahassee, Florida, 32399, or by telephone at 1-800-342-2762.

12.6 Services Provider Only. PingPong is only a payment service provider. We act as a payment service provider only. We do not:

  • Act as an escrow agent with respect to any funds kept in your account;
  • Unless otherwise expressly set out in this agreement, act as your agent or trustee;
  • Enter into a partnership, joint venture, agency or employment relationship with you;
  • Guarantee the identity of any buyer or seller;
  • Determine if you are liable for any taxes; or
  • Collect or pay any taxes that may arise from your use of our services.

12.7 Data Protection. If you receive information about another PingPong customer, you must keep the information confidential and only use it in connection with the BPocket services. You may not disclose or distribute any information about PingPong users to a third party or use the information for marketing purposes unless you receive that user’s express consent to do so. You may not send unsolicited emails to a PingPong customer or use the BPocket services to collect payments for sending, or assist in sending, unsolicited emails to third parties.

The privacy and data protection laws that may apply include any associated regulations, regulatory requirements and codes of practice applicable to the provision of the services described in this agreement. If you process personal data from Europe pursuant to this agreement, you must comply with the EU Directive 95/46/EC or the General Data Protection Regulation (EU) 2016/679 (GDPR).

In complying with such laws, you will:

  • implement and maintain all appropriate security measures for the processing of personal data; and
  • not knowingly do anything or permit anything to be done which might lead to a breach of any privacy data protection laws by PingPong.

PingPong Europe Services Agreement

PingPong Europe Services Agreement

Please read this Agreement carefully before accessing or using the PingPong Services. This Agreement governs the availability and use of the PingPong Services provided by us. By opening a PingPong Account or accessing or using any part of the PingPong Services, you (the “Customer”, “you”/ “your”) accept, and agree to become bound by this Agreement. In particular you agree to be bound by the Privacy Policy.

This Agreement was originally written in English. We may translate this Agreement into other languages. In the event of a conflict between a translated version of this Agreement and the English version, the English version shall prevail.

This Agreement is effective and legally binding on the date you create a PingPong Account, affirmatively accept this Agreement in writing or electronically, or otherwise use the PingPong’s Services (“Effective Date”). Subsequently, this Agreement shall be continued until it is terminated pursuant to Section 10 of this Agreement. Your acceptance of this Agreement serves as confirmation that you fully understand and accept these terms and conditions. If you do not understand any of these terms and conditions, please contact us and/or a legal advisor for more information.

1.Important Information

1.1 You acknowledge that you and your use of the PingPong Services are subject to the mandatory provisions of Applicable Law. You are solely responsible for understanding and complying with any and all laws, rules and regulations of your home country and Account Jurisdiction that may be applicable to you in connection with your use of the PingPong Services.

1.2 Our obligations under this Agreement are conditional to our acceptance of you as a Customer at our sole discretion. Please refer to Section 5 of this Agreement for Customer registration requirements and Section 12 of this Agreement for Customer Obligations and Warranties.

1.3 Protecting your privacy is very important to us. Your personal data is processed and stored in compliance with the GDPR and applicable data protection laws. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your personal data.

1.4 No Consumer Services. The Customer and PingPong hereby agree to waive the provisions of the Applicable Law that may be set aside where the user of a payment service is not a Consumer and including the provisions as contemplated in articles 59 and 78 of the Law of 2009.

2.Definitions

In the context of this Agreement, the capitalized terms shall have the following meaning, unless the context requires and specifies otherwise:

2.1 “Account Jurisdiction” means the jurisdiction where PingPong receives the funds from the Platform.

2.2 “Agreement” means these terms and conditions, together with any exhibits, documents or attachments referred to, which shall be incorporated herein, including the Privacy Policy and the Customer Complaint Policy.

2.3 “Applicable Law” relates to Luxembourg laws and in particular:

(a) the Luxembourg law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems, as amended (“Law of 2009”);

(b) data protection laws, rules and regularions and in particular the Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data ("GDPR");

(c) money laundering laws, rules and regulations and in particular (i) the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended; and (ii) the Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of the amended law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended.

2.4 “Approved Payee” means a natural or legal person approved by PingPong, including but not limited to an EEA Tax Administration, third party service companies, etc. For the purpose of this Agreement, the Approved Payee is not a Consumer.

2.5 “Beneficiary Account” means the beneficiary account held in your name with a bank, a payment service provider or an electronic money institution into which you wish to receive your PingPong Balance.

2.6 “Business Day” means a calendar day with the exception of Saturdays, Sundays and public holidays in the Account Jurisdiction on which the payment infrastructures of the Account Jurisdiction are open and banks carry out their regular business activities.

2.7 “Buyer” means a person or an entity that purchases your products or services from you directly or from a Platform.

2.8 “Consumer” means a natural person who uses payment services for personal needs outside of his/her business, commercial or professional needs or activities, or a consumer as defined by the Applicable Law in the Account Jurisdiction.

2.9 “Customer” means you, the individual or legal entity who enters into this Agreement and in whose name the PingPong Account is registered.

2.10 “European Economic Area” or “EEA” means the region made up of the following countries: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

2.11 “EEA Tax Administration” means any administrative organization within the EEA responsible for the collection of value added tax for a relevant country in the EEA.

2.12 “E-money wallet” means the electronic money account that holds your PingPong Balance for electronic money services provided to you by PingPong.

2.13 “Fees” refers to any charges payable by you to us for using the PingPong Services.

2.14 “Group Companies” refers to the entity specified in Section 3 of this Agreement and any other affiliates or subsidiary companies and/or holding companies under the PingPong brand which provides all or any part of the PingPong Services described in this Agreement.

2.15 “Inbound Payment” means the funds received and credited in the designated Payment Account or issued on the E-money wallet from approved Platforms.

2.16 “Peer-to-Peer payment” means the transfer or reception of electronic money payments between PingPong customers.

2.17 “Payment Account” means the account that holds your PingPong Balance for payment services provided to you by PingPong.

2.18 “PingPong Account” means either your Payment Account or your E-money wallet. If you have not opted for the E-money wallet, “PingPong Account” means your Payment Account.

2.19 “PingPong Balance” means the amount of funds credited in your Payment Account or the amount of electronic money stored on your E-money wallet (as the case may be).

2.20 “PingPong Services” means all payment and electronic money related services provided to you by PingPong.

2.21 “PingPong Service Credentials” means the Payment Account or E-money wallet credentials (e.g. account number, routing number, IBAN, etc.) provided for the purpose of using the PingPong Services.

2.22 “PingPong website” means our website available at www.pingpongx.com.

2.23 “Platform” means an e-commerce marketplace or other third party selling platform which has been approved by PingPong for the use of the PingPong Services and where you are a seller of goods or services.

2.24 “Platform Transaction” means the action initiated via the Platform of transferring funds to your PingPong Account which you are entitled to pursuant to your agreement with the Platform or your payment service provider.

2.25 “Service Provider” includes banks, payment service providers, clearing networks and other third-party payment processing service providers used by PingPong in the course of supplying the PingPong Services.

