Business Account & Card Agreement


Name: Wallester AS

Registration number: 11812882

Registered office and headquarters: F. R. Kreutzwaldi 4, 10120 Tallinn, Estonia

Licence: no 4.1-1/224, payment institution, issued by the Financial Supervision Authority of Estonia

Supervisory authority: Financial Supervision Authority of Estonia, address: Sakala 4, 15030 Tallinn, Estonia, phone: +372 668 0500, email: [email protected], website:

1. Definitions

  • Account — the Client’s virtual payment account in Wallester System for depositing funds that the Client uses to make payments via the Service.
  • Additional Service — the Services that Wallester provides to the Client under this agreement in addition to the Core Service.
  • Agreement — this agreement concluded between Wallester and the Client regarding provision of the Service to the Client. The Agreement consists of this agreement document and its annexes (incl. the Price List).
  • AML/CTF — anti-money laundering and counter-terrorism financing.
  • Client-to-Client Payments — an Additional Service which provides the Client with option to transfer funds from the Client’s Account to the accounts of other clients of the Service.
  • Card — a payment instrument that can be used by the Client to perform Operations with the funds in the Client’s Account via the VisaNet electronic payments network.
  • Card Data — the information about the Card and the Cardholder which is required to perform Operations with the Card, such as the Cardholder’s name, the Card number, validity period and security feature (e.g., CVV code).
  • Cardholder — the natural person authorised by the Client to use the Card that Wallester has provided to the Client via the Service (e.g., the Client’s employee).
  • Clause — refers to a clause in this Agreement.
  • Client — legal entity or sole proprietor who has concluded this Agreement with Wallester for business use of the Service.
  • Client Data — the set of data that Wallester has collected regarding the Client for the purpose of verifying the Client’s compliance with the Agreement and to provide the Service.
  • Core Service — the Service of issuing Cards to the Client to perform Operations with the funds in the Client’s Account. The Core Service is an integral part of the Agreement which is provided to the Client during the entire Agreement period.
  • Digital Wallet — an Additional Service which provides the functionality to perform Operations with the Card via the payment solution designed for smart devices (e.g., Apple Pay, Google Pay, Samsung Pay).
  • Feature — a functionality of the Service.
  • Fee — the fees payable by the Client for the use of the Service. In addition to Fees for Services that are provided solely by Wallester, it includes Fees payable to third parties who participate in providing the Services, if provided in the Agreement.
  • LoOA — Law of Obligation Act of the Republic of Estonia.
  • Materials — texts, images, audio clips, video clips, layout, graphic elements, and other content published on the Wallester Website, in the Wallester App or made available to the Client by Wallester via other means.
  • Means of Authentication — technological means that are used to authenticate the Client, prove the validity of the Card, and/or to authorize Operations (e.g., ID-card, one-time authentication code, PIN code or CVV code).
  • Merchant — the person to whom the Cardholder makes a payment with the Card.
  • Operation — an event where the Card’s functionality is used to provide an operation, such as making payments to Merchants online or via card terminal, withdrawal of Cash, receiving information about account balance.
  • Party/Parties — the Client or/and Wallester referred to separately or jointly.
  • Physical Card — a type of Card which contains one or more technological devices to authenticate the Client and authorise the payments (e.g. chips for contact and contactless payments) embedded to a card made of plastic or other material and the Card Data printed on the Card.
  • Price List — an annex of the Agreement which includes the list of Fees payable to Wallester by the Client for the use of the Service. However, Wallester has the right to charge up to € 0.15 for every card authorisation.
  • Sanctions — restrictive measures imposed by law which prohibit provision of the Service, making available of the funds in the Account or other actions towards or in connection with specific persons, states, territories, groups, or regimes.
  • Service — a service provided by Wallester to the Client in accordance with this Agreement, consisting of the Core Service and the Additional Services.
  • Strong Authentication — authentication of the Client/Cardholder based on at least two elements (a) which are independent of each other, so that a breach of one of these elements does not compromise the credibility of the other, and (b) the structure of which protects the confidentiality of the authentication data. The elements fall into one of the following categories: (a) knowledge — something known only to the Client/Cardholder (e.g., PIN), (b) possession — something possessed only by the Client/Cardholder (e.g., the Physical Card), or (c) inherence — something the Client/Cardholder is (e.g., fingerprint).
  • Terminal — ATM, a payment terminal, or another system (incl. websites accepting card payments) through which the Cardholder can perform Operations with the Card.
  • Top-up — the Transaction performed by the Client to add funds to the Account for the purpose of using the funds for Operations and Transactions.
  • Transaction — transactions that are performed in connection with the funds in the Client’s Account, incl. use of the funds via Operations with Cards linked to the Account, Top-up, Client-to-Client Payments, payment of Fees.
  • Virtual Card — a type of Card which consists solely of the digital Card Data made available to the Client in the Wallester System, i.e., no Physical Card is issued.
  • Visa — the international card organisation Visa Europe Ltd (
  • VisaNet — the electronic payments network operated by Visa through which the Operations with the Cards are carried out.
  • Wallester — Wallester AS, the company that has concluded this Agreement with the Client to provide the Service to the Client.
  • Wallester API — application programming interface of the Wallester System through which the Client can access and use the Service from a linked external infosystem.
  • Wallester App — application created by Wallester through which the Client and the Cardholder can access and use the Service on mobile devices.
  • Wallester System — the central information system operated by Wallester which hosts the data, functionality, processes, connections to external systems etc. required to provide the Service. The Client accesses the functionality provided by the Wallester System via the Wallester API, the Wallester App or the Wallester Website.
  • Wallester Website — the website operated by Wallester through which the Client and the Cardholder can access the Service.

