Verse General Conditions of Access and Use
These General Conditions of Access and Use (hereinafter, the “Conditions”) govern the access and the use of the services provided by Verse Payments Lithuania UAB (hereinafter, “Verse”) to its users (hereinafter individually, the “User”) via the application for mobile devices “Verse” (hereinafter, the “Verse App”) and constitute the conditions under which Verse provides the available payment services. These Conditions and their amendments, together with any other legally relevant terms and information, related to the use of the services provided by Verse, shall be made available to the user at all times within the Verse App, without prejudice to the information being sent to the User or appearing on websites of Verse.
The User may at any time access Conditions through the Verse App or Verse web page (https://www.verse.me/en/).
Payment service provider
The company that provides the payment services governed by these Conditions is Verse (Verse Payments Lithuania UAB), a company incorporated in the Republic of Lithuania with company number 304932396 and whose registered office is at Workland G9, Gedimino pr. 9 (4th floor), LT-01105, Vilnius, the Republic of Lithuania.
Verse is an electronic money institution authorized and supervised by the Bank of Lithuania under the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania (authorization code: LB001874).
Detailed information about Verse and its services may be found in the public list of payment services providers administered by the Bank of Lithuania https://www.lb.lt/en/sfi-financial-market-participants/verse-payments-lithuania-uab
The Bank of Lithuania is the financial supervisory authority of the Republic of Lithuania, with address at Gedimino pr. 6, Vilnius, the Republic of Lithuania. More information on the Bank of Lithuania can be obtained at its website: https://www.lb.lt/lt, and the Bank of Lithuania can be contacted at the telephone number +370800 50500.
Verse safeguards the funds received for the execution of the payment operations, keeping them in a separate bank account within the credit institution and separating them from its own funds.
A natural or legal person who downloads, signs-up with the Verse App and accepts these Conditions. Legal persons must receive prior written consent to use Verse App and Verse services. If approved they will be assigned a Verse business account.
2. Service description
Verse provides the Users, via the Verse App installed on their mobile device, with the electronic money and payment services in a manner and the terms established in these Conditions, which enable the User to:
- Open a payment account at Verse (hereinafter, the “User Account”) where electronic money issued by Verse would be kept.
- Send money to and receive money from other Verse accounts and non-Verse accounts.
- Request money from their contacts listed in the contacts list on their mobile device.
- Withdraw payments made by other Users that have your mobile phone number saved in their contacts list, and also from non-Users.
- Execute payments via Verse card (as defined below within these Conditions) and withdraw cash using Verse card via ATM network.
- Request SEPA direct debit services (as defined below in Section 4.6 of these Conditions).
- Request recurring payments services (as defined below in Section 4.7 of these Conditions).
- Request automatic top-up services (as defined below in Section 4.8 of these Conditions).
- Use the Events feature for the creation of basic and unlimited Events, as defined below in Section 4.9 of these Conditions.
- Participate in the Verse Rewards program (as defined below in Section 4.10 of these Conditions).
Verse is designed for small payments between friends and family members and users should only transact with people they trust. Verse is not to be used for purchasing or selling goods or services for commercial purposes, except for the Verse business account which is subject to different requirements.
For the purpose of providing the services indicated in 2nd – 4th bullet points above in this Section, Verse requires the User’s permission to access the contacts list on the mobile device for the mobile phone linked to their account. Should such access be denied the services cannot be provided.
While registering with the Verse App, the User shall automatically become the owner of a User Account opened by Verse into which the payments received from other Users will be credited, and with which the details for one or several physical or virtual debit cards may be linked, as well as execution of the payment transactions within the Verse App or out the Verse App to any other IBAN account opened within a payment service provider that is licensed within European Economic Area may be performed.
3. Verse App’s Operation
3.1. Requirements for the User
To benefit from the services provided by Verse, the User must comply with the following requirements:
- Be a natural person who is a consumer or user of the services of Verse acting for reasons unrelated to their commercial activity, business, job or profession. Exceptionally, legal persons (entities) may be entitled to the Verse business account if previously approved by Verse. Verse business accounts must be subject to the receipt of prior written confirmation from Verse enabling to operate as the Verse business account.
- Possess an intelligent mobile device (hereinafter, the “Smartphone”) with an active mobile phone number associated with a contract issued by a mobile service provider in one of the countries where the Verse App is available in the Apple or Google Play stores.
- Possess at least one physical debit or credit card or a bank account issued or opened in their name by a credit institution operating within the European Union.
- Not have another account opened with Verse.
- Be above 18 years of age. In certain cases, minors over the age of 14 may use Verse with the explicit written consent of their parent or legal guardian by contacting the Verse team in advance.
- The User completed the onboarding process and is approved and onboarded as the User of the services of Verse (as defined below within these Conditions).
3.2. Registration, data verification and Account activation
In order to use Verse services, the User must:
- Download the Verse App to their Smartphone;
- Sign up with the Verse App by completing the fields requested;
- Go through the onboarding process and be onboarded as the User of Verse;
- Accept these Conditions;
- Enter the information for the debit or credit cards and bank accounts they wish to link to their User Account.
The User must provide any information requested by Verse to help Verse complete the onboarding process of the User.
Having entered the registration data, the data provided is then authenticated and verified by Verse. The User is registered and allowed to use Verse services only if they pass said checks and unless they have provided all of the required and requested information during registration, and any information that may be required in compliance with the terms of applicable laws.
The user guarantees that the personal data provided to Verse is truthful, complete and accurate. To this effect, the user is responsible for the veracity of the information provided and will keep it up to date, in a way that reflects the user’s current situation. The user will be responsible for the false or inaccurate data provided and for the damages, direct or indirect, that this could cause Verse or other third-parties.
