Last Amended: 12 January 2026

1. Terms of Use

   1. These card terms (“Card Terms”) govern your use of the Immersve virtual prepaid card (“Card").

   Mastercard® and the circles design are registered trademarks of Mastercard International Incorporated. The card is issued pursuant to license by Mastercard International Inc.

   2. A reference to “you” in these Card Terms is to the person or entity who is issued with the Card.
   3. Immersve may amend these Card Terms from time to time by providing you with at least 30 days written notice. You must cease using the Card if you do not agree to the revised Card Terms.
   4. Unless defined in these Card Terms, capitalised terms have the same meaning as in the General Terms.

2. Eligibility

   1. You must:
      1. meet all eligibility criteria prescribed by Immersve; and
      2. satisfy any due diligence checks conducted by Immersve,
      in order to be eligible for the Card.
   2. Notwithstanding section 2(a), Immersve may refuse to make the Card available to you or may recall, suspend or terminate a Card that has been issued to you in its absolute discretion.
   3. You must provide Immersve with complete and accurate contact details and, where necessary, you must update Immersve with complete and accurate contact details.
   4. We are required to comply with AML/CTF Laws. We may require you to provide information to us to enable us to comply with such AML/CTF Laws. We may refuse your application for a Card, delay or refuse to process a transaction in our absolute discretion, including where you do not provide us with any information we request.

3. About the Card

   1. Description
      1. The Card is a payment card that can be used for online and in-store purchases worldwide at merchants who accept Mastercard payment cards as a form of payment for goods and services.
      2. The Card is not a credit card or a charge card, nor is it a debit card linked to a current account, no interest is payable to you on the balance and the funds loaded onto the Card do not amount to a deposit with us.
      3. To use the Card for purchases, you must first load the Card with funds (please see section 5 of the General Terms).
      4. Once loaded with funds, you may use the Card to pay for goods and services. Each time you use the Card, the balance of funds loaded onto the Card will be reduced by the amount of the purchase plus any applicable fees.
      5. Please note that the funds held loaded onto your Card are NOT protected by the Financial Services Compensation Scheme; however, we follow the requirements of the Electronic Money Regulations 2011 which are designed to ensure the safety of funds held on accounts such as this.
   2. What happens in cases where there are insufficient funds on my Card?
      1. If you attempt to pay for a purchase using the Card and you have an insufficient balance of funds loaded onto the Card to pay for that purchase, the payment will be declined. You must have a sufficient balance of funds loaded onto your Card in order to pay for a purchase. The balance of funds held on your Card must not be negative.
      2. If you attempt to pay for a purchase using the Card in a particular currency and you do not hold a sufficient balance of that currency on your Card or the purchase otherwise anticipates a currency that we do not support, the payment will be automatically processed using another currency that you do hold on your Card and a currency conversion rate will be applied (please see section 8 for currency conversion rates).
      3. If you do not hold a balance in another currency upon which to draw funds to cover a payment, your payment will be declined.
   3. Loading funds onto your card
      1. You can load funds onto your Card to use for spending by making a deposit as described in section 5 of the General Terms.

