Terms of Use – WIC Worldcom Finance Ltd. (“the Company”)
We are pleased that you have chosen WIC as your digital wallet (“the Wallet” or “the Account”). The Company will provide you with a variety of financial services, as detailed in these Terms of Use.
The use of the Wallet and the services offered by the Company constitutes your agreement to the following terms of use. By using the Wallet and the services, you declare that you have read the terms of use (including the Company’s privacy policy). If you do not agree to these terms of use, in whole or in part, you have the option not to perform any actions within the Wallet and/or the services provided by the Company.
1.Summery of the Terms of Use:
1.1 The Company holds an expanded license (License No. 57533) to provide financial asset services and a basic license (License No. 63141) to provide credit services. It is regulated and supervised by the Israel Securities Authority, Insurance, and Savings.
1.2 The Company provides a digital wallet payment service, which is considered a means of payment as defined in the Payment Services Law, 5779-2019 (“Payment Services Law”). This service is operated through an application installed on your smartphone device.
Subject to the terms of use, the Company grants you a limited, non-exclusive, non-transferable license to use the wallet and services.
1.3 It is clarified that these terms of use constitute a payment services agreement, and the provisions of the Payment Services Law shall apply to them.
1.4 Registration for the Application/Wallet: The use of the services is intended for individual customers above the age of 18. First, you need to download and install the application on your smartphone device and fully complete the registration process, including providing personal information and identification documents as required by the Company for the purpose of identification and verification, as required by law. As part of the registration process, you will be required to choose a personal password for accessing the application periodically.
1.5 After opening the wallet, you will be able to utilize a variety of services offered by the Company (as detailed in Section 6 below), according to the limitations specified in these terms of use. The services include, among others, making deposits into the wallet, transferring funds between application users, transferring funds to bank accounts in Israel, and using a prepaid card issued by Max IT Finance Ltd. (“Max”), which constitutes a separate means of payment governed by the terms and conditions of Max’s cardholder agreement. It is possible that the use of certain services will require the use of the chosen enhanced authentication method. It is clarified that the Company will not be held responsible for any use of the services that does not comply with these terms of use and/or applicable laws.
1.6 Important to know! Giving an instruction to execute a funds transfer is an immediate and irreversible action on your part. The responsibility for entering the information accurately and correctly lies solely with the user. Transfers of funds to another user will be completed within one business day. Transfers of funds to a bank account will be completed within one business day as well.
1.7 The limitations imposed on the services, including transaction amounts, may vary from time to time, at the sole discretion of the Company and subject to the provisions of applicable law. It is your responsibility to stay updated on the limitations set by the Company. It is clarified that the restrictions on the use of the prepaid card will be in accordance with Max’s terms and conditions.
1.8 Data Security: You must keep your payment methods and the essential component of the payment methods confidential, separately, and in a manner inaccessible to others. You are obligated to immediately notify the company of any concerns regarding theft or loss of any part of the essential component and/or in the event of suspicion of malicious use of your wallet. You must also provide the company with all relevant information and act in accordance with its instructions. The registration to the application and the opening of the wallet do not involve a fee, subject to usage of the wallet and services on a regular basis. In exchange for other services, your account will be charged according to the company’s fee schedule as updated from time to time. It is clarified that the costs of using the prepaid card will be determined in accordance with the agreement of the cardholder and the fee schedule of Max. However, if there is no usage of the wallet and services for a consecutive period of six (6) consecutive months, a management fee will be charged as detailed in the company’s fee schedule.
1.9 Contract Period: The contract will become effective upon the company’s approval of opening the wallet, and it will remain in effect until the termination date of the contract, whether initiated by you or by the company in accordance with the provisions of the law and these terms of use.
1.10 Termination/Suspension by You: You have the option to terminate the contract at any time by contacting the customer service center of the company (by phone, email, or through the application). Termination of the contract will take effect within one business day after completing the necessary actions to close the wallet, including handling the remaining balance in the wallet as coordinated with you. Additionally, you have the option to temporarily suspend the wallet and services for a period of up to 14 days. The request for suspension, as mentioned above, should also be made by contacting the company’s customer service center.
1.11 Termination/Suspension by the Company: The company may terminate the contract with you, subject to providing a prior notice of 45 days or a shorter notice in exceptional circumstances, as detailed in these terms of use and in accordance with the law. Additionally, the company may freeze the wallet and restrict you from using the wallet and services under certain circumstances as specified in these terms of use.
1.12 Liability: The company’s liability is limited to matters under its control as specified in the terms of use and for misuse as determined by the Payment Services Law. It is your responsibility to keep your username, password, and any identification code provided to you by the company during the registration process and/or in the course of payment transactions through the wallet strictly confidential. It is clarified that you are responsible for all actions performed with your wallet, and the company is not liable for any damage or loss caused to you as a result of an account breach or any other action you take with the wallet.