Moreover, you as a user confirm that you have informed third parties of whom you may have facilitated data of the conditions set out in this clause and that you have obtained consent from those third-parties, exempting Verse of its responsibility. However, Verse could carry out the procedures necessary to confirm this circumstance, adopting due diligence measures in accordance with data protection regulation.
Verse will provide the User with notice of service confirmation immediately following the successful completion of the data registration and verification process, by sending an email, SMS or notification within the Verse App.
Verse has a right to refuse to register the new User without indicating the reasons or to unilaterally end the business relationship, however, Verse assures that the refusal to register will always be based on significant reasons which Verse does not have to or does not have the right to reveal.
When registering in the Verse App, a personal profile (hereinafter, the “User Profile”) is created for the User. The User Profile is personal and only its owner, i.e. only the User, has the right to use it. Once the User has registered in the Verse App and the User Profile has been created, the User Account is automatically opened for the User and information provided during the registration (i.e. personal data, phone number, email address) is linked with the User Profile and User Account.
The User may possess one User Profile with one linked phone number only.
3.3. User identification credentials
The telephone number linked to the Smartphone where the Verse App has been downloaded to will constitute the identification credential for the Verse App User and shall serve as an identifier for the transactions that are conducted by the User via the Verse App. For this reason, the User may not change the telephone number connected to their User Account. Should they wish to use a different number, they must open a new User Account and the old User Account should be closed.
3.4. Public Profile
Data relating to the User’s name, their VerseApp unique identifier (“VerseTag”), and profile photo associated with their User Account form the User Profile. Said data may be seen by other Users that have installed the Verse App, all of which is expressly authorized by the User.
The Verse App has search engines that enable you to search and be found, as long as the person initiating the search has the VerseTag or mobile phone number of the other person saved in their contacts list.
4. Verse App Functionality
4.1. Making peer to peer payments
By using the Verse App, the User may make payments to: (i) the User Accounts of other Users of the Verse App (listed in the contacts list on User’s Smartphone), and also (ii) to non-Users of the Verse App.
To make a peer to peer (person to person) payment the User must enter the exact sum to be transferred into the Verse App and select the beneficiary from their contacts list, thereby authorizing the payment transaction. The User Account can only be topped-up with a debit or credit card (including Apple Pay), by bank transfer (external bank transfer coming from the User and/or a non-User’s bank account), or by in-app transfers from another Verse User. The payment amount will be credited to the receiving User Account and debited from the User Account of the User issuing the payment. In the event that the beneficiary is not a User of the Verse App, they will be sent an invitation via SMS in the name of the User to download and register with the Verse App. If following seven (7) days since the invitation was sent, the beneficiary does not become the User, the sum transferred by the User will be returned to the User Account.
The User may optionally configure the Verse App to request a password as an alternative means of approving the execution of the payment operation, such as touch ID, Face ID or the use of a one-time password.
When Verse permits, the transfers may be made in a different currency to the local currency for the User’s Account. Supported currencies include EUR, GBP, SEK, HUF, DKK, PLN. Verse reserves the right to change supported currencies and will notify the relevant users of said changes.
The consent of the User for the execution of the transaction shall be submitted prior to the execution of the payment transaction. The User may withdraw the consent at any time before the point of time or irrevocably as listed within these Conditions.
The payment transaction cannot be canceled after it is received by Verse.
4.2. Receiving and sending money
The User may request money from Users and non-Users of the Verse App. The currency of the User’s Account will be that of the country of the phone number used to register. In any case, when the User selects the amount s/he wants to send in a different currency the User will be provided with an offered exchange rate and with request for transaction approval.
To this end, the User must enter the exact sum s/he wishes to receive into the Verse App and select the contact from his/her contacts list from whom they wish to receive payment, thereby authorizing Verse to send a request to that User via the Verse App asking them to proceed to order payment under the terms requested or reject it. Afterwards, the User also is able to send a reminder via SMS or mobile application ‘Whatsapp’. In the event that the contact selected by the User to send the payment is not a User of the Verse App, they will be sent an invitation via SMS in the name of the User to download and register with the Verse App.
To send money from the User Account outside the Verse network, the User must enter the exact amount to be withdrawn and the IBAN number for the destination bank account, thereby authorizing the execution of the payment transaction. The User may only withdraw funds to an account within the payment service provider operating in the European Economic Area.
Verse will initiate the withdrawal from the User’s bank account straight away. Payments in EUR will be executed not later than until the end of the next working day coming after the initiation of the payment. At the User’s choice, payments in EUR meeting SEPA requirements can be executed instantly (i.e., within seconds, unless suspended due to cases set forth by legal acts or these Conditions), regardless of the business hours of Verse. This instant payment option is subject to additional fees (please refer to Section 6 of these Conditions below).
For other currencies than EUR, payments will be executed within 4 working days.
Verse may establish daily withdrawal limits, minimum amount per withdrawal limits, or limits in foreign currency (non-EUR). Any established limits will be published in the Verse App and Users may also contact Verse if they have any questions regarding them.
Verse reserves the right to limit or block the use of Verse App or payment cards which accumulate points or other benefits. Users may not use Verse to deposit funds for their later withdrawal with the intention of accumulating points/benefits. If we suspect such behavior we may cancel the transactions, initiating a refund to the depositing card. It may also limit the User’s withdrawals. In case of cancellation of the transaction and limitation of the withdrawal the User will be informed within one working day about such event through the communication means listed within these Conditions.
The application for and use of the Verse MasterCard Debit Card (“VerseCard”) is governed by separate Terms and Conditions for the VerseCard (“VerseCard Terms”). Link to the VerseCard Terms can be found here: https://verse.me/en/versecard-terms/
4.4. Cash withdrawal
The withdrawal of cash from the User Account implies the redemption of e-money from the User Account into cash via ATM network.
