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Last updated: 16 March 2023
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”) and customers (hereinafter individually, the “Customer”) via the “Verse” mobile application (hereinafter, the “Verse App”), and constitute a legal agreement between (i) Verse and (ii) the User or Customer, as applicable, for the provision of the services described herein. These Conditions, including its amendments, and any other supplementary terms related to the use of the services provided by Verse, shall be always made available to Users and Customers within the Verse App.
Users and Customers may at any time access these Conditions through the Verse App or through Verse’s web page (https://www.verse.me/en/).
1.1. Service provider
The company that provides the services governed by these Conditions is Verse Payments Lithuania UAB, a company incorporated in the Republic of Lithuania with company number 304932396, and whose registered office is located at Workland G9, Gedimino pr. 9 (4th floor), LT-01105, Vilnius, 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 and may be found in the public list of payment services providers administered by the Bank of Lithuania, which can be accessed through the following link: 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.
1.2. User or Customer
For the purposes of these Conditions, the term “User” shall have the following meaning:
A natural person who (i) is resident in an EU/EEA country, (ii) downloads the Verse App, and (iii) meets the following requirements:
- signs-up to the Verse App by:
- providing his/her (i) legal first name and surname, (ii) email address, (iii) mobile phone number, and
- meets the requirements established in section 3.1.
- it is assigned with a User Social Account (as defined in section 2.2).
- is only authorized to make use of the Social Services (as defined in section 2.1).
- is not authorized to make use of any of the Financial Services (as defined in section 2.1).
For the purposes of these Conditions, “Customer” shall have the following meaning:
A natural person or legal entity who (i) is resident in any of the EU/EEA countries in which Verse is authorized to provide its e-money and payment services, (ii) downloads the Verse App, and (iii) meets the following requirements:
- it has completed the User Sign Up Process and in addition to this, it has verified its identity by completing the customer verification process (the “Customer Verification Process”).
- meets the requirements established in section 3.1.
- it is assigned with a Personal Customer Account (as defined in section 2.2), with its corresponding account number (IBAN).
- is authorized to make use of both: (i) the Social Services, and (ii) the Financial Services (as defined in section 2.1).
Legal entities must receive prior written authorization from Verse to become a Customer. If approved by Verse, they will be assigned a Customer Business account (as defined in section 2.2).
2. Services description and Account types
2.1 Services description
Verse provides to Users and Customers with the following services via the Verse App:
- “Social Services”: means the social features provided by Verse to its Users via the Verse App which do not imply the use or access to a Financial Service (as defined below), including but not limited to the following:
- The “Social feed”, where Users can see what their friends’ activity.
- The “Groups” feature, where Users can manage their expenses with their friends in a common setting (e.g., trips, flat mates).
- “Financial Services”: means the electronic money and payment services authorized by the Bank of Lithuania provided by Verse to its Customers via the Verse App, and which enable the Customers to:
- Open a payment account at Verse with its corresponding account number (IBAN), where the electronic money issued by Verse would be kept and from where the execution of incoming and/or outgoing payment transactions within the Verse App or outside the Verse App (i.e., to any other account opened within a payment service provider that is licensed within European Economic Area) are performed.
- 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).
For the purpose of providing some of the services indicated above, Verse requires the Customer’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 Customer shall automatically become the owner of a payment account opened by Verse into which the payments received from other Customers 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.
2.2 Account types
Verse provides the following type of accounts to Users and Customers:
- To Users:
“User Social Account”: means the account offered by Verse to Users, for the provision of Social Services only. For the avoidance of doubt, the User Social Account is not a payment account, and consequently:
- It does not have an account number assigned (IBAN).
- No Financial Services are being provided to holders of these types of accounts.
- To Customers:
- “Customer Personal Account”: means the payment account offered by Verse to Customers who are natural persons, for the provision of Financial Services and Social Services, where the electronic money issued by Verse would be kept and from where the execution of incoming and/or outgoing payment transactions within the Verse App or outside the Verse App (i.e., to any other account opened within a payment service provider that is licensed within European Economic Area) are performed.
- “Customer Business Account”: means the payment account offered by Verse to Customers who are legal entities, for the provision of Financial Services and Social Services where the electronic money issued by Verse would be kept and from where the execution of incoming and/or outgoing payment transactions within the Verse App or outside the Verse App (i.e., to any other account opened within a payment service provider that is licensed within European Economic Area) are performed.