1.13 Risks: The use of the wallet and services involves various risks. Among other things, using the wallet entails the risk of loss or theft of the smartphone device in your possession, as well as the risk of errors in executing transactions and money transfers. Before initiating a payment instruction, you must ensure that all the details entered by you are correct and accurate. You are solely responsible for providing inaccurate and/or incorrect information. Additionally, there are various factors that may affect the availability and functionality of the application and services, such as software, communication networks, service providers, and other third parties (such as cloud storage providers and cellular services). Some of these factors are beyond the control of the company. The company shall not be liable for any damage caused to you as a result of a malfunction, disruption, or defect that is beyond its control, and you hereby waive any claim against the company regarding such damages.
2.General
2.1 The use of the wallet and/or services is subject to compliance with the terms of use. It is clarified that the company is entitled to change the terms of use at any time, at its sole discretion and in accordance with applicable law, without the need for prior notice. The version of the terms of use published in the application and/or on the company’s website is always the binding version.
2.2 These terms of use apply to any use of the wallet and/or services, whether through your smartphone device, the company’s website, company branches, or any other means.
2.3 By agreeing to these terms of use, you declare that you waive any claim or demand against the company, its management, employees, or representatives, except for claims relating to the company’s breach of its obligations under applicable law and the terms of use.
2.4 The terms of use are formulated in the masculine gender for convenience purposes only, but they are intended to apply to both women and men alike.
2.5 The section headings are provided for convenience and reference purposes only, and they shall not be used for the interpretation of the terms of use
2.6 The records kept by the company regarding the transactions performed in your wallet will constitute conclusive evidence of the accuracy of the transactions.
3.Defintions
The terms used in these Terms of Use will have the meaning attributed to them in the law (as defined above), unless otherwise specified explicitly.
“Payment method” – as defined in the law, for the purposes of these Terms of Use, the payment method refers to the wallet, which certain actions you perform fulfill the required sequence of actions for the purpose of initiating a payment instruction as defined below.
“Application” – The Worldcom Finance W PAY application (or any other name chosen by the company from time to time) for compatible devices, available for download on the Apple App Store and/or Google Play Store and/or any other application store that allows you to download the application on your smartphone device.
“The Wallet” – A service provided through the application that allows you to deposit and load funds into the wallet, transfer and receive funds, accumulate funds, load funds onto a prepaid card, convert funds into foreign currency, and perform money transfers between application users, as well as perform domestic money transfers. It is clarified that some of the services may be performed and/or provided by third parties. The company reserves the right to modify and add to the existing services at any time or to cease providing certain services at its sole discretion.
“Payment Instruction” – as defined by the law, it refers to the issuance of an instruction to the company to perform a transfer or receipt of funds in the wallet, load funds into the wallet or onto the prepaid card (which also serves as a means of payment).
“Services” – refers to all the services that can be obtained through the wallet (as detailed above). As stated in these terms of use, the company is authorized to modify and add to the existing services at any time or to discontinue the provision of certain services at its sole discretion.
“Customer”/”User” – The Company’s customer who has completed the registration for the application as required by the Company and in accordance with the law, and who utilizes the wallet and services.
“Prepaid Card” – A prepaid debit card issued by Max IT Finance Ltd. (“Max”) and distributed by the Company to customers in collaboration with Max. The prepaid card is subject to the terms and conditions of the Max cardholder agreement.
“Credit Card” – A card or other device intended for repeated use that is designed for the purchase of goods or services from a supplier without the immediate payment of consideration.
“Payment Services Law” – The Payment Services Law, 2019.
“Business Day” – Any day, except for Saturday, Sabbath, the two days of Rosh Hashanah, the eve and day of Yom Kippur, the first day of Sukkot and Shemini Atzeret, Purim, the first and seventh days of Passover, Independence Day, Shavuot, and Tisha B’Av, or any other day determined by the Company’s supervisor or as determined by any law as a non-business day, as stated above.
Without derogating from the above and subject to any law, the Company may determine from time to time the business days applicable to the service, in accordance with the law and the instructions of the Company’s supervisor.
Each business day shall commence upon the conclusion of the preceding business day.
“End of Business Day” – at 9:00 a.m. on each business day and at 6:00 p.m. on Fridays and the eve of Yom Kippur, as defined.
“Smart device” – A smartphone device that allows the download of the application for the use of the wallet and services, connected to the internet, and supports receiving SMS messages.
“Enhanced verification detail” – As defined in the law, these are the verification details that the company determines from time to time, which verify the user’s identity with a high level of certainty. At present, the enhanced verification details are the chosen means of identification (username and password and/or biometric identification method) determined by you and known only to you.
Additionally, there may be actions where the company will require an additional enhanced verification detail, such as a one-time secret code that will be sent to your smart device.