4.5. E-money wallets
Users can create and manage several e-money wallets through their User Account. Each e-money wallet will have its own balance, and all e-money wallets will reflect the overall balance of the User Account. By making use of this feature, Users can: (a) select a main ‘default’ e-money wallet, from where their payments will be deducted or credited, (b) transfer/move e-money between User’s e-money wallets, and (c) set automated transfers from one e-money wallet to another.
4.6. SEPA direct debits
What is SEPA direct debit service?
SEPA direct debit means a cross-border payment service (offered within the territory of the European Economic Area countries), which involves the e-money wallet debiting, where a payment transaction is initiated by the payee based on the User’s prior consent.
Main features of SEPA direct debit service are the following: i) it is only available in Euro currency; ii) funds are debited only from the e-money wallet which is indicated by the User as to be deducted for the purpose of SEPA direct debit execution; iii) the funds are deducted automatically; apart from the SEPA direct debit service request no subsequent payment orders from the User are required; iv) SEPA direct debit payment will be automatically rejected on its receipt date if the balance of funds in the specified e-money wallet is insufficient.
Should both parties – the payer and the payee – be clients of Verse?
The User, as e-money wallet holder, must be always the client of Verse. The payee is not required to be the client of Verse. If the payee is not the client of Verse, the payee will submit SEPA direct debit requests through its payment service provider.
User’s request for the SEPA direct debit service
The User willing to use the SEPA direct debit service needs to submit Verse with a request for SEPA direct debit service.
A request for the SEPA direct debit service shall be submitted by the User via Verse App. If the User wants to indicate several payees authorized to place SEPA direct debit orders to Verse, the User must submit separate requests for SEPA direct debit service for each payee.
A request for the SEPA direct debit service must contain at least the following information:
- Identification of the payer: User’s full name, e-money wallet IBAN number from which funds deductions for the SEPA direct debit service will be executed;
- Payee’s details: payee’s name and other automatically requested payee’s identification details;
- Information whether SEPA direct debit will be one-off or recurrent payment;
- Should any time or amount limitation be applied;
- Other information that might be requested by Verse.
By submitting a request for the SEPA direct debit service to Verse, the User is considered as concluded a SEPA direct debit agreement with Verse which may be terminated as specified below in this Section.
By submitting a request for the SEPA direct debit service, the User agrees to the transfer of funds from the User’s e-money wallet specified in the User’s request for the SEPA direct debit service in accordance with SEPA direct debit payment orders submitted by the payee, indicated by the User. Submission of a request for the SEPA direct debit service is considered as User’s given authorization of Verse to execute payee’s SEPA direct debit orders in accordance with the SEPA direct debit service request placed by the User; no subsequent placement of the payment order(s) by the User is required.
Initiation of the SEPA direct debit payment
The payee shall take over the authorisation data and enter any additional details in the data set for collection of SEPA direct debits. The respective direct debit amount shall be specified by the payee. With this respect, Verse should only check whether the amount indicated by the payee does not exceed the amount limits set by the User (if any was set) and whether the balance within the indicated User’s e-money wallet is sufficient.
The payee shall send the data set for collection of the SEPA direct debit to Verse electronically. This data set shall also represent the User’s instruction to Verse to pay the respective SEPA direct debit payment amount.
Execution of the SEPA direct debit payment
The User must ensure a sufficient balance of the e-money wallet indicated in the User’s request for the SEPA direct debit service no later than by 8:00 AM on the payment date.
If the payment date is a non-business day, the payment shall be executed on the next business day coming after.
The User shall be identified by a reference to the e-money wallet IBAN number provided in the SEPA direct debit order placed by the payee.
Verse shall debit the indicated User’s e-money wallet based on the SEPA direct debit order and shall make a relevant transfer to the payee only provided the balance of the indicated User’s e-money wallet is sufficient for the execution of the SEPA direct debit order as well as for payment of Verse’s fee for the transaction. Verse shall not be liable for any loss incurred by the User or third parties, if the SEPA direct debit order is not executed due to the fact that on the payment date the balance of the indicated User’s e-money wallet is insufficient for debiting the required amount or if there is no valid consent and / or the payee‘s payment service provider fails to fulfil its obligations.
The SEPA direct debit orders that Verse will accept and execute shall be only the ones given by the payees indicated by the User in the SEPA direct debit request, and will reject all others, if any.
Verse shall execute SEPA direct debit orders under the terms and conditions specified in these Conditions and according to the details specified in the User’s request for the SEPA direct debit service.
A SEPA direct debit order shall be executed by debiting the e-money wallet indicated in the User’s request for the SEPA direct debit request with the payment amount specified in the SEPA direct debit order submitted by the payee on the payment date.
If upon giving the consent to the payee the User has indicated the validity period of the consent for a SEPA direct debit service, the User must, upon concluding the SEPA direct debit agreement with Verse, indicate the period of validity in the request for the SEPA direct debit service to Verse. The User’s consent must be kept with the payee, and the latter shall be responsible for the communication of the information about the consent to Verse.
Cases when the SEPA direct debit is not executed
Verse shall not debit the User’s indicated e-money wallet if at least one of the following circumstances exists:
- Verse has received a revocation of the SEPA direct debit, as defined below in this Section;
- The User does not have a sufficient balance on his/her e-money wallet. Verse shall not pay partial amounts;
- The IBAN indicated in the SEPA direct debit data set cannot be assigned to any account held by the User with Verse;
- The SEPA direct debit cannot be processed by Verse because the direct debit data set does not contain a creditor identifier or contains one which is evidently wrong to Verse, or does not contain a mandate reference, or does not indicate the date on which the mandate was given, or does not indicate the due date;
- Due to compliance reasons (e.g. related to anti-money laundering and a need to check the payment in more details).
