General Terms and Conditions

These general terms and conditions (the “Terms”) govern the use of the Betalo app (the “App” or “Betalo”) and other services provided through the app and web by Betalo AB (publ) 559245-2931, (the “Company”). Please read these terms and conditions carefully and contact us if you have any questions.

Betalo is a service that enables payments to be made to Swedish Plusgiron and Bankgiron and to Swedish bank accounts (“Domestika Payments”). Domestic payments are collectively referred to as “Payments”. The description in this paragraph is hereinafter referred to as the “Service”. The Terms apply to the payment service user (“User”) of the Service.

By registering for the Service and accepting the Terms, the User and the Company enter into an agreement that entitles the User to use the Service in accordance with the Terms.

1.1 The Company is authorised by the Financial Supervisory Authority (“FI”) to provide payment services in its capacity as a payment institution. The company is supervised by FI and is subject, among other things, to the regulatory framework laid down in the Act (2010:751) on payment services and the Financial Supervisory Authority's regulations and general advice on payment institutions and registered payment service providers (FFFS 2010:3).

1.2 Users may access these Terms and Conditions as well as information regarding the Service through the App, Betalo's website, or through Betalo's customer service. Information in accordance with the Payment Services Act (2010:751) is made available to the User in these Terms and Conditions and is updated on an ongoing basis in the event of any changes.

2. Notifications and languages
The Swedish language is used for the contractual relationship and communication between the User and the Company. Written messages from Betalo to the User are sent by e-mail to the e-mail address indicated by the User at registration and shall be deemed to have been received by the User no later than the following day. Messages that are not considered urgent may alternatively be displayed in the User's account by logging in to the App.

3. Prerequisites for the Service
3.1 You must be at least 18 years old to create an account with Betalo and use the Service. The service is currently offered only to customers who are registered in Sweden and who have a Swedish social security number. The service is currently not offered to persons with protected personal data. Betalo accepts Payments using the following debit, debit and credit cards — Visa, Mastercard and, for Payments to Plusgiro/BankGiro, also American Express (“Card”).

3.2 You, as a User, undertake to notify Betalo if you are a politically exposed person* (“PEP”) and thus hold or have held a high political or governmental position. This also applies if you are a relative and/or known employee of a PEP. You must provide this information when registering an account and completing the KYC form. You further agree to notify Betalo of any changes to the conditions set out in this clause 3.2 by emailing support@betalo.se.

3.3 Betalo offers Domestika payments to both Plusgiro and Bankgiro, thereby offering Domestika payments to all recipients approved as companies in Bankgiro Centralen's (BGC) bank giro number file and Plusgirot number file (Nordea) over companies approved by Swedish banks and listed companies with associated bank giro and associated bank account and plusgiro account respectively. Betalo also offers Domestika payments to Swedish bank accounts.

3.4 Betalo does not offer Payments with Plusgiro or Bankgiro to debt collection companies or the Swedish Enforcement Authority. Furthermore, Betalo reserves the discretionary right to refuse Payments to recipients including, but not limited to, banks and credit institutions, which Betalo from time to time, through customized recipient lists for individual card issuers and at Betalo's discretion, does not offer Payments to when using the Service.

3.5 Users who intend to use the Service to make Payments that may exceed SEK 500,000 on an annual basis should contact Betalo's customer service before using the Service. By accepting the Terms, the User confirms that the Service will not be used for illegal purposes, such as money laundering, terrorist financing or fraud. The Service may also not be used to dispose of, acquire, possess or use funds derived from criminal activity.

4. Execution of payment transactions
4.1 In order for a payment order to be executed correctly, the User must follow the instructions given at the time of payment in the App.

4.2 When making payments, the User is responsible for ensuring that payment details such as the correct Bankgiro/Postgiro number or bank account number of the recipient, OCR number and amount are correctly filled in. Betalo is not responsible for any incorrect payments due to the User having filled in incorrect information or the payee being unable to place the payment.