2. Client relationship General requirements for the Client Wallester has the right to decide which persons Wallester accepts as clients, based on the criteria provided in the Agreement and by the law. The Service is a B2B service, i.e., provided to Clients who use the Service professionally. By entering into the Agreement, the Client acknowledges and accepts that the Client is not a consumer and the exclusive consumer rights provided in the law do not apply to this Agreement. In addition to legal entities, only such natural persons are accepted as clients who conduct business as sole proprietors and use the Service exclusively for that purpose. In addition to the restrictions provided in law (e.g., Sanctions), Wallester may establish additional criteria regarding which persons are accepted as clients, such as: completeness of the data that Wallester has requested, Wallester’s AML/CFT risk appetite, the reputation of the legal entity, its ultimate beneficial owners, management etc., potential profitability of the contractual relationship. Establishment and termination The main steps of establishing the client relationship are following: the person who wishes to become a client submits respective application, Wallester requests additional information and documents from the applicant to verify that the applicant complies with the requirements of the Agreement and the law (incl. identity verification, AML/CFT and Sanctions checks), Wallester may collect additional information about the applicant independently in accordance with the law, based on the evaluation of the collected information about the of the applicant, Wallester decides whether the applicant is accepted as a client, in case of a positive decision, Wallester informs the applicant about concluding the Agreement, opens the agreed Services for the Client and grants access to the Wallester System. By submitting the application in accordance with Clause, the applicant fully accepts the terms in this Agreement and declares its intent to enter into the Agreement if Wallester finds the applicant suitable. The Agreement between the applicant and Wallester is concluded when Wallester has added the respective decision to the Wallester System after the evaluation of the applicant has been finished with the decision to accept the applicant as the Client. No Services are provided by Wallester before the Agreement has been concluded. Nor does Wallester have any other obligations towards the applicant except to review the submitted data and to make the decision regarding suitability of the applicant in good faith. Wallester is not responsible for any expenses that occur to the applicant in connection with providing the required information to Wallester regardless of whether Wallester accepts the applicant as a client or not. The client relationship is terminated with termination of the Agreement in accordance with Clause 18. Client data In accordance with the law, Wallester must perform ongoing due diligence regarding the Client, the Client’s representatives, members of management bodies, ultimate beneficial owners etc. For this purpose, Wallester first requests relevant data and documents from the Client before the Agreement is concluded and later during the Agreement requires that the Client updates the Client Data. Based on the updated Client Data, Wallester periodically evaluates whether the Client still complies with the requirements of the law and the Agreement (incl. Wallester’s risk appetite). Up-to-date Client Data is an essential precondition for provision of the Service by Wallester to the Client. If there are changes in Client Data or other changes in connection with the Client that may have effect on the Client’s compliance with this Agreement or the law, the Client must immediately inform Wallester about those changes. The changes include, for example: the Client’s assigned representative’s mandate to represent the Client with regard to the Agreements ends, the Client’s address or other contact data changes, a plan of merger, division, acquisition, or sale of significant part of the Client’s business has been approved, the Client expands its business activities to new countries, Sanctions are imposed against the Client, its representatives, members of its management bodies, its owners or other persons who have close connections with the Client, criminal or other penal investigation is initiated against the Client, or the Client has been found guilty of committing such offences, what is provided in Clause 2.3.3 applies to the Client’s representatives, members of its management bodies, its ultimate beneficial owners or other persons who have close connections with the Client if it concerns economic, tax, AML/CTF or similar offences, bankruptcy, insolvency, or similar proceedings are initiated regarding the Client, what is provided in Clauses — applies to companies that are part of the same group as the Client. If Wallester in good faith finds that verifying the Client Data requires data from third parties which is not publicly available (e.g., the commercial register data in certain countries), Wallester has the right to request written permission from the Client to acquire such data directly from the third parties. Client’s representatives The Client must appoint at least one representative who has full powers to represent the Client in connection with the Agreement. If the Client has appointed several of such representatives and they have made conflicting requests to Wallester in connection with the Agreement, Wallester suspends fulfilling such requests until the Client has solved the conflict. In addition to the general representatives of the Client, Wallester may provide the Client with the option to appoint additional representatives with limited powers to manage and use the Services on behalf of the Client. The option to appoint the representatives with limited powers are provided as part of the respective Service, if any. Wallester reserves the right to reject the Client’s requests to appoint representatives with custom powers which are not provided as part of the Service. The Cardholder is a representative of the Client with limited powers who has been authorised by the Client to perform Operations with a Card that has been issued by Wallester to the Client. All requirements in the Agreement regarding the use of the Service that refer to the Client apply to the representatives of the Client to the extent it is relevant and applicable, incl. limitations regarding the purpose for which the Service can be used (i.e., for business purposes only). The fact that the Client’s representatives are natural persons does not mean that the rights provided exclusively for customers by the law apply to the Operations and Transactions performed by these representatives.

3. Communication Language The language of the Agreement and communication regarding the Agreement is English. Wallester may provide English translations of the documents, user-interfaces, and other materials. In case of conflict between the English version and the translation, the English version shall have priority. Wallester may provide the option to communicate in other languages (e.g., customer support), but Wallester reserves the right to request all communication in English. Wallester may request that the documents that Wallester requests from the Client which are in a language other than English are provided with English translation. The costs to provide the translations are borne by the Client. Communication channels The primary channel for the communication during the Agreement is Wallester System and e-mail. If the access to the Wallester System has been closed to the Client, notices to Wallester must be sent via e-mail. The information published in the Wallester System or sent via e-mail is deemed to be received by the other Party on the next business day from it when it was published or sent. Wallester may request that certain information is provided by the Client via in paper form via post or other means. In case the Client contacts Wallester via phone, e-mail, or other communication channel where the participants of the communication are not properly authenticated, Wallester may request additional information to verify the person’s identity. If Wallester is not convinced of the identity of the person who initiated the communication, Wallester suspends further communication until Wallester has verified the information with the Client via other communication channels. The information that Wallester may request in such cases to verify the Client concerns fragments of Client Data and Card Data (e.g., four last digits of the Card). In no circumstances does Wallester request that the Client presents full Client Data, Card Data or Means of Authentication. If such a request is made to the Client, this is likely a scam attempt and further communication with the other party should be declined. The Client must immediately inform Wallester of the event. Mandatory reports and other contractual information Wallester makes the Agreement documents, account statements and other information regarding the contractual relationship which is required by the law available digitally in the Wallester System or via e-mail. During the Agreement: the information in the Wallester System is made available for free to the Client, the first e-mail with information is sent to the Client for free, Wallester may require Fee for repeated e-mails or for providing the information in paper or another agreed format. After termination of the Agreement, Wallester may request a Fee for providing any information requested by the Client, regardless of the channel via which the information is provided or the medium. Contact information Wallester’s up-to-date contact information is provided on the Wallester Webpage and in the Wallester System. The Client must immediately inform Wallester if the Client’s contact information changes. Miscellaneous Wallester may require that copies of documents provided by the Client and their translations are notarised or certified in an equivalent manner. The costs to provide the documents are borne by the Client. Wallester may establish additional requirements for communication in connection with the Agreement, incl. identification of the Client and accepted signature format. The list of requirements may be updated by Wallester from time to time. Notices by the Client regarding misuse of data relating to provision of the Services or fraud or potential threat thereof must be sent to Wallester in compliance with general communication rules provided in Clause 3.2.1.