2.26 “Transaction” refers to either (i) an Inbound Payment; (ii) a Withdrawal; (iii) a Peer-to-Peer payment; or (iv) redemption/withdrawal of electronic money.

2.27 “VAT” means value added tax.

2.28 “Withdrawal” means funds transferred and debited from the Payment Account to a Beneficiary Account, an Approved Payee or another Customer.

3.Contracting Entity, Governing Law and Communication

3.1 “PingPong,” “we,” and “our” in this Agreement refers to the contracting entity listed in the chart below that corresponds to the Account Jurisdiction associated with your PingPong Account. In addition, we can also ask you to sign with other Group Companies acting as Service Providers to provide the PingPong Services.

Account Jurisdiction Contracting Entity Address for Notices Governing Law Jurisdiction
European Economic Area (EEA) PingPong Europe S.A., a Luxembourg Société Anonyme (S.A.) 9 Rue du Laboratoire, L-1911 Luxembourg Grand-Duchy of Luxembourg Luxembourg

3.2 PingPong Europe S.A. is a Luxembourg company (“société anonyme”) duly registered and licensed in Luxembourg as an electronic money institution under the prudential supervision of the Commission de Surveillance du Secteur Financier ("CSSF"). The CSSF maintains a register of the entities that it supervises at http://supervisedentities.cssf.lu/index.html?language=en#Home .

3.3 PingPong will communicate with you in the language(s) in which we have made available this Agreement to you. The languages currently made available for communication are English, Chinese (Mandarin and Cantonese), French and Japanese. However, we reserve the right to communicate with you in English which will be the prevailing language for communications with PingPong, with all other languages available for convenience only.

3.4 You may contact PingPongs’s customer support at any time by sending a message through the contact links on the PingPong website (www.pingpongx.com), via e-mail at service@pingpongx.com, by phone at 400-996-9666 (inside China) or (+86) 0571-8972-2222 (outside China). You may also contact any of our affiliate office via the contact information listed in Section 3.1 of this Agreement.

3.5 You agree that PingPong may provide notice or other service related information to you by posting it on the PingPong website (including information which is only accessed by you by logging in to your PingPong Account), emailing it to the email address listed in your PingPong Account, mailing it to the street address listed in your PingPong Account, calling you by phone, or sending you a “text” / SMS message. You must have internet access and an e-mail account to receive communications and information relating to the PingPong Services. With the exception of amendments to this Agreement, such notice shall be considered to be received by you by the expiration of 24 hours from the moment it has been posted on the PingPong website or emailed to you. If the notice is sent to you by mail, we will consider it to have been received by you by the expiration of three (3) Business Days from the date it has been sent. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to you in a form which allows you to store and reproduce the information (for example by e-mail). You may withdraw your consent to receive required disclosures through electronic communications by contacting PingPong as described in Section 3.4 of this Agreement.

4.PingPong Services Overview

4.1 PingPong provides you with the following services:

(a) an E-money wallet (if you opt for this service);

(b) a Payment Account;

(c) payment services, including the reception of payments, Withdrawals as well as (if you opt for the E-money wallet) issuance of electronic money, redemption of electronic money and Peer-to-Peer payments;

(d) report transaction data in some circumstances for regulatory compliance purposes as required to receive foreign currency.

4.2 PingPong Services may be subject to certain limits and may not be available in certain jurisdictions, depending on:

(a) your location;

(b) the location of the Platform;

(c) applicable regulatory requirements in the Account Jurisdiction;

(d) other similar factors determined by PingPong acting reasonably.

4.3 In order to provide the PingPong Services, PingPong may rely on its Group Companies or Service Providers all of which are regulated institutions and comply with the applicable laws.

4.4 PingPong is not a bank or a credit institution, the PingPong Services do not offer features and benefits of a bank account and PingPong does not pay interest to you on your PingPong Balance. By accepting this Agreement, you acknowledge that PingPong is entitled to any interest that arises with respect to the sum of any funds underlying your PingPong Balance. You further acknowledge that the PingPong Account does not qualify as a deposit account as defined by relevant laws and regulations and thus funds held or electronic money stored in your PingPong Account or which are in the process of any Transaction are not insured. However, PingPong strictly complies with applicable statutory or regulatory requirements that ensure the liquidity and protection of funds held by PingPong on your behalf.

4.5 PingPong is an independent contractor that provides the PingPong Services to PingPong customers. PingPong does not act as a fiduciary, trustee or escrow holder on your behalf. We do not serve the Platform. We are also neither the Buyer nor the seller of your products or services and are not a party to the underlying contract.

4.6 You shall not allow the Platform any right to debit the PingPong Account and you shall be liable to PingPong for any debits made on the PingPong Account by the Platform or any other third party without PingPong’s prior approval.

4.7 If your Transaction involves a currency conversion, the applicable rate will be disclosed to you by PingPong prior to the Transaction.

5.Your PingPong Account

5.1 PingPong Accounts. The use of the PingPong Services requires registering for a PingPong Account. Your rights to the PingPong Account are limited by this Agreement. As part of the application process, you will need to accept this Agreement. You agree to provide us with complete, true and accurate information when you register for a PingPong Account.

5.2 Eligibility. To be eligible to open a PingPong Account:

(a) you must be 18 years of age or older. If you are under 18 years old, you must not register for a PingPong account. Any person who registers as a user or provides their personal data to PingPong represents that they are 18 years of age or older;

(b) you must be a business or an individual using the PingPong Services for business-related and commercial activities only. The PingPong Services are intended for business-related and commercial activities and are not intended for personal or person-to-person use. To have a PingPong Account, you must be doing so in the course of your business, trade or profession and not for domestic or household purposes or as a Consumer. You hereby acknowledge and represent that at all times you are using the PingPong Services for business or commercial purposes only, and that you are not acting as a Consumer;

(c) you warrant that you have the full legal capacity to enter into a contract. If you register for the PingPong Services on behalf of a business or a commercial entity, you warrant that you are legally authorized to do so under the business entity's corporate documents and under Applicable Law;and

(d) you must only use the PingPong Services to transact on your PingPong Account and not on behalf of any other person or entity, except for certain circumstances, in which we may require written confirmation from the authorizing party granting authority to transact on their behalf and any other documentation we may require to assist us with our compliance policies. PingPong strictly prohibits impersonating or falsely claiming an affiliation with any person or entity while using the PingPong Services.

5.3 PingPong’s Role. Except for our limited role in facilitating certain aspects of Transactions in accordance with this Agreement, we are not involved in any underlying transactions between you and the Buyer, the Platform, suppliers, or any Approved Payee. You fully authorize us to issue or redeem electronic money (if you opt for the E-money wallet), receive, hold and withdraw funds.

5.4 Verification. Your use of the PingPong Services is subject to PingPong’s Know Your Customer (“KYC”) and approval processes. We reserve the right to request information including but not limited to on your identity, your business and the shareholders of the business registering for a PingPong Account. You agree that PingPong may take means to check and verify information you have provided, including through the use of third-party intermediaries or databases, as necessary to validate your identity. Such means may include requests for additional information and documents prior or during your use of the PingPong Services, including but not limited to verifications of your identity or the identity of your entity’s shareholders, a proof of address or ownership, and additional business-related information or documents. You agree to provide PingPong as soon as practically possible with any information required by PingPong for the purpose of complying with its compliance obligations. Failure to provide such requested information may result in us denying your use of the PingPong Services. We do not and may in no situation be deemed to provide you with any tax or legal advice or approval or counsel with respect to Withdrawals, their amount and timing, nor with respect to your relation with any purported payee (approved or otherwise) or an EEA Tax Administration, nor your tax, legal or business status or situation.

