The following Terms and Conditions apply to all Agents conducting business with PayRafi, covering both the Send and Receive features. By engaging in these activities, you agree to adhere to the stipulations outlined in this Agreement.

Feature:

Cash Transaction orders handling by Agent

1. Quality of Bank Notes: Agents must ensure that bank notes are in good condition, free from damage or defacement.
2. Checking Bank Notes: PayRafs must verify the condition, authenticity, and acceptability of all bank notes handled.
3. Printing Date of Notes: Bank notes should be recent (2006 or newer) and widely accepted in transactions.
4. Authenticity of Notes: Only authentic and legal bank notes are permitted; counterfeit notes are strictly prohibited.
5. Source of Funds: Funds must originate from legitimate sources; illegal or fraudulent funds are not allowed.
6. Acceptance of Cash: By accepting cash, PayRafs confirm the notes are in good condition and authentic. No claims can be made post-acceptance.
7. Settlement with PayRafi: PayRafs agree to settle funds with PayRafi promptly and send funds as directed without delay.
8. Verification and System Update: PayRafs must verify transaction details, ensure legitimacy, and update the PayRafi system promptly.
9. Cooperation with Authorities: PayRafs must provide transaction details to authorities if required by law.
10. Liabilities: Non-compliance may result in penalties, suspension, or legal action.
11. Changes to Agreement: PayRafi may update this Agreement at any time.Continued cash handling indicates acceptance of revised terms:

Feature:

Bank transaction orders handling by Agent

Agents, or their branches, use mobile banking apps, the PAYNOW or any other fast payment apps, or cash deposit machines (CDMs) to handle both receiving and sending funds to the bank account numbers provided by customers.

Note: PayNow in Singapore is a fast bank transfer service allowing payments using mobile numbers or a company’s UEN.

Feature: Bank transaction orders acceptance by Agent

Service Description
PayRafi’s Bank Transfer Service enables users to transfer funds from their PayRafi account to a specified bank account. This service is contingent upon the availability of funds in the user’s wallet and adherence to our verification processes.

This Agreement is made between you (“PayRaf”) and PayRafi (“Company”, “we”, “us”, or “our”). By accepting to receive a bank deposit or execute a payout, you agree to the following terms:

1. Introduction: These terms govern the process of receiving deposits and sending payouts for PayRafi customers through bank transfers.
2. Receipt on Behalf of PayRafi: You acknowledge that you are handling bank deposit funds on behalf of PayRafi, not in any personal or other business capacity.
3. Bank Transfer Request Acceptance: Upon accepting a bank deposit or payout request, eligible PayRafs will be notified and provide or receive the necessary bank account details for the transaction.
4. Transfer Details: Ensure all bank transfer details, including recipient’s name and account number, are correct. PayRafi is not responsible for errors in user-provided details.
5. Purpose of Transfer: The declared purpose of the transfer, ensuring it aligns with legal and regulatory standards and to be mentioned in the bank transfer comment as specified in the order details.
6. Source of Funds: Ensure that the funds you are transferring on behalf of the PayRaf are from a legitimate source. Funds derived from fraudulent activities, gambling or any form of crime are strictly prohibited. PayRafi is not liable for verifying fund sources; legal issues from illicit funds are the user’s / PayRaf responsibility.
7. Amount Accuracy: PayRafs must remit or receive the exact amount specified. Discrepancies can lead to issues, including potential bank account suspension. The exact amount and currency to be transferred as specified by the customer in their order details.
8. Verification and System Update:

• Verify transaction details, ensure legitimacy, and confirm receipt of funds.
• Update the PayRafi system to reflect the transaction status promptly.
• Complete all verifications and updates within the timeframe specified by PayRafi.

9. Wallet Top-Up and Payout Execution: Once verified, received funds will be credited to the PayRafi’s customer wallet, and payout amounts will be dispatched as directed.
10. Transfer Confirmation: After completing a transfer, upload a clear receipt or proof of transfer to PayRafi system for verification. Delays or failures in processing may occur without this confirmation.
11. Cooperation with Authorities: If required by law or regulatory bodies, provide all transaction and activity details related to bank deposits to authorities upon request.
12. PayRaf Responsibility: PayRafs must provide accurate bank and other payment details, confirm fund receipt, and ensure proper payout execution. Report discrepancies to PayRafi immediately.
13. Transfer Delays: Delays may occur due to bank processing times or unforeseen circumstances beyond PayRafi’s control but any delays must be reported to the PayRafi’s support team.
14. Regulatory Compliance and Cooperation: Comply with all applicable laws and regulations related to bank transfers, including anti-money laundering (AML) and know your customers (KYC) requirements.
15. Liabilities: Non-compliance with this Agreement may result in penalties, including financial penalties, suspension from the PayRafi platform, or legal action.
16. Changes to Agreement: PayRafi reserves the right to update or modify this Agreement at any time. Continued acceptance of bank transactions after any changes indicates your agreement to the revised terms.

Feature:

Uploading Proof of Transactions:

These Terms and Conditions are applied to the PayRaf before uploading a proof of transactions screenshot or images to Payrafi’s platform.

T&C applied for uploading Proof of Payment

1. Authenticity: All bank transfer receipts uploaded must be genuine and accurately represent legitimate transactions. Uploading falsified, altered, or counterfeit receipts is strictly prohibited and may result in immediate account suspension or legal action.
2. Accuracy: Ensure that the receipt details match the information provided during the bank deposit request on PayRafi, including the amount, bank account details, tracking number, and unique “Payment Description.”
3. Image Quality: Receipts must be clear, legible, and of high quality. The image should capture all essential details without omissions. Blurred or low-resolution images may not be accepted and can delay verification.
4. Complete Information: Ensure all relevant information is visible and not cut off in the receipt image. Missing or partial information can lead to delays or rejection of the deposit request.
5. Timeliness: Upload bank transfer receipts within the specified timeframe indicated in the bank deposit request. Failure to do so may result in delays or cancellation of the deposit request.
6. Privacy: PayRafi respects user privacy. All receipts are securely stored and accessed only for verification purposes. Personal financial data will not be shared with third parties without explicit consent, except as required by law.
7. Responsibility: PayRafs are responsible for any personal information displayed on the receipt. It is recommended to redact or obscure non-essential personal details before uploading.
8. Verification: PayRafi reserves the right to verify the authenticity of uploaded receipts with the issuing bank. Discrepancies may result in delays, additional verification, or cancellation of the deposit request.
9. Retention: PayRafi will retain uploaded receipts for a period consistent with regulatory requirements or as necessary for operational needs.
10. Disputes: In case of discrepancies or disputes regarding the bank transfer, the uploaded receipt will serve as a primary reference. PayRafs should retain original receipts for their records.
11. Amendments: PayRafi reserves the right to amend these terms and conditions at any time. Changes will be communicated in advance, and continued use of the service indicates acceptance of the updated terms.
12. Liabilities: Non-compliance with these terms may result in penalties, including financial penalties, suspension from the PayRafi platform, or legal action.

Acknowledgment:

By accepting cash or bank deposit orders, executing a payout on behalf of PayRafi, and uploading proof of payment to PayRafi’s platform, you acknowledge that you have read, understood, and agree to be bound by these terms and conditions (the “Agreement”).

V.01, Released 27.Oct.24