“Essential component” – As defined in the law, it is a component or a combination of components unique to you that are an integral part of the wallet, through which you can authorize a payment instruction in the wallet. The essential component may include the smart device in your possession along with the verification detail, all as required by the company from time to time in relation to the use of the services. For this purpose, the wallet and the enhanced verification detail in your possession constitute the “essential component.”
“Misuse” – The use of the wallet and/or its essential component by someone who is not entitled or authorized to do so according to the terms of use and any applicable law.
- Registration/Sign-up/Account Opening/Wallet:
4.1. In order to use the wallet and its services, you need to install the application on your smartphone device and register as a customer of the company.
4.2. It is clarified that the services are intended for individual customers over the age of 18, who possess a smartphone device.
4.3. As part of the registration process, you will be required to provide the company with personal identification details such as full name, ID/passport number, address, phone number, and any additional information and documents requested by the company, at its sole discretion, for the purpose of customer identification, registration, verification, and compliance with legal requirements (including anti-money laundering and counter-terrorism financing obligations, identification requirements, reporting, and record-keeping by financial service providers and credit service providers to prevent money laundering and financing of terrorism), as required by law 2020 (“Money Laundering Prohibition Order”).
4.4. You are obligated to provide the company with truthful, accurate, complete, and up-to-date information. Additionally, you are required to update the information provided during the registration process in order to maintain its accuracy and completeness.
It is emphasized that providing truthful and accurate information about yourself is a fundamental condition for registration as a user and for receiving the services. The company reserves the right to suspend, cancel, or refuse to open the account and/or provide the services, at its sole discretion, in any case of providing information that is not true, up-to-date, complete, or accurate at the time of registration or thereafter, or if the company has reasonable grounds to believe that the provided information is not true, up-to-date, complete, or accurate as stated. It is further clarified that at any time, after registration, the company may contact you to complete information and/or details about yourself and/or to obtain information and/or documents, at its sole discretion.
4.5. The company reserves the right not to approve the registration of a specific user for any reason, and it shall not be obligated to provide the user requesting to open a wallet with the reasons for not approving the registration as stated above.
4.6. For the avoidance of doubt, registration is limited to creating a single wallet for each user. Additionally, the use of the wallet and/or services is for personal use only. It is prohibited to use the wallet and/or services for the purpose of providing financial services to third parties.
4.7. During the application registration process, verification of the registration will be required by entering a one-time password sent to you via SMS. After entering the one-time code, you will be required to choose a personal and confidential password according to the requirements presented by the company. The personal password will be used for every login to the application to perform wallet operations and/or receive services.
It is emphasized that you are responsible for all actions performed in your wallet. The company is not liable for any damage or loss incurred as a result of an account breach or any other action taken in the wallet.
4.8. During the registration process, you authorize the company to retain certain information about you. The use of this information and any other information about you is subject to the company’s privacy policy.
For the sake of clarity, all transactions and actions performed through the wallet and services will be recorded and documented by the company.
- User Obligations when Using the Wallet and Services:
5.1. You hereby declare and undertake as follows:
5.1.1. That you are at least 18 years of age and competent to enter into this payment agreement based on these terms of use.
5.1.2. All the information you provide or have provided to the Company for the purpose of registration and opening the wallet, and/or for the purpose of receiving the services, is reliable, true, complete, and accurate.
5.1.3. All funds that you deposit to your account and/or transferred to your account will be derived from legal sources and will be reported by you to the relevant authorized authorities, including tax authorities.
5.1.4. Any use you make of the account and/or the services will be conducted in accordance with and subject to the provisions of any applicable law. Without any doubt, it is clarified that the Company shall not be responsible for any use of the wallet that is not in compliance with the provisions of any applicable law.
5.2. Furthermore, you declare and undertake not to perform, and not to allow others to perform, the following actions (in their entirety or partially):
5.2.1. Use of the application that is not in accordance with the terms of use.
5.2.2. Impersonation of any individual or legal entity.
5.2.3. Providing false, incorrect, or inaccurate information during the registration process for the application or when using the wallet and/or the services.
5.2.4. Uploading, sending, or transmitting any material that contains any type of computer virus or other computer code intended to disrupt, interfere with, or limit the use of the wallet and/or the services on any of the computers, servers, hardware, and software used by the company to provide the services.
5.2.5. Distributing spam or flooding the servers of the company with any other form of unsolicited email.
5.2.6. Modifying, processing, adapting, sublicensing, translating, selling, performing reverse engineering, dismantling, or reassembling any of the components of the code that constitute the application, as well as actions related to the hardware and software used for providing the services.
5.2.7. Infringing upon, in any way, the copyrights, trademarks, or any other intellectual property rights of the company or any other third party.
5.2.8. Placing the services (or any part thereof) or any part of the application within the framework of another website and/or application (frame) and/or as part of another website and/or application (mirror) and/or as part of another service.
5.2.9. Using any robot, spider, crawler, data mining tool, or any other automated or manual tool designed to index, retrieve, or gather information from the application or any tool as mentioned that is designed to expose the database structure and code in the application.