4. Use of the Card

   1. How to authorise a payment
      1. You will need to authorise a transaction before we may charge it to your Card. To do this, you will need to use the Card or the Card number. You may need to take additional steps to authorise a transaction at the time you are paying, for example, you may need to enter details on a merchant’s online payment page, tap your Card at the point of sale in-store or enter your PIN on the key pad. Depending on the circumstances, you may be required to undergo some further security checks at the time such as providing biometric data (e.g. a fingerprint).
      2. If the Card, card number and PIN, biometric data or other security details have been used, we will assume you have authorised the transaction. You must therefore tell us immediately if you do not recognise a transaction that has been charged to your Card and is listed as a transaction in your Card Account.
      3. You cannot cancel a transaction after it has been authorised.
   2. Situations where we may refuse to authorise a transaction
      1. There are certain situations in which we may refuse to authorise a transaction and/or where we may suspend your use of your Card and/or the Card Account. These situations are:
         1. if legal or regulatory requirements prevent us from making the payment or mean that we need to carry out further checks;
         2. if you have infringed this Agreement in a way that we reasonably believe justifies our refusing or delaying your payment;
         3. if we believe that processing your transaction would break this Agreement or that you have not provided all the information we need to make the payment properly;
         4. if the amount is over, or would take you over, any limit that applies to your Card. See limits in section 5.
         5. if there are not enough funds loaded onto your Card to make the payment and cover any fees;
         6. if a bankruptcy order is made against you or you have entered into an individual voluntary arrangement with your creditors;
         7. if, even after doing everything reasonably possible, we will not be able to make the payment on time;
         8. if a third party prevents us from making the payment (for example, a card scheme);
         9. if you owe us money;
         10. if we have asked you for important information we reasonably need and you have not given us that information; or
         11. if we have suspended your account.
   3. Time we will receive the payment order
      1. If your payment order is received by us after 4pm on a business day or not on a business day, your payment order will be deemed received on the following business day.
   4. Execution times
      1. Within the EEA and UK, we will execute any transaction:
         1. in euro;
         2. executed wholly in the UK in sterling; or
         3. involving only one currency conversion between the euro and sterling, provided that:
            1. the required currency conversion is carried out in the UK; and
            2. in the case of cross-border transactions, the cross-border transfer takes place in euro,
         4. by transferring the amount of the transaction to the payment service provider of the payee by the end of the next business day following the receipt of the payment order.
         5. Any other transactions within the UK will be executed no later than four business days following the receipt of the payment order.
         6. If the payment service provider of the merchant is located outside the EEA, we will execute the transaction as soon as possible.
   5. Limits placed on the Card
      1. There may be limits on the amount of funds you can load on to the Card. We may also place limits on using the Card for purchases above a certain amount, from time to time. For further information relating to the limits placed on the Card please see section 5.
   6. Accounting for service charges or tips
      1. When using the Card at certain merchants (such as, for example, hotels or car rentals), an additional amount (typically 10%-20%) may be added to anticipated service charges or tips, temporarily reducing the balance on the Card. This is to ensure there are sufficient funds available to cover the final cost of the transaction and to reduce the risk of a negative balance arising on the Card. If your actual service charge or tip is less than the additional amount added, it may take up to seven (7) days from the date of the transaction before the difference is available to spend. Only the actual amount of the final bill agreed between you and the merchant will be deducted from the Card.
   7. Shortfall
      1. In the unlikely event, a transaction is completed when there are insufficient funds on the Card for that transaction (a "Shortfall"), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the Merchant where the Card was presented, in this circumstance we may seek the Shortfall from the Merchant.
      2. You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount and deduct the amount from the balance of funds loaded onto the Card or from your linked Funding Source. We may also charge the amount of the Shortfall from any other Cards that you hold with us, or any other payment method which you may designate at that time, or against any funds which you may subsequently load onto the Card. Until we are reimbursed the Shortfall amount, we may suspend the Card. In addition, we reserve the right to charge you an administration fee for each transaction that you make using the Card that results in a Shortfall or increases the Shortfall amount on the Card.

5. Purpose

   1. You may use the Card to make payments for goods and services at merchants who accept Mastercard prepaid cards.
   2. No one other than you may use the Card in accordance with these Card Terms.
   3. You are responsible for ensuring the Card is only used to make payments to persons or entities in connection with commercial transactions in compliance with any Mastercard scheme rules, regulations and applicable laws.
   4. The Card cannot be used to make cash withdrawals at any ATM.
   5. The Available Balance has an aggregate daily load limit of USD $5,000 and annual load limit of USD $100,000.
   6. The Card has an aggregate daily spend limit of USD $20,000 and annual spend limit of USD $100,000.
   7. You authorise Immersve to accept, rely, and act upon any instruction received, or purported to be received from you. Where Immersve receives any instruction from a person using the Card and/or Access Details, Immersve shall 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 and shall not be liable for any Loss incurred or suffered by you for complying with such instruction.

6. Expiry

   1. You may only use your Card up until the expiry date which is shown in the Account.
   2. Fees may apply in certain cases. Please see section 13 for fees and charges that may be applicable.
   3. If you do not want your Card to be renewed, you can let it expire without ordering a replacement. Your Card will be deactivated and you will not be able to use it after its expiry. You should withdraw the funds loaded onto your Card prior to expiry or within a short timeframe thereafter. Please see section 6 of the General Terms for how to withdraw funds loaded on to your Card.

7. Transactions

   1. The prepaid value of the Card is equal to the Available Balance at any particular time.
   2. You authorise us to:
      1. debit USDC from the Available Balance to settle any payments made with the Card or discharge any other amounts owing by you under these Card Terms; or
      2. credit USDC to the Available Balance upon receipt of any Refunds or Chargebacks in respect of the Card.
   3. Subject to these Card Terms, Immersve will only authorise a transaction if there is sufficient Available Balance to cover such transaction and the daily and annual spend limits have not been exceeded. If a transaction has been processed despite there being insufficient Available Balance, you will be liable to Immersve to fully make up for the shortfall plus any applicable fees, along with any costs incurred by Immersve and any other third party on recovering or attempting to recover such shortfall from you.
   4. Notwithstanding section 4(c), Immersve may, in its discretion, refuse to authorise any transaction.
   5. 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.