If the SEPA direct debit payment was not executed, Verse must notify the User without delay but not later than within one business day of non-execution of the payment and how to rectify the given situation, unless such notification would be forbidden by the laws.
Revocation of the SEPA direct debit service
The User shall have a right to revoke his/her consent by notifying the payee and Verse in writing, by sending a letter to address indicated above, or an email to: email@example.com. Without prejudice to the exemption listed in the paragraph below, such revocation from the User will be treated by Verse as User’s request to terminate SEPA direct debit service agreement which shall take effect in a period not exceeding 48 hours counted as from the day in which the request was received by Verse.
The User shall have the right to instruct Verse not to execute, to limit or to disallow payments under SEPA direct debit (i.e. to revoke the payment order for the execution of SEPA direct debit transaction), upon giving Verse and the payee a relevant prior written notice. Such notice obliges Verse only if it is submitted and accepted by Verse no later than until 14:00 PM of the working day coming before the day when the SEPA direct debit must be executed.
4.7. Recurring payments
Users can schedule a payment to another Verse User on a regular basis, choosing the conditions for recurring payments, such as amount and the frequency (for example, on daily, weekly or monthly basis). To start using this service, Users shall grant their express consent in Verse App.
Opposite to the SEPA direct debit services defined in Section 4.6 of these Conditions, recurring payments shall be initiated and authorized by the User, not the payee.
Verse shall have a right to apply limits for recurring payments, but Users can always execute payment transactions manually in the Verse App.
Users have a right to update conditions for recurring payments anytime in the Verse App, as well as to disable recurring payments.
4.8. Automatic top-ups
Users can enable automatic top-ups to their Verse User’s Account (i.e., establish function of automatically adding funds to Verse User’s Account from particular debit or credit cards associated with accounts opened with other payment service providers). To start using this service, Users shall grant their express consent in Verse App.
Users choose the conditions for automatic top-ups (the minimum threshold and the top-up amount), which will trigger a specified amount to be added to User’s account. User needs to set up the minimum amount which User’s Account balance must reach in order to trigger the automatic top-up and choose the amount which will be added. Automatic top-ups will be triggered if the User’s Account balance falls below indicated threshold.
Verse shall have a right to apply limits for automatic top-ups, but Users can always add more funds to Verse account manually in the Verse App.
Users have a right to update conditions for automatic top-ups anytime in the Verse App, as well as to disable automatic top-ups.
4.9. Events feature
Users can create Basic events and Unlimited events through the Verse App.
Basic events feature:
Through the Basic events feature, Verse User (“Host User”) can create an event in the Verse App (“Event”), under which the Host User invites other Users of the Verse App (“Participants”), and the Participants pay to the Host User for the “ticket” related to said Event.
The creation and organization of Basic events through the verse App has two limitations:
- “ticket” price cannot exceed EUR 15; and
- the maximum number of Participants that can attend the Event is limited to 20.
Basic events are available for all Verse Users free of charge.
For more information on how Basic events work, applicable rules and requirements, please check the Verse Events Terms available on our website.
Unlimited Events feature:
Unlimited events do not have the limitations described above for Basic events. However, Verse charges a fee to the Host User for the creation and organization of Unlimited events through the Verse App. This fee shall be equal to a percentage from the total amount of all the “tickets” sold by the Host User, and shall always be available in the Events section of the Verse App.
Unlimited events are available for all Verse Users.
For more information on how our Unlimited events work, its applicable rules, requirements, and fees, please check the Verse Events Terms available on our website.
4.10. Rewards Program
Users have a right to participate in the Verse Cashback Rewards program. Through their participation in the rewards program, Users will be rewarded with a sum of money (in the form of a cashback) for each purchase they make at selected merchants using their Verse card.
For more information on how the Verse Cashback Rewards program works, its applicable rules and requirements, please check the Verse Rewards Terms available on our website.
4.11. Consulting statements. Transaction history
The User may access their payments history via the Verse App, for any transactions conducted using their User Account and Verse card as well as card balances.
The User must check all activity carefully and immediately notify Verse via email or phone and without delay if said activity includes anything that seems incorrect or has not been conducted according to their instructions.
5. Payments Framework
5.1. Payment order consent and authorisation
In order to execute a payment transaction the User via the Verse App must fill in a payment order, authorize it entering a PIN, using finger touch or face ID function and submit if for execution. Payment order is filled in and submitted through the Verse App.
The authorized payment order is considered received immediately.
Authorized submission of a payment order via the Verse App is an agreement of the User to execute the payment transaction which cannot be canceled.
5.2. Irrevocability and cancellation of a payment operation
Authorized payment order submitted by the User is irrevocable the moment it is received by Verse. The moment of receipt is when the Verse receives the authorized payment order.
Verse does not undertake responsibility for errors, discrepancies, repetitions and/or contradictions in payment orders submitted by the User, including but not limited to, correctness of the details of the payment order submitted by the User. If the payment order submitted by the User does not contain enough data or contains deficiencies, Verse, regardless of the nature of the deficiencies in the payment order, can refuse to execute such payment order, or can execute it in accordance with the data provided in the payment order.
5.3. Rejection of payment orders
Verse reserves the right to reject the execution of a payment order in the following cases: (i) If prior to the execution of a payment operation the User does not to have sufficient funds in the User Account for execution; (ii) If the User is not able or refuses to provide the documentation required or when necessary on account of internal control procedures at Verse or in compliance with applicable regulations; or (iii) If the operation, in accordance with its regulatory internal controls, requires additional verifications that impede its immediate execution.