5.2.10. Disrupting in any way or interrupting the use of the application, including disrupting server operations and/or the computer network connected to the application.
5.2.11. Uploading or transmitting any unlawful, immoral, or harmful material or message through the application.
5.3. The company reserves the right, at any time and at its sole discretion, to prevent a user from using the wallet and/or services by blocking or limiting their ability to use the wallet and/or services (in whole or in part), including (but not limited to) in the following cases:
5.3.1. The user has engaged in unlawful conduct or violated any laws, or there is reasonable suspicion that they are likely to engage in unlawful conduct or violate the law.
5.3.2. The user has violated the terms of these Terms of Use.
5.3.3. The user has provided misleading or false information during registration or thereafter.
5.3.4. If it is not possible to verify and/or validate the information provided by the user.
5.3.5. The user has engaged in any act or omission that could harm the company, the proper functioning of the application and/or services, or any third party.
5.3.6. Any other reason at the sole discretion of the company.
6.Services offered by the Company.
Through the wallet, you can load or deposit funds, transfer funds to other users, to the extent that the Company provides this service for transferring funds to domestic bank accounts, international money transfers, receiving funds from other users and/or accounts, performing currency conversion, and using the prepaid card issued by Max. The funds deposited and/or loaded into your account will be available to you as a stored balance for the purpose of using the various services offered by the Company (“the stored balance”).
6.1. Account Management (including making deposits to the account and withdrawals from the account).
6.1.1. You have the option to load funds into the wallet in order to have a stored balance by depositing cash at the Company’s branches and/or deposit points, receiving funds from other users, to the extent that the Company provides a service for transferring funds from your personal bank account, and/or through debiting your PP card or using your credit card.
6.1.2. You can use the stored balance to transfer funds to other users, make transfers to the extent that the Company provides a service for transferring funds to bank accounts in Israel or abroad, load the prepaid card (if issued to you by Max or Bank Jerusalem).
6.1.3. Transactions can only be performed within the available stored balance and subject to the limitations specified in these terms of use. It is important to note that you cannot perform transactions that result in a negative balance in the wallet.
6.1.4. You can withdraw the stored balance using one of the following methods:
6.1.4.5. Cash withdrawal at the Company’s branches.
6.1.4.6. Loading the prepaid card issued to you by Max or Bank Jerusalem.
6.1.7. It is clarified that the Company does not monitor every transaction performed in the wallet, and the failure to prevent a funds transfer from or to the wallet does not constitute the Company’s approval of the transaction’s validity and/or legality. It is your responsibility to monitor the transactions carried out in the wallet and ensure that no suspicious activity occurs. If you discover a suspicious transaction or wish to dispute a transaction made in your account, you must contact the Company as soon as possible and no later than one business day from the date of the transaction.
6.2. Money Transfers
6.2.1. You can transfer funds to other users who have a wallet with the Company and/or to bank accounts in Israel or abroad.
6.2.2. Transfers to other users will be executed immediately.
6.2.3. Transfers to bank accounts in Israel will be executed within one business day.
6.2.4. It is important to note that authorizing a funds transfer is an irrevocable action and cannot be canceled.
6.2.5. It is important to note that the Company will not be held responsible in case incorrect, inaccurate, or erroneous details are provided by you for the purpose of executing a funds transfer. It is your responsibility to ensure the accuracy of the information provided before authorizing the funds transfer.
6.3. Prepaid Card
6.3.1. As part of your wallet registration, you have the option to obtain a prepaid card issued by Max or Mastercard and distributed by the Company.
6.3.2. The prepaid card is not issued or operated by the Company, and it will be subject to the terms and conditions of the cardholder agreement with Max or Mastercard.
6.3.3. The limitations on transactions with the prepaid card will be detailed in the cardholder agreement and may change from time to time at the discretion of Max.
6.3.4. In any case of conflict between the provisions stated in these terms of use and the cardholder agreement (regarding the prepaid card), the provisions of the cardholder agreement will prevail.
7. Limitations
7.1. As detailed on the company’s website at worldcomfinance.com.
8.Fees
8.1. The company is authorized to charge you various fees according to the company’s fee schedule appearing on the company’s website at worldcomfinance.com, up to the balance accumulated in your account. To remove any doubt, it is clarified that the company will not charge a fee beyond the balance accumulated in your account, so that a negative balance will not be created in your account.
8.2. In consideration for the services, your account will be charged in accordance with the company’s fee schedule, as updated from time to time. In any case of fee schedule update, the company will provide advance notice through any means and channels it chooses, at its sole discretion.
8.3. Unless otherwise indicated, the fees charged by the company do not include taxes, mandatory payments, or any other payment that is collected by law and/or by any authorized authority. Furthermore, it is clarified that you may be charged with fees by banks for financial transactions, including fund transfers from the wallet to other bank accounts.