5.5 PingPong Service Credentials. For certain approved Platforms, you may request PingPong Service Credentials, which you will provide to such Platforms from which you wish to receive payments to your PingPong Account. Your PingPong Service Credentials are unique to you and must be provided in order to properly receive and transfer funds. It is your responsibility to keep this information safe. You must keep your PingPong Service Credentials secure and you must not disclose them to any third party other than such approved Platforms.

5.6 Account History. We will make the summaries of your PingPong Account activity available to you on your PingPong Account.

(a) Information regarding settlements of Inbound Payments, Fees, and currency conversion rates are displayed in the online transactions history in your PingPong Account. This constitutes a request for confirmation by PingPong to you. You shall proceed to a check over the transaction information and notify PingPong of any error or reclamation immediately. Failure to notify PingPong within three (3) months from the day when the transaction statement was made available to you shall constitute an acceptance by you of the transaction listed in your PingPong Account.

(b) Except as required by Applicable Law, you are solely responsible for (i) compiling and retaining permanent records of all transactions and other data associated with your PingPong Account and your use of the PingPong Services and (ii) checking all payment activity to and from your PingPong Account to ensure no unauthorized behavior has occurred. Except as required by Applicable Law, upon the termination of this Agreement for any reason, PingPong will not have any obligation to store, retain, report, or otherwise provide any copies of, or access to, any records, documentation or other information in connection with your PingPong Account or any transactions submitted by you through the PingPong Services.

5.7 Processing and Rejections. We will process a Transaction that we deem to be properly sourced and authorized. You acknowledge and accept that PingPong can, at any time, reject or limit Transactions at its sole discretion or suspend access to a PingPong Account for reasons related to anti-money laundering compliance or internal risk management decisions. You are informed that a Transaction carried out within the framework of this Agreement may be subject to the national financial intelligence unit’s right to disclosure. No prosecutions or civil liability actions can be brought, or any professional sanction taken against PingPong, its managers or employees who have reported their suspicions in good faith to the relevant authorities.

5.8 Restricted Use. You agree that in connection with your use of the PingPong Services, you will not:

  • breach this Agreement;
  • violate any Applicable Law and any laws or regulations of the country where you manufacture, purchase, store or sell your products or provide services;
  • engage in unlawful businesses or activities;
  • infringe or misappropriate the intellectual property rights or rights of publicity or privacy of PingPong or any third party;
  • sell counterfeit goods;
  • provide false, inaccurate or misleading information;
  • refuse to cooperate in an investigation or provide confirmation of your identity or any information you provide to us;
  • send or receive funds that PingPong reasonably believes to be potentially involved in money laundering, terrorist financing or other illegal activities.

If PingPong believes that you have engaged in any of the above, PingPong may suspend or terminate your PingPong Account in its sole discretion and/or refuse to provide you with any PingPong Services in the future.

5.9 Court Orders or Regulatory Actions. If PingPong is notified of a court order, a regulatory action or an equivalent legal or governmental process that affects your PingPong Account, we may be required to temporarily or permanently withhold, freeze all or part of the funds in your PingPong Account, or release it to third parties. PingPong will decide in its sole discretion which action is required. Unless the court order, Applicable Law, a regulatory requirement or other legal processes require otherwise, we will notify you of these actions. PingPong does not have any obligation to contest or appeal any court order or legal process involving you or your PingPong Account.

6.Inbound Payments

6.1 Only Platforms approved by PingPong may make payments to your Payment Account for the purposes permitted under the PingPong Services. Approval of Platforms are at the sole discretion of PingPong. Inbound Payments that are not approved by PingPong may be rejected. Any costs and expenses associated with rejected payments shall be borne by you. You represent that the acceptance of funds through the PingPong Services does not breach your agreement with the Platform.

6.2 Funds can be received in Euro and British Pounds. Additional currencies may be enabled from time to time.

6.3 Unless otherwise required by PingPong, you agree to avoid any direct communication with any Service Provider. Any direct contact with a Service Provider regarding the PingPong Services may result in immediate termination of your use of the PingPong Services, unless otherwise required by PingPong.

6.4 PingPong Services do not support cash, credit card payments or checks for Inbound Payments and only wire transfers are accepted.

6.5 The time it takes for Inbound Payments to reach your Payment Account is not in PingPong's control. Payments are typically received within one (1) to three (3) Business Days but may take up to five (5) Business Days or longer. If an Inbound Payment is not received within five (5) Business Days from the payment instruction of the relevant Platform, we will initiate an internal investigation on your behalf at your request. You shall directly resolve any issues or disputes associated with Platforms and their policies with the Platform. PingPong is under no obligation to resolve such issues or disputes for you.

6.6 The credit value date of an Inbound Payment shall be no later than the Business Day on which the amount of the valid Inbound Payment is credited to your Payment Account. The funds received in your Payment Account or stored on your E-money wallet shall be immediately available to you.

6.7 If requested by a Platform or Service Provider, or if PingPong deems it necessary at its sole discretion, PingPong shall provide a receipt evidencing the receipt of funds in the PingPong Account.

7.Withdrawals

7.1 After the completion of an Inbound Payment and if your PingPong Balance in your Payment Account is positive, you may submit a withdrawal order to instruct PingPong to transfer part or all of the PingPong Balance to your Beneficiary Account or an Approved Payee, net of Fees.

7.2 Any withdrawal order shall be accompanied with the following information:

(a) the amount and currency under which the withdrawal order has to be executed;

(b) where it is not a withdrawal to your Beneficiary Account, the name of the relevant Approved Payee;

(c) the international bank account number or, the payment account details of your Beneficiary Account or the relevant Approved Payee;

(d) any other information required by PingPong to proceed with the withdrawal order, including but not limited to any information necessary for PingPong to comply with Applicable Law.

7.3 With respect to the Beneficiary Account or Approved Payee information, you must ensure that such information is correct and accurate. PingPong cannot be held responsible for funds being sent to the wrong bank account as a result of you providing incorrect information.

7.4 If the Beneficiary Account or Approved Payee bank, payment institution or electronic money institution (as the case may be) rejects a withdrawal order from PingPong, funds will be held by PingPong until a valid Beneficiary Account or Approved Payee is provided.

7.5 In the event that the Withdrawal is rejected due to inaccurate Beneficiary Account or Approved Payee information provided by you, you are responsible for relevant Fees and PingPong may directly deduct such Fees from your PingPong Balance. In case of any incorrect or misdirected Withdrawal, we will take reasonable measures to assist you with tracing and, if reasonably feasible, recovering such Withdrawals, but we shall not be liable for any Transactions that cannot be recovered.