4.3 Acceptance to make a Payment is given at the time of payment by the User. A payment is approved by the user when he/she has filled in the recipient details and approved the payment including the service fee and the card has been charged. Users who wish to reverse the completed Payment should contact Betalo and make such request in the logged in mode in the Betalo app. If it is possible to cancel the Payment, Betalo shall do so at the User's request and refund/credit the User's Card. A payment is always possible to cancel if the payment has not been made and the User's card is active for refund. The full service fee will be refunded only in the event that Betalo has made errors such as payment delay, double debit or the like. A refund can be made if the user contacts Betalo no later than 15 minutes before the customer service closes, one (1) business day before the payment date. If the payment has been made, it is the User's responsibility to contact the recipient for a return. In the event of a refund, Betalo will charge a fee equivalent to the service charge in accordance with paragraph 8.2A return from the recipient shall be refunded directly to Betalo who in turn will refund the customer once the money is received. Once a return has been initiated for a refund, it takes 1-4 business days for the credit to be completed and is visible on the user's card.

4.4 A payment order shall be deemed received when the User has accepted the Payment and has received confirmation thereof in the form that the payment can be seen as pending in the App.

4.5 A Payment is normally made within three (3) but no later than (7) business days. Betalo is not responsible for any delays caused by third parties.

5. Betalo's responsibility for the execution of Payments
5.1 Betalo is responsible to the User for the correct execution of a payment order approved by the User in accordance with the Terms and Conditions. If the payment order has been executed correctly by Betalo, the payee is responsible to the User for the correct delivery of the transaction.

5.2 If a payment transaction cannot be completed, Betalo shall restore the User's card balance as soon as possible.

5.3 If a payment transaction initiated by the User is not executed or is executed inadequately, Betalo shall, at the request of the payer, attempt to trace the initiated payment transaction as soon as possible and inform the payer of the result.

5.4 The Payment Service Provider shall be liable to its Users for such fees and interest payable by Users as a result of non-payment or incomplete execution, provided that Betalo has failed in execution. If it is the User who is responsible for the failure to complete the transaction, Betalo shall not be liable for any fees and interest payable by the User as a result of the non-execution or incomplete execution of the payment.

5.5 Recorded Payments may be refused if the information provided is incorrect and thus not accepted by the banking system. In case of denied Payments, Betalo will notify the User and credit the amount to the User's card. In this case, the service fee will not be refunded.

5.6 In the event of an unauthorized transaction from the User's account, Betalo shall restore the Account to the position it would have been in if the transaction had not been executed. In order for the transaction to be classified as unauthorized, it has not been verified with 3D secure. The recovery shall take place immediately and at the latest by the end of the business day that occurs after Betalo becomes aware of the transaction. If there is reason to suspect that the transaction is authorized, Betalo is entitled to a reasonable amount of time to investigate the matter.The recovery of the account usually takes 1-4 banking days, depending on the card issuer. The card must be active, and refunds can only be made to the card used for the transaction.

6. Responsibilities of the user
‍6.1 The User is responsible for ensuring that there is coverage for the submitted payment order and that the information provided in the payment order is sufficient and correct.

6.2 The User undertakes to act on his own behalf when using the Service. The user may only use Cards issued in their own name. The User may not use the Service to make Payments of bills originating from the Card used to make the Payment.

6.3 The User is responsible for ensuring that sensitive information such as login information, passwords and the like is used and managed in a secure manner and kept confidential so that they remain inaccessible to unauthorized persons. If unauthorized transactions from a User's card have been able to be carried out as a result of the User's failure to protect their personal authorization function, the User is responsible for the amount in accordance with the LBT. If unauthorized transactions from a User's account have been carried out as a result of a breach of an obligation through gross negligence, the User is responsible for the entire amount.

6.4 The User shall promptly notify Betalo by e-mail if there is reason to believe that any unauthorized person has gained access to or knowledge of passwords and/or other sensitive information on the User's card. If the User fails to comply with the safety instructions as described above (clause 6.3), the User is always liable for damage caused by Betalo and charges arising from the unauthorized use of the Service by others. In case of unauthorized debit of card, this must be communicated directly to the relevant bank in order to block the card and revoke the current payment.

6.5 The User shall immediately consult and review the information on completed Payments made available to the User by Betalo in the mobile application. The User shall without undue delay from the time the User becomes aware of unauthorised or incorrect payments, and no later than 13 months after the date of debit, inform Betalo thereof and request correction by filing a complaint.