4. General service terms Purpose and permitted use The Service is provided strictly for professional use by the Client for its own business needs, e.g., the Client’s corporate expenses, payments of salaries of the Client’s employees, payment for services and goods provided by the Client’s vendors. For clarity, following is prohibited: use of the Service for private expenses regardless of the person who benefits from this, reselling the Service to third parties, e.g., the Client makes the Cards available to third parties, regardless of whether legal entities or natural persons, who use the Card to pay for their professional or private expenses. Service model The Client is subscribed to the Core Service for the entire duration of the Agreement. The Core Service provides the main functionality without which the use of the Service (incl., the Additional Services) is not possible. The Additional Services provide additional functionality to the Core Service. The Client can choose throughout the duration of the Agreement which Additional Services the Client subscribes to. In addition to providing the Core Service and the Additional Services separately, Wallester may provide Service bundles which include different Services for a bundled pricing model. Wallester may make certain Services available only as part of bundles. The Client subscribes to the Services in the Wallester System. Wallester may provide additional options to subscribe to the Services, e.g., via e-mail or phone. Detailed information about the Services is provided on the Wallester Webpage and in the Wallester System. Limits Limits establish restrictions regarding how the Client can use the Service, incl. the maximum value of Transactions in a certain period, maximum value of a single Transaction, which types of Transactions are allowed, accepted Merchants. Wallester at its sole discretion establishes limits applying to the Client. Wallester informs the Client about the set limits. Wallester is not obliged to inform the Client about the considerations upon which the limits are based. The Client can request change of the limits from Wallester, in which case Wallester re-evaluates the Client’s status and acceptability of the requested change. Wallester may change the limits applicable to the Client on its own initiative without prior notice. Within the limits set by Wallester, the Client can set in the Wallester System additional limits to the Transactions performed in the Service on behalf of the Client by the Client’s representatives (incl., the Cardholders). Changes Wallester may from time-to-time at its sole discretion add new Services, make changes to the existing Services or close Services. If new Services are added or changes are made to the existing Services which do not have a negative effect on the Client (i.e., no functionality is removed), no prior notice by Wallester is required. Information about these changes is published in the Wallester System. If changes are made to the existing Services which have a negative effect on the Client (i.e., functionality is removed) or a Service is closed, Wallester provides 1-month prior notice to the Client. Miscellaneous conditions The payment initiation services and account information services via third party service providers can be used in connection with the Services only in case Wallester has made such Feature available in connection with the respective Service.

