Terms And Conditions
BETALO AB (publ)
These General Terms and Conditions (the “Terms”) govern the use of the Betalo app (the “App” or “Betalo”) and other services provided through the App and via the internet by Betalo AB (publ) (the “Company”). Please read these Terms carefully and contact us if you have any questions.
PARTIES AND CHARACTERISTICS
1.1 The Company is authorised by the Swedish Financial Supervisory Authority (Finansinspektionen, “FI”) to provide payment services as a payment institution and is subject to, inter alia, the Swedish Payment Services Act (Lag (2010:751) om betaltjänster) and the regulations and general guidelines on payment institutions and registered payment service providers (FFFS 2010:3). The Company is supervised by FI, postal address Box 7821, 103 97 Stockholm, Sweden.
1.2 The Company has notified cross-border activities without establishment of a branch to the Norwegian Financial Supervisory Authority (Finanstilsynet) and is subject to, inter alia, the Norwegian Financial Contracts Act of 18 December 2020 No. 146 (finansavtaleloven). The Company is also subject to supervision by Finanstilsynet for its activities in Norway.
1.3 Betalo is a service that enables payments to Norwegian bank accounts (“Domestic Payments”). Domestic Payments are collectively referred to as “Payments”. This description is hereinafter referred to as the “Service”.
1.4 These Terms apply to the payment service user (the “User”). By registering for and using the Service, the User enters into an agreement with the Company in accordance with these Terms.
1.5 The Terms and information about the Service are available via the App, the Company’s website or customer service. Statutory information is made available through the Terms and updated as required. Consumers may request a paper copy of the Terms.
ELECTRONIC COMMUNICATION AND LANGUAGE
2.1 The contractual relationship and communication between the User and the Company are conducted in Swedish. The Terms are available in Norwegian. The User may communicate with the Company in Norwegian, Swedish or English.
2.2 The User consents to electronic communication. The User may opt out by notifying the Company in writing.
2.3 Communication may take place via email or within the App.
2.4 Where statutory notice is required, such notice shall be sent directly to the User.
2.5 Notices take effect when received by the User.
2.6 Messages from the User are deemed received when sent through the communication channels provided by the Company.
2.7 The User shall promptly notify the Company of any changes to contact details.
PRECONDITIONS FOR USING THE SERVICE
3.1 The User must be at least 18 years old. In Norway, the Service is available only to users registered as residents in Norway with a Norwegian national identity number. The Service is not offered to persons with protected personal data. Betalo accepts Visa, Mastercard and, for invoice payments, American Express (“Cards”).
3.2 The User shall notify the Company if the User is, or has been, a politically exposed person (“PEP”), or a family member or known close associate of a PEP.
3.3 The Service supports domestic payments to Norwegian bank accounts and invoice recipients.
3.4 Payments to debt collection agencies and enforcement authorities are not permitted. The Company may refuse payments to certain recipients based on issuer-specific rules and its discretion.
3.5 Users intending to make Payments exceeding NOK 500,000 annually must contact customer service in advance.
3.6 The Service may not be used for unlawful purposes, including money laundering, terrorist financing or fraud.
EXECUTION OF PAYMENT TRANSACTIONS
4.1 The User shall follow the instructions provided in the App when initiating a Payment.
4.2 The User is responsible for ensuring that all payment information is accurate and complete.
4.3 Consent to a Payment is given in the App.
4.4 A payment order is deemed received once confirmed in the App.
4.5 Cancellation is subject to time limits and availability.
4.6 Payments are normally executed within three (3), and no later than seven (7), business days.
4.7 Further cancellation rules apply as described in the App.
THE COMPANY’S LIABILITY
5.1 The Company is responsible for the correct execution of authorised payment orders.
5.2 The Company is not responsible for errors caused by incorrect information provided by the User.
5.3–5.5 Liability, refunds and rejected payments are handled in accordance with applicable law and these Terms.
THE USER’S RESPONSIBILITIES
6.1 The User shall use the Service in accordance with the Terms.
6.2 The User may only act on their own behalf and use cards issued in their own name.
6.3 The Service is personal and must not be shared.
6.4 The User shall safeguard security credentials.
6.5 The User shall promptly report loss or unauthorised use.
6.6 The User shall review completed Payments and report errors without undue delay.
6.7 The User is responsible for keeping the App updated.
6.8 Use of American Express Cards (Amex)
Payments made using an American Express card (“Amex”) may only be made for private and personal purposes, in accordance with the applicable American Express Cardmember Terms and Conditions.
6.9 Permitted Payees for Amex Payments
Amex Payments may only be made to payees permitted under Betalo’s and/or American Express’ rules applicable from time to time. The User is responsible for ensuring that all payee information provided is accurate, complete and correct.
6.10 Unauthorised Use of Amex Cards and Consequences
If the User uses an Amex card in breach of clauses 6.8 or 6.9, or intentionally provides incorrect or misleading payee information, this constitutes a breach of the Terms. In such cases, Betalo may, without prior notice, block or terminate the User’s account, stop, refuse or cancel Payments, and claim compensation and contractual penalties for any resulting loss or damage.
LIABILITY FOR UNAUTHORISED PAYMENT TRANSACTIONS
Clauses 7.1–7.7 apply in accordance with the Norwegian Financial Contracts Act.
EXCHANGE RATE
8.1 The Service does not support currency exchange and operates only in NOK.
COSTS AND FEES
9.1 No interest is charged.
9.2 Service fees apply per transaction and are published on the Company’s website.
PROCESSING OF PERSONAL DATA
Personal data is processed in accordance with the GDPR and the Company’s privacy policy.
LIMITATION OF LIABILITY
The Company is not liable for losses caused by extraordinary circumstances beyond its control.
AMENDMENTS
The Company may amend the Terms in accordance with statutory notice requirements.
TERM, BLOCKING AND TERMINATION
The Company may block or terminate the Service in cases of security concerns or material breach, including breaches of clause 6.
RIGHT OF WITHDRAWAL
Consumers have a statutory right of withdrawal in accordance with the Norwegian Financial Contracts Act.
COMPLAINTS AND DISPUTE RESOLUTION
Complaints shall be submitted to the Company. Norwegian law applies and disputes are subject to Oslo District Court, subject to mandatory law.
CONTACT INFORMATION
Betalo AB (publ)
Reg. No. 559245-2931
Engelbrektsgatan 35A, 11432 Stockholm, Sweden
Email: info@betalo.no
POLITICALLY EXPOSED PERSONS
The Swedish Act on Measures against Money Laundering and Terrorist Financing (2017:630) contains provisions concerning customer relationships with politically exposed persons (“PEPs”), including requirements for enhanced customer due diligence.
A PEP is a person who holds or has held a prominent public function, as well as family members and known close associates, as further defined in applicable regulations issued by the Swedish Financial Supervisory Authority.