8.4. You are fully and solely responsible to the company for any fine, charge, or other sanction imposed on the company as a result of actions performed using the wallet and/or the services.
8.5. The company is authorized to deduct the fees it is entitled to from the funds received and/or accumulated to your credit in your account, and to credit your account with funds after deducting the fees as aforementioned.
8.6. As part of the services, there may be fees and costs charged by third parties, including for internet usage, for charges incurred using your credit card or your bank account, and for depositing funds or performing currency exchanges through third parties.
9.Suspension and/or limitation of services.”
9.1. You have the option to freeze your account at any time and for a period of up to 14 days (“Freeze Period”) by contacting the company’s customer service center. The company will immediately freeze your account upon receiving your request.
9.2. During the Freeze Period, you will not be able to use the services provided through the wallet (except for viewing existing information about your wallet activity), including (but not limited to)(but not only) performing money transfers and/or receiving or depositing funds, currency conversions, using your prepaid card, etc.
9.3. At the end of the Freeze Period, your account will become active again, and you will be able to use it without the need for further notice from you and/or without the company being required to provide you with advance notice about it.
9.4. You have the option to cancel the freeze, even before the end of the Freeze Period, by contacting the company’s customer service center. The cancellation of the freeze will be carried out within 2 business days from the date of your request. The company reserves the right to refuse the cancellation of the freeze in certain actions, at its sole discretion, including reasons related to information security and/or suspicion of malicious use of the account, etc.
9.5. The company has the right to freeze and/or restrict your use of the wallet and/or services (all or some of them) at any time, if required by law, and in any of the following cases:
9.5.1. Concerns about the security of the user’s account/wallet/application.
9.5.2. The user has engaged in unlawful activity or violated any legal provisions, or there is reasonable suspicion that the user is likely to engage in unlawful activity or violate legal provisions.
9.5.3. The user has violated the terms of use.
9.5.4. The user has provided false or misleading information during registration or thereafter.
9.5.5. If it is not possible to verify and/or validate the information provided by the user.
9.5.6. The user has engaged in an action or omission that could harm the company, the proper functioning of the application and/or services, or any third party.
9.5.7. There is suspicion of engaging in prohibited activity, including contacts with users whose accounts have been frozen or blocked and/or third parties suspected of engaging in prohibited activity according to the terms of use or any law.
9.5.8. Any other reason at the exclusive discretion of the company.
9.6. In the event of the company freezing your account, you will be notified. Unless there is an impediment and in accordance with legal provisions, the reasons for the freeze will be detailed within the notification.
9.7. It is clarified that the suspension of services, initiated by you or by the company, does not release you from your obligations under these terms of use and under any law.
10.Termination of the Agreement and Account Closure
10.1. You have the option to terminate the agreement with the company and permanently close your account at any time and for a period of up to 14 days (“Freeze Period”) by contacting the company’s customer service center. The company will close your account within one business day after completing the necessary actions required for wallet closure, including handling the remaining balance in the wallet as coordinated with you.
10.2. Please note that deleting the application from your smartphone does not constitute the termination of the agreement between you and the company.
10.3. Upon termination of the agreement, you will not be able to perform any actions in your account or use the services. If you wish to resume using the services provided by the company.
10.4. You are fully responsible for withdrawing the accumulated financial balance from your wallet. As long as the accumulated funds in your account are not withdrawn, the company will be entitled to collect a management fee as detailed in the company’s fee schedule.
10.5. The company reserves the right to terminate the contract with you and permanently close your account at any time at its sole discretion. In such a case, the company will provide advanced notice of 45 days. However, it is clarified that the company may terminate the contract and close your account without prior notice in any of the following cases:
10.5.1. Violation of these terms of use by the user;
10.5.2. Concerns regarding the security of the user’s account;
10.5.3. The user engages in illegal activities or violates any laws, or there is a reasonable suspicion that the user is likely to engage in illegal activities or violate the law;
10.5.4. The user provided false or misleading information during registration or thereafter;
10.5.5. If it is impossible to verify and/or validate the information provided by the user;
10.5.6. The user engages in an act or omission that could harm the company, the proper operation of the application and/or the services, or any third party;
10.5.7. Suspicion of engaging in prohibited activities, including contact with users whose accounts have been frozen or blocked and/or third parties suspected of engaging in prohibited activities. For the avoidance of doubt, it is clarified that the company reserves its right to conduct an investigation in any case where, at its sole discretion, there is a suspicion or concern regarding the user’s engagement in unlawful activities or inappropriate conduct, and/or in cases of suspected violation of these terms of use. It is further clarified that the company is committed to fully cooperate with law enforcement authorities, the judicial system, and authorized regulatory bodies.
10.6. The company may decide to terminate the contract and close your account from performing certain actions, at its sole discretion, including reasons related to information security and/or suspicion of malicious use of the account, and the like.