8. Currency Conversion When Using Your Card

   1. All transactions conducted with the Card in a currency other than USD will be processed by Immersve as follows:
      1. for payments, Immersve will convert USDC held in the Available Balance to the currency in which the transaction is denominated;
      2. for Refunds or Chargebacks, Immersve will convert the refunded or returned amounts to USDC,
      (each being a "Currency Conversion")
   2. The Currency Conversion will occur at the time or times Immersve considers appropriate for each transaction.
   3. The Currency Conversion rate is the exchange rate fixed by Mastercard.
   4. You acknowledge that Immersve may authorise a payment or return based on the Currency Conversion rate applicable at the time of authorisation and deduct or credit the corresponding amount from/to your Available Balance. However, if there is a delay between the time in which a transaction is authorised and fully processed, the final amount may be adjusted based on the actual Currency Conversion rate at the time when the transaction or refund is fully processed.
   5. If additional funds are required but cannot be recovered due to an insufficient Available Balance, the outstanding amount will be treated as an overdrawn balance. Any overdrawn balance is payable immediately. Any unpaid amount will be automatically cleared when you make a deposit to your Available Balance.
   6. Fees are payable for each Currency Conversion.

9. Security

   1. You are responsible for the security of the Card and for all transactions and charges incurred under the Card.
   2. You must ensure that you take all steps to safeguard the Card and any security related details (“Access Details”).
   3. You must not disclose the Access Details to any other person or third party.
   4. If you become aware that the Access Details have been stolen, misappropriated, used without authorisation or otherwise compromised, you must notify Immersve immediately.
   5. Immersve may in its sole discretion screen all instructions given by you in relation to the Card before carrying out such instructions. Immersve may, without providing any explanation, refuse to act upon any instruction received from you.
   6. You are fully responsible for regularly checking your transaction history and for reconciling the entries against your own records. You should contact Immersve immediately, and in no event no later than 30 days after, any unauthorised, incorrect, disputed entry is reflected in your transaction history.

10. Unauthorised Use of Card or Incorrectly Executed Transactions

    1. You must suspend the Card and notify Immersve immediately if any of the following events has occurred (each an “Unauthorised Transaction”):
       1. the security of the Card has been compromised;
       2. the Card is lost or stolen;
       3. the Card is damaged or not working properly;
       4. the Card has been retained by an ATM; or
       5. any unauthorised transactions.
    2. You must ensure that you provide the following information when 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 your Access Details and whether you disclosed the Access Details to a third party; and
       7. any other information you know about the Unauthorised Transaction.
    3. Immersve will suspend the Card upon receipt of notification from you until appropriate measures are taken to replace the Card and/or restore security to the Card.

    4. In case of an Unauthorised Transaction or where we have incorrectly executed a transaction, upon your request, we will, without delay, refund to you the amount of the transaction including all fees that we have charged for that particular transaction.

       You will not be entitled to a refund under this section:

       1. where your Card, or the personalised security features used to access your Card Account, are lost, stolen or misappropriated. You will be liable for the first EUR 50 of any unauthorised payments if we believe you should have been aware of the loss, theft or unauthorised use. We will not hold you liable for the first EUR 50 if the unauthorised payment was caused either by our acts or omissions, or those of a third party expressly carrying out activities on our behalf.
       2. Your liability for the first EUR 50 also does not apply to any unauthorised transactions made after you have notified us that the security of your Card or Card Account has been compromised.
       3. if you have acted fraudulently, in which case we will not refund you in any circumstances;
       4. if the payment transaction was unauthorised but you have with intent or gross negligence compromised the security of your Card or Card Account or otherwise failed to comply with your obligations to use your Card or Card Account on the terms of this Agreement. In such a case you shall be solely liable for all losses; or
       5. if you do not let us know about the unauthorised or incorrectly completed transaction without undue delay, and in any event, no later than 13 months from the date of the payment transaction.

11. Refunds and Chargebacks

    1. You may claim a refund for a transaction that you authorised provided that:
       1. your authorisation did not specify the exact amount when you consented to the transaction;
       2. the amount of the transaction exceeded the amount that you could reasonably have expected it to be (taking into account your previous spending pattern on the account, this Agreement and the circumstances of this case);
       3. you requested a refund from us by contacting us at support@immersve.com within 8 weeks of the date the transaction took place.
    2. When you request a refund under this section, we may require you to provide us with evidence to substantiate your claim. We will refund you within 10 business days of receiving your claim for a refund or, where applicable, within 10 business days of receiving any further information we requested - or we will provide you with reasons for refusing the refund. The refund shall be equal to the amount of the relevant transaction.

12. Suspension and Termination of the Card

    1. You may request Immersve to cancel, suspend or terminate the Card by notifying Immersve.
    2. Immersve may suspend or terminate your ability to use the Card at any time without assigning any reason upon notice to you.
    3. Upon suspension or termination of the Card, your access to the Card shall be disabled and you must promptly return the Card to Immersve.

13. Fees and Charges

    1. You agree to pay the fees and charges in respect of the Card as set out in the Fee Schedule, which is available here (“Fee Schedule”). The Fee Schedule is incorporated into these Card Terms.
    2. Immersve will deduct all fees and charges payable by you from your Available Balance.
    3. Immersve may amend the Fee Schedule by providing you with at least 30 days’ notice.