5. Core service General description The main functionality of the Core Service is following: Wallester opens Accounts for the Client in the Wallester System in one or more currencies, The Client orders Physical Cards and/or Virtual Cards that are linked to the Client’s Account, The Cardholders use the Cards opened by the Client to make payments with the funds in the Client’s Account. The Cards are Visa debit cards which support performing payments via the VisaNet payment network in accordance with the rules established by Visa. By entering into the Agreement, the Client understands and accepts that Wallester has no control over the rules that are applied to the payments in VisaNet nor the possible technological and other failures that may occur in the VisaNet. The Client can access the Service either via the Wallester API, Wallester App or the Wallester Webpage. The available functionality may differ in these channels. The Client can open separate subaccounts with limited access rights for the individual Cardholders. Account The Account must be used only to deposit funds for the purpose of using these funds for Operations with the Cards and conducting Transactions in other Services. The account must not be used as a savings account or for any other purpose in addition to what is provided in the previous sentence. The funds in the Account are not covered by the Financial Services Guarantee Scheme. The Account is not a checking or savings account and is not linked to any other account that the Client may have. The Client’s funds are safeguarded in a segregated bank account and kept separate from Wallester’s own funds. The Client can add funds (i.e., Top-up) to the Account in the currency of the Account or other currencies accepted by Wallester. The instructions to perform the Top-up are provided in the Wallester System. Only the Top-ups that are made in accordance with the instructions are accepted by Wallester. If the Top-up is performed via a card payment from an external account (i.e., with a card that is not provided by Wallester as part of the Service), the card which is used to perform the Top-up must be issued to the Client or the respective Cardholder. Performing Top-ups with cards that are issued to third parties is not allowed. If the Client performs the Top-up of the Account in other currency accepted by Wallester, the currency that is transferred by the Client is converted to the currency of the Account by Wallester. This includes Top-ups between the Accounts, i.e., if the Client transfers funds between the Client’s Accounts in different currencies in the Service. Wallester may establish a Fee for such conversions, which is published in Price List. Even if no Fee is established in the Price List, Clause 6.1.3 applies. If the Client attempts to Top-up the Account with an unsupported currency or the Top-up attempt otherwise does not comply with the provided instructions, the Top-up is rejected by Wallester and the funds are returned. Wallester may deduct the expenses that occur in connection with rejecting the Top-up and returning the funds. All Top-ups are subject to anti-fraud, AML/CTF and sanctions monitoring, resulting in possible delay before the Top-up is accepted and made available on the Client’s Account for Transactions. Wallester reserves the right to reject Top-ups at its sole discretion. The Client can view and download the account statements for free in the Wallester System during the Agreement. Clauses 3.3.2 and 3.3.3 apply in connection with statements in other mediums and applicable fees. The rate of the interest that Wallester pays to the Client on the funds in the Account is 0%. If funds have been transferred to the Account erroneously or unduly (i.e., not as Top-up by the Client, refund by a Merchant or otherwise in compliance with the Agreement), the Client must notify the Wallester immediately upon discovery of the false payment. Wallester has the right to block and/or debit funds wrongly transferred to the Account without the Client’s consent. Card use Before the first use of the Card, the Cardholder must activate the Card in the Wallester System in accordance with the instructions provided there. The Operations can be performed only with an activated Card. Authorisation (i.e., the Cardholder’s consent to perform an Operation) may be performed using the Card or through an acquirer using the Card Data. All Operations, once authorised by the Cardholder, are valid for Wallester and are executed by Wallester without having to acquire additional authorisation from the Client. Wallester starts the execution of the Operation immediately after the Cardholder has authorised the Operation with the Card. After the Cardholder has authorised an Operation with the Card, the paid sum can be refunded only upon approval by the Merchant that received the payment and to the Card from which the initial payment was made. If the Cardholder performs Operations with the Card for which payment of Fees to third parties is required, such Fees are deducted from the Client’s Account in addition to the sum of the Transaction. E.g., the fee for requesting a limit query, viewing the Operation statement via ATM, additional fees and conversion rates paid to Visa. If the Client performs an Operation with the Card in a currency other than the currency of the Account connected to the Card, the sum is automatically converted to the currency of the Operation by Visa. The total Fee for this conversion consists of the sum of the following: (a) the exchange rate of Visa and (b) the Fee established by Wallester in the Price List (if any). The exchange rate of Visa is established at the sole discretion of Visa and is updated from time to time. It is the Client’s obligation to check the then applicable Visa exchange rate before performing an Operation. Visa exchange rate is published on the Visa website: All requests from the VisaNet for Operations outside the European Economic Area are provided to Wallester in the currency of the Card or converted to the Card’s currency by Visa. Wallester may require and apply such configuration to the Cards that to perform Operations, the Cardholder must use Strong Authentication. Wallester may provide exceptions to this requirement, such as for contactless payments. The Cards issued by Wallester are debit cards, meaning that Operations can be performed only if there are enough funds in the Client’s Account. The Means of Authentication which are issued to the Cardholder with each Card serve as the Cardholder’s signature when performing Operations with the Card. The Card must only be used by the Cardholder. The Cardholder must not authorise third parties to use the card, i.e., to make the Card or only the Card Data available to the third parties. The card must not be given to third parties as a gift, sold to third parties or otherwise transferred to third parties. The Card must not be used for illegal purposes and in a manner prohibited by law, including the purchase of prohibited goods and services. Wallester, the Merchants and other persons servicing the Card have the right to refuse to execute the Operation and/or withhold the Card if the Card and/or its Means of Authentication have been used incorrectly or if there are doubts regarding the actual identity of the person who tries to perform the Operation. Wallester may request information regarding details why the Card was withheld from the persons who withheld the Card. Wallester at its sole discretion decides to which extent the reasons why the Card was withheld are provided to the Client. Merchants The Merchants may set additional security measures as a precondition for accepting payments with the Card, such as requesting identity documents. Wallester has no control over such requirements by the Merchants. Wallester has no control over whether a Merchant accepts multi-part payments, i.e., if a larger sum is paid in smaller parts with several Cards or partly with Card(s) and partly in cash. If the Client or the Cardholder have authorised an Operation without knowing the exact amount, then, instead of Wallester, the Client has the right to file a complaint directly with the Merchant who is recipient of the payment resulting from the Operation. Contractual disputes between the Client and the Merchant in connection with payments made with the Card must be resolved between the Client and the Merchant. Wallester does not provide buyer protection programs or similar services to resolve disputes between the Clients and the Merchants. Refunds in connection with the contractual relationship between the Client and the Merchant must be initiated by the Merchant. The refunds can be sent to the Client’s Card from which the initial payment was made. It may take up to 7 business days until the refunded sum becomes available on the Client’s Account. Security requirements The Cardholder shall use the Card in accordance the following security requirements: the Physical Card must be protected from mechanical damage, extreme temperatures, electromagnetic exposure, corrosive substances and from environmental effects which can damage the Physical Card, no alterations shall be made to the card, no attempts shall be made to copy the card, the Physical Card, the Card Data and the Means of Authentication shall not be handed over/made available to third parties except for Merchants who accept the payment from the Cardholder to the extent it is necessary, the Card Data or the Means of Authentication must not be stored as paper copies or as unprotected digital data (i.e., the data protection measures of the data carrier or the service must be comparable to what is applied in Wallester System), before using the Card in a Terminal, the Cardholder must verify that the Terminal supports the Visa branded Cards (Visa logo shall be displayed on the Terminal) and understand the instructions regarding the use of the Terminal, the Client and the Cardholder shall comply with other security requirements provided in the Agreement or law. The Cardholder must be vigilant regarding possible scam or fraud attempts and avoid falling victim to these, incl.: to make reasonable efforts to detect illegal devices that copy the Card Data and the Means of Authentication on and around the Terminals, make reasonable efforts to detect phishing websites, incl. phishing websites claiming to belong to Wallester, Merchants, public authorities etc., never send Card Data or Means of Authentication via whichever information channels (incl. e-mail, phone, WhatsApp, Telegram) to anyone claiming to work for or otherwise represent Wallester because Wallester never sends such requests to the Clients. Wallester may implement policies or measures which require the Cardholder to periodically change the Means of Authentication of the Card. Wallester at its sole discretion determines the configuration of the security features of the Services, incl. the Strong Authentication requirements to access the Services and use the Cards. The security requirements in this Clause 5.5 apply also to use of the Additional Services. New cards A Card is issued by Wallester to the Client if: the Client requests a new Card or a new Card is issued by Wallester automatically to replace an expired Physical Card. The Client can request a new Card in the Wallester System. Virtual Cards are provided to the Client in the Wallester System by disclosing the Card Data of the new Virtual Card to the Client. In the case of Physical Cards, the Client chooses the delivery method when submitting the application to issue the Card. If an estimated arrival time is provided, this is of indicative nature, not binding to Wallester. At the Client’s request the Card with or without the Means of Authentication necessary to use the Card are sent by post to the address provided by the Client. If no Fee is provided in the Price List for delivery of the Card, Wallester may request that the Client pays for the actual delivery costs. Wallester issues a replacement for an expired Physical Card without additional request from the Client required, unless the Client has informed Wallester via the Wallester System that the Client declines the issue of the replacement Card. Such notification must be provided at least 45 days before the Card expires. Wallester may close and destroy a new Physical Card if it has not been possible to deliver the Physical Card to the Client in accordance with the Agreement (incl. if the Client is not present or the Client does not accept the Card at the agreed location). Wallester may close a new Physical Card or Virtual Card if within 3 months from when the Card was issued the Client has not activated the Card. The Clients obligations provided in Clause 5.7.4 apply. Wallester does not refund the Fees paid by the Client in connection with issuing and delivering the Cards that are destroyed and/or closed in accordance with Clauses 5.6.7 and 5.6.8. All Cards are property of Wallester which are made available for the Client to use. At no point is the ownership of the Card transferred to the Client. Expired and closed cards The Card is valid until the last day (included) of the calendar month indicated on the Card unless the Card is closed before its expiration date. Expired or closed Card is invalid and cannot be used to perform Operations. The Card may be closed: by the Cardholder or the Client at their own discretion in the Wallester System, by Wallester, if such option is provided in the Agreement. The Client must destroy the Physical Card immediately after the Card is closed or expires. The Client shall not attempt to perform Operations with the closed or expired Cards. Lost and stolen Cards The regulation of this Clause 5.8 applies both in cases where: the Physical Card has been lost by or stolen from the Cardholder, unauthorised persons have gained access to the Means of Authentication linked to the Card, regardless of whether it concerns the Physical Cards or the Virtual Cards. The Cardholder’s obligations provided in Clause 5.8 apply both in case the Cardholder is fully convinced or at least has reason to believe that the Card is lost or stolen. If the Card is lost or stolen, the Cardholder shall use the quickest option available to block the Card, incl.: the Cardholder immediately blocks the Card in Wallester System and informs Wallester about the possibility that the Card has been lost or stolen, the Cardholder informs the Client’s about the lost or stolen Card and the Client immediately blocks the Card and informs Wallester about the possibility that the Card has been lost or stolen, Cardholder informs Wallester via e-mail, phone or other means published on the Wallester Website about the lost or stolen Card which results in Wallester blocking the Card.