10.7. It is clarified that upon termination of the contract and closure of the account, whether initiated by you or the company, there is no right to be released from your obligations under these terms of use or any applicable law.
11.Limitation of Liability in Case of Loss, Theft, or Misuse
11.1. You are responsible for immediately notifying the Company in any case where any component of the essential component in your possession is lost, stolen, or used for malicious purposes (including the loss of the smart device, breach or leakage of authentication information in your possession to a third party) or if there is misuse of your account. You are required to act in accordance with the instructions provided to you by the Company. The date of providing the information by you shall be defined as the “Notification Date.”
11.2. Subject to the Company’s notification, you will not be held responsible for any malicious use that occurs in the wallet or any of the services after the Notification Date as mentioned above.
11.3. With regard to payment transactions made prior to the update delivery date, the company shall be entitled to charge you based on the liability limits prescribed by law for damages resulting from misuse. The minimum of the following two alternatives shall apply as of the update of the terms of use:”
11.3.1. A fixed amount of 75 NIS plus 30 NIS for each day from the date you were informed of the loss or theft of the essential component or the malicious use of the wallet until the Notification Date. If the notification is provided within 30 days from the date of loss or theft of the essential component or the malicious use, the amount shall be limited to a total of 450 NIS.
11.3.2. The actual amount of payment transactions made.
11.4. The provisions regarding limitation of liability before the Notification Date as mentioned above shall not apply in cases where the transfer of the essential component to a third party was done by you, whether the malicious use of the essential component was done with or without your knowledge. However, these provisions shall not apply if one of the following cases is fulfilled:
11.4.1. The essential component was entrusted to a third party under reasonable circumstances solely for safekeeping purposes, or it was entrusted to a payment service provider for the purpose of executing a payment instruction.
11.4.2. The malicious use was done after the essential component, which was entrusted to the third party, was stolen from the same person or was lost by that person.
11.5. It is clarified that the limitation of liability as detailed in Section 11 above shall not apply in any case where it is determined that you acted with intent to deceive. In such a case, you shall bear full and exclusive liability for the malicious use.
12. Intellectual Property
12.1. The application and the services offered within it are the exclusive property of the Company, and it possesses copyrights, trademarks (whether registered or not), trade secrets, and all intellectual property rights therein. These rights include, among others, the contents displayed in the application (excluding third-party content) as well as the applications, icons, logo marks, graphics, design, software, computer code, applications, graphic files, information, and text appearing in the system, and any other detail related to the operation of the application.
12.2. It is prohibited to engage in any commercial use, copy, reproduce, distribute, sell, market, or translate any information from the application, including (but not limited to) trademarks, images, texts, contents, etc., without obtaining prior written permission from the Company.
12.3. The Company reserves the right to remove from the application any information that infringes any intellectual property rights.
13.Liability
13.1. The use of the wallet and services is solely at your own risk and in accordance with your choice to use the services and your full agreement to the terms of use, including the Company’s privacy policy.
13.2. Subject to applicable law, the company and anyone acting on its behalf shall be exempt from any liability towards you and third parties for damages, losses, expenses, and payments that may arise directly or indirectly as a result of using the services. This includes any payment transaction carried out within the scope of the services between you, other users, or third parties, even in the event of incorrect information input by you or another user for the purpose of conducting payment transactions within the services.
13.3. Without derogating from the generality of the foregoing and subject to any applicable law, it is clarified that the Company shall not bear any liability towards you or any third party in relation to the performance of any action in the wallet and services, to the extent that such action is not in accordance with the terms of use or deviates from the provisions of these terms of use and/or due to the inability to use the application.
13.4. It is clarified that the Company is not a party to any communication or transaction for which you have provided payment instructions. The wallet is a platform that enables transfers and payments made at the users’ free will. The Company shall not bear any responsibility in the event that a service provider refuses to accept payment through the wallet. Additionally, for the avoidance of doubt, it is clarified that the Company is not responsible for the provision, quantity, quality, or nature of assets or services ordered or purchased through the services.
13.5. The Company makes every effort to maintain the proper functioning of the application and services. However, the Company does not guarantee that the use of the application and/or the services will not be disrupted, will be provided as usual without interruptions caused by malfunctions, including hardware, software, or communication lines, and it shall not be responsible for malfunctions, internet network interruptions, or telecommunication line interruptions.
13.6. It is hereby clarified that the company’s systems, being based on software, materials, and communication networks, are exposed to inherent risks associated with such systems, including malicious software (viruses, Trojan horses, etc.), communication line disruptions, unauthorized access by malicious entities, impersonation of the company’s website and/or application or any of its systems, and other online fraud. The company invests efforts in protecting against these risks; however, complete prevention is not possible, and damages and/or losses may occur due to the realization of any of these risks, including disclosure and/or disruption of transmitted and/or displayed information within the systems. This includes disruption of instructions/requests, unauthorized actions in accounts, disruptions in system operations and/or their response times, including non-performance, incorrect execution, and delayed execution of an instruction/request, unavailability of systems or any of their services, and so on.