3. Verse App’s Operation
3.1. Common requirements for Users and Customers
To benefit from the services provided by Verse, in addition to the requirements laid down in section 2, Users and Customers must comply with the following requirements:
- Be above 18 years of age.
Minors over the age of 14 may use Verse’s services (i.e., Financial Services and Social Services) only if the following criteria is met:
- The minor must submit written consent from their parent or legal guardian, as required by Verse.
- Verse must approve the opening of the respective account (i.e., User Social Account or Personal Customer Account).
- Possess an intelligent mobile device (hereinafter, the “Smartphone”) with sufficient Internet connection, and an active mobile phone number associated with a contract issued by a mobile service provider in one of the EU/EEA Countries where the Verse App is available in the Apple or Google Play stores.
- Not have another account opened with Verse.
3.2. User Sign-Up Process and Customer Verification Process
During the User-Sign Up Process and the Customer Verification Process, Users and Customers must provide any information requested by Verse to help Verse complete any of said processes, as applicable.
Customers will be allowed to use the Financial Services only upon successful completion of all the checks required under the Customer Verification Process, as well as any other information that may be required from Verse from time to time to comply with applicable laws.
Users and Customers guarantee that the personal data provided to Verse is truthful, complete and accurate. To this effect, Users and Customers are 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. Users and Customers 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, hereby represent that they have informed third parties of whom they may have facilitated their data, and that they 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 applicable data protection regulations.
Verse has a right to refuse to register the new User or Customer 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.
3.3. Identification credentials
The telephone number linked to the Smartphone where the Verse App has been downloaded to will constitute the identification credential for the Customer or User and shall serve as an identifier for the transactions that are conducted by any of them via the Verse App.
For this reason, Users or Customers may not change the telephone number associated with their respective accounts. Should they wish to associate a different number to their account, they must open a new account and the old account will be closed.
Users and Customers may possess only one Verse Profile linked to one phone number.
3.4. Verse Profile
When Customers or Users register and have their respective accounts successfully created in their Verse App, a personal profile is created for them (hereinafter, the “Verse Profile”). The Verse Profile is personal and only its owner, i.e., only the User or Customer, has the right to use it. Data relating to the Customer or User’s name, their Verse App unique identifier (“VerseTag”), and profile photo associated with his/her account User Account form part of the Verse Profile. Said data may be seen by other Users or Customers that have installed the Verse App, all of which is hereby expressly authorized by the relevant User or Customer, as applicable.
The Verse App has search engines that enable Users and Customers to search for and be found by other Users or Customers, 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, Customers can make payments to: (i) the Customer Personal Accounts or Customer Business Accounts of other Customers (listed in the contacts list on User’s Smartphone), and also (ii) to individuals or legal entities who are not Customers of the Verse App.
To make a peer to peer (person to person) payment, the Customer 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 Customers’ accounts can only be topped-up with a debit or credit card (including Apple Pay and Google Pay), by bank transfer (external bank transfer coming from the Customer and/or a third party’s bank account), or by in-app transfers from another Customer. The payment amount will be credited to the receiving Customer account and debited from the Customer account of the Customer issuing the payment. If the beneficiary is not a Customer of Verse, they will be sent an invitation via SMS in the name of the Customer to download and register with the Verse App. If following seven (7) days since the invitation was sent, the beneficiary does not become a Customer, the sum transferred by the Customer issuing the payment will be returned to his/her account.
Users and Customers 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 Customer’s account. Supported currencies include EUR, SEK, NOK, CZK, HUF, DKK, PLN, RON and BGN. Verse reserves the right to change supported currencies and will notify the relevant Customers of said changes.
The consent of the Customer for the execution of the transaction shall be submitted prior to the execution of the payment transaction. The Customer 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
4.2.1 Receiving money
The Customer may request money from Customers and non-Customers of the Verse App. The currency of the Customer’s account will be that of the country of the phone number used to register. In any case, when the Customer selects the amount that it wants to send in a different currency, the Customer will be provided with an offered exchange rate and with request for transaction approval.