7.6 You must ensure that your Beneficiary Account and Approved Payee is in good standing and able to receive funds.

7.7 PingPong has the right to reject any Beneficiary Accounts or Approved Payees that do not comply with PingPong’s compliance requirements or if Withdrawals to such Beneficiary Account or Approved Payee violate Applicable Law.

7.8 PingPong may refuse to execute a withdrawal order in case of technical issues or if the information provided by the Customer is incomplete or incorrect. An information as to this refusal shall in such case be available to the Customer in the PingPong Account as long as the relevant withdrawal order will be impossible to execute.

7.9 The time of receipt of a withdrawal order, the time of execution and the value date are determined as follows:

(a) Time of receipt. The time of receipt of a withdrawal order is the time when the withdrawal order is received by PingPong. If the withdrawal order is received by PingPong after the cut-off time on a Business Day or on a day which is not a Business Day, the withdrawal order shall be deemed to have been received by PingPong on the following Business Day. Once the withdrawal order is received by PingPong, it shall be irrevocable.

(b) Time of execution. PingPong shall ensure that the amount of the withdrawal order is credited to the Beneficiary Account/Approved Payee’s bank account or payment service provider’s account pursuant to applicable laws.

(c) Value date. The debit value date for the Customer acting as payer shall be no earlier than the point in time at which the amount of the withdrawal order is debited from the PingPong Account.

(d) Time limits. The time limits prescribed above are maximum time limits and apply only subject to the PingPong Balance in your Payment Account being positive and showing sufficient funds in order for PingPong to proceed with the requested withdrawal order.

7.10 Once you submit a withdrawal order to PingPong to execute a Withdrawal and debit the Payment Account with the amount of the transfer and all applicable Fees, the Transaction is irrevocable and you will not be able to refund the funds transferred.

7.11 After receiving a withdrawal order, PingPong will initiate the Transaction in the amount and currency you have selected, less any applicable Fees. PingPong shall not be liable for any Fees charged by the bank of the Beneficiary Account or by the bank, payment institution or electronic money institution of the Approved Payee.

7.12 PingPong reserves the right to offset from any Transaction to you any amounts owed to PingPong by you, including but not limited to all Fees payable under this Agreement.

8.Issuance of electronic money, Peer-to-Peer payments and redemption of electronic money

8.1 PingPong will issue the requested amount of electronic money to your E-money wallet when instructed to do so by you.

8.2 Peer-to-Peer payments are only available if you opt for the E-money wallet. In that case, you can (a) transfer electronic money to another customer of PingPong and (b) receive electronic money from another customer of PingPong.

8.3 At the Customer’s request, electronic money will be redeemed to the Payment Account.

9.Fees

9.1 All Fees (including any adjustment) that may be charged by PingPong are disclosed on the PingPong website and can be viewed after logging in to your PingPong Account. Acting reasonably and following display or notice to you, PingPong may adjust existing Fees or introduce new Fees. You agree to pay all Fees charged to you by PingPong and your continued use of the PingPong Services indicates your continued acceptance of the Fees. If you have any questions or are unclear as to any Fees, you should contact the PingPong customer support. Please refer to Section 3.3 of this Agreement.

9.2 Fees payable by you will be deducted from your PingPong Balance and will be charged when a Transaction is executed. You hereby authorize and instruct us to deduct such Fees.

10.Termination and Suspension

10.1 You may terminate this Agreement without reason and without recourse to the Courts at any time. The provisions of this Agreement relating to ownership provisions, warranty disclaimers, indemnity and limitations of liability shall survive termination of this Agreement.

10.2 PingPong may close, suspend, limit or terminate your access to all or any part of the PingPong Services at any time, with or without cause.

10.3 In that case, we will provide at least one (1) month’s prior notice by email unless there are exceptional or regulatory circumstances (including but not limited to court or governmental orders) causing PingPong to take immediate action, such as (a) where we discover you have provided false, misleading, incomplete or inaccurate information or have otherwise acted dishonestly; (b) you breach this Agreement or any other agreement you enter into with PingPong; (c) your PingPong Account has been compromised or for other security reasons; (d) you are engaged in fraud, money laundering, terrorist financing or other illegal activities or we reasonably suspect you to be ; (e) you use the PingPong Services illegally or fraudulently in violation of Applicable Law or we reasonably suspect you to; (f) per the instructions of law enforcement or our regulator; or (g) there are other grounds that PingPong considers it appropriate. Together with a termination/suspension notice, we may also provide instructions on how to withdraw remaining funds from your PingPong Balance if it is not forbidden by Applicable Law.

10.4 When your PingPong Account is suspended or terminated, any further attempted use of the PingPong Services will result in your funds being rejected and returned to the Platform. PingPong may also notify relevant authorities. You are solely responsible for any Fees incurred in connection with the rejected Transactions.

11.Inactive Accounts

11.1 Your PingPong Account is deemed to be inactive if:

(a) there has been no communication from the Customer, its authorised representative or authorized person during the last two (2) years of a given period;

(b) there has been no communication from the Customer, its authorised representative or authorized person during the last two (2) years of a given period;

(c) within the last two (2) years of that same given period the Customer, its authorised representative or authorized person has not initiated any Transaction.

11.2 Until the expiration of the above-mentioned period and under the condition that the value of the funds allows PingPong to charge all justified and transparent administrative expenses due to the administration of the inactive PingPong Account, PingPong will continue to administer the Customers’ inactive PingPong Account and will be entitled to debit the relevant inactive PingPong Account for all expenses derived from this administration. If the administrative expenses to operate the inactive PingPong Account are higher than the value of the funds, we may close the inactive PingPong Account.

11.3 Three (3) months prior to reaching inactive status, we will send you an initial notification to your email address on our records to request action from you, provide you with options for keeping your PingPong Account active and inform you of the consequences of not responding.

11.4 If you do not respond to our initial notice within three (3) months and your PingPong Balance is zero, we will automatically close your PingPong Account, after which you must re-apply to use the PingPong Services.

11.5 If you do not respond to our initial notice within three (3) months and your PingPong Balance is positive, we will make reasonable efforts to contact you with a final notice before closing your PingPong Account.

11.6 In the event of closure of an inactive PingPong Account:

(a) any amount equal to or less than 5 EUR will not be returned to the Customer;

(b) any amount higher than 5 EUR will be subject to a transfer to a third-party escrow. After a subsequent period of four (4) years in a third-party escrow, the amount detained in a third-party escrow will be transferred to the Luxembourg Caisse de Consignation.

11.7 Please contact the PingPong customer service (please refer to Section 3.3 of this Agreement) if you have any questions about remaining funds in your PingPong Account or if it has been closed pursuant to this section.

12.Customer Obligations and Warranties

12.1 You represent and warrant that you are not acting on behalf of or for the benefit of anyone else, unless in case of a natural person opening a PingPong Account for and under the direction of a company, legal person or entity.

12.2 You hereby undertake, until the term or termination of this Agreement, to communicate promptly to PingPong any change in your business ownership, business activities, post mail address, email address, phone contact details or any modification with respect to your Beneficiary Account.