13.7. Without prejudice to the above, the company shall be exempt from liability for any damages, losses, or expenses that may be caused to you, directly or indirectly, as a result of any of the following events/causes:
13.7.1. Data or instruction disruption, non-performance, or delayed execution of a payment instruction due to any malfunctions or disruptions in communication lines and/or faulty electronic or mechanical functioning, whether on your side, the company’s side, or any third party through which the instructions and information pass.
13.7.2. Faulty operation of any software and/or hardware present on your side.
13.7.3. Disclosure and exposure of information by you to any third party, as a result of using the services or providing inaccurate details, or as a result of transferring your device to another, including for device repair purposes, and including cases where another person anticipates information received from the company through the device or performs various actions within the framework of the services. You are obligated to bear any damage, loss, or expense caused to you, the company, or any third party in connection therewith.
13.7.4. Errors, mistakes, or inaccuracies in content.
13.7.5. Any bugs, viruses, Trojan horses, or similar that may be transmitted to or through any website, device, communication medium, or other platform, social network, or by any third party or any content that was pasted, sent via email, broadcasted, or otherwise acquired.
13.7.6. Device malfunctions or breaches, operating system malfunctions, or any application installed therein.
13.8. It is clarified that any actions you perform through the wallet will fully and exclusively obligate you, and you release the company from liability for any damage, loss, or expense that may be caused to you, directly or indirectly, as a result of your error or the company’s action in accordance with any instruction given by you.
13.9. The company may block or freeze any account and/or service, including but not limited to preventing fund transfers between users and between users and third parties, in any case where it suspects the legality of the actions as stated, at its sole discretion. Additionally, without detracting from the generality of the foregoing, the company may determine from time to time which actions can be performed through the wallet and which services can be received, and it may limit the execution of actions and the provision of services as stated, all subject to its sole discretion. You shall have no claim with regard to any damages, losses, expenses, or payments that may be caused to you in the event of such blocking or freezing.
13.10. Additional conditions may apply in relation to third-party contracts and the execution of payments and/or fund transfers to such third parties, arising from your engagement with any other party and/or in connection with the requested transaction and/or service. It is solely your responsibility to review the terms and agreements governing the execution of the payment and/or fund transfer and/or transaction. The company shall not be held responsible in any case of inconsistency between the terms of use and the terms or agreements of a third party.
13.11. Downloading the application may be subject to additional terms and conditions of third parties, including the terms of use of Google and Apple or any other company through which the application is made available for download and use. It is your responsibility to personally familiarize yourself with the requirements, terms, and guidelines of the third parties mentioned.
13.12. Google, Apple, or any other company, from time to time as will be from time to time
, are not parties to these terms of use, and their terms of use shall not bind or benefit them (unless otherwise stipulated in the terms of use of Google and Apple). However, the use of the services may be subject to the terms of use of Google and Apple, and the terms of use should not be seen as deviating from the terms of use of Google and Apple.
13.13. You undertake to indemnify and hold the company harmless for any loss, damage, or expense (including attorney’s fees) incurred by the company or any third party as a result of any claim, proceeding, or demand arising from a dispute between you and a third party regarding the services immediately upon the company’s first request and/or as a result of your breach of these terms of use.
13.14. In the event of a claim, proceeding, or demand as stated above, the company shall be entitled to take any action it deems necessary.
14. Information Security
14.1. The company regards the information security of its customers as a top priority and invests significant resources in maintaining the confidentiality of the information. As part of this effort, the company employs the most advanced and sophisticated security measures available today.
14.2. The company does not monitor the information and content transmitted through the network, except for the purpose of protecting its own network. Therefore, it is your responsibility to employ appropriate security measures (such as protection against viruses, computer breaches, data loss, disclosure of secrets, etc.) arising from the connection to external communication networks or the ability to receive files and other information from various sources, and any use you make of the information or services is at your own risk.
14.3. The company will act in accordance with your instructions or the instructions of the party known to you The company shall act in accordance with your instructions or in accordance with the instructions of someone who impersonates you , subject to these terms of use and the company’s privacy policy. Therefore, it is your responsibility to make every effort to maintain the security of your information using the means available to you and prevent unauthorized use of your wallet and services. Among other things, you must ensure that your smartphone is used exclusively by you and is not accessible to any other party (including by locking access to the smartphone with a method known only to you).
14.4. In order to minimize potential risks, you must act in accordance with these terms of use. You must immediately notify the company of any suspicion of malicious use of your wallet, including any suspicion of eavesdropping on your smartphone or any personal identification details. In the event of a suspected disclosure of your access credentials to the services, you must change your details, including your personal wallet password, and immediately contact the company. Any violation of the information security procedures as stated above shall be your sole responsibility.