6.6 It is the responsibility of the user to always be up to date on any changes to the Terms.

6.7 It is the responsibility of the user that the Betalo App is updated to the latest version available on the Apple App Store and Google Play Store.
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7. Exchange rate
‍7.1 Betalo is not a forex trading platform and the User undertakes not to use the Service for such purposes. In the event that Betalo detects that Users are using the Service for such purposes, Betalo may, in its sole discretion, suspend User's Payments and/or terminate User's Account. Betalo only carries out transactions in Swedish kronor and therefore no currency exchange takes place.

8. Charges
‍8.1 Interest ExpensesBetalo does not charge any interest charges to the User.

8.2 Service FeeBetalo offers a simple pricing model with no fixed fees. When making payments, Betalo charges a service fee based on transaction amounts. The service fee for each Card is indicated on www.betalo.com. Betalo only offers payments in SEK and therefore does not charge a fee for currency exchange.

8.3 Betalo is always entitled to make price changes, which is informed no later than 60 days before the price change takes effect. Current prices are updated on https://www.betalo.com/priser/

‍9. Processing of personal data‍
9.1 Betalo is the data controller and processes personal data in accordance with the General Data Protection Regulation (EU) 2016/679 (“GDPR”). For regulatory reasons, Betalo has to save certain data. What these are can be obtained by Betalo customer service upon request.

9.2 By accepting the Terms, the User agrees that Betalo processes such personal data as are necessary for the performance of contracts with the User, including; name, address, social security number, e-mail address, IP address, browser, device information, telephone number, information about the User's Payments and transactions and card details.

9.3 Betalo processes personal data in order to fulfill agreements concluded with Users, for identification of Users, development of Betalo's services, to safeguard the customer relationship, and for internal statistics and analytical purposes. Where necessary, for example to investigate fraud and misuse of Betalo's services, Betalo may also use personal data internally for identification purposes. Betalo also processes personal data in order to comply with legal obligations, including for accounting purposes and to comply with consumer and money laundering regulations.

9.4 Personal data may also be used for marketing purposes if the User has consented to such processing or based on a balance of interests.

9.5 Betalo processes personal data only for the purposes for which it was collected and, where appropriate, for other purposes compatible with this. The processing of personal data takes place only for as long as is justified with regard to the purposes of the processing and the data is subsequently deleted without undue delay. Data are also retained to the extent necessary to fulfil legal obligations or to establish, assert or defend legal claims.

9.6 If Betalo becomes aware of unauthorized use of the User's card or card details, the User shall be informed by e-mail.

9.7 For more detailed information on Betalo's processing of personal data, such as the purpose, exercise of the User's rights, disclosure and transfer of personal data, see Betalos Privacy Policy.

10. Limitation of Betalo's Liability‍
10.1 Betalo is not responsible for any damage that may be caused to the User as a result of faults in electricity supply or telecommunications or Internet connections or other technical equipment not belonging to Betalo.

10.2 Betalo is not liable for any damage caused by a legal order, government action, war event, lockout, strike, boycott and blockade or any other unusual or unpredictable circumstance in Sweden or abroad over which Betalo has no influence and whose consequences would have been impossible for Betalo to avert. The reservation regarding strike, lockout, boycott and blockade applies even if Betalo itself is subject to such conflict action. If Betalo is prevented from executing Payments or taking any other action due to circumstances under this paragraph, the action may be postponed until the impediment has ceased. Damage that may occur in other cases shall not be reimbursed by Betalo if Betalo has acted with normal care. Betalo is in no case liable for indirect damage.

10.3 Betalo is solely responsible for providing Payments and is not responsible for non-deliveries of or defects in goods or services purchased by third parties through the use of the Service. Complaints and other claims that the User wishes to make in such cases shall be addressed directly to third parties.

10.4. If a customer violates the Terms, Betalo has an obligation to regulators to review whether the business relationship must be terminated. Betalo reserves the right to inform the User of the breach and terminate the business relationship and the User's account with Betalo with immediate effect. When Betalo receives funds with an accounting obligation, these funds are placed with a Swedish bank. Such bank is appointed by Betalo at its discretion. Placement with a bank is normally made in Betalo's name on behalf of the User. In this case, the User's funds are placed together with the funds of other Users. The User hereby acknowledges that his/her funds may be deposited in a bank collection account. Whether the User has a legally protected right of separation in the event that Betalo or the bank were to be declared bankrupt or suffer another measure with equivalent legal effects may vary and is dependent on the applicable legislation. In Sweden, separation rights exist as a general rule, provided that the funds are kept separate from Betalo's own resources.

