Zipmex Card Terms and Conditions

Zipmex Debit Card Terms (“Terms”)

Effective: 19 April 2022

These Terms & Conditions (“Terms” or “Agreement”) entered into by and between you and Zipmex Pte. Ltd., a company registered in Singapore with company registration number 201830972H with which your Account is held (referred to herein as “Zipmex”) and govern your use of the Zipmex Debit Card. 

Zipmex is currently exempt from holding a licence pursuant to the Payment Services (Exemption for Specified Period) Regulations 2020 and has made a notification pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019 which can be verified here

By ordering a Zipmex Debit Card you agree to be bound by these Terms and you should therefore read these Terms carefully. If you have any questions in respect of anything set out in these Terms please contact Zipmex’s Customer Support team via its Contact Us page at


The Monetary Authority of Singapore (“MAS”) requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or Digital Payment Token (“DPT”), you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.
  1. Definitions and Construction 

Account – means your Zipmex Wallet.

Applicable Law – means any law, rule, statute, subordinate legislation, regulation, by-law, order, ordinance, protocol, code, guideline, treaty, policy, notice, direction or judicial, arbitral, administrative, ministerial or departmental judgment, award, decree, treaty, directive, or other requirement or guideline published or in force at any time which applies to or is otherwise intended to govern or regulate any person (including all parties to these Terms), property, transaction, activity, event or other matter, including any rule, order, judgment, directive or other requirement or guideline issued by any governmental or regulatory authority whether in the Territory or outside.

Appointed Processor – means a third party appointed by Zipmex for the purposes of collecting and using KYC Information.

ATM – means an automated teller machine that accepts the Card for cash withdrawals and balance enquiries. (Note: Cash withdrawals from ATM’s are currently not available but may be made available in future).

Card – means the Zipmex physical payment card issued and available to you for your use, upon activation and subject to you verifying Your Account. 

Card Issuer – means PayrNet Pte. Ltd. (UEN: 201913150C). The Card Issuer currently carries out account issuance and domestic money transfer services and is exempted from holding a licence by MAS pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019. 

Card Refund Fees – Fees to process a refund which can be found at

Card Replacement Fee – means the applicable fee for issuing a replacement card, if applicable, as stated in the Fees Section.

Conversion Rate – means the applicable exchange rate as determined by Zipmex from time to time and set out in the Fees Section. 

Customer Support – means our online support function which can be contacted at

Fees Section – means the schedule of fees and charges in respect of your Account, which can be found at

Flex – means our flexible payment functionality that will give you a period of 7 days from 12 am every Friday to clear the balance and take advantage of market fluctuations of your selected digital asset.

Force Majeure Event – means any cause beyond the control of a party including without limitation, acts of God, acts of civil or military authority, fires, strikes, lockouts or labour disputes, epidemics, governmental restrictions, wars, terrorist acts, riots, earthquakes, storms, typhoons, floods and breakdowns in electronic and computer information and communications systems.

KYC – means “know-your-client”.

KYC Information – means your personal identification information, documentation and other evidence as Zipmex may request from you from time to time in respect of your Account and/ or Card.

MAS – means Monetary Authority of Singapore.

Negative Balance – means a Usable Balance that is below zero. 

PIN – means the personal identification number you use to enable your Card to undertake physical transactions involving your Card. 

Prohibited Articles – means  (1) drug paraphernalia or narcotics, steroids, certain controlled substances or other products that present a risk to consumer safety, (2) stolen goods including digital and virtual goods or which encourage, promote, facilitate or instruct others to engage in illegal activity (3) the promotion of hate, violence, racial intolerance or the financial exploitation of a crime, (4) items that are considered obscene, (5) items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under Applicable Laws, (6) ammunition, firearms, certain firearm parts or accessories, or certain weapons or knives regulated or prohibited under Applicable Laws, (7) annuities or lottery contracts, lay-away systems, offshore banking or transactions to finance or refinance debts funded by a credit card, (8) items before the seller has control or possession of the item, (9) are by payment processors to collect payments on behalf of merchants, (10) traveller’s checks or money orders, (11) credit or debt settlement services, credit transactions or insurance activities, (12) articles involving offering or receiving payments for the purpose of bribery or corruption, or (13) any automated fuel dispenser.

Prohibited Countries – means any restricted jurisdictions designated by Financial Action Task Force, United Nations Security Council