To this end, the Customer must enter the exact sum that it wishes to receive into his/her account, 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 Customer via the Verse App asking them to proceed to order payment under the terms requested or reject it. Afterwards, the Customer can also send a reminder via SMS or mobile application ‘Whatsapp’. If the contact selected by the Customer to send the payment is not a User or Customer of the Verse App, they will be sent an invitation via SMS in the name of the Customer to download and register with the Verse App.
4.2.2 Sending Money
To send money outside the Verse network, the Customer must enter the exact amount to be transferred and the IBAN number for the recipient’s bank account, thereby authorizing the execution of the payment transaction. The Customer may only transfer funds to a third party who holds an account with a payment service provider operating in the European Economic Area.
Verse will initiate the withdrawal from the Customer’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 Customer’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. Verse shall be entitled to cancel those transactions, if it suspects such behavior takes place. To this end, Verse will initiate a refund to the depositing card. Verse is also entitled to limit the Customer’s withdrawals. In case of cancellation of the transaction and limitation of the withdrawal the Customer 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 Customer account implies the redemption of e-money from the said account into cash via ATM network.
4.5. E-money wallets
Customers can create and manage several e-money wallets through their Customer account. Each e-money wallet will have its own balance, and all e-money wallets will reflect the overall balance of the Customer account. By making use of this feature, Customers can: (a) select a main ‘default’ e-money wallet, from where their payments will be deducted or credited, (b) transfer/move e-money between Customer’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 User Account debiting, where a payment transaction is initiated by the payee based on the Customer’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 of the Customer account indicated by the User for the purposes of the SEPA direct debit execution; iii) the funds are deducted automatically; apart from the SEPA direct debit service request no subsequent payment orders from the Customer 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 Customer, as the Customer account holder (and e-money wallet holder), must always be a 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 Customer 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 Customer via Verse App. If the Customer wants to indicate several payees authorized to place SEPA direct debit orders to Verse, the Customer 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: Customer’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 Customer is considered to have 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 Customer agrees to the transfer of funds from the Customer’s e-money wallet specified in the Customer’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 Customer; no subsequent placement of the payment order(s) by the Customer 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 Customer’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 Customer’s instruction to Verse to pay the respective SEPA direct debit payment amount.
Execution of the SEPA direct debit payment
The Customer must ensure a sufficient balance of the e-money wallet indicated in the Customer’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 Customer 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 Customer’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 Customer’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 Customer or third parties, if the SEPA direct debit order is not executed because on the payment date the balance of the indicated Customer’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 fulfill 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 Customer 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 Customer’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 Customer’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 Customer has indicated the validity period of the consent for a SEPA direct debit service, the Customer 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 Customer’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 Customer’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 Customer 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 Customer 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 Customer 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 Customer 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 Customer will be treated by Verse as Customer’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 Customer 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
Customers can schedule a payment to another Customer 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, Customers 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 Customer, not the payee.
Verse shall have a right to apply limits for recurring payments, but Customers can always execute payment transactions manually in the Verse App.
Customers 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
Customers can enable automatic top-ups to their Verse Customer’s account (i.e., establish a function of automatically adding funds to the Customer’s account from debit or credit cards associated with accounts opened with other payment service providers). To start using this service, Customers shall grant their express consent in Verse App.
Customers 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 the Customer’s account. The Customer needs to set up the minimum amount which the Customer’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 Customer’s account balance falls below indicated threshold.
Verse shall have a right to apply limits for automatic top-ups, but Customers can always add more funds to Verse account manually in the Verse App.
Customers 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
Customers can create Basic events and Unlimited events through the Verse App.
Basic events feature:
Through the Basic events feature, a Customer (“Host”) can create an event in the Verse App (“Event”), under which it can invite other Users or Customers to said Event. Customers attending the event will be able to pay the Host for the Event’s “ticket”.
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 free of charge for Hosts.
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 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, and shall always be available in the Events section of the Verse App.
Unlimited events are available for all Customers.
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
Customers have a right to participate in the Verse Cashback Rewards program. Through their participation in the rewards program, Customers 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 Customer may access their payments history via the Verse App, for any transactions conducted using their Customer account and Verse card as well as card balances.
The Customer 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. Payment transactions framework
5.1. Payment order consent and authorisation
In order to execute a payment transaction, the Customer 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 Customer to execute the payment transaction which cannot be canceled.