12.3 In the event of a breach of the above provisions, you shall be liable to PingPong for the resulting damages and indemnify PingPong for any claims from third parties.

13.Complaints

13.1 Complaints. For complaints related to EEA services, we have internal procedures for handling and investigating complaints fairly and promptly in accordance with regulatory requirements. For further information, please refer to Section 3.3 of this Agreement and to our Customer Complaint Policy. Should you not be satisfied with our response, you may choose to escalate your claim in writing to senior management of PingPong pursuant to Section 3.1 of this Agreement. If you have not received a satisfactory answer from PingPong within one (1) month from the date the complaint was sent, you may subsequently file a complaint to the CSSF in writing in German, English or French, either (a) by filling in the form (PDF or online) available at the following address: https://reclamations.apps.cssf.lu/index.html?language=en ; (b) by mail (simple mailing, no registered letter required) to the following address: Commission de Surveillance du Secteur Financier, Département Juridique CC, 283, route d’Arlon L-2991 Luxembourg; (c) by fax sent at the following number: (352) 26 25 12601, or (d) by e-mail at the following address: reclamation@cssf.lu. For more information, please refer to the CSSF’s website: https://www.cssf.lu/en/customer-complaints/ .

13.2 For further details, please refer to our Customer Complaint Policy.

14.Security Use of PingPong Services

14.1 You shall adequately protect your PingPong Account against any loss, theft, misappropriation or unauthorized use of your PingPong Account by safeguarding all IDs, passwords and PingPong Service Credentials, as well as your computer, mobile phone or other device.

14.2 You must contact the PingPong customer support (please refer to Section 3.3 of this Agreement) immediately if:

(a) you become aware of any loss, theft, misappropriation or unauthorized use of your PingPong Account;

(b) you become aware of any unauthorized or erroneous Transaction no later than three (3) months after the debit/credit date.

14.3 PingPong will provide appropriate means at all times for you to make such notice and shall provide you with the means to prove that you made such notice for eighteen (18) months following this notice.

15.Limitation of Liability

15.1 In no event will PingPong or its Service Providers be liable with respect to any subject matter of this Agreement under any contract, negligence, strict liability or other legal or equitable theory for: (i) any special, incidental or consequential damages; (ii) the cost of procurement for substitute services; (iii) interruption of use or loss or corruption of data; or (iv) any amounts that exceed the Fees paid by you to PingPong under this Agreement during the twelve (12) months period prior to the cause of action. PingPong shall have no liability for any failure or delay due to matters beyond its reasonable control.

15.2 In respect of Inbound Payments, you hereby release the Platform from any liability for Inbound Payments as of when the funds related thereto are received by PingPong and not as of that later time when the funds are settled to you by PingPong.

15.3 Withdrawal orders can only be executed if they comply with regulatory standards. PingPong will not be held liable for any damages which could result from the non-execution or defective execution of a withdrawal order where such non-execution or defective execution is due to the fact that the Customer provided information which was inaccurate, incomplete or incorrect. In the case of paying VAT in the EEA, withdrawal orders are executed according to the relevant Approved Payee’s international bank account number (IBAN) provided that such bank account is held with a bank in the EEA (the “Unique Identifier”). In the case of a discrepancy between the Unique Identifier provided by the Customer and any other information, PingPong may, without incurring any liability, rely solely on the Unique Identifier. In such case, the funds under the relevant withdrawal order transmitted by the Customer will be deemed to have been transferred to the intended beneficiary. If the Unique Identifier provided by the Customer is incorrect, PingPong will not be held liable for any damages which could result from the non-execution or defective execution of the withdrawal order so long as PingPong has executed such withdrawal order in accordance with the indicated Unique Identifier. The Customer will assume sole responsibility thereto.

15.4 You acknowledge that PingPong will provide the PingPong Services using facilities provided by Service Providers. Unless otherwise required by PingPong, no commercial agreement exists between you and the Service Providers and each of the Service Providers will accordingly have no direct liability to you.

15.5 PingPong shall not be liable for any underlying sales transactions occurring on the Platform. It is your responsibility to ensure that you only make payments to or receive payments from persons or entities relating to commercial transactions in compliance with your applicable legal obligations. PingPong has no influence on the underlying process of buying or selling goods and no legal relationship with the Platform or the Buyers, and will not be held liable to or in respect of any Buyer or Platform or for the underlying products and/or services being sold or bought, nor for the correct completion of any sale or purchase of products or services. You assume exclusive responsibility for your products and services and your obligations to Buyers and the Platforms, and shall indemnify and hold PingPong harmless from any claim by any of them against PingPong. The sale of counterfeit products or products breaching intellectual property rights can also lead to legal action by rights’ holders and a potential loss of funds. If you are in doubt as to the legality of a transaction you should not execute it.

15.6 You are solely responsible for reporting to all applicable government tax authorities all funds underlying your use of the PingPong Services and for the payment of any applicable taxes as well as any other applicable reporting requirements, including but not limited to any customs or foreign currency controls.

15.7 Neither party shall be held liable or considered to have failed under these rules in case of late or non-performance when their cause is related to a force majeure situation as defined by Applicable Law.

15.8 All of Section 15 of this Agreement shall survive termination of this Agreement.

16.Miscellaneous

16.1 Availability of Agreement. This Agreement has been made available to you prior to its commencement and remains available to you at any time on the PingPong website. You have the right to receive at any time during this Agreement on request the terms of this Agreement on a durable medium in the languages specified in Section 3.3 of this Agreement.

16.2 Changes to Agreement. We are constantly updating the PingPong Services which means that PingPong may amend, revise or update this Agreement from time to time at its sole discretion. You are responsible for regularly reviewing this Agreement. If we make material changes, we will notify you via email or other means two (2) months before the changes take effect. If you disagree with our changes, you should stop using the PingPong Services within the designated notice period. In the absence of such notification before the proposed date of their entry into force, you will be deemed to have accepted those non-material changes if you continue to use the PingPong Services. Your continued use of the PingPong Services will be subject to the new terms of this Agreement. However, any transaction or dispute that arose before the changes shall be governed by the Agreement that was in place when the dispute arose.

16.3 Service Providers. PingPong has the right to involve Service Providers. PingPong may require that certain processing steps are carried out directly through such Service Providers, completely or partially.

16.4 Prevention of Money Laundering and Terrorist Financing. PingPong is subject to Applicable Law regarding the fight against money laundering and the terrorist financing. As a result, PingPong reserves the right to obtain information from you, including but not limited to information about your identity, business transactions, business relationships, and/or financial information. In addition, PingPong must take all the steps necessary to identify you and, where appropriate, the beneficial owner of the PingPong Account or any Inbound Payments linked to the PingPong Account. You acknowledge that PingPong may terminate or postpone at any time the use of your login details, access to the PingPong Account or the execution of a Transaction in the absence of any sufficient information about its purpose or nature.

16.5 Severability. Should one or several provisions of this Agreement be or become invalid or prove to be unenforceable, this shall not affect the validity of the other provisions. In this case, the contracting parties shall replace the invalid or unenforceable provision by another provision that comes closest to the economically intended purpose. The same applies in the case of a regulatory gap.