14.5. Access to the wallet will only be possible through the essential component in your possession and/or through the enhanced authentication details. The essential component and/or the enhanced authentication details are personal and exclusive to you, and they will be used by you for identification and performing actions within the wallet.
You must maintain the confidentiality of the essential component and the enhanced authentication details in your possession, not disclose them, and not transfer them to any party. Furthermore, you must not record them or keep them in close proximity to or within your smartphone. It is clarified that any use of the wallet and/or services through your personal essential component and/or enhanced authentication details shall be at your own risk and subject to all legal provisions, including provisions regarding the delivery of the essential component and/or enhanced authentication details after being aware that they may be intentionally misused.
14.6. It is clarified that the company shall be exempt from any liability for any damage, loss, or harm caused to you or any third party due to the use of the critical component and/or the enhanced verification contrary to the provisions of these terms of use by someone who is not authorized to do so, whether by an intentional act or your own negligence.
14.7 Furthermore, it is clarified that the company shall not be held responsible for any security breach, as stated in Section 14, including any data breaches or the execution or non-execution of instructions, as well as any delayed execution of an instruction resulting from malfunctions or disruptions in the company’s systems or in a third-party system that operates the services.
14.8. The company shall not be held liable in the event of disclosure or exposure of information by you to any third party as a result of using the systems, as a result of providing inaccurate details in carrying out actions as mentioned, or for any damage caused as a result of transferring your smart device to another party, including for the purpose of repairing the smart device. In such cases, you are required to bear any damage, loss, or expense incurred by you or the company.
14.9. Without prejudice to the generality of the above, it is clarified that you are responsible for your device and its security. Certain actions that may be performed by you or on your behalf (e.g., “hacking” the device) may compromise data security and the provision of services, in addition to potentially being illegal and prohibited.
15. Suspension and Deduction
15.1. The company shall have the right to suspend any amount held by it and the right to deduct any amount due to the company against any amount due to you from the company in connection with the use of the services, including existing or future balances available to you in the wallet. However, you shall not have the right to suspend or deduct against the company.
16. Subcontractors
16.1. Some of the services will be provided through third-party providers (“subcontractors”). In order to provide the services properly, the company may transfer information as stated in its privacy policy, and you hereby consent to it.
16.2. Notwithstanding any legal provisions Without prejudice to the provisions of the law, the company shall be exempt from liability for the consequences of acts or omissions of such subcontractors that are beyond its control and responsibility, provided that the damages were directly caused by the acts or omissions of the subcontractors as mentioned.
17. Update of Terms of Use
17.1. Subject to any applicable law, the company reserves the right to change the terms of use from time to time, at its sole discretion and without the obligation to provide advance notice. The wording of the determining terms of use shall be as published in the application. It is your responsibility to regularly update yourself with the terms of use as they may be amended from time to time.
17.2. It is clarified that you may choose not to accept the updated terms of use upon termination of your engagement with the company. It is further clarified that if you choose not to disconnect from the services, the company will consider it as your consent to the updated terms of use, and the updated terms of use will apply to and bind you.
18. Notices and Updates
18.1. As part of using the wallet, the company may contact you through the application (including notifications to your device) and/or SMS and/or email and/or any other means it chooses, including in cases of misuse, service suspension, termination of engagement, execution of payment instructions provided by you, and so on. Any communication from the company will be sent to the contact details you provided to the company. You must notify the company promptly of any changes in your contact details and update the information. It is clarified that joining the services and agreeing to the terms of use constitutes your consent to receive notices and updates as detailed below.
18.2. A notice sent to you by the company will be deemed received and read by you at the time of its dispatch if sent through the application, email, or SMS.
18.3. You confirm and agree that the information provided by you to the company, as well as information regarding the actions taken within the framework of the services, will be used to offer you additional services from time to time. You authorize the company to use the information for marketing and direct communication purposes, subject to your rights according to the Privacy Protection Law, 1981.
18.4. You can contact the company through the following means:
18.4.1. cs@worldcomfinance.com.
18.4.2. 03-9009823.
19. Miscellaneous
19.1. The law governing the use of the wallet and services, including the terms of use, shall be Israeli law only. Exclusive jurisdiction to adjudicate any matters related to this agreement shall lie with the authorized courts in the Tel Aviv-Yafo district.
19.2. If a competent court or authorized authority determines that one or more of these terms of use is invalid, it shall not affect the validity of the remaining terms of use.
19.3. The company shall be entitled to assign, transfer, or delegate its rights or obligations under these terms of use to any third party, and you shall have no claim in relation to that. Without prejudice to the generality of the foregoing, this shall not affect your rights to use the services or your vested rights in the wallet.
19.4. Any waiver, omission, or delay by the company in exercising any rights granted under these terms of use or under any law shall not be considered a waiver of its rights under these terms of use or under any law at any time.
19.5. These terms of use were last updated on June 8, 2023.