5.2. Irrevocability and cancellation of a payment operation
Authorized payment order submitted by the Customer 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 Customer, including but not limited to, correctness of the details of the payment order submitted by the Customer. If the payment order submitted by the Customer 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 Customer does not to have sufficient funds in the Customer account for execution; (ii) If the Customer 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 Customer or 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 Customer 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 Customer 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 Customers within the Verse App requires that both possess a Customer account at Verse, resulting in an immediate execution period (where Customer 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 Customer does not choose instant SEPA payment option).
The value date for the payment into the Customer account cannot be later than the effective date on which the payment operation amount is paid into the Customer account with the payment service provider.
The value date for the debit against the Customer account of the issuer of the order cannot pre-date the moment the payment operation amount is charged against said Customer account.
Verse is entitled to establish payment operations limits for the accounts of its Customers Account, including but not limited to, annual limits for accumulated payments made from or received into said accounts.
The Customer 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 commissions
The Verse App is currently free to download.
However, Verse may apply a monthly fee of €3 to inactive Customer accounts. For these purposes, any Customer 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 Customer account is inactive. Verse will never use this fee to put an account in a negative balance.
Additionally, Verse also applies the following fees:
- Instant SEPA payments (as described under Section 4.2 of these Conditions). Fees for instant payments amount to 1.5% of the payment transfer amount, but in any case, not less than € 0.19.
- Card deposits. Customers may add up to 1,500€ per month to their Customer Personal Accounts or Customer Business Account, as applicable, free of charge through a debit or credit card. Upon reaching the 1,500€ limit, for each additional deposit made by a Customer on a given month on its account, through a debit or credit card, Verse will charge a 2% fee on the amount of said deposit. This fee will only apply to the extra amount that the Customer deposits on its account which exceeds the 1,500€ limit.
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 or Customer, as applicable. Other fees may apply if the User or Customer 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 Customers 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 Customer 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
Users and Customers must be always careful and take all actions to safeguard the personalized security data of the Verse App and their 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 or Customer must provide all known information about illegal logins to its account, or other illegal actions related to said 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. Blocking of account and information of the incident
In case the Customer’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 Customer’s account and/or his/her Verse card, the Customer may block the Verse card and/or his/her account by himself via the Verse App, via email (firstname.lastname@example.org) or by phone +34 93 220 48 59. If the Customer’s Verse card is found and the reasons for the blocking cease to exist, the Customer may cancel the blocking by confirming it via the Verse App.
Verse has the right to block the accounts of its Customers and Users:
- In the event of suspect, fraud or any threats relating to the security of (i) Customer‘s and/or User’s information and, in the case of Customers, the security of the funds available in the Customer’s account, and/or (ii) security of the Customer’s Verse card, (iii) suspected unauthorized or fraudulent use of funds available in the Customer’s account and/or the Customer’s Verse card;
- In the event of the User’s and/or Customer’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 (i) Verse, and (ii) the User or Customer.
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 Verse card.
Verse will inform Users and Customers about the blocking of their accounts and/or their Verse card (in the case of Customers) via the Verse App, email or SMS depending on the type of incident. Verse will do its best to notify the relevant User or Customer about the blocking before the blocking and no later than immediately after the blocking.
The block of the User or Customer account may be revoked after security of the respective account is restored. The block of the User or Customer account and/or the Customer’s Verse card may be revoked when the reasons for the blocking cease to exist or security of the respective account and/or the Customer’s Verse card is restored.
8.3. Customer’s notifications regarding unauthorized or incorrectly executed payment transactions
The Customer must, at least once a month, check the information about payment transactions executed on its 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 Customer, executed an unauthorized payment transaction or incorrectly executed a payment transaction.
The Customer 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 Customer’s account.
If the Customer fails to notify Verse of unauthorized or incorrectly executed payment transactions within the time limit established above, it shall be considered that the Customer has unconditionally confirmed payment transactions executed in the Customer’s account.
At the request of the Customer, 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 Customer bears all the losses that have arisen due to unauthorized payment transactions for 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 the Verse card.
The Customer 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 these Conditions, due to fraudulent or deliberate acts or gross negligence.
The Customer 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 its Verse card, unless the Customer 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, Mastercard).
