.\u00a0<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n <\/p>\n
\u00a0 \u00a0 3. General Information about this Agreement and You\u00a0<\/strong><\/span><\/p>\n\n- This Agreement constitutes the agreement between You and Woli regarding the Woli Service. By signing up for the Woli Parent Account, the Child Account and\/or by using the Woli Card(s), you accept this Agreement. <\/span>This Agreement shall be read along with Payrnet UAB T&C and Payrnet Mastercard T&C, which govern the use of the Woli Cards. These separate agreements are integral part of this Agreement and by accepting this Agreement, You also accept to be bound by Payrnet UAB T&C and Payrnet Mastercard T&C<\/span>.\u00a0<\/span><\/li>\n
- Please read this Agreement carefully before accepting them. The activation and use of the Woli Service is dependent upon your acceptance of this Agreement. It is your sole responsibility to understand and comply with all the laws, rules and regulations that are relevant to your jurisdiction (place of residence) and that may apply in connection to your use of the Woli Service.<\/span><\/li>\n
- In case of discrepancy between this Agreement and Payrnet UAB T&C and\/or Payrnet Mastercard T&C, Payrnet UAB T&C and Payrnet Mastercard T&C shall prevail.<\/span><\/li>\n
- The Woli Card is issued by Payrnet, which is a principal member of Mastercard. Payrnet also undertakes the production and dispatch of Woli Cards to You.<\/span><\/li>\n
- Woli provides support to You to ensure that You have a great experience using the Woli Service.<\/span><\/li>\n
- The Agreement commences on the Start Date and will continue in force until terminated in accordance with Section 16 of this Agreement.<\/span><\/li>\n<\/ol>\n
<\/p>\n
\u00a0 \u00a0 4.\u00a0 Information about the Woli Service<\/strong>\u00a0<\/span><\/p>\n\n- \n
\n- Woli is the smart Money App for modern families. We are on a mission to teach kids good money habits in a fun and secure way. Combining a mobile app, a prepaid Mastercard, smart parental controls and age-appropriate finance classes, Woli empowers children to earn, save and spend money responsibly within a safe environment.<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n
\n- Woli is essentially a financial service for families. Woli Service is designed for parents who want their children to gain \ufb01nancial skills and to learn how to use and manage money. If You use the Woli Service for something else, you may breach this Agreement.\u00a0<\/span><\/li>\n<\/ul>\n
\n- You are responsible for everything a child does using a Child Account, the creation of which you have asked for, as if You had done it yourself. Only You and We have rights under these Woli Terms and Conditions. Children do not.<\/b><\/li>\n<\/ul>\n
\n- We offer child prepaid cards which are securely managed by Parents. Woli enables children access to digital payments and helps them learn how to manage and save money in a cashless world. It intends to provide children with their first personal payment card allowing them to pay online and offline with security and speed. It allows parents to plan, track and control their kids\u2019 weekly spending through a user \u2013 friendly mobile app, bringing pocket-money into the digital age.<\/span><\/li>\n
- The<\/span> Woli Card<\/span> is a prepaid Mastercard which can be used globally for purchasing goods and services, both in physical shops that accept Mastercard cards as well as online. The Woli Card is designed to be used by children, while the Parent can set limits and controls on the usage of the card by the children.\u00a0\u00a0<\/span><\/li>\n
- Although most merchants will be accepting the Woli Card, there might be some cases where the transaction will not be accepted, either because of rules that the merchant has imposed, or because of rules that the parents have imposed.<\/span><\/li>\n
- As a prepaid card, the Woli Card can only be used to spend the funds that are allocated on the Woli Card, so that the Child can only spend the amount of money that the Parent has provided to the Child via Woli App. Prepaid cards have no overdraft, so that their users can\u2019t overspend.<\/span><\/li>\n
- The<\/span> Woli Parent App<\/b> is a mobile application that a parent downloads on his\/her mobile. After download, the Parent needs to go through registration and ID verification, in order to create his\/her Parent Account.\u00a0<\/span><\/li>\n
- The<\/span> Woli Child App<\/b> is a mobile application that a child downloads on his\/her mobile. In order to be activated, a Child Account is securely <\/span>paired<\/b> with the Parent Account of the Parent (\u201c<\/span>Account Pairing<\/b>\u201d).\u00a0<\/span><\/li>\n
- The Woli Parent App and the Woli Child App are essentially the same mobile application, but the user interface is different if the user is a Child or a Parent.<\/span><\/li>\n
- Funds allocated on the Woli Card, Parent Account and Child Account get no interest, because it is e-money funds and by regulation e-money funds can get no interest rate.\u00a0<\/span><\/li>\n
- Each Parent Account can be linked to a <\/span>maximum of 5 Child Accounts<\/b>. Each Child Account can be linked to only one Child.<\/span><\/li>\n<\/ol>\n
<\/p>\n
\u00a0 \u00a05.\u00a0 Requirements and Process of signing up for the Woli Service\u00a0<\/strong><\/span><\/p>\n\n- Parent onboarding process:<\/b><\/li>\n<\/ul>\n
