These terms and conditions apply to the Kerv Prepaid Mastercard programme and associated “Kerv Products”, being:
- Kerv Virtual Prepaid Mastercard “Virtual card”,
- Kerv Contactless Payment Ring “Ring”
- Kerv Physical Mastercard “Physical card” (when available and communicated as such)
You must read them carefully. In these terms and conditions "you" means the named Kerv account holder and the authorised user of the Kerv Product(s). "We", "us" or "our" means Kerv Wearables Limited or PSI-Pay Ltd. “Website” means our website at https://kerv.com
1. Your Kerv Products
The Kerv products and associated payment accounts are issued by PSI-Pay Ltd pursuant to a license from Mastercard International Incorporated. PSI-Pay Ltd is regulated and authorised by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (register reference 900011) for the issuing of electronic money. Registered Office: Afon Building, Worthing Road, Horsham, England RH12 1TL. Registered No. 5899168. The Kerv Virtual and Physical card(s) are the property of PSI-Pay Ltd and not transferrable to anyone else.
All funds will be loaded to your Virtual card. If you have a Ring or Physical Card, these will be linked to your Virtual card. A transaction made with your Ring or Physical card will reduce the balance of funds held on your Virtual card.
You can use your Kerv Products at any location worldwide that displays the Mastercard acceptance mark, subject to the following criteria:
- Virtual card: online, by post, or on the telephone
- Ring: any location that that displays the contactless payment symbol
- Physical card: including shops, restaurants, online, by post or on the telephone.
Before using your Kerv product(s) it is your responsibility to ensure that there are sufficient funds loaded on the Virtual card to cover your purchase. You will not be able to use your Kerv Product(s) after its expiry date.
Your Kerv Product(s) are not credit instruments and are not in any way connected to your bank account. You will not earn any interest on any funds loaded on your Virtual card.
2. Applying for and activating your Kerv Product(s)
To apply for a Kerv Product, you must be at least 18 years old. We will require evidence of who you are and your address. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically. If you apply for, or are issued with a Physical card you must sign the signature strip on the back of the card as soon as it is received.
By using Kerv Products, you are agreeing to these terms and conditions.
3. Loading your Virtual card
The amount you can load onto your Virtual Card is up to a maximum amount of £5,000 per day following the successful completion of the due diligence requirements. We reserve the right to refuse to accept any particular loading transaction. Upon receipt and clearance, your funds will be available for use on your Kerv products without delay. For full details on limits, please refer to section 13.
4. Activating your Kerv Product(s)
We require that you activate your Kerv Product upon receiving it. You do this by logging onto https://kerv.com or the App. You will be able to manage your Kerv Product(s) from your account including getting balances and transaction history.
5. Using your Kerv Product(s)
Detailed instructions on how to use your Kerv Product(s) are found on the Website and App. You will need to follow these instructions when using your Kerv Product(s). We will deduct the value of your transactions from the balance on your Virtual card as soon as they are made. We will also deduct any applicable fees as soon as they become payable by you; see our Limits and Fees section below for details of our fees. The Virtual and Physical cards belong to us.
For fraud prevention reasons, usage of your Kerv Product(s) may be queried and we may block further usage. In such circumstances, you can simply contact our Customer Support Team, (via the website or email: firstname.lastname@example.org) to request to have your Products reinstated.
We may ask you to stop using your Physical card and return it to us or destroy it. We may at any time suspend, restrict or cancel your Kerv Product(s) or refuse to issue or replace a Kerv Product(s) for reasons relating to the following:
- we are concerned about security of your account or Kerv Product(s) we have issued to you. We suspect your account is being used in an unauthorised or fraudulent manner;
- or we need to do so to comply with the law.