If the Customer 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 Customer 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, except for the cases when the Customer 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 Customer has acted unfairly.
If Verse becomes aware of an unauthorized payment transaction, Verse shall return the amount of the unauthorized payment transaction to the Customer and, where appropriate, restore the balance of the Customer’s 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 and Customer’s Obligations and Liabilities
Users and Customers assure that all their actions related to the execution of these Conditions will comply with the applicable law.
Users and Customers are fully liable for the correctness of their data, orders, and documents submitted to Verse.
Customers and Users are 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;
- in the case of Customers: executing or receiving transfers of illegally acquired funds, if the Customer is aware of or should be aware of it;
- having more than one account opened with Verse;
- opening an account with Verse using a fictitious or someone else’s name without a valid and updated power of attorney;
- opening an account or otherwise, making use of Social Services or Financial Services through anonymous phone numbers or email addresses provided by them or by other individuals or websites;
- making use of the Social Services or Financial Services for activities which are prohibited by the law, or which contradict public order and moral principles;
- disclosing passwords and other personalized safety features of User’s or Customer’s account or the Customer’s Verse card to third persons and allowing other persons to use services under the name of the User or Customer, as applicable.
Users and Customers 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 or Customer.
Users and Customers are responsible and undertake to reimburse any losses incurred by Verse, other Users or Customers, and third parties in connection to their and the use of Social Services or Financial Services in violation of the present Conditions or its supplementary agreements.
Verse has the right to demand additional information and/or documents related to the Users and Customers, and the transactions executed by them, in the case of the latter. Verse also has the right to (i) suspend a Customer transaction until such Customer provides additional information and/or documents related to the suspended transaction, and (ii) request the Users and Customers to periodically update its personal information and/or submit the necessary documents to validate the information originally provided by the relevant User or Customer. If the User or Customer does not provide the information and/or documents required by Verse within a reasonable time period, Verse has the right to immediately suspend the provision of all or a part of the Financial Services and/or Social Services to the relevant Customer or User, as applicable.
9.2.2. Verse Obligations and Liabilities
Verse is not liable for:
- money withdrawal and transfer from the Customer’s account and for other payment transactions with funds held in such account if the Customer had not protected their PIN or passwords, and as a result they have become known to other persons, and 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 fulfillment 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 Verse 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 Customer’s account, and for the other party, which receives payments from the Customer’s account, not complying with terms of any agreement;
- for a failure to fulfill 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 Users, Customer 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:
Users and Customers accept that the communications and notices from Verse and addressed to them regarding this contract, may be sent using a durable medium via their email address or via the Verse App.
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 General Claims or Inquiries
11.1. Complaints regarding the provision of Financial Services
In the event Customers’ rights and (or) legitimate interests have been violated in relation to the provision of Financial Services or agreements concluded with Verse, Customers may submit a written complaint to Verse (the “Complaint”), through any of the following means:
- By sending an email to firstname.lastname@example.org, with indication in the subject that it is a formal Complaint, or
- By sending a written notice to the customer support service of Verse, to the following address: Workland G9, Gedimino pr. 9 (4th floor), LT-01105, Vilnius, Republic of Lithuania.
The filing of Complaints and the Complaints handling process at Verse is free of charge.
When submitting a Complaint, the Customer shall (i) state all the circumstances of the dispute, and (ii) present the supporting documents that will serve as a basis for the validity and examination of said complaint. If the Customer bases their complaint on documents which Verse does not possess, the Customer shall also submit such documents or their copies.
Verse shall examine the Customer’s complaint not later than within 15 business days from the day the claim was received, and provide the Customer 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 Customer 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. Verse’s decision or final response on the Complaint shall be provided to the Customer in writing.
If the Customer is not satisfied with the decision made by Verse or does not receive the decision within the time limit specified above, the Customer 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 counted as of the date in which the Complaint was submitted to Verse, protect their Customer 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, Republic of Lithuania, 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 Customer, as provided by the procedure established by the law.
Complaints shall be handled and examined in accordance with the procedure set out in the Customer Complaints Policy 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.
11.2. General claims or inquiries
Customers and Users may also file general claims or inquiries in connection to the provision of the Financial Services (not regarded as Complaints) and/or the Social Services, by sending an email to email@example.com. Verse shall issue its response to said general claims or inquiries in writing.
