These Terms and Conditions ("Agreement") govern the use of the Fonepay Circle service, an innovative feature provided by Fonepay Payment Service Ltd (“Fonepay”) for making digital payments using mobile numbers within the Fonepay ecosystem.
a) "Fonepay Circle": A digital payment feature provided by Fonepay that allows users to send, receive and split money using only a mobile number, which serves as the unique user ID within the Fonepay ecosystem.
b) "Fonepay": A licensed Payment System Operator (PSO) by Nepal Rastra Bank, specializes in offering a wide range of digital financial services.
c) "User": Any individual or entity that uses or activates the Fonepay Circle service.
d) "Recipient": An individual or entity receiving a payment through Fonepay Circle.
e) "Transaction": Any fund transfer or payment conducted via the Fonepay Circle platform.
To use Fonepay Circle, Users must meet the following requirements:
a) Users must have downloaded and registered with the Fonepay app on their mobile device.
b) Users must be a resident of Nepal and have a valid mobile number registered with Fonepay.
c) Users must have an operational bank account that can be linked to their mobile number for transaction purposes.
Fonepay Circle allows users to send, request, and split money by using a recipient's mobile phone number. The mobile number acts as the unique user ID within the Fonepay ecosystem, eliminating the need to input detailed bank account information.
Key features of Fonepay Circle include:
a) Seamless Fund Transfers: Send and receive money to/from individuals within the Fonepay ecosystem using only their mobile phone number.
b) Linking of Bank Accounts: Users must link their bank account(s) to their mobile number to facilitate transactions. A default bank account must be designated for transaction purposes.
c) Cross-Bank Transactions: Send money to recipients regardless of their banking institution, using their mobile number.
As a user of Fonepay Circle agrees to:
a) Provide Accurate Information: Ensure that all the information provided during the registration process is accurate, including your mobile number, bank account details, and other required information.
b) Secure Your Account: Maintain the confidentiality and security of your mobile number, user ID, and any linked bank account details. You are responsible for any activities that occur under your account.
c) Compliance with Laws: Use the service in compliance with all applicable laws, regulations, and Fonepay’s policies.
d) Notify Fonepay of Unauthorized Transactions: Immediately notify Fonepay of any unauthorized use of your account, including any suspicious transactions or security breaches.
a) Fund Transfers: Users can send money to another user by entering the recipient’s mobile number (their unique Fonepay ID) within the Fonepay Circle platform. The transaction will be processed using the linked bank account(s).
b) Transaction Limits: Fonepay may set limits on the amount of money that can be transferred within a specific time frame. These limits may vary depending on factors such as the user's verification status, other relevant conditions, and in compliance with NRB regulations. Additionally, these limits are subject to change.
c) Bank Account Linking: To use the service, users must link a valid bank account to their mobile number. This linked account will serve as the default for sending and receiving funds via Fonepay Circle.
d) Transaction Fees: Fonepay may charge a fee for certain types of transactions. The applicable fees, if any, will be disclosed to users before completing the transaction.
e) Transaction Delays: While Fonepay Circle aims to process transactions in real-time, Fonepay shall not be liable for such delays, if delays may occur due to uncontrollable factors such as network issues or technical glitches.
Users shall not agree to:
a) Use Fonepay Circle for any illegal activities, including fraud, money laundering, or any other prohibited transactions.
b) Violate any applicable laws, regulations, or third-party rights while using the service.
c) Impersonate another person or entity or provide misleading or false information.
d) Use the service to send or receive payments for prohibited goods or services, as determined by Fonepay or applicable laws.
Fonepay values privacy of users and shall collect, process, and protect personal and financial information in accordance with its Privacy Policy. By using Fonepay Circle, users consent to the collection and use of your information as described in the Privacy Policy.
a) Fonepay shall not share users personal or banking information with third parties except for purposes related to the processing of transactions or as required by law.
b) Users are advised to protect their mobile numbers, PINs, and other security details to prevent unauthorized access to their accounts.
a) Fonepay employs various security measures to protect users' data and prevent fraud. However, users are also responsible for maintaining the security of their mobile numbers and bank account information.
b) Users must promptly report any suspected fraudulent activities to Fonepay.
Fonepay reserves the right to suspend or terminate a user’s access to Fonepay Circle at any time, without notice, if:
a) The user violates these Terms and Conditions.
b) The user engages in fraudulent or unlawful activities.
c) There are technical or security concerns regarding the user’s account or transactions.
d) The user fails to comply with applicable laws and regulations.
a) Fonepay shall not be liable for any loss or damage caused by factors beyond its control, including technical failures, force majeure events, or third-party actions.
b) Fonepay’s liability for any claims related to Fonepay Circle is limited to the amount of the transaction in question.
a) Fonepay may modify these Terms and Conditions at any time. Any updates or changes will be communicated to users, and by continuing to use Fonepay Circle, users agree to the updated terms.
b) Fonepay reserves the right to modify, suspend, or discontinue any part of the Fonepay Circle service at its discretion, without prior notice.
a) Users must comply with all relevant policies set by Fonepay, including transaction limits, security measures, and privacy terms.
b) The users will be informed about scheduled maintenance periods and potential service interruptions.
c) By using Fonepay Circle, users agree to be bound by these Terms and Conditions, including any updates or changes made by Fonepay.
d) The Terms and Conditions shall be governed by and construed in accordance with the laws of Nepal.
For more queries, please contact 01-5970044 or Toll-Free Number 1660-01-34244 or email at [email protected].