If we do this, we will tell you as soon as we can or are permitted to do so after we have taken these steps. Like other payment methods, we cannot guarantee a retailer will accept your Kerv Product(s). We may also refuse to pay a transaction:
- if we are concerned about security of your Kerv Product(s) or we suspect your Kerv Product(s) is being used in an unauthorised or fraudulent manner;
- if sufficient funds are not loaded on your Virtual card at the time of a transaction to cover the amount of the transaction and any applicable fees;
- if there is an outstanding Shortfall on the Virtual card, in accordance with condition 13;
- if we have reasonable grounds to believe that you are acting in breach of this agreement;
- if we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently); or
- because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
If we refuse to authorise a transaction, we will, if practicable, tell you why immediately unless it would be unlawful for us to do so. You may correct any information we hold and which may have caused us to refuse a transaction by logging onto your account on https://kerv.com, or contacting us via the App.
6. Authorising Transactions
Subject to the features of the Kerv Product(s), the authorisation of a transaction can include authorising any single transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount.
A Kerv Product transaction will be regarded as authorised by you where you;
- authorise the transaction at the point of sale by following the instructions provided by the merchant or retailer to authorise the transaction, which may include:
a) entering your PIN or providing any other security code;
b) providing the Kerv Product details and/ or providing any other details as requested;
c) waving or tapping the Ring or Physical card over a contactless card reader
d) swiping or inserting the Physical card into a merchant terminal
e) you sign the receipt (Physical card)
Authorisation for a transaction may not be withdrawn (or revoked) by you after the time it is received. However, the following transactions may be withdrawn if you give notice to the supplier (providing a copy of the notice to us):
- any transaction which is agreed to take place on a date later than the date it was authorised as long as notice was provided no later than the close of business on the business day before it was due to take place;
We may charge you a fee if a transaction is revoked by you under this condition; please see our Limits and Fees table in Section 13 below.
We will pay the funds required by the retailer or merchant to cover the transactions authorised by you within three days of us receiving their request. A transaction (the payment order) will be received as follows:
- for purchases and ATM transactions, at the time we receive the transaction instruction from the merchant acquirer or ATM operator;
- for other transactions which are communicated directly to us, at the time you ask us to complete the transaction.
- If, in relation to:
a) purchases and ATM transactions, we receive the transaction instruction from the merchant acquirer or ATM operator; or
b) other transactions communicated directly to us, you ask us to complete the transaction after seven days, the transaction instruction or request will be deemed to have been received by us on the following business day.
7. Cancellation and expiry of your Kerv Product(s)
This agreement will continue indefinitely unless terminated. You have a legal right to cancel your Kerv Product(s) up to 14 days after you purchase the Kerv Product(s) without being charged the Redemption Fee – this 14-day period is known as the “Cooling-Off Period”. Under these terms and conditions, you also have the right to cancel your Kerv Product(s) at any time after the 14-day Cooling-Off Period without notice. If you cancel your Kerv Product(s), once all transactions and fees have been deducted, we will arrange for any unused funds to be refunded to you, see “Your Right to Redemption of Funds and Refunding of Transactions on Your Kerv Product(s)” section below for further information. A redemption fee may be charged (see Limits and Fees section below) unless you have arranged to transfer any unused funds to another Kerv Product managed by us, or you cancel your Kerv Product(s) within 14 days of receiving it.
We may also cancel your agreement for any reason by giving you at least two months’ notice:
- if this agreement or your Kerv Product(s) expire on a set date and we have not agreed to renew this Agreement;
- if you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
- if you act in a manner that is threatening or abusive to our staff, or any of our representatives;
- if you fail to pay fees or charges that you have incurred or fail to put right any shortfall;
- in the event of your death.
We may also cancel this agreement or suspend your Kerv Product(s) or account immediately if we believe your Kerv Product(s) are deliberately being used by you to commit fraud or for other illegal purposes. If we do this, we will tell you as soon as we are permitted to do so. If we cancel your Kerv Product(s), you must tell us what you want us to do with any unused funds within 3 months of the date we tell you your Kerv Product(s) is cancelled. If your Kerv Product(s) is cancelled, we will immediately block your Kerv Product(s) so they cannot be used. You will not be entitled to a refund of money you have already spent on transactions authorised, or pending or any fees for use of the Kerv Product(s) before the Kerv Product(s) is cancelled or expires. You can cancel your Kerv Product(s) by contacting us and confirming that you have destroyed your Physical Card (if issued)
If you cancel your Kerv Product(s), once all transactions and fees have been deducted, we will arrange for any unused funds to be refunded to you, see "Your Right to a Refund" section below for further information. A Refund Fee may be charged (see Limits and Fees section below) unless you have arranged to transfer any unused funds to another Kerv Product managed by us, or you cancel your Kerv Product within 14 days of receiving it.