Payment orders that have been rejected are not considered to have been received for the purposes of their execution.
Verse reserves the right to block the execution of a payment order or to block a User in case of irregular use of services in contravention of established terms or in case of fraudulent use or not authorized use of the Verse App.
Should Verse reject the execution of a payment order, it will notify the User and, where possible as soon as practically possible, provide the reasons for doing so, prior to or immediately thereafter, unless prohibited by law from providing said notification or where this would compromise security. The User may address their complaints and claims in writing using the functionality provided for this purpose in the Verse App or via email to firstname.lastname@example.org or by phone at +34 93 220 48 59.
5.4. Payment operation maximum execution period and value date
It is expressly agreed that the terms relating to the execution period and value date shall only apply to payment operations performed in Euros in which both payment service providers are located in the European Union.
The execution of payments between Users within the Verse App requires that both possess a User Accounts at Verse, resulting in an immediate execution period (where User chooses instant SEPA payment option), or near immediate execution period, and in any event, no later than the end of the next working day following receipt of the authorized payment order (where the User does not choose instant SEPA payment option).
The value date for the payment into the User Account cannot be later than the effective date on which the payment operation amount is paid into the User Account with the payment service provider.
The value date for the debit against the User Account of the issuer of the order cannot pre-date the moment the payment operation amount is charged against said User Account.
Verse is entitled to establish payment operations limits for the User Account, including but not limited to, annual limits for accumulated payments made from or received into their User Account.
The User may establish certain limits to the amount available through the Verse card. For more information on these limits and related requirements, please check the Terms and Conditions for the Verse MasterCard Debit Card available via the link: VerseCard Terms – Verse
6. Fees and Commission
The Verse App is currently free to download for the User.
However, Verse may apply a monthly fee of €3 to inactive accounts. For these purposes, any account that has not initiated a payment (either within the Verse App or with a card or through a POS terminal) for three consecutive months will be considered inactive. The fee is applicable for the entire period in which the account is inactive. Verse will never use this fee to put an account in a negative balance.
Verse also applies additional fees for instant SEPA payments, described under Section 4.2 of these Conditions. Fees for instant payments will be 1.5% of the payment transfer amount, but in any case – not less than € 0.19.
Without prejudice to the foregoing, the access to and use of the Verse App may involve the use of mobile telephone services, such as web browsing, that may incur a cost from the mobile telephone operator, to be met by the User. Other fees may apply if the User does not adhere to a “fair use” of the Verse App or in case of irregular use of the services in contravention of the law and/or established terms. Similarly, the use of certain debit or credit cards (i.e. revolving cards) will also be subject to fees. The maximum fee will not exceed 3% of the total amount of the transaction. The User will be informed in the Verse App of the fee. These fees will cease to apply for future transactions if the user begins using a different card (non-points or revolving).
7. Currency exchange commissions
For payment transactions that involve currency conversion and currency exchange services, the exchange rate will be calculated based on the currency sale or purchase rates, as applicable, by MasterCard on the date the operation is executed, unless the parties agree to apply a different exchange rate.
For payment transactions between Verse users whose accounts are denominated in two different currencies (for example, one account denominated in EUR and another non-EUR account), Verse may charge a commission of 3% on the exchange rate applicable to the transaction.
The exchange rate may be modified immediately and without prior notice, if the change is based on agreed reference exchange rates, and when these are more favorable to the User.
In any event, the User will be informed of the applicable exchange rate through the Verse App, and can reject it if not in agreement.
8. Safety measures
8.1. Prevention of accidents and reporting
The User must be careful at all time and take all actions to safeguard the personalized security data of the Verse App and Verse card, more specifically (for example):
- Keep safe the Smartphone where Verse App has been downloaded.
- Keep the Verse card number, validity period, CVV2/CVC2 code (digits on the back side of the card) and PIN secret.
- Notify Verse via the methods listed below, as soon as practically possible in case of loss, theft or improper use by third parties of the Smartphone and/or the Verse card and/or improper access to them, and any other issue that may lead to said improper use.
By notifying Verse, the User must provide all known information about illegal logins to the User Account, or other illegal actions related to the User Account, and undertake all reasonable measures indicated by Verse in order to help in investigating the illegal actions.
Ways to notify Verse in case of lost or stolen Verse card or security details:
- By sending an email addressed to: email@example.com
- By phone: +34 93 220 48 59
8.2. Block of the User Account and information of the incident
In case User’s Verse card has been stolen or lost in any other manner or unauthorized use thereof, or suspected unauthorized use, or suspected fraudulent use of funds available in the User Account and/or Verse card, the User may block the Verse card and/or the User Account by himself via the Verse App, via email (firstname.lastname@example.org) or by phone +34 93 220 48 59. If the Verse card is found and the reasons for the blocking ceased to exist, the User may cancel the blocking by confirming it via the Verse App.
Verse has the right to block the User Account:
- In the event of suspect, fraud or any threats relating to the security of User‘s information and funds available in the User Account and/or security of the Verse card, suspected unauthorized or fraudulent use of funds available in the User Account and/or the Verse card;
- In the event of the User’s default to comply with these Conditions;
- In the cases provided for by legal acts of the Republic of Lithuania or other contracts concluded between Verse and the User.
Verse also reserves the right to block the use of the Verse card for justified reasons related to its security or the suspicion of unauthorized or fraudulent use of the Versus card.
Verse will inform the User about the blocking of the User Account and/or Verse card via the Verse App, email or SMS depending on the type of incident. Verse will do its best to notify the User about the blocking before the blocking and no later than immediately after the blocking.
The block of the User account may be revoked after security of User Account is restored. The block of the User Account and/or the Verse card may be revoked when the reasons for the blocking cease to exist or security of the User Account and/or Verse card is restored.