16.6 Indemnification. You agree to indemnify, defend and hold harmless PingPong, its parent, affiliates and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the PingPong Services, including but not limited to your violation of this Agreement. You agree to indemnify PingPong for any government-imposed fees or taxes that are imposed on or charged to PingPong in connection with your business activities or in connection with the PingPong Services provided to you. You authorize us to recover any such government fee or tax from your PingPong Balance.

16.7 Disclaimer of Warranties. The PingPong Services are provided “as is”. PingPong and its Service Providers hereby disclaim all warranties of any kind, express or implied, including but not limited to the warranties of merchantability, fitness for a particular purpose and non-infringement. Neither PingPong nor its Service Providers make any warranty that the PingPong Services are error free or that access thereto will be continuous or uninterrupted. You understand that you download from or otherwise obtain content or services through the PingPong Services at your own discretion and risk.

16.8 Notice in respect of the FATCA Law and CRS Law Under the Luxembourg laws of 24 July 2015 on the US Foreign Account Tax Compliance Act (“FATCA Law”) and 18 December 2015 on the OECD common reporting standard (“CRS Law”) adopted respectively to implement an agreement between the United States (“U.S.”) and the Luxembourg governments on international tax compliance and the Directive 2014/107/EU on mandatory automatic exchange of information in the field of taxation, we, as a data controller, inform you that the following data will be collected and may be exchanged or otherwise processed for the purposes of the aforementioned laws (assuming they apply) and in accordance with them:

  • your name;
  • your address;
  • your country (or countries) of (deemed) tax residence;
  • your Tax Identification Number(s) issued by your country or countries of tax residence and, where applicable, your U.S. Tax Identification Number (U.S. TIN);
  • your place and date of birth;
  • your account number (or substitute account number, identifying your funds held);
  • your account balance or value as at 31 December of any year during which the account is held.

If you qualify as a specified U.S. person under FATCA Law and/or as a reportable person under CRS Law and assuming the FATCA Law and CRS Law impose obligations on PingPong (in either case, as a “Reportable Account Holder”), this information will be automatically exchanged by PingPong with the Luxembourg tax authorities. The latter will exchange this information with the U.S. Internal Revenue Service if FATCA Law applies and/or, if CRS Law applies, with the competent authority or authorities of your respective country or countries of tax residence that are participating jurisdictions under CRS Law. The information listed above will be exchanged with the Luxembourg tax authorities for any calendar year during which you are or become a Reportable Account Holder (at the latest on 30 June of the subsequent calendar year). Such data will consequently continue to be processed by us until it is no longer necessary for the purposes for which they were processed. Under FATCA and CRS Law you are obliged to provide any additional information that might be required from time to time by us to apply these laws. Failure to do so in time may give rise to a reporting by us of your information to the Luxembourg tax authorities which will in turn exchange this information with the authorities mentioned above. You have the right to access the information that is exchanged with the Luxembourg tax authorities and, as the case may be, a right to rectify this information. To exercise these rights, you should proceed in accordance with the Privacy Policy.

References to the FATCA Law and CRS Law include references to any rules based on common-reporting standards agreements that may be applicable under Luxembourg law as well as any legislation that may amend or replace these rules, laws and agreements.

PRIVACY POLICY

Last updated August 2023

Thank you for choosing PingPong and its Group Companies (each as defined in our Terms and Conditions and hereinafter collectively “Company”, “we”, “us", and “our"). We are committed to protecting your personal information and your right to privacy. If you have any questions or concerns about our policy, or our practices with regards to your personal information, please contact us through the ways specified in Article 12.

When you visit our website to contact us or to use our services, you trust us with your personal information. We take your privacy very seriously. In this privacy policy, we seek to explain to you in the clearest way possible what information we collect, how we use it and what rights you have in relation to it. We hope you take some time to read through it carefully, as it is important. If there are any terms in this privacy policy that you do not agree with, please discontinue use of our website and our Services.

This privacy policy applies to all information collected through our website, and/or any related services, sales, marketing or events (we refer to them collectively in this privacy policy as the "Services").

Please read this privacy policy carefully as it will help you make informed decisions about sharing your personal information with us. A PDF version of this privacy policy can be found here.

For residents of the European Economic Area and Switzerland, personal information is processed by or on behalf of the controller:

PingPong Europe SA
Rue du Laboratoire 9
Luxembourg L-1911
Luxembourg

For residents of United Kingdom, personal information is processed by or on behalf of the controller:

PingPong Payment (UK) Limited
Cannon Street,
London, EC4N 6NP,
United Kingdom

1.WHAT INFORMATION DO WE COLLECT?

We may collect one or more of the following categories of personal information about you when you visit our website, use or register for our Services, request additional information about our Services, or otherwise interact with us.

Category of Personal Information Collected Types of Personal Information Collected Sources of Personal Information Collected Business Purpose for Collection of Personal Information
Identifiers Name (First, Last, Maiden, if applicable), Address, Prior Addresses, Phone Number, Email Address, Business Contact Information, Business Associates, Corporate Affiliations, Account Username/Password, Payment Information, Credit Card Number, Banking Information (including account information and statements), IP Address. Directly from you, cookies and other tracking technologies, Public Sources. Provide our Services, Identification, Communications, Security, Legal, Compliance and Regulatory Obligations, Marketing Purposes.
Protected Characteristics under California or Federal Laws Age, Gender, National Origin Directly from you. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Sensitive Personal Information Driver’s License Number, Passport Number, Precise Geolocation Directly from you, Cookies and other tracking technologies. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Commercial Information Purchase History, Invoices Directly from you. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Biometric Information Photos, Fingerprints, Photo or Video “Selfies” Directly from you. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Internet / Network Activity Device ID, and Device Settings (e.g., language preference, time zone), Login Information, Login History, Browser Type and Version, Browser Plug-In Types and Versions, Operating System and Platform, Google Analytics Cookies, and Information about your visit on our website. Cookies and other tracking technologies. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Professional & Employment Information Business, Job Title, Business Associates, Corporate Affiliations, Information from your Curriculum Vitae (CV). Directly from you. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.
Audio, Electronic, Visual, Thermal, Olfactory or Similar Information Call Center Recordings. Directly from you. Provide our Services, Identification, Legal, Compliance and Regulatory Obligations.

We do not collect the following categories of personal information about our customers: education information, defined as information that is not publicly available personally identifiable information as defined in the United States Family Educational Rights and Privacy Act (20 U.S.C. Sec. 1232g; 34 C.F.R. Part 99); or inferences drawn from any of the information identified in this subdivision to create a profile about a consumer reflecting the consumer’s preferences, characteristics, psychological trends, predispositions, behavior, attitudes, intelligence, abilities, and aptitudes.

We process this personal information on the following legal bases:
  • Consent: We may process your personal information if you have given us specific consent to use it for a specific purpose.
  • Legitimate Interests: We may process your personal information when it is reasonably necessary to achieve our legitimate business interests.
  • Performance of a Contract: Where we have entered into a contract with you, we may process your personal information to fulfill the terms of our contract.
  • Legal Obligations: We may disclose your information where we are legally required to do so in order to comply with applicable law, governmental requests, a judicial proceeding, court order, or legal process, such as in response to a court order or a subpoena (including in response to public authorities to meet national security or law enforcement requirements).
  • Vital Interests: We may disclose your information where we believe it is necessary to investigate, prevent, or take action regarding potential violations of our policies, suspected fraud, situations involving potential threats to the safety of any person and illegal activities, or as evidence in litigation in which we are involved.