Your Kerv Product(s) will be valid for 48 months from date of issue
When we issue a replacement Kerv Product we may charge a fee. Please see section 13 for a summary of Limits and Fees.
8. Keeping your Kerv Product(s) secure
You should treat your Kerv Product(s) like cash. If a Kerv Product is lost or stolen, you may lose some or all of your money, in the same way as if you lost cash in your wallet or purse. As a result, you must keep your Kerv Product(s) safe and not let anyone else use them. When you receive your Personal Identification Number (PIN), you must keep it safe and secure, you must keep it secret at all times. You should memorise the PIN, destroying the notification and never disclose the PIN or security information to anyone. If you suspect that someone else knows your PIN, you should change it as soon as possible. You can change your PIN to something more memorable at most ATMs (Physical card) by following the on-screen instructions.
We recommend that you check the balance on your Kerv Product(s) regularly online at the Kerv Website or App. We will provide you with your balance and a statement of recent transactions either by electronic means or on our secure webpage at any time. Your statement will show:
- information relating to each transaction which will enable it to be identified;
- the amount of the transaction shown in the currency in which the transaction was paid or debited to the account;
- the amount of charges for the transaction;
- the date the transaction is authorised or posted on to the account.
9. Lost and stolen Kerv Product(s) and unauthorised or incorrectly executed payments
In the event of a lost or stolen Kerv Product you can block it immediately by logging onto your account and placing a block on the Product. You may also contact us without undue delay to report the Kerv Product is lost or stolen or if the PIN or password is known to an unauthorised person or if you think that a transaction has been incorrectly executed by using the website or App, or by contacting us directly on 0844 502 0450.
We will refund any incorrectly executed transaction immediately unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity, however you may bear the loss, up to £50 in total, if the transaction results from the use of a lost or stolen Kerv Product.
However, if the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your Kerv Product(s) or PIN secure), you may be liable for any loss we suffer because of the use of the Kerv Product(s).
10. Our Liability
We will not be liable for any loss arising from:
- any cause which results from abnormal or unforeseen circumstances beyond our control, consequences which would have been unavoidable despite all our efforts to the contrary; or
- a retailer refusing to accept your Kerv Product(s); or
- our compliance with legal and regulatory requirements;
- loss or corruption of data unless caused by our wilful default.
We are also not liable for:
- business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
- any indirect or consequential loss.
- For the goods or services that are purchased with your products
- Where you or an additional cardholder or ring holder acted with:
- Undue delay
- Fraudulently ;or
- With gross negligence
11. Your Right to Redemption of Funds and Refunding of Transactions on Your Kerv Product(s)
Redeeming the funds on your Kerv Virtual card
You have the right to redeem the funds on your Kerv Virtual card at any time in whole or in part. To do so, please either send us an e-mail using the “contact us” facility on the Website, requesting redemption and indicating the amount to be redeemed. If you request redemption of all funds on your Kerv Virtual Card, please confirm in writing that you have destroyed your Kerv Physical card. We will process an irreversible block on your Kerv Ring. When we process your redemption request, we may require you to provide us with documents such as identification so that we may process your request in accordance with legal requirements. We may also charge a redemption fee if one of the following circumstances applies:
- You are requesting redemption before termination or expiry of this agreement;
- You cancel this agreement before any agreed termination or expiry date; or
- You request redemption more than one year after the date of termination or expiry of this agreement.
We will not redeem the value of the funds on your Product to you if your request for redemption of the funds is more than six years after the date of termination or expiry of this agreement.
Please see section 13 for a summary of Limits and Fees including redemption fees.
You may be entitled to claim a refund in relation to transactions where:
- the transactions were not authorised under this agreement;
- we are responsible for a transaction which was incorrectly executed notified to us in accordance with section 10 above;
- a pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than you could reasonably have expected taking into account normal spending patterns on the Kerv Product or the circumstances of the transaction.