8.3. User’s notifications regarding unauthorized or incorrectly executed payment transactions
The User must, at least once a month, check the information about payment transactions executed in the User Account and notify Verse about unauthorized or improperly executed payment transactions, also about any other errors, inconsistencies, or inaccuracies in the transactions’ history.
The notification must be submitted immediately (within 5 business days of finding out about the circumstances mentioned in this paragraph) and in any case no later than within 60 calendar days of the day on which Verse, in the opinion of the User, executed an unauthorized payment transaction or incorrectly executed a payment transaction.
The User must promptly notify Verse in writing of unauthorized or incorrectly executed payment transactions (within the time limit established above) no later than within 13 months of the day of debiting the funds from the User Account.
If the User fails to notify Verse of unauthorized or incorrectly executed payment transactions within the time limit established above, it shall be considered that the User has unconditionally confirmed payment transactions executed in the User Account.
At the request of the User, who has been notified of unauthorized use of Verse card, submitted no later than within 13 months of the submission of such notification, Verse must provide via the Verse App or email the confirmation of the time of the receipt of such notification.
9. Obligations and Liabilities
9.1. Liability for unauthorized use payment transaction
The User bears all the losses that have arisen due to unauthorized payment transactions for the amount of up to EUR 50, if these losses have been incurred due to the use of a lost or stolen Verse card or illegal misappropriation of Verse card.
The User bears all losses relating to unauthorized payment transactions, if such losses were incurred because of his failure to fulfill one or several duties specified in subparagraph 8.1. (“Prevention of Accidents and Reporting) of the conditions of these Conditions due to fraudulent or deliberate acts or gross negligence.
The User shall not incur any losses related to in the following cases:
- prior to the execution of the payment transaction, the User could not notice (and provided the respective evidence to Verse) the loss, theft or misappropriation of the Verse card, unless the User has acted unfairly;
- the losses were incurred because of acts or omissions of third parties involved by Verse for the provision of payment services of Verse (for example, VISA).
If the User denies authorizing a payment transaction which has been authorized or states that the payment transaction has been executed improperly, Verse is obliged to prove that the authenticity of the payment transaction has been confirmed, it has been registered properly and recorded into accounts, and it has not been affected by any technical or any other glitches.
After the User submits a notification, as specified in subparagraph 8.3, Verse bears the losses of the User incurred due to the lost, stolen, or illegally acquired payment instrument, with the exception of the cases when the User acted fraudulently.
Where Verse does not create conditions for notifying, at any time, of the lost, stolen or misappropriated payment instrument as provided in subparagraph 8.3., Verse shall bear the losses resulting from unauthorized use of the payment instrument, unless the User has acted unfairly.
If Verse becomes aware of an unauthorized payment transaction, Verse shall return the amount of the unauthorized payment transaction to the User and, where appropriate, restore the balance of the User Account, from which the amount has been debited, to the point before the unauthorized transaction was carried out, unless Verse has reasonable grounds to suspect fraud.
9.2. General Provisions on Obligations and Liabilities
9.2.1. User’s Obligations and Liabilities
The User assures that all their actions related to the execution of these Conditions will comply with the applicable law.
The User is fully liable for correctness of data, orders, and documents submitted to Verse.
The User using Verse services is prohibited from:
- not complying with the terms of these Conditions, legislation and other legal acts, including but not limited to, fraud, anti-money laundering and counters-terrorist financing acts;
- executing or receiving transfers of illegally acquired funds, if the User is aware of or should be aware of it;
- having more than one User Account;
- registering a User Account in a fictitious or someone else’s name without a power of attorney;
- registering a User Account using the services of anonymous phone numbers or email addresses provided by other individuals or websites;
- use the services of Verse for the activities prohibited by the law or contradict public order and moral principles;
- disclosing passwords and other personalized safety features of User Account or Verse card to third persons and allowing other persons to use services under the name of the User.
The User shall reimburse all direct damages, fines, and other monetary sanctions applied to Verse due to non-observance or violation of these Conditions due to fault of the User.
The User is responsible and undertakes to reimburse any losses incurred by Verse, other Verse Users, and third parties due to using Verse services and violating the present Conditions or its supplements and amendments by the User.
Verse has the right to demand additional information and/or documents related to the User or transactions executed by them, and has the right to suspend a transaction of the User until the User provides additional information and/or documents related to the suspended transaction. Verse also has the right to request the User to fill in and periodically update the User’s questionnaire. If the User does not provide additional information and/or documents within a reasonable time period set by Verse, Verse has the right to suspend the provision of all or a part of the services to the User.
9.2.2. Verse Obligations and Liabilities
Verse is not liable for:
- money withdrawal and transfer from the User Account and for other payment transactions with funds held in the User Account if the User had not protected their PIN or passwords, and as a result they have become known to other persons, and also for illegal actions and transactions of third persons performed using counterfeited and/or illegal documents or illegally received data;
- errors and late or missed transactions made by banks, billing systems, and other third parties;
- consequences arising due to disturbances of fulfilment of any Verse obligations caused by a third party which is beyond the control of Verse;
- consequences arising after Verse legally terminated these Conditions, cancels the Users Profile or limits access to it, also after reasonable limitation or termination of provision of a part of the services of Verse;
- goods and services purchased using the User account, and also for the other party, which receives payments from the User account, not complying with terms of any agreement;
- for a failure to fulfil its own contractual obligations and damages, in case it was caused due to Verse fulfilling duties determined by the law.