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 account opened by the respective User or Customer with Verse.
12.1. Termination at the User’s or Customer’s initiative
Customers may exercise, their right to withdraw from these Conditions within 14 calendar days from agreeing to them without giving any reason, by using the Verse App’s account deletion functionality or by sending an email to firstname.lastname@example.org from the User’s address provided during the Verse App registration process.
Users and Customers shall have the right to terminate these Conditions by notifying Verse of such termination within the immediate effect. In the case of Customers: they must withdraw any balance that may exist in their account prior to termination or transfer the remaining fund to the selected bank account by the Customer (in case of funds transfer, these Conditions can be canceled only after execution of the transaction).
Without prejudice to the foregoing, Users and Customers may at any time delete their accounts by using the “account deletion” functionality available in the Verse App for this purpose.
Where a Customer requests to terminate these Conditions, Verse shall issue to him/her free of charge, via the Verse App or by email, the Customer’s account statement containing information on payment transactions executed by said Customer Account within the last 36 months. The Customer’s account statement must be provided immediately after termination of these Conditions.
Termination of these Conditions shall not exempt the User or Customer 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 or Customer 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 relevant User or Customer.
Termination of these Conditions shall not exempt Users and Customers from the due discharge of all obligations to Verse arising before the day of its termination. Payment transactions initiated by Customers 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 relevant Customer.
12.3. Changes to 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 or Customer’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
Users and Customer hereby grant their express consent to the use of telematic acceptance means 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 institution, 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 and/or the Customer’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).
Users and Customers expressly accept that Verse may store 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 Users and Customers accept, 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 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, Customer, 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 Users and Customers 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 and Customers that violate or infringe its intellectual and/or industrial property rights.
Users and Customers are responsible for checking that the Verse App is compatible with their Smartphone and are therefore liable for any damage that may arise from their 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 to the 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.
To the maximum extent permitted by applicable laws, Users and Customers confirm that, by accepting these Conditions, they understand the English language and agree to communicate with Verse in said language, including the submission and resolution of any claims and 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
From time to time, Verse may offer referral programs or incentives for inviting others to use the Verse App and benefit from its services (a “Referral Program”). Any bonuses or incentives awarded under the Referral Programs will be subject to (i) the Referral Program rules established in this section, and (ii) the applicable Referral Program terms available on the Verse App.
How it works:
- The parties in the Referral Program are:
- The existing Customer: a Customer who has an active account with Verse, and who provides a referral link to the Referred Person (as defined below).
- The referred person (“Referred Person”): means a natural person who (i) does not have an account with Verse and (ii) becomes a Customer by (a) using the referral link provided by the existing Customer, and (b) completing the Customer Verification Process, and (c) opening a Customer Personal Account with Verse.
- Verse will generate a personal referral link to existing Customers, so that they can share it with others. This link will be available in the Verse App of the existing Customer.
- Per each new Referred person that registers in the Verse App using the referral link sent by an existing Customer, Verse will pay to the existing Customer and the Referred Person a referral bonus.
- The referral bonus amount will be displayed in the applicable Referral Program terms available on the Verse App. The requirement to register using the referral link sent by the existing Customer is mandatory. If the Referred Person does not register to the Verse App using said link, no referral bonus will be awarded by Verse.
Referral Program rules:
- Each Referred Person can only receive and use one invitation form an existing Customer.
- If a telephone number has already been registered with Verse, the Referred Person registering to the Verse App using said telephone number will not be able to participate in the Referral Program, nor receive any bonuses.
- The debit or credit card added by the Referred Person to top up its Customer Personal Account should not have been previously used or registered by another existing Customer.
- A Customer who deletes its account will not be able to register again in the Verse App as a new Customer with a referral link sent by another existing Customer.
- Customers are not allowed to make use of the Referral Program for commercial purposes.
- Verse reserves the right to:
- remove the invitations or referral links from existing Customers in case of abuse of the Referral Program.
- remove the referral bonuses from the accounts of the existing Customers and Referred Persons if, at Verse’s sole discretion, it believes that said bonuses were earned in a dishonest or unfair manner, and or in violation to these Conditions or applicable law.
- change at any time, and without prior notice to Customers, the Referral Program terms displayed in the Verse App.
- change the bonus amount at its sole discretion.