Terms of Service

1. Introduction and Acceptance of Terms

1.1. Agreement: These Terms and Conditions (“Terms”) constitute a legally binding agreement between [PhandaPay’s Full Legal Name] (referred to as “PhandaPay,” “we,” “us,” or “our”) and you, the user (referred to as “User,” “you,” or “your”), governing your use of the PhandaPay mobile application and related services (collectively, the “Service”).

1.2. Acceptance: By accessing, downloading, registering for, or using the Service, you acknowledge that you have read, understood, and agree to be bound by these Terms and our separate Privacy Policy. If you do not agree to these Terms, you may not use the Service.

1.3. Eligibility: You must be at least 18 years old, have full legal capacity to enter into a contract, and be a resident of or lawfully residing in the Republic of South Africa to use the Service.

2. The PhandaPay Service

2.1. Description: PhandaPay is a peer-to-peer mobile application that facilitates the transfer of funds between registered Users via linked bank accounts, cards, or other approved methods.

2.2. Our Role: We are a payment facilitator and system operator (or a third-party payment provider, as applicable, subject to SARB/PASA requirements). We are not a bank, deposit-taking institution, or financial advisor. We do not hold or manage your funds directly; we facilitate the transfer of funds between bank accounts.

2.3. Transaction Limits: We reserve the right to impose transaction limits (daily, weekly, monthly) for security and regulatory compliance (including FICA requirements). These limits will be disclosed to you within the App or as required by law.

3. User Account and Security

3.1. Registration: You must register an account and provide accurate, current, and complete information, including your full legal name, ID/Passport number, contact details, and bank account information, in line with our Know-Your-Customer (KYC) and FICA requirements.

3.2. FICA Compliance: As a payment service provider, we are an accountable institution under the Financial Intelligence Centre Act (FICA). You agree to cooperate with all our requests for information, documentation, and verification needed to comply with FICA and Anti-Money Laundering (AML) regulations. Failure to comply will result in the suspension or termination of your account.

3.3. Credentials: You are responsible for maintaining the confidentiality of your account password, PIN, or other security credentials. You must notify PhandaPay immediately of any unauthorised use or suspected breach of your account. We will not be liable for any loss or damage arising from your failure to comply with this security obligation.

3.4. Single Account: You may only register and operate one PhandaPay account unless explicitly permitted otherwise.

4. Payments, Fees, and Disputes

4.1. Authorisation: By initiating a payment, you authorise PhandaPay to debit your designated linked funding source and transfer the funds to the designated recipient.

4.2. Accuracy of Details: You are solely responsible for ensuring the recipient’s details are correct. PhandaPay is not responsible for funds sent to the wrong recipient due to User error.

4.3. Transaction Fees: PhandaPay may charge fees for certain transactions. Any applicable fees will be disclosed before you finalise a transaction.

4.4. Processing Time: Processing times may vary depending on the payment rail and participating financial institutions.

4.5. Incorrect Payments: If you believe a transaction was processed incorrectly, you must notify PhandaPay immediately.

4.6. Reversals: Transactions are generally final and non-reversible, except where required by law or in cases of proven error or fraud.

5. Intellectual Property Rights

5.1. Ownership: The PhandaPay application, website, logos, software, and all content are the property of PhandaPay.

5.2. Licence: We grant you a limited, non-exclusive, non-transferable, revocable licence to use the application solely for the Service.

6. Acceptable Use and Prohibited Activities

You agree to use the Service lawfully and must not engage in fraud, money laundering, illegal transactions, or system interference.

7. Data Protection and Privacy (POPIA)

PhandaPay processes personal information in accordance with the Protection of Personal Information Act (POPIA) and its Privacy Policy.

8. Termination and Suspension

PhandaPay may suspend or terminate accounts for breaches, regulatory requirements, or suspected illegal activity.

9. Limitation of Liability and Indemnity

Liability is limited to the maximum extent permitted by South African law.

10. Governing Law and Dispute Resolution

These Terms are governed by the laws of the Republic of South Africa.

11. Amendments

We may amend these Terms with reasonable notice. Continued use constitutes acceptance.