Terms of Use - Immersve Virtual Prepaid Card

Last Updated: 13 June 2024

  1. Terms of Use

    IMMERSVE PTY LTD (ABN 93 658 192 057) is the issuer of the Mastercard prepaid card (“Card”). This document contains the conditions that apply to the Card (“Terms”). Use of your Card constitutes your acceptance and agreement to be bound by these Terms.

    If you do not agree with these conditions, do not apply for or continue to use the Card.

  2. Eligibility

    You must meet all eligibility criteria stipulated by Immersve and satisfy any due diligence checks prescribed by Immersve to be eligible for the Card. You must provide Immersve with information reasonably requested for the purposes of these Terms, including documentation to confirm your identity or financial affairs. You warrant that the information you provide to us is true, accurate and complete in all material respects.

    Notwithstanding the above, Immersve may refuse to make available the Card to any Cardholder or to recall, suspend or terminate a Card that was previously made available to a Cardholder.

    The Card remains the property of Immersve at all times and may be recalled or replaced by Immersve at any time in its absolute discretion.

    You must provide us with complete and accurate contact details and you must contact us to update them when they cease to be accurate and correct.

  3. Purpose

    No one other than the Cardholder is entitled to use the Card. The Cardholder must only use the Card in accordance with applicable laws, the Mastercard scheme rules and these Terms.

    Each Card is applied for and issued to individuals for the purpose of making payments for goods or services at merchants who accept Mastercard prepaid cards. The Card cannot be used to make cash withdrawals from any ATM or other service provider.

    The Card can only be used in respect of lawful transactions and in accordance with the Mastercard rules, applicable laws and regulations. The Card must not be used in connection with any illegal activities, including with respect to sanctions, money laundering or terrorism financing.

    There are risks when authorizing your Card to be used over the telephone or online. In doing so, you are providing authority to the merchant to process the transaction for the purchase amount. Before providing authority, you should consider the security and reputation of the merchant you are doing business with. It is recommended you check the conditions relating to your transaction before completing the transaction.

  4. Changes / Variation of Terms

    We retain the right to vary these conditions. We will provide you with at least 14 days notice of any change. Changes will be published on our website.

  5. Acceptance

    By applying for and using your card you are deemed to have accepted these Terms.

  6. Limitations

    The maximum card and/or cardholder account load amount is USD $5,000 daily and USD $100,000 annually (Transaction Limits)

    Immersve will authorize a transaction only if there is sufficient Available Balance in your account (Account) to cover such transaction and the Transaction Limits have not been exceeded. If a transaction has been processed without there being insufficient Available Balance, you will be liable to Immersve to make up for the shortfall plus all applicable fees.

    Notwithstanding the above, Immersve may, in its absolute discretion, refuse to authorise any transaction.

  7. Funding a card

    You are solely responsible for ensuring that there is a sufficient Available Balance from which your Card can be used. “Available Balance” means the total balance of funds received by Immersve in USDC (“Supported Currency”) in respect of the Cards which are no longer subject to a right of recall initiated by the provider from which the funds are sent. We will not be liable in making up for any shortfall in the Available Balance.

    The funding of a card is carried out through the transfer of a digital asset to a smart contract or to an Immerve wallet as instructed.

    When you apply for a card we may request the transfer of digital assets as a condition of the card issuance.

  8. Currency Conversion when Using your card

    Using your card for foreign currency transactions is subject to exchange controls or other government requirements.

    When your card is presented to a merchant for the purpose of conducting a transaction, that transaction will be denominated in a currency determined by the merchant. At the time that Immersve is asked to authorize a transaction, Immersve will determine the corresponding amount of funds as denominated by the funding digital asset to be deducted from the account after conversion from the originating currency of the transaction based on the prevailing foreign exchange rate at the time of the processing of a transaction.

    There is sometimes a delay between the time that you interact with a merchant and have the transaction authorized and the time that a transaction is fully processed or completed by the merchant. As funds are deducted from your available balance at the time of authorization, there may be a difference between the prevailing exchange rate at time of authorization and the rate as at the completion of the transaction. If this occurs then the amount of the transaction will be adjusted to reflect the amount as at the time of completion of the transaction. This might result in an amount to be returned to your account or to a further amount to be collected from you. Where an amount to be collected cannot be recovered given the balance of the account at that time then this shall be considered to be an overdrawn balance.

  9. Security

    You are solely responsible for the security of the Card and for all transactions and charges incurred on the Card.

    You must take all reasonable steps to safeguard the Card and any security related details (“Access Details”).

    You must not disclose any Access Details to a third-party. If you disclose any Access Details to a third-party, you will be liable for all losses incurred in connection with the Card.

