Last Amended: 28 Feb 2025

1. Terms of Use

   1. These card terms (“Card Terms”) govern your use of the Immersve virtual prepaid card (“Card”).
   2. The Card is issued by Immersve.
   3. A reference to “you” in these Card Terms is to the person or entity who is issued with the Card.
   4. 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.
   5. 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. The Card will be valid for the period stated on the Card (“Validity Period”). Any renewal or replacement of the Card will be at Immersve’s discretion.
   4. You must provide Immersve with complete and accurate contact details and, where necessary, you must update Immersve with complete and accurate contact details.
   5. 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. 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 during the Validity Period 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.

4. 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, in the Preference Order, digital currencies 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 Tokens to your Available Balance in Preference Order or otherwise as governed by the terms between you and the Exchange upon receipt of any Refunds or Chargebacks in respect of the Card.
   3. Unless we otherwise agree, the Tokens allocated with the highest preference in the Preference Order will be exhausted first before any lower-preference Tokens are used to discharge any amounts owing under these Card Terms. If the balance of the highest-preference Token is insufficient, then the balance of that Token will be applied towards the amount owing with the residual being satisfied by the next-preference Token and so on.
   4. 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.
   5. Notwithstanding section 4(d), Immersve may, in its discretion, refuse to authorise any transaction.
   6. 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.

5. Currency Conversion When Using Your Card

   1. All transactions conducted with the Card will be processed by Immersve as follows:
      1. for payments, Immersve will convert Tokens held in the Available Balance to the currency in which the transaction is denominated;
      2. for Refunds or Chargebacks, Immersve will convert the denominated transaction amount to credit Tokens to your Available Balance Tokens
      (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.

6. Security

   1. You are solely responsible for the security of the Card and for all transactions and charges incurred on the Card.
   2. You must take all reasonable steps to safeguard the Card and any security related details (“Access Details”).
   3. 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.
   4. 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.
   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 refuse to act upon any instruction received from you in its absolute discretion and without providing any reason.
   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.

7. Unauthorised Use of Card

   1. You must suspend or cancel 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; or
   2. the Card is lost or stolen; or
   3. the Card is damaged or not working properly; or
   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 about the Unauthorised Transaction you know or suspect.
   3. 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.
   4. 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.

8. Refunds and chargebacks

   1. If you wish to receive a refund after you have conducted a transaction with a merchant via the Card (“Refund”), you should approach the merchant directly. If the merchant in its discretion decides to process your request for Refund, Immersve will credit the Available Balance with the Refund in accordance with these Card Terms once it has received the Refund funds from the relevant merchant.
   2. If you wish to receive a refund from a merchant in respect of a disputed transaction (“Chargeback”), Immersve may, in its sole 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 Available Balance with the Chargeback in accordance with these Card Terms once it has received the Chargeback funds from Mastercard. You acknowledge and agree that the decision of Mastercard regarding the validity and value of any Chargeback is valid and binding. Immersve shall not be obliged to investigate or defend the validity and/or value of any Chargeback.
   3. 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 transaction; and
      2. any Refund or Chargeback may be different to the amount originally processed on the Card due to exchange rate fluctuations or the amount received with respect to any Refund or Chargeback may only be a partial refund of the original amount.

9. 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.

10. 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.
    4. Mastercard® is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.