5.8.4. 5.8.6. After receiving information about the lost or stolen Card, Wallester blocks the Card without delay during the working hours of the Wallester’s customer support which are published in the Wallester System.

5.8.5. 5.8.6. If the Client finds out after the Card is blocked that the suspicion regarding the Card being lost or stolen was unfounded, the Client can request reopening of the Card if Wallester has not already closed the Card in accordance with the Agreement.

5.8.6. 5.8.6. If within 60 days after the Card was blocked the Client has not closed the Card nor has reopening of the Card been requested, Wallester may close the Card.

6. Additional services

6.1. 6.2. Client-to-Client Payments Client-to-Client Payments Service provides the Client with option to send funds to the accounts of other clients who use the Services provided by Wallester which have been added to the list of Services accepted to receive funds via the Client-to-Client Payments Service. Wallester may provide an option to perform currency conversion as part of the Client-to-Client Payment. The list of acceptable currencies is established by Wallester at its sole discretion and can be updated from time to time. Wallester may establish a Fee for the currency conversion in the Price List (incl. exchange rates and/or per Transaction Fee etc.). Even if Wallester has not established a currency conversion Fee in the Price List but the banks where Wallester’s accounts with the Client’s funds are located charge currency conversion or other transaction fees regarding the Transaction performed by the Client, the respective amounts are deducted from the sums transferred by the Client. Information regarding those fees can be requested from the Wallester’s customer support. The payment is initiated by the Client in the Wallester System by using the phone number or other unique identification data of the recipient, as specified in the Wallester System The payments are generally received, executed, and fulfilled instantly, but no later than the maximum deadline provided by the law, unless there are circumstances which cause suspension or delay of the transaction in accordance with the Agreement. The Client is responsible for the correctness of the data used in the payment order, incl. the identification data of the recipient. After the payment order is approved by the Client in the Wallester System, it cannot be cancelled. The transferred sum can be refunded only upon the recipient’s approval. The Fees paid by the Client to Wallester for the transaction are not refunded. Wallester may establish restrictions regarding the accepted Transactions, incl. types of allowed recipients. Digital Wallet Digital Wallet Service is provided by third party companies which have been accepted by Wallester. Wallester at its sole discretion may add Digital Wallet service providers to the list of accepted service providers and remove them from the list. Wallester may set additional requirements regarding the Clients who can use the Digital Wallet Service and/or the Cards which can be used via the Digital Wallet Service. To use the Digital Wallet Service, the Client must enter into a contractual relationship with the provider of the specific Digital Wallet Service. Wallester is not a party of that contractual relationship and cannot resolve possible disputes between the Client and the provider of the Digital Wallet Service. The provider of the specific Digital Wallet Service may require payment of Fees to use the Digital Wallet Service. Unless explicit exceptions are provided, this Agreement applies to the Operations performed with the Card regardless of whether an Operation is performed with the Card directly or via the Digital Wallet Service. This includes the Cardholder’s obligation to keep the Means of Authentication safe from unauthorised use by applying effective security measures to protect the device through which the Digital Wallet Service is used. Wallester has no control over following and the Client therefore accepts this as the Client’s risk: the contractual terms and the Fees that the provider of the Digital Wallet Service has established, whether a Merchant accepts payments via the Digital Wallet Service, possible failures in the systems that provide the Digital Wallet Service which may result in rejected or delayed Operations, Possible complaints against the provider of the Digital Wallet Service must be resolved between the Cient and the provider of the Digital Wallet Service.