    If you become aware that any Access Details have been stolen, misappropriated, compromised or used without authorisation, you must notify Immersve immediately. Any delay or failure to notify Immersve may result in you being liable for all transactions and losses incurred in connection with the affected Card.

    You authorise Immersve to accept, rely and act upon any instruction received, or purported to be received from you. If Immersve receives any instruction from a person using the Access Details, Immersve will be entitled to treat such instruction as having been received from you. Immersve is under no obligation to check the authenticity or accuracy of any instruction received from you and will not be liable for any losses incurred or suffered by you for complying with such instruction.

    Immersve may in its sole discretion screen all instructions given by you in relation to the Card before carrying out such instructions. Immersve may refuse to act upon any instruction received from you in its absolute discretion and without providing any reason.

    You are taken to have consented to all transactions made through the Card. You cannot cancel any transaction after it has been authorised by Immersve.

  10. Unauthorised Use, Loss or Theft of Card

    You must notify Immersve immediately if any of the following events occur:

    1. the security of the Card has been compromised; or
    2. the Card is lost or stolen; or
    3. the Card is damaged or not working properly; or
    4. any unauthorised transactions, (each an “Unauthorised Transaction”)

    You must ensure that you provide any of the following information that is requested by Immersve:

    1. details of the Card;
    2. your identification information;
    3. the type of authentication device, access code and device used to perform the Unauthorised Transaction;
    4. whether the Card, authentication device or Access Details was lost, stolen or misused;
    5. the date and time of the loss or misuse and the date, time and method that the loss or misuse, was reported to the police;
    6. how you safeguard the Access Details and whether you disclosed the Access Details to any third-party; and
    7. any other information about the Unauthorised Transaction you know or suspect.

    Immersve will suspend the Card upon notification from you until appropriate measures are taken to replace the Card and/or restore security to the Card.

    You will be liable for all transactions made via the Card prior to the notification. Any delay in or failure to notify Immersve immediately may result in you being liable for all transactions and losses incurred in connection with the Card.

    Where Immersve receives a report of an Unauthorised Transaction, it will investigate the circumstances of the Unauthorised Transaction and provide with a written report of the outcome of the investigation. If the investigation is decided in your favour, Immersve will credit the Card with the amount charged on the Card due to the Unauthorised Transaction (“Unauthorised Loss”). You agree that any Unauthorised Loss credited to the Card may be different to the amount originally processed to the Card due to exchange rate fluctuations or the Unauthorised Loss received may only be a partial refund of the original amount.

  11. Liability for Unauthorised Transactions

    You are solely liable for all losses arising from any Unauthorised Transactions that occurs under the Card on or prior to the time you notify us in accordance with clause 10.

    You will not be liable for any losses arising from Unauthorised Transactions that:

    1. occur after the time you notify us in accordance with clause 10;
    2. are caused by Immersve’s breach of these Terms, fraud or wilful misconduct.

  12. Merchant Refunds

    Merchant refunds will be credited to your account.

    If you wish to receive a refund after you have conducted a transaction with a merchant with the Card (Refund), you should approach the merchant directly. If the merchant decides to process your request for a Refund, Immersve shall credit the Card with the Refund after Immersve has received the Refund from the relevant merchant.

    If you wish to receive a refund from a merchant in respect of a disputed transaction (“Chargeback”), Immersve may, in its discretion, file a formal dispute with such merchant on your behalf provided you comply with Immersve’s request for information and assistance (including providing Immersve with all relevant documents and in such format as requested by Immersve). If the dispute is resolved in your favour, Immersve shall credit the Card with the Chargeback amount it has received. You acknowledge and agree that the decision regarding the validity and value of any Chargebacks is valid and binding. Immersve shall not be obliged to investigate or defend the validity and/or value of any Chargeback.

    You acknowledge and agree that:

    1. any claim with respect to a Chargeback shall be extinguished unless it is raised to Immersve within 90 days from the date of the transaction; and
    2. any Refund or Chargeback may be different to the amount originally processed on the Card due to exchange rates fluctuations or the amount received with respect to any Refunds or Chargebacks may only be a partial refund of the original amount.

  13. Fees and Charges

    There are no fees for the application of and issuance of your card.

    Foreign currency conversion fees may apply.

    By using your Immersve prepaid card you are agreeing to pay these fees. A full list of fees can be found here.

    Such Fees are deducted from the Available Balance. If the outstanding Fees and any other amounts due under these Terms exceed the Available Balance, such shortfall represents a debt immediately due and payable on demand (“Demand Date”).

    A late interest of 1% each month will be charged on any unpaid amounts owed under the Card for the period beginning on the Demand Date and ending on the date such outstanding amounts are paid in full.

  14. Suspension and Termination of the Card

    You may cancel, suspend or terminate the Card by providing written notice to Immersve.