\n- \n
\n- Parent downloads Woli Parent \u0391pp via Google or Apple store. <\/span>The app is only available to the countries where Woli is allowed by European law to offer its service, as a distributor of Payrnet<\/b>.<\/span><\/li>\n
- During <\/span>registration<\/b>, the Parent will be asked to fill out:<\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n
\n- Full name and birthday<\/span><\/li>\n
- Date of Birth<\/span>\n
\n- You need to be more than 18 years old to apply for a Woli Parent Account<\/span><\/li>\n<\/ul>\n<\/li>\n
- Mobile number<\/span>\n
\n- We will send a 6-digit One Time Password (OTP) to your mobile number to verify the ownership of the number<\/span><\/li>\n<\/ul>\n<\/li>\n
- Email<\/span>\n
\n- We will send an email to verify the ownership of the account<\/span><\/li>\n<\/ul>\n<\/li>\n
- Home Address<\/span><\/li>\n<\/ul>\n
\n- We may ask for additional information if this is required in order to comply with the applicable legislation and the regulatory requirements of your place of address.\u00a0<\/span><\/li>\n
- We will perform checks via IP (or other method if required) to ensure that You are in the country where You claim to be. In case a user is not located in a country where We offer our services, then We will notify them accordingly and stop the onboarding process.<\/span><\/li>\n
- After registration, <\/span>We are obliged to verify the identity of the Parent<\/b>. For this purpose, We will require:<\/span><\/li>\n<\/ol>\n
\n- Passport or National ID document (captured via the app)<\/span><\/li>\n
- Matching of your Face Biometrics and performing a Liveness test (captured via the app)<\/span><\/li>\n<\/ul>\n
\n- Please note that a different procedure may be followed in case this is required in order to comply with the applicable legislation and the regulatory requirements of your place of address.\u00a0\u00a0<\/span><\/li>\n
- Using the data and documents You have provided, Woli will perform a thorough online identity check. As part of this process, your personal information may be disclosed to specialized third parties that perform Know-Your-Customer operations and which have a contractual relationship with Woli.<\/span><\/li>\n
- Once the check is complete and successful, the Parent will be notified that the Parent Account is opened and activated.<\/span><\/li>\n
- As part of the Parent registration process, and in order to have increased security within the app, the Parent is asked to create his 4-digit Passcode. This Passcode will be used as a security mechanism to confirm that the Parent is using the Woli Parent App, when making certain actions.<\/span><\/li>\n
- If we are unable to verify your identity and location from information provided by You at the time You apply for a Parent Account, We will notify You to submit your documentation again. If You fail to submit accurate documents, We will have to reject your application. We may also reject at our discretion for your application for other reasons and We are not obliged to disclose to You the reason of the rejection. However, We will try to provide You with such information to the extent permitted under the applicable legislation.\u00a0<\/span><\/li>\n
- During the onboarding process, the Parent is asked to accept all terms and conditions applicable to the Woli Service. By proceeding in the registration, the Parent is deemed to have read and accepted this Agreement, Payrnet UAB T&C, Payrnet Mastercard T&C as well as the Woli Privacy Policy.<\/span><\/li>\n<\/ol>\n
\n- In order to comply with all necessary regulatory requirements, We may require additional information from You from time to time. We will typically ask for more documents once You have reached a specific usage threshold or at any time when our Compliance team may deem so<\/span><\/li>\n
- Once your Parent Account has received funds <\/span>of more than 3,500\u20ac<\/b> the Woli team will reach out to you (via the Woli App or via email) to ask for more info. The information You may indicatively be requested to provide can be among the following:<\/span><\/li>\n<\/ol>\n
\n- Information about your employment and income<\/span><\/li>\n
- Proof of Address documents (not older than 3 months)<\/span><\/li>\n<\/ul>\n
\n- Utility Bill in your name<\/span><\/li>\n
- Bank statement<\/span><\/li>\n
- Tax statement<\/span><\/li>\n<\/ol>\n
\n- Source of funds documents<\/span><\/li>\n<\/ul>\n
\n- Proof of income \/ occupation<\/span><\/li>\n
- Employment status<\/span><\/li>\n<\/ol>\n
\n- Source of wealth documents<\/span><\/li>\n
- Family booklet or similar document from public authority confirming your family status and children(s) date of birth<\/span><\/li>\n<\/ul>\n
\n- If any of the above mentioned documents are provided in a language other than English or Greek language, Woli may briefly suspend the Woli Service until the translation and verification of these documents is completed.<\/span><\/li>\n
- After successfully opening a Parent Account, Parents can use the \u201cadd member\u201d functionality to add their children into their Woli family group (\u201cAccount Pairing\u201d)<\/span><\/li>\n<\/ol>\n
\n- For each child added to the family group, the Parent will be asked to enter:<\/span>\n
\n- Name<\/span><\/li>\n
- Surname<\/span><\/li>\n