7. Fees and arrears Unless it is explicitly stated by Wallester that a Service is provided for free, it is presumed that Services are provided to the Client for a Fee. The Fees for the Services and the Service bundles are provided in the Price List, which is published on the Wallester Website and in the Wallester System. If the Parties agree that Wallester provides Services that are not in the Price List or performs other actions that benefit the Client, the Fee is agreed by the Parties separately. If no Fee is agreed beforehand, Wallester is entitled to request payment of Fee which is common for such services. In case Wallester exchanges the Client’s funds to another currency in accordance with the Agreement and no Fee is provided for that transaction in the Price List, the exchange is performed by the bank where Wallester deposits the Clients’ funds and with then applicable exchange rate of the bank. Wallester does not apply additional Fee to such transactions. The Client sees the exchange rate in the account statement. The Fees are deducted from the funds in the Client’s Account unless a different payment setup is provided in accordance with the Agreement. If a different payment setup has been provided but the Client has not fulfilled its obligations in due time, Wallester may deduct the unpaid fees from the funds in the Client’s Account. If the Client has several currencies on the Accounts, the funds in the same currency are used first and if these are not sufficient, the Fee is deducted from the funds in other currencies, in which case Wallester has the right to convert the deducted funds to the same currency as the unpaid Fee. If there are not enough funds on the Client’s Account to pay the Fee, the unpaid part is deducted from the funds that the Client deposits to the Account later. Wallester may decline to provide the Service if there are not enough funds on the Client’s account to pay the Fee for the requested Service. The Client must pay interest and/or contractual penalties if the Client does not fulfil its obligations towards Wallester in due time, provided that Wallester has established such interest rates and contractual penalties in the Agreement. Wallester has the right to set off its claims against the Client’s claims and to determine the claims to be set off. Wallester has the right to assign claims against the Client to a third party.

8. Blocking General Blocking means full or partial suspension of the Service, meaning following: full blocking — all the Services to which the Client has subscribed to are blocked for the Client, incl. all the Cards issued to the Client and all Operations and Transactions initiated by the Client. During full blocking the Client cannot subscribe to new Services. partial blocking — only certain Services, Features, Cards, Operations, Transactions, or other components of the Service are suspended. Blocking is executed either by Wallester, which includes all types of blocking, or by the Client/Cardholder, which includes only blocking of the Client’s Cards. Blocking by the Client The Client can at any time block all valid Cards that have been issued by Wallester to the Client, incl. the Cards that have been assigned to the Cardholders’ by the Client. The Cardholder can block the valid Cards which have been assigned to the Cardholder by the Client. The Client and the Cardholder can block the Card at any time via the Wallester System. The Client and the Cardholder must immediately block the Card if such obligation is provided in the Agreement (see Clause 5.8). Blocking by Wallester Wallester blocks the Service, Feature, Account, Card, Operation and/or Transaction in case there is a valid reason in accordance with the Agreement or if the Client requests the blocking. Based on the circumstances of the specific event that causes the blocking and the information available to Wallester at the time, Wallester decides the extent and duration of the blocking. The Parties understand that the information available to Wallester at the time of making this decision may not be complete and based on additional information that becomes available later, Wallester may revise the decision. Regardless of this, if Wallester made the initial decision in good faith and with due care, Wallester has acted in compliance with the Agreement. If Wallester has fully blocked the Service due to act or omission attributable to the Client, Wallester may request payment of special Account maintenance fee for the duration when the full blocking remains in force for the purpose of covering the expenses that occur to Wallester in connection with preserving the closed Account and the sums in the Account. This includes situations where Wallester has requested information and/or documents from the Client in accordance with the Agreement but the Client has not fulfilled the request by the set deadline. Grounds for blocking Wallester may block the Service if Wallester reasonably suspects that any of the following has occurred: the Client has failed to fulfil its obligation to inform Wallester about changes regarding the Client’s status in accordance with Clause 2.3.3 and the respective change is not insignificant (e.g., it has influence on the Client’s risk profile), the Client has provided false information or falsified documents to Wallester in connection with the Agreement, the purpose of an Operation or a Transaction is in violation with the allowed use in accordance with the Agreement or the law (e.g., the Service is used to cover personal expenses or to pay for prohibited goods or services), the Client or a person associated with the Client has participated in money laundering, terrorist financing or other criminal offence (e.g. fraud) or of aiding and abetting such offence, the Client, a person associated with the Client, or a Transaction initiated by the Client is in violation of applicable Sanctions), the Client uses the Service in a fraudulent, illegal, or improper manner (incl. in violation with the purpose of the Service), the funds in the Client’s Account have been obtained illegally, in case the Client is a sole proprietor (i.e., a natural person), the Client has deceased, the Client has lost the registration which is the prerequisite of its legal capacity (e.g., the Client has been deleted from the commercial register of the Client’s country of origin). In addition to what is provided in Clause 8.4.1, Wallester may block the Service in case of following: the Client’s Account does not contain enough funds to fulfil the Client’s financial obligations towards Wallester and the Client has not added funds despite such notice from Wallester, the Client has not provided the information, documents or permissions that were requested by Wallester in compliance with the Agreement, the Client has provided contradictory information to Wallester which needs to be clarified, blocking is necessary to prevent damage to Wallester, the Client or a third party, Wallester cannot contact the Client by using the contact information provided by the Client, the Client has requested blocking, other reasons provided in the Agreement or by the law. Seizure In case of a seizure, a third party (e.g., court, bailiff, or tax authority) in accordance with the law provides mandatory instructions to Wallester regarding how the blocking of the Client’s Account or Services shall be performed. In such a case, Wallester has no authority over the extent, duration, and other terms of the blocking. When blocking due to seizure, Wallester verifies the extent of the blocking from the appropriate document presented to Wallester by the seizing authority (e.g., decision, order, injunction, enforceable court judgement). Wallester applies only the blocking measures which are mandatory in accordance with the presented document. Follow-up actions Blocking is a temporary state of the Service which ends either with: reopening of the blocked Service, Feature, Account or Card or completing the blocked Operation or the Transaction or permanent closure of the blocked Service, Feature, Account or Card or cancellation of the Operation or the Transaction. Only Wallester can end blocking, incl. reopening the Cards which have been blocked by the Client/Cardholder. Wallester makes the decision regarding the ending of blocking once Wallester has sufficient information to decide the following course of action. Wallester at its sole discretion decides the follow-up actions to the blocking. As an exception to Clause 8.6.3, if the blocking is applied due to seizure, the blocking is removed immediately after Wallester receives such a request from the person that requested the seizure or other competent authorities.