11. Additions and changes
11.1 In addition to what is otherwise stated in the Terms and Conditions, Betalo has the right to make additions and/or changes to the Terms by notifying the User of such additions and/or changes at least two months before the change takes effect. Information about changes to the Terms will be provided via the Betalo app and/or e-mail to the User and updated Terms will be kept available on the Betalo website.

11.2 It is the User's responsibility to read the Terms and Conditions when logging in to the App. The User is deemed to have accepted the current Terms when the User has logged in via the App. If the User does not agree to the amended terms, the User may request to close his/her account as of the date on which the changes take effect.

11.3 Betalo is always entitled to make, with immediate effect, such changes to the Terms (including price changes) that are caused by law, regulation or government decision.

12. Disputes and choice of law
Swedish law shall apply to these Terms and Conditions and to the contractual relationship between the User and Betalo. In the event of any dispute, Betalo follows the recommendations of the General Complaints Board. Disputes arising from the Terms between Betalo and a User shall be heard at the Stockholm District Court as the first and only instance.

I'm 13. Term of contract and termination
‍13.1 The terms and conditions apply until further notice.

13.2 The User has the right at any time with immediate effect to terminate the Agreement relating to the Service free of charge. The termination must be made in writing to Betalo in the logged in mode with BankID through the Betalo app.

13.3 Betalo reserves the right to suspend the User's Account if there is a risk of unsafe use of the Account or suspicion of unauthorized use of the Account. Betalo shall inform the User that the account is blocked and the reasons for this suspension. However, information to the payer may not be provided if it would be incompatible with other law or if it is justified for security reasons not to do so.

13.4 Betalo has the right to terminate the contract relating to the Service in writing with a notice period of two months.14. Complaints If the User wishes to make any complaints regarding the Service, the User shall contact Betalo's complaint manager by e-mail to klagomal@betalo.se and indicate “Complaint” in the subject line.

If the User is not satisfied with how the complaint to Betalo is handled, the User has the opportunity to have the matter escalated within Betalo, the User can also contact the General Complaints Board (ARN), box 174, 101 23 Stockholm, http://www.arn.se. A notification to ARN must be made in writing. In order for the committee to review the case, value and time limits may apply.

The user also has the opportunity to receive guidance from the Consumer Banking and Finance Agency, the Consumer Insurance Agency and the municipal consumer guidance. These bodies can advise on consumer rights, contract terms and how the User proceeds with a case.
* Politically exposed personsThe Act (2017:630) on Anti-Money Laundering and Terrorist Financing Measures (“PTL”) contains certain provisions for establishing business relationships with politically exposed persons (“PEP”), including, among other things, the requirement for enhanced measures to achieve customer knowledge. The PTL defines PEP as “a) natural person who has or has had an important public function in a state, and b) natural person who has or has had a function in management in an international organization”. Furthermore, such measures as set out above shall also apply to family members and known associates of a PEP. Finansinspektionen has issued supplementary regulations in this area (FFFS 2017:11).

Important public function refers to function held by:

1. Heads of State or Government, Ministers, Deputy and Deputy Ministers;
2. members of parliament;
3. members of the board of political parties;
4.judges of the Supreme Court, constitutional courts or other high-level judicial bodies whose decisions can only be appealed exceptionally;
4. senior officials of audit authorities and members of the governing bodies of central banks;
6. Ambassadors, heads of missions and senior officers of the Armed Forces; persons who are part of the administrative, management or control bodies of state-owned enterprises;
7. andpersons in the management of international organizations.Family members refer to:spouse or husband;
5. registered partner;
8. cohabitation; children; children's spouses, registered partners or cohabitants;
9. andparents.Known employee means:
(10) a natural person who, as is known or reasonably believed, is, in common with a PEP, the beneficial owner of a legal person or legal structure, or who otherwise has or has had close relations with a PEP;
11. and a natural person who is the sole beneficial owner of a legal person or legal structure which, as is known or reasonably believed, has actually been established for the benefit of a PEP. For the purposes of paragraph 1, 'close relations' means close business and other relationships which may cause the known employee to be associated with an increased risk of money laundering or terrorist financing.Betalo AB (pub)
Org No 559245-2931
Engelbrektgatan 35A
114 32 Stockholm