Automated Decision-Making / Profiling: Please note, PingPong does not utilize automated individual decision-making (making a decision solely by automated means without any human involvement) or profiling (automated processing of personal data to evaluate certain things about an individual).

2.DO WE USE COOKIES AND OTHER TRACKING TECHNOLOGIES?

In Short: We may use cookies and other tracking technologies to collect and store your information.

We may use cookies and similar tracking technologies (like web beacons and pixels) to access or store information. Specific information about how we use such technologies and how you can refuse certain cookies is set out in our Cookie Policy.

Most Web browsers are set to accept cookies by default. If you prefer, you can usually choose to set your browser to remove cookies and to reject cookies. If you choose to remove cookies or reject cookies, this could affect certain features or services of our Services.

3.HOW DO WE USE YOUR INFORMATION?

In Short: We process your information for purposes based on legitimate business interests, the fulfillment of our contract with you, compliance with our legal obligations, and/or your consent.

We use personal information collected via our website or Services for a variety of business purposes described below. We process your personal information for these purposes in reliance on our legitimate business interests, in order to contact you, enter into or perform a contract with you, with your consent, and/or for compliance with our legal obligations. If you choose not to provide information, we may be unable to provide services to you or the quality of services you receive may be affected. We indicate the specific processing grounds we rely on next to each purpose listed below.

We use the information we collect or receive:
  • To contact you regarding our products and Services.
  • To facilitate account creation and logon process.
  • To send you marketing and promotional communications. We and/or our third-party marketing partners may use the personal information you send to us for our marketing purposes if this is in accordance with your marketing preferences. You can opt-out of our marketing emails at any time.
  • To enforce our terms, conditions and policies for Business Purposes, Legal Reasons and Contractual Obligations.
  • To respond to legal requests and prevent harm. If we receive a subpoena or other legal request, we may need to inspect the data we hold to determine how to respond.
  • To manage user accounts. We may use your information for the purposes of managing our account and keeping it in working order.
  • To deliver services to the user. We may use your information to provide you with the requested Services.
  • To respond to user inquiries/offer support to users. We may use your information to respond to your inquiries and solve any potential issues you might have with the use of our Services.

4.WILL YOUR INFORMATION BE SHARED WITH ANYONE?

In Short: We may sell or share, as those terms are defined under applicable data protection laws, your personal information with your consent, to comply with laws, to provide you with services, respond to your inquiries, to protect your rights, or to fulfill business obligations.

With your consent, we may share your personal information with third parties. Otherwise, we may sell or share your personal information with the following categories of recipients and in the following situations:
  • Vendors, Consultants, Other Third-Party Service Providers and Affiliate Companies. We may share your data with third party vendors, service providers, contractors or agents who perform services for us or on our behalf and require access to such information to do that work. We work with third parties that provide to us engine or application development and/or processing services; information systems hosting, infrastructure, maintenance, backup, storage, security, support and other information technology-related services; advertising, marketing and related analytics services; promotion, distribution, resale and support services related to our products and services; consulting and other technical and/or business services, including to our professional advisors, attorneys, and auditors, which may require access to information about you to perform such services on our behalf. We share your information with these service providers only for our business purposes pursuant to written contracts. Our contracts with these third-party service providers require protection of your information consistent with this privacy policy, and require that they retain, use and disclose your information only as necessary to provide the services in accordance with such contracts.
  • Legal and Regulatory Authorities.We may share information about you with a third party if we believe that sharing such information is reasonably necessary to (a) comply with any applicable law, regulation, legal process or governmental request, including to meet national security requirements, (b) enforce our agreements, policies and terms of service, or to exercise or defend any legal claims, (c) protect the security or integrity of our products and services, and (d) protect us, our customers, employees or other persons from harm or illegal activities.
  • Business Transfers.We may share or transfer your information in connection with, or during negotiations of, any merger, sale of company assets, financing, or acquisition of all or a portion of our business to another company.
  • Third Party Advertisers.We may sell your personal information with third parties for the purposes of engaging in targeted advertisements.

5.DO WE ENGAGE IN CROSS-BORDER DATA TRANSFERS?

In Short: We may transfer your personal information to a third party that is located in a jurisdiction other the one from which we collected your personal information, including to countries that have not been deemed to have an adequate level of protection for the rights and freedoms of data subjects.

If we do transfer your personal information to another jurisdiction, we will do so following due diligence and provided that the data recipient is subject to contractual agreements imposing obligations on it to ensure appropriate technical and organizational measures are implemented and maintained at all times to prevent the unauthorized and unlawful processing of personal information, and the accidental loss or destruction of, or damage to, personal information, consistent with our obligations under applicable data protection laws. If you are a resident of the European Economic Area or Switzerland, you may request additional details regarding cross-border data transfers and our contractual agreements by contacting us at dpo@pingpongx-eu.com.

If you are a resident of the United Kingdom, you may request aforementioned additional details and agreements by contacting us at dpo-uk@pingpongx-uk.com.

6.HOW LONG DO WE KEEP YOUR INFORMATION?

In Short: We keep your personal information only for as long as necessary to fulfill the purposes outlined in this privacy policy unless otherwise required by law.

We will only keep your personal information for as long as it is necessary to fulfill the purposes for which it was collected, including for the purposes of satisfying any legal, regulatory, accounting, or reporting requirements. If we collect any biometric information about you, we will not store that information for longer than three (3) years and we will destroy all copies of such biometric information within three (3) years from the date of collection.

7.HOW DO WE KEEP YOUR INFORMATION SAFE?

In Short: We aim to protect your personal information through a system of organizational and technical security measures.

We have implemented appropriate administrative, technical, and organizational security measures designed to protect the security of any personal information we process. However, please also remember that we cannot guarantee that the internet itself is 100% secure. Although we will do our best to protect your personal information, transmission of personal information to and from our Services is at your own risk. You should only access the services within a secure environment.

8.DO WE COLLECT INFORMATION FROM MINORS?

In Short: We do not knowingly collect data from or market to children under 18 years of age.

We do not knowingly solicit data from or market to children under 18 years of age. By using the Services, you represent that you are at least 18 or that you are the parent or guardian of such a minor and consent to such minor dependent’s use of the Services. If we learn that personal information from users less than 18 years of age has been collected, we will deactivate the account and take reasonable measures to promptly delete such data from our records. If you become aware of any data we have collected from children under age 18, please contact us through the ways specified in Article 12.

9.WHAT ARE YOUR PRIVACY RIGHTS?

In Short: In some regions, you have rights that allow you greater access to and control over your personal information. You may review, change, or terminate your account at any time.

Depending upon where you are located, certain choices and rights may be available to you under applicable data protection laws, including the right to request access to your personal information or to have your personal information deleted.