9. Maintenance From time-to-time Wallester carries out maintenance work of the Wallester System which may cause temporary interruption in functioning of all or certain Services or Features. Wallester schedules the planned maintenance work at periods when the Service usage volumes are lower and provides prior notice to the Client reasonable time ahead. In the event of extraordinary circumstances, Wallester has the right to carry out unplanned maintenance work to prevent damage to the Client, Wallester or third parties. In such a situation it may not be possible to take the Service usage volume into account in connection with scheduling nor to provide prior notice to the Client. For the duration of the maintenance work, Wallester’s obligations towards the Client under the Agreement regarding providing the Service are deemed suspended.

10. AML/CTF and sanctions In accordance with law, Wallester must apply appropriate measures to prevent money laundering and terrorism financing and to apply Sanctions. For this purpose, Wallester may: regularly verify the identity of the Client, the Client’s representatives (incl. the Cardholders), and any third party associated with the Client, and obtain additional documents and information from the Client (incl. residency, tax residency, founders, owners, directors, and beneficial owners of the legal entity), request documents and information about the activities of the Client and of third parties related to the Client (incl. counterparties, transactions, business activities), as well as documents and information about the origin of the Client’s assets or wealth, require the Client to provide other documents and information necessary for the application of due diligence measures and Sanctions. Wallester’s right to request permission from the Client to obtain information and documents directly from external sources (see Clause 2.3.4) applies also regarding the information and documents referred to in this Clause 10. If the Client does not provide the information, documents, or permissions that Wallester has requested in accordance with this Clause 10, Wallester may apply the same restrictive measures regarding the Client which are provided for the case that money laundering or terrorism financing activities have verified or if Sanctions apply to the Client. The mandatory provisions in law have priority over the terms in this Agreement. Therefore, if Wallester follows the mandatory requirements of law which contradict the terms in this Agreement, it is deemed that Wallester has not breached the Agreement (e.g., the law may require that Wallester does not return the funds on the Account to the Client if the Agreement is terminated due to Sanctions applied to the Client).

11. Personal data Wallester processes the personal data that is provided by the Client or obtained from third parties in connection with fulfilling Wallester’s obligations under this Agreement in compliance with the Privacy Policy published on the Wallester Website.

12. Intellectual property Unless a special regulation is provided by Wallester in connection with Materials protected with intellectual property rights (e.g., copyrights, trademarks, patents), following applies to use of such Materials by the Client: the Client is provided with a non-exclusive licence to use the Materials, no intellectual rights are transferred to the Client, the Materials can be used solely for the purpose they are made available by Wallester to the Client, the licence to use the Materials is terminated with termination of the Agreement.

13. Confidentiality Wallester and the Client agree not to disclose any information relating to the existence and performance of this Agreement to any third party unless this is necessary to fulfil the Party’s obligations towards the other Party. Wallester has the right to disclose information about the contractual relationship (incl. Transactions, Operations, Accounts, Cards) to third parties that have right to receive information in accordance with mandatory law and to third parties that are Wallester’s contractual partners in connection with providing the Service.

14. Resolution of complaints If the Parties cannot settle the disagreement as part of their regular communication, the Client can file a complaint to Wallester in accordance with the Complaints Handling Procedure published on the Wallester Website. If the Parties fail to settle the disagreement in the complaint procedure, the Client can submit a complaint to the Harju County Court of the Republic of Estonia ( If the complaint by the Client concerns personal data processing matters, the Client can submit a complaint to the Data Protection Inspectorate of the Republic of Estonia (

15. Liability General The Parties perform their obligations arising out of the Agreement properly, reasonably, in good faith, with due diligence and pursuant to custom and practice. The Parties are not liable for non-performance of an obligation if the non-performance has been caused by force majeure beyond the control of the Party in breach of the obligation and could not reasonably be expected to have been avoided. The force majeure regulation in this Clause does not apply to the financial obligations of the Parties towards each other. Since the Client is not a consumer, following exceptions apply regarding Wallester’s liability and obligations in connection with payments performed under the Agreement: Wallester provides the assistance regarding clarifying the circumstances of unexecuted or incorrect payments, as provided in § 733.3 sec. 5 and 7 of LoOA, on a case-by-case basis and only upon prior agreement regarding Fees and other relevant details. Wallester reserves the right to decline provision of such assistance, Wallester does not pay the interest provided in § 733.3 sec. 6 of LoOA in connection with unexecuted or incorrect payments, the increased burden of proof provided in § 733.4 of LoOA is not applied, the special right to require refund in connection with payment initiated by or through payee provided in § 733.6 sec. 1 of LoOA is not applied, the deadline to file claims or objections regarding unauthorised Transactions and incorrectly executed payments is 60 days after the date of unauthorised debiting of the Client’s Account or the date of debiting of an incorrectly executed payment, the limitation of the Client’s liability provided in § 733.8 sec. 1 of LoOA in connection with unauthorised payments is not applied. Limitation of Wallester’s liability Wallester is only liable for an intentional or grossly negligent breach of the Wallester’s obligations under the Agreement. Wallester is not liable for loss or damage resulting from following: there are insufficient funds in the Client’s Account to carry out the Operation or Transaction, Wallester in good faith exercising of due diligence measures, there is not enough cash in the ATM where the Operation is performed, the Terminal where the Operation was performed did not work properly, the Merchant refuses to accept the Card, blocking measures have been applied in accordance with Clause 8.3, funds in the Account are subject of legal proceedings or any other encumbrance restricts their use, Wallester has reason to believe that the Operation or Transaction is unauthorized and is therefore delayed or cancelled, performance of the maintenance work in accordance with Clause 9, consequential losses incurred by the Client or for loss of income, Wallester properly executing its rights or fulfilling its obligations provided in the Agreement or provided by the law. Wallester is not liable for third parties involved in performing Operations, for goods or services paid by the Card, and in cases where acceptance of the Card for the performance of an Operation is refused. Contractual penalties Wallester has the right to demand contractual penalty in case of following infringements of the Agreement by the Client: does not provide information that Wallester has requested in accordance with the Agreement (Clauses 2.3.1 and 10.1), has not fulfilled the obligation to inform Wallester about the material changes regarding the Client Data, especially in connection with data relevant to application of AML/CFT and the Sanctions related due diligence measures (Clause 2.3.3), the Client does not grant the approval to request information from third parties (Clause 2.3.4), has knowingly provide false information to Wallester, especially in connection with data relevant to application of AML/CFT and the Sanctions related due diligence measures, has misused the Services (incl. Clauses 2.1.2, 4.1, 5.2.1, 5.3.12,,, as result of disobeying the obligation to keep the Means of Authorisation safe (Clause or inform Wallester about a lost or stolen Card (Clause 5.8.3) has caused situation which results in unauthorised payments by unauthorised third parties and damage to Wallester, has committed another infringement of the Agreement which is not insignificant. In case of each of the violations listed in Clause 15.3.1, Wallester has the right to demand contractual penalty in the sum of 3000 euros per every instance of infringement. In case of ongoing infringements, Wallester has the right to demand contractual penalty once in every 30 days. In case the damage caused by the infringement exceeds the sum of the contractual penalty, Wallester has the right to demand compensation of damages exceeding the sum of the contractual penalty paid by the Client.