For the purposes of these Conditions, and any communication required between the User and Verse, these can be sent to email@example.com, without prejudice to the tools that may be directly enabled in the Verse App for this purpose. Verse can be reached via phone +34 93 220 48 59:
The User accepts that the communications and notices from Verse and addressed to the User regarding this contract, may be sent using a durable medium via their email address or via the Verse App and are considered effective 24 hours following their publication.
Durable medium means any instrument which enables User to store information addressed personally to him in a way accessible for future references for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored.
11. Complaints and Claims Procedures
The User may submit any claim or complaint regarding the payment services of Verse by sending a notification via the Verse App, email (firstname.lastname@example.org) or in writing to the customer support service for Verse Payments Lithuania UAB (Workland G9, Gedimino pr. 9 (th floor), LT-01105, Vilnius, Republic of Lithuania).
The complaint shall contain a reference to circumstances and documents that served as a basis for the complaint. If the User bases their complaint on documents which Verse does not possess, the User shall also submit such documents or their copies.
Verse shall examine a written claim or complaint of the User not later than within 15 business days from the day the claim was received, and provide the User with a detailed, motivated response. In exceptional cases, when due to reasons beyond the Verse control, Verse is not able to provide a response within 15 business days, Verse shall provide the User with a non-final response, indicating the reason for the delay and the deadline for submitting a final response. The deadline for providing a final response shall not exceed 35 business days. A response shall be provided to the User via the Verse App and/or email linked to their User Account and/or using durable medium (as defined within these Conditions above).
If the User is not satisfied with the decision made by Verse or does not receive the answer within the time limit specified above, the User has the right to use other legal remedies to protect their rights, and:
- submit a claim to the Bank of Lithuania under the procedure established by the it;
- within 1 year of day of applying to Verse, protect their user rights by addressing the Bank of Lithuania as an out-of-court consumer dispute resolution institution under the procedure established by the Bank of Lithuania (address: Žalgirio g. 90, LT 09303, Vilnius, internet website: www.lb.lt) and submitting a request;
- if the dispute is not settled amicably or through other means of out-of-court settlement of disputes, the dispute shall be resolved in court according to the headquarters of User, as provided by the procedure established by the law.
Claims shall be handled and disputes shall be settled free of charge in accordance with the procedure set out by the Rules for Examining Customer Complaints approved by Verse, which can be found here.
Disputes shall be settled by way of negotiations. In the event of the failure to settle disputes by way of negotiations, they shall be settled before courts of the Republic of Lithuania in accordance with the procedure set out by laws of the Republic of Lithuania.
12. Validity of these Conditions and termination
These Conditions shall be valid for an unlimited term, unless otherwise established therein.
Either party may terminate these Conditions without notice should the other party breach the respective obligations that govern it.
In any event, termination of these Conditions also implies the cancellation of the User Account.
12.1. Termination at the User’s initiative
The User may exercise, their right to withdraw from these Conditions within 14 calendar days from signing without giving any reason using the Verse App’s cancellation functionality or by sending an email to email@example.com from the User’s address provided during the Verse App registration process.
The User shall have the right to terminate these Conditions by notifying Verse of the termination within the immediate effect. In such a case the User must withdraw any balance that may exist in their User Account prior to termination or transfer the remaining fund to the selected bank account by the User (in case of funds transfer, these Conditions can be cancelled only after execution of the transaction).
Without prejudice to the foregoing, the User may at any time instigate their removal from the Verse App using the functionality provided for this purpose.
Where the User requests to terminate these Conditions, Verse shall issue to such User free of charge via the Verse App or email the User Account statement containing information on payment transactions executed in User Account within the last 36 months. The User Account statement must be provided immediately after termination of these Conditions.
Termination of these Conditions shall not exempt the User from the due discharge of all obligations to Verse arising before the day of its termination.
12.2. Termination at Verse initiative
Verse may terminate these Conditions notifying the User about the termination privately (via the Verse App, email, SMS) or publicly (publishing a note in Verse web page and/or app) no later than 60 calendar days in advance of its termination, excluding the cases when laws of the Republic of Lithuania and/ or these Conditions establish otherwise.
In cases established by laws of the Republic of Lithuania and/or these Conditions, Verse shall have the right to terminate these Conditions immediately, without the above specified advance notification of the User.
Termination of these Conditions shall not exempt the User from the due discharge of all obligations to Verse arising before the day of its termination. Payment transactions initiated prior to the termination of these Conditions shall be completed in observance of provisions of these Conditions applicable before its termination, unless otherwise agreed by Verse and the User.
12.3. Changes of these Conditions
Verse has the right to unilaterally change these Conditions and/or fees and commissions at any time. In case of the changes which worsen the User’s situation Verse must notify the User in via the Verse App, email or SMS associated to the User Account or other durable medium. This notification will be made at least 60 calendar days in advance of the enforcement of such changes.
Verse shall also have the right to notify the User of the changes which do not worsen the User’s situation disregarding the time limits established above in this paragraph (modifications may be applied immediately, without the need for a waiting period or prior notice). The establishment of the commission for new services shall not be treated as worsening the User’s situation.
In both cases, the User may terminate their legal relationship with Verse proposing the modification at no cost prior to the entry into force of the modification, notifying their decision using the method provide by it for this purpose, although this will mean the User may no longer continue ordering payment operations via the Verse App or Verse Card. The User will be considered to have accepted the modification if they have not deleted their account before the new terms come into effect. If said period has elapsed without the contract being terminated, it shall remain in force with the new conditions in place.
The updated Conditions shall be made available to the User, and these may be requested at any time and sent to the User to the email address linked to the User Account.