If you have questions or comments about your privacy rights, you may email us through the ways specified in Article 12.

“Do-Not-Track”: Most web browsers and some mobile operating systems and mobile applications include a Do-Not-Track (“DNT”) feature or setting you can activate to signal your privacy preference not to have data about your online browsing activities monitored and collected. No uniform technology standard for recognizing and implementing DNT signals has been finalized. As such, we do not currently respond to DNT browser signals or any other mechanism that automatically communicates your choice not to be tracked online.

“Shine the Light” and “Eraser” Laws: Residents of the State of California may request a list of all third parties to which we have disclosed certain information during the preceding year for those third parties’ direct marketing purposes.

California Consumer Privacy Act (CCPA)/California Privacy Rights Act (CPRA): The CCPA, as amended by the CPRA, provides California residents and/or their authorized agents with specific rights regarding the collection and storage of their personal information.

Your Right to Know: California residents have the right to request that we disclose the following information to you about our collection and use of your personal information over the past twelve (12) months. We may ask you to provide certain information to identify yourself so that we may compare it with our records in order to verify your request. Upon verification, we will disclose to you:
  1. The categories of personal information we have collected about you.
  2. The categories of sources for the personal information we have collected about you.
  3. The specific pieces of personal information we have collected about you.
  4. Our business or commercial purpose for collecting or selling your personal information.
  5. The categories of third parties to whom we have sold or shared your personal information, if any, and the categories of personal information that we have shared with each third-party recipient.

Your Right to Opt-Out of Sale or Sharing of Personal Information: California residents have the right to opt-out of the sale of their personal information by submitting a request as directed on the homepage of our website.

Please note that we do not knowingly sell the personal information of any individuals under the age of 16.

Where we are sharing your personal information with third parties for the purposes of cross-context behavioral advertising or profiling, you may opt-out of such sharing at any time by submitting a request as directed on the homepage of our website or by contacting us using the information in the “Contact Us” section below.

Your Right to Limit Use of Sensitive Personal Information: California residents have the right to request that we limit our use of any sensitive personal information to those uses which are necessary to perform the Services or for other specifically-enumerated business purposes under the CCPA, as amended by the CPRA.

Your Right to Delete: California residents have the right to request that we delete any of the personal information collected from you and retained by us, subject to certain exceptions. We may ask you to provide certain information to identify yourself so that we may compare it with our records in order to verify your request. Once your request is verified and we have determined that we are required to delete the requested personal information in accordance with the CCPA, we will delete, and direct our third-party service provides to delete, your personal information from their records. Your request to delete personal information that we have collected may be denied if we conclude it is necessary for us to retain such personal information under one or more of the exceptions listed in the CCPA.

Your Right to Correct: Under the CCPA, as amended by the CPRA, California residents have the right to request that we correct any inaccurate personal information we maintain about you, taking into account the nature of the personal information and the purposes for which we are processing such personal information. We will use commercially reasonable efforts to correct such inaccurate personal information about you.

Non-Discrimination: You will not receive any discriminatory treatment by us for the exercise of your privacy rights conferred by the CCPA, as amended by the CPRA.

Verifying Your Request: Only you, or a person that you authorize to act on your behalf, may make a request related to your personal information. In the case of access and deletion, your request must be verifiable before we can fulfill such request. Verifying your request will require you to provide sufficient information for us to reasonably verify that you are the person about whom we collected personal information or a person authorized to act on your behalf. We will only use the personal information that you have provided in a verifiable request in order to verify your request. We cannot respond to your request or provide you with personal information if we cannot verify your identity or authority. Please note that we may charge a reasonable fee or refuse to act on a request if such request is excessive, repetitive or manifestly unfounded.

For Individuals Located in the European Economic Area (EEA), United Kingdom (UK) or Switzerland:

You have a number of rights under applicable data protection laws in relation to your personal information. Under certain circumstances, you have the right to:
  • Have access to your personal information by submitting a request to us;
  • Have your personal information deleted;
  • Have your personal information corrected if it is wrong;
  • Have the processing of your personal information restricted;
  • Object to further processing of your personal information, including to object to marketing from us;
  • Make a data portability request;
  • Withdraw any consent you have provided to us;
  • Restrict any automatic processing of your personal information; and
  • Complain to the appropriate Supervisory Authority.

To exercise any of these rights, please contact us as outlined in the “Contact Us” section below.

Opting out of email marketing: You can unsubscribe from our marketing email list or request not to be contacted by us in the future at any time by clicking on the unsubscribe link in the emails that we send or by contacting us using the details provided below. You will then be removed from the marketing email list, and/or will not be contacted – however, we will still need to send you service-related emails that are necessary for the administration and use of your account. To otherwise opt-out, you may:
  • Note your preferences when you register an account with the site.
  • Access your account settings and update preferences.
  • Contact us using the contact information provided.

10.DO WE HAVE CONTROL OVER ANY THIRD-PARTY LINKS?

In Short: No. We do not have the ability to control any information provided under third-party links.

We may provide links to other websites or resources provided by third parties. These links are provided for your convenience only. We have no control over the content of those websites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you decide to access of the third-party links on the Sites, you do so entirely at your own risk and subject to the terms and conditions of those websites.

11.DO WE MAKE UPDATES TO THIS POLICY?

In Short: Yes, we will update this policy as necessary to stay compliant with relevant laws.

We may update this privacy policy from time to time. The updated version will be indicated by an updated “Revised” date and the updated version will be effective as soon as it is accessible. If we make material changes to this privacy policy, we may notify you either by prominently posting a notice of such changes or by directly sending you a notification. We encourage you to review this privacy policy frequently to be informed of how we are protecting your information.

12.HOW CAN YOU CONTACT US ABOUT THIS POLICY?

If you have questions or comments about this privacy policy or if you would like to exercise any of your privacy rights and you are a resident in:
  • The European Economic Area or Switzerland, the "data controller" of your personal information is PingPong Europe SA. You can contact us directly regarding the processing of your information, by email at dpo@pingpongx-eu.com, or by post to the address set forth below. If you believe we have not adequately resolved any issues, you may contact the Supervisory Authority concerned.
    PingPong Europe SA
    Data Protection Department
    Rue du Laboratoire 9
    L-1911
    Luxembourg
  • The United Kingdom, the "data controller" of your personal information is PingPong Payment (UK) Limited. You can contact us directly regarding the processing of your information, by email at dpo-uk@pingpongx-uk.com, or by post to the address set forth below. If you believe we have not adequately resolved any issues, you may contact the Supervisory Authority concerned.
    PingPong Payment (UK) Limited
    Data Protection Department Cannon Street
    London, EC4N 6NP
    United Kingdom
  • The United States of America, the “data controller” of your personal information is PingPong Global Solutions Inc. You can contact us directly regarding the processing of your information, by email at privacy@pingpongx.us
  • Any country other than those listed in the immediately preceding bullet, the “data controller” of your personal information is the PingPong Group member company with which you contract pursuant to our Terms and Conditions. You can contact us directly regarding the processing of your information by email at service@pingpongx.com or by post at the address set across from the relevant PingPong Group entity in your Terms and Conditions.