16. Amendments Wallester has the right to unilaterally amend the Agreement by providing the Client at least 1-month prior notice before the amendments enter into force. If the Client does not agree with the amendments of the Agreement, the Client has the right to unilaterally terminate the Agreement with immediate effect by providing the termination notice before the amendment enters into force. If the Client agrees with the amendments and wants to continue this contractual relationship, no actions or in input is required from the Client. Regardless of the Clients intentions, if the Client has not provided a termination notice in accordance with Clause 16.2, the amendments apply to the Client from the date provided in the notice. The Wallester’s obligation to provide prior notice provided in Clause 16.1 and the Client’s right to extraordinarily terminate the agreement provided in Clause 16.2 do not apply if the change is caused by a reduction in the price of the Services, a change in other terms of the Agreement that is more favourable to the Client (including the granting of additional rights to the Client) or the addition of new Services to the Price List.

17. Term The Agreement is signed for an indefinite period.

18. Termination Termination for convenience Either Party has the right to terminate the Agreement for convenience at any moment by providing a 1-month prior notification to the other Party. In case of termination for convenience the Party terminating the Agreement does not have to provide reason for the termination. Termination for cause Wallester has the right to terminate the Agreement for a cause without obligation to provide prior notice to the Client (extraordinary termination) in case of following: an investigation conducted by Wallester confirms the occurrence of an act or an event listed in Clause 8.4.1 or there remains a reasonable suspicion which cannot be eliminated, the Client has not fulfilled its financial obligations towards Wallester despite a grace period provided by Wallester, the Client has not provided the information, documents or permissions that were requested by Wallester in compliance with the Agreement despite a grace period provided by Wallester, Wallester has closed the Client’s Card in accordance with Clause 5.6.7, the Client has not performed Operations or Transactions in 90 days, the Client or a person associated with the Client has caused, intentionally or due to gross negligence, whether by act or omission, damage, or a serious risk of damage to Wallester, the Client has failed to perform a material obligation under any agreement with Wallester and there is compelling reason to assume that the Client continues to fail to perform its contractual obligations, an event has occurred which, in the reasonable opinion of Wallester, may impede the Client’s ability to properly perform the obligations under the Agreement or have a material adverse effect on the Client’s financial condition (e.g., bankruptcy or liquidation proceedings), the risks associated with the Client are beyond Wallester’s risk appetite, it is unreasonably difficult or impossible to apply due diligence measures provided by law regarding the Client or persons associated with the Client, other material breach of the Agreement by the Client, the cause for termination is provided in law, incl. if a competent authority demands termination in accordance with mandatory law. Prior to terminating the Agreement for cause, Wallester carefully considers all the circumstances and makes the decision based on the principle of reasonableness. Post-termination obligations Upon termination of the Agreement, the Client’s Accounts and Cards are closed and provision of the Services is terminated. The financial obligations accrued before the termination of the Agreement become due from the moment the Agreement is terminated. The Client must provide Wallester with external bank account details where the funds in the Client’s Account are to be transferred by Wallester. The bank account provided by the Client must accept the currency of the Client’s Account(s) from which the funds are transferred by Wallester. Wallester has the right to refuse to transfer the funds to an account other than the Client’s account opened with a credit institution registered or established in a European Economic Area member state. In accordance with the law, Wallester applies AML/CFT and Sanctions due diligence measures regarding the external bank account provided by the Client. Wallester may require additional information from the Client to perform these checks. Wallester has the obligation to transfer the funds only to such an external bank account which has been approved as result of application of the due diligence measures. Wallester deducts following from the funds in the Client’s Account before transferring rest of the funds to the Client’s external account: sums of any outstanding Operations or Transactions that are completed after the moment of termination, the balance of the financial obligations of the Parties towards each other, provided that the Client has summarily more obligations towards Wallester, the expenses in connection with transferring of the funds to the Client’s external account. Wallester transfers the funds to the Client’s external account within 30 days from the moment of termination or receiving the complete and acceptable account data from the Client, depending on which happens later. In case of Clients who are natural persons (i.e., sole proprietors), Wallester makes payments from the deceased Client’s Account on the basis of a certificate of succession and/or ownership or other documents required by law or on the basis of a respective court decision. In case the Agreement has been terminated and: the Client has not provided data of the external bank account which complies with the requirements of the Agreement within 30 days from termination of the Agreement, or the law prohibits Wallester from transferring the Client’s funds to the external bank account (e.g., Sanctions are applied to the Client), Wallester may periodically deduct sums from the Client’s closed account for the purpose of covering the expenses that occur to Wallester in connection with preserving the closed Account and the sums in the Account. Wallester provides detailed information regarding the deducted sums before Wallester exercises the right provided in this Clause. The confidentiality obligations provided in the Agreement survive the termination of the Agreement.

19. Final clauses This Agreement is governed by the laws of Estonia. The business days referred to in the agreement are the business days in accordance with the laws of Estonia. In case the terms of this Agreement are in violation of the imperative norms in applicable law, the regulation of the imperative norms shall prevail.