Terms of Service

1. Acceptance of Terms

By creating an account, accessing, or using Web5Pay ("the Service"), you agree to be bound by these Terms of Service ("Terms"). These Terms constitute a legally binding agreement between you and Web5Pay ("we," "us," or "our").

2. Description of Service

Web5Pay is a peer-to-peer money transfer platform that facilitates digital currency transfers between users. We provide the technology infrastructure that enables:

• Wallet-to-wallet transfers using blockchain technology
• Cash-in and cash-out services through independent agent networks
• Currency exchange and conversion services
• Transaction tracking and receipt generation

3. Non-Custodial Nature

IMPORTANT: Web5Pay is a non-custodial service. This means:

• We do not hold, store, or have access to your funds at any time
• You maintain full control of your wallet and private keys
• We cannot reverse, cancel, or refund transactions once executed on the blockchain
• You are solely responsible for the security of your account credentials
• We are NOT a money transmitter, bank, or financial institution

4. User Responsibilities

By using Web5Pay, you agree to:

• Provide accurate and complete registration information
• Maintain the security of your account credentials and PIN
• Comply with all applicable laws and regulations in your jurisdiction
• Not use the Service for illegal activities, money laundering, or terrorism financing
• Verify recipient information before sending funds
• Accept that transactions are irreversible once confirmed

5. Agent Network

Cash-in and cash-out services are provided by independent agents who are NOT employees of Web5Pay. Agents are independent contractors who:

• Operate their own businesses and set their own hours
• Are responsible for their own actions and customer service
• Must comply with local regulations and licensing requirements
• Earn commissions for facilitating cash transactions

Web5Pay is not liable for agent actions, errors, or disputes. However, we maintain quality standards and may remove agents who violate our policies.

6. Fees and Charges

Web5Pay charges the following fees:

• Transfer Fee: 0.5% of transaction amount
• Cash-In Fee: 1.5% of deposit amount (agent receives 1%, platform receives 0.5%)
• Cash-Out Fee: 1.5% of withdrawal amount (agent receives 1%, platform receives 0.5%)
• Currency Conversion: Market rate plus 0.5% margin

Fees are clearly displayed before you confirm any transaction. Blockchain network fees (gas fees) may apply and are separate from our service fees.

7. Know Your Customer (KYC) and Anti-Money Laundering (AML)

To comply with international regulations and prevent financial crimes, we require identity verification for:

• Transactions exceeding $1,000 USD equivalent
• Users with suspicious activity patterns
• All agent registrations

We reserve the right to request additional documentation, freeze accounts, or report suspicious activity to relevant authorities as required by law.

8. Prohibited Activities

You may NOT use Web5Pay for:

• Money laundering or terrorism financing
• Purchasing illegal goods or services
• Fraud, scams, or deceptive practices
• Circumventing sanctions or export controls
• Violating intellectual property rights
• Impersonating others or creating fake accounts

Violation of these prohibitions may result in account suspension, fund freezing, and reporting to law enforcement.

9. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW:

• Web5Pay is provided "AS IS" without warranties of any kind
• We are not liable for losses due to user error, forgotten passwords, or compromised accounts
• We are not responsible for blockchain network failures, delays, or congestion
• We are not liable for agent misconduct, errors, or disputes
• Our total liability shall not exceed the fees you paid in the 12 months prior to the claim

10. Dispute Resolution

Any disputes arising from these Terms shall be resolved through:

1. Negotiation: Contact our support team to resolve the issue informally
2. Mediation: If negotiation fails, we may agree to mediation
3. Arbitration: Binding arbitration under international arbitration rules

You agree to waive your right to participate in class action lawsuits.

11. Governing Law

These Terms are governed by international law and the laws of the jurisdiction where you reside. By using Web5Pay, you consent to the jurisdiction of courts in your country of residence.

12. Changes to Terms

We may update these Terms from time to time. We will notify you of material changes via email or in-app notification. Continued use of the Service after changes constitutes acceptance of the new Terms.

13. Termination

We reserve the right to suspend or terminate your account at any time for:

• Violation of these Terms
• Suspicious or illegal activity
• Failure to complete KYC verification
• Chargebacks or payment disputes

Upon termination, you may withdraw your remaining balance (subject to verification).

14. Contact Information

For questions about these Terms, please contact us at:

• Email: [email protected]
• Support: [email protected]
• Address: [To be determined based on incorporation]