13. Telematic signature. Transaction authorization
The User gives their express consent to the use of telematic acceptance media such as, for example, the act of checking a checkbox or pressing an icon with the terms “accept”, “finish”, “OK”, “confirm”, or entering a username and password (hereinafter, “Telematic signature”), as a means of providing their consent, including, but not limited to, entering into contracts with Verse, the acceptance of specific disclaimers and communications from said institutions, and the sending of orders and instructions via the Verse App.
Telematic signature is deemed to be the equivalent of a manual User signature for all intents and purposes. Consequently, the sending of orders and instructions via the Verse App constitutes the User’s authorization and acceptance of the operation performed, and the impossibility of it being repudiated (either directly or via a third-party with access to their Smartphone and their data due to User negligence, or when the User has acted fraudulently and in bad faith).
The User expressly accepts that Verse may save the contracts and orders signed on its secure servers, by way of telematic delivery, and use them as proof of execution. In the event of a discrepancy between their copy and the filed contract or order, the latter shall prevail.
14. Intellectual Property
Verse grants, and the User accepts, a free license to use the Verse App owned by Verse, which is personal and non-transferable, limited, non-exclusive and available, following acceptance of these Conditions, through a telematic download process, to directly access the home screen enabling access and use of the functionality provided via the Verse App. Said use includes the total or partial reproduction of the Verse App exclusively in the form of its use, downloading, execution and display on a Smartphone.
The use of the Verse App is restricted to the aforementioned use and its use for any other purpose is expressly prohibited and is considered to be an act of software piracy that infringes intellectual and industrial property law, such that Verse may seek liability for non-compliance with this condition, in accordance with applicable laws. Likewise, the user or third-parties are expressly prohibited from manipulating, either in full or in part, the Verse App.
Likewise, the Verse App as a whole, that is, its constituent elements (texts, images, brands, logos, audio files, software files, color combinations, etc.), as well as the structure, selection and order in which its content is presented, are protected by Intellectual and Industrial property law, and cannot be subject to exploitation, reproduction, distribution, modification, public communication, cessation or transformation or any other form of dissemination unless expressly authorized.
Access to the Verse App does not grant the User any form of right to, or ownership of, the intellectual or industrial property rights for the content within the Verse App. Verse reserves the right to take the relevant legal action against any Users that violate or infringe its intellectual and/or industrial property rights.
The User is responsible for checking that the Verse App is compatible with their Smartphone, and is therefore liable for any damage that may arise from the use of the Verse App, including its installation on the Smartphone.
Verse reserves the right to modify and/or improve the Verse App, at any time and without prior notice, which will then become the exclusive property of Verse. In particular, Verse reserves the right to delete, limit or prevent access to the Verse App in the event of technical difficulties arising due to events or circumstances beyond the control of Verse which, in its opinion, reduce or cancel the standard security levels adopted for the correct operation of the said Verse App.
15. Applicable law
The law of the Republic of Lithuania is applicable to these Conditions and relations of the Parties that are not regulated by these Conditions.
16. Language of these Conditions and Communication
These Conditions are prepared in English language and all communication between the User and Verse is performed in English language.
By accepting these Conditions, the User confirms that s/he understands English language and agrees to communicate with Verse in English language as far as the legal relations arising under these Conditions are concerned including the submitting and resolving any complaints.
It can be agreed on an individual basis for these Conditions and service documents to be provided in another language.
17. Verse referral program and other bonus programs
The purpose of the rewards program and all other Verse bonuses is to encourage existing Verse users to help share the Verse App with family and friends. The intended use of any bonus credited to the User’s Account is to further encourage the use of the Verse App. Therefore, Verse will remove the bonus received from inactive accounts. For these purposes Verse defines any account that has not initiated a payment (either within the application or with a card or POS terminal) for 30 consecutive days as inactive. Verse will not put an account into a negative balance by removing the bonus.
The referral program “Invite your friends” rewards Users that recommend the use of the Verse App to people close to them who are not yet Users of Verse with a reward per each new User referred.
The parties in the referral program are:
- Existing User: a person who has an active account with Verse.
- New User: a person who does not have any existing active account with Verse and that downloads and registers in the Verse App using the link provided by the existing user. If a telephone number has previously been registered with Verse, that phone number is not eligible to be used with the referral program.
Verse will generate a personal link to each existing user that can be shared with new users from the option “Invite your friends” in the Verse App.
Per each new User that registers in the Verse App using the link sent by an existing User, Verse will pay both the amount shown in ‘invite your friends’ section. The money will be transferred to the Verse wallet of each of them if they meet the following the conditions:
- The new User must add at least one card and make one or various payments to other User(s) totaling an amount of EUR 25.
- The account of the new User must be unique.
- The card added by the new User as a top up method should have not been previously used by another existing User.
- The reward deposited in the User Account of the “New User” cannot be sent to the “Existing User” or vice versa.
- Both users must verify their accounts by completing the KYC process.
Each new User can only receive and use one invitation.
An existing User that cancels their User Account will not be able to register in the Verse App with an invitation or referrals.
This referral program should not be used for a commercial purpose. Verse reserves the right to remove the invitations from existing Users in case of abuse of the referral program. Verse may also remove the rewards from Users’ accounts if we believe they were earned in a dishonest or unfair manner. The maximum amount a User can acquire from the referral program is EUR 50 and Verse may remove additional credit placed onto the User Account through the program.
How it works:
- Each new User will receive one invitation when a card is added to the Verse App. A total number of five invites can be accumulated as the new User uses the Verse App following what it has been described above.
- Once the 5 invitations have been used, the system will automatically generate new invitations based on the correct use of the Verse App.
- Invited Users can only register in the Verse App using the link received from an existing user.
- Once the new User has added at least one card and has made one or various payments to other User(s) totaling an amount of EUR 25, both the new User and the existing User will receive the reward.
*Verse has the right to change the amount to be given when it deems appropriate.*