A claim for a refund in the circumstances set out above will not be accepted if the amount of the transaction was made available to you at least four weeks before the transaction date or it is made more than eight weeks after being debited to your account.
We will send a cheque to your last notified address or arrange an electronic transfer to a bank account nominated by you. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your refund request.
12. Changes to these Terms
We may change these terms at any time by notifying you by e-mail or other agreed means at least two months before the change is due to take effect. The up-to-date version of the Kerv prepaid Mastercard programme terms and conditions will always be available on the Website and App. The change will automatically take effect and you will be taken to have accepted the notified change unless you tell us that you do not agree to the change. In that event, we will treat that notice as notification that you wish immediately to terminate. In such circumstances we will refund any balance on the Kerv Virtual card in accordance with section 10 above and you will not be charged a Refund Fee.
For transactions made outside of your card currency, we will charge a fixed currency conversion fee. Details of the fee for your product can be found in section 13. Limits and Fees. The rate used for conversion will be based on the Mastercard conversion rate applicable at the time the transaction is processed. Details of Mastercard conversion rates can be found at https://www.mastercard.com/us/personal/en/cardholderservices/currencyconversion/index.html.
13. Limits and Fees
We do not charge any fees for checking your online balance and transactions. The table below shows any limits (where applicable) and fees:
|Maximum single transaction*||750||-||3,000||-||5,000||-||3,000||-|
|Cash withdrawal||Cash withdrawal||Cash withdrawal||Cash withdrawal|
|Minimum single transaction||10||-||10||-||10||-||10||-|
|Maximum single transaction||120||-||300||-||300||-||300||-|
|Loading funds||Loading funds||Loading funds||Loading funds|
|Minimum amount per transaction||10||-||10||-||10||-||10||-|
|Maximum amount per transaction||350||-||1,500||-||2,500||-||1,500||-|
|Maximum account balance||750||-||3,000||-||5,000||-||3,000||-|
|Load: Bank transfer||0.5||-||-||-||-||-||-||-|
|Load: Debit card||-||-||-||-||-||-||-||-|
|Load: Credit card||3%||-||3%||-||2.75%||-||2.75%|
|Purchase - virtual card||Free||-||Free||-||Free||-||Free||-|
|Purchase - physical card||4.99||-||4.99||-||4.99||-||4.99||-|
|Purchase - ring||99.99||-||99.99||-||99.99||-||99.99||-|
|Online account management||Free||Free||Free||Free|
|Balance enquiry (online, app)||Free||Free||Free||Free|
|Balance enquiry (at ATM)||1.00||1.50||0.50||1.00||Free||0.50||0.50|
|Account maintenance (monthly)||-||-||2.00||-|
|Account maintenance (weekly)||-||-||-||10.00|
(annual - year 2 onwards)
|Replacement - virtual card||Free||-||Free||-||Free||-||Free||-|
|Replacement - physical card||4.99||-||4.99||-||4.99||-||3.50||-|
|Replacement - ring||99.99||-||99.99||-||99.99||-||99.99||-|
|Cash withdrawal at ATM||2.00||3.00||1.50||2.00||0.75||2.00||Free||0.50|
(pcm after 6 months inactive)
|Chargeback / dispute|
|Account closure / redemption fee||5.00||-||5.00||-||5.00||-||5.00||-|
*The ring is subject to a maximum amount in line with local contactless transaction limits.
All amounts shown in currency of Kerv account issue
When you use your Kerv Physical card at an ATM, you may also be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association. If we decide to increase or impose any new fees, we will notify you by at least two months before any changes take effect by posting the change to our website. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is completed when there are insufficient funds on the Kerv Virtual card for that transaction (a "Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the Kerv Product was presented; in this circumstance we may seek the Shortfall from the retailer.