    Immersve may immediately suspend or terminate your ability to use the Card by written notice to you if:

    1. you commit a material breach of these Terms which is not capable of remedy, or if capable of remedy, is not remedied to Immersve’s reasonable satisfaction within thirty (30) days of service of a notice requiring such remedy;
    2. you become bankrupt or otherwise unable to pay your debts as and when they fall due;
    3. Immersve (i) is required to do so pursuant to an order from regulatory authorities, Mastercard or applicable laws or (ii) reasonably believes that the Card is used for any purpose contrary to applicable laws or any unauthorised or fraudulent use; or (iii) considers that the security of the Card has been compromised;
    4. the results of any “know your customer” or other similar checks or screenings under applicable laws or regulations conducted on you are unsatisfactory or if Immersve determines in its reasonable discretion, that continuing the Card service could cause reputational, regulatory, financial or operational harm to Immersve.

    Upon suspension or termination of a Card, your access to the Card shall be disabled and you must return the Card to Immersve or otherwise dispose of it in accordance with Immersve’s reasonable directions.

  15. Privacy and Consent to Disclosure Use of Personal Information

    You represent and warrant that you have the legal right to disclose or provide any information disclosed or provided by you to Immersve or otherwise collected during the duration of the Card (“Personal Information”) and any data derived from Personal Information may be disclosed to: (i) Immersve’s employees, officers, agents and contractors; (ii) related entities of Imemrsve; (iii) third parties who process transactions submitted by merchants on the Mastercard network; (iv) processors and suppliers Immersve or Mastercard may engage; (v) the providers of services and benefits associated with the Card; (vi) consumer credit bureaus, collection agencies and lawyers; (vii) parties who accept the Card in payment for goods and/or services purchased by you; (viii) parties who distribute the Card; (ix) Mastercard; (x) banks, financial institutions, government agencies, statutory boards or authorities in Australia, New Zealand or elsewhere; (xi) anyone to whom Immersve may transfer contractual rights; and (xii) any other party set out in our Privacy Policy which is available here.

  16. Terms and Conditions Set by Third Parties

    In addition to these Terms of Use, other financial institutions who are a party to the EFT system may impose conditions.

  17. Intellectual Property

    You agree that the Immersve web-pages (including service marks, logos and trademarks), applications, process and systems, and deliverables produced by Immersve for purposes in connection with these Terms (including without limitation, reports, compilations and databases in any and all media) and the Card (collectively, Immersve IP) are and shall remain the exclusive property of Immersve and are protected by copyright law or other intellectual property laws. You agree that no copyright or other intellectual property rights, title or interest, whether express or implied, in any of Immersve IP shall be acquired by you, except to the extent expressly contemplated in these Terms. You shall not distribute, disclose, sell Immersve IP or permit use of Immersve IP by, any third party whether in whole or in part without the express written consent of Immersve. You shall not, directly or indirectly, copy, modify, decompile, disassemble, reverse engineer or otherwise attempt to derive or discern the source code or internal workings of Immersve IP. You may not: (i) reproduce any part(s) of Immersve IP in any form; (ii) create any derivative work based thereon; (iii) incorporate the site into other websites, electronic retrieval systems, publications or otherwise.

  18. Immersve Liability and Disclaimer

    We will not be liable for indirect damage or loss from the use or the attempted use of the card other than in accordance with these terms of use.

    You agree to indemnify, defend and hold harmless Immersve and its respective Representatives from and against any and all losses whatsoever and howsoever arising which Immersve may sustain, incur, suffer or pay in connection with your breach of these Terms.

    Immersve makes no representations or warranties, express or implied, as to:

    1. the satisfactory quality, fitness for a particular purpose, no infringement and performance or otherwise of the Card and any other services provided in related thereto; and
    2. any products and services provided by a service provider or any other third party and shall not be liable for (i) the delivery, quality, safety, legality or any other aspect of goods or services that you purchase from third party merchants using the Card; (ii) if certain merchants refuse to accept payments made via the Card.

    To the extent permitted under applicable laws, Immersve shall not be liable to you for any damages or losses of any kind whatsoever (however arising, regardless of the nature of the claim or the form of cause of action) in connection with these Terms, the Card and any other services provided in related thereto. You acknowledge and agree that the exclusion and limitation of liability in this section are reasonable having regard to all relevant factors, including the nature of the services provided and the allocation of risk and liability between the parties.

  19. Anti-money Laundering, Countering of Terrorism and Sanctions

    We are required to comply with money-laundering and countering terrorism financing and trade sanctions laws and regulations within New Zealand and any other country. We may require you to provide information to us to enable us to comply and you agree to provide such information as required. We may refuse your application for a card, delay or refuse to process a transaction, without liability, if we do have the information required.

    You certify that when completing a transaction, it will not, to the best of your knowledge, breach any regulation in New Zealand or any other country.

    Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.