You agree that once we make this Shortfall known to you, you will repay the Shortfall amount. We may charge the amount of the shortfall from any other Kerv Products that you hold with us, to any other payment method which you may designate at that time, or against any funds which you may subsequently load onto your Kerv Virtual card or on any additional Kerv Product ordered by you. Until we are reimbursed the Shortfall amount, we may suspend your Kerv account and any Kerv Product(s) connected to you. In addition, we reserve the right to charge you an Administration Fee for each transaction that you make using your Kerv Product(s) that results in a Shortfall or increases the Shortfall amount on your Kerv Virtual card.
14. Your Details
You must let us know as soon as possible if you change name, address, phone number or e-mail address. If we contact you in relation to your Kerv Products, for example, to notify you that we have cancelled your Kerv Products or to send you a refund by cheque, we will use the most recent contact details you have provided to us. Any e-mail to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.
15. Data Protection
16. Disputes with Retailers
If you have any disputes about purchases made using your Kerv Products, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Kerv Products. Remember that once you have used your Kerv Products to make a purchase we cannot stop that transaction.
If you have an enquiry relating to the Kerv Prepaid Mastercard programme or Kerv Products, you can use the "Contact Us" facility on the website. We will deal with your enquiry promptly. If your Product has been lost or stolen, call us on 0844 502 0450. Calls are charged at your local call rate.
The Kerv prepaid Mastercard programme is issued by PSI-Pay Ltd. If you are unhappy in any way with your Kerv Products or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you, or you can email email@example.com. Any complaints you have will be dealt with quickly and fairly. You may be able to take unresolved complaints to the Financial Ombudsman Service at Exchange Tower, London E14 9SR. Telephone: 0800 023 4567 (+44 20 7964 1000) when calling from outside of the United Kingdom) and e-mail: firstname.lastname@example.org
The Kerv prepaid Mastercard Programme is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Kerv prepaid Mastercard Programme. This means that in the unlikely event that PSI-Pay Ltd becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.
We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you two months’ prior notice of this. If we do this, your rights will not be affected.
21. Transfer to a new Prepaid Product
We may transfer your unused balance to a new Prepaid Reloadable Product provided by a Prepaid Product issuer other than PSI-Pay Ltd at any time. Before we do this, we will give you two months’ notice of the new Prepaid Reloadable Product arrangements and the new Prepaid Reloadable Product terms and conditions. Unless you advise us within the two-month period that you do not want a new Prepaid Reloadable Product from the new Prepaid Reloadable Product issuer, you agree that we can automatically transfer the unused balance on your Kerv prepaid Mastercard Programme to a new Prepaid Reloadable Product provided by the new Prepaid Reloadable Product issuer.
22. Gift Vouchers
Gift vouchers are available to purchase via the Kerv website. Once you’ve made your purchase, we’ll dispatch your gift vouchers as soon as payment has been cleared. A gift voucher can only be redeemed against the corresponding product that it was purchased for. Gift vouchers are valid for 12 months from the date of purchase.
If you are purchasing a gift voucher as a present, please ensure safe delivery to the intended recipient. We cannot accept any responsibility for stolen, or lost gift vouchers, or if a gift voucher is used by someone other than the intended recipient.
If a gift voucher is returned, it will be refunded via the original payment method used. If a Kerv product is returned, that was purchased using a gift voucher, the refund for the Kerv product will be refunded via the original payment method used for the gift voucher.
23. Governing Law
This Agreement is concluded in English. All communications with you will be in English. These terms and conditions will be construed in accordance with English law.
24. Fund Protection
As a responsible e-money issuer PSI-Pay Ltd ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your Kerv Products. In the event that PSI-Pay Ltd becomes insolvent funds that you have loaded which have arrived with and been deposited by PSI-Pay Ltd are protected against the claims made by creditors.
25. Kerv prepaid Mastercard programme Issuer
The Kerv prepaid Mastercard programme is issued by PSI-Pay Ltd pursuant to a license by Mastercard International Incorporated. PSI-Pay Ltd is authorised by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (register reference 900011) for the issuing of electronic money.
The Kerv Prepaid Mastercard programme is operated by Kerv Wearables Ltd, Regent House, 316 Beulah Hill, London, SE19 3HF. Company number 10093360; VAT registration number 258044208.
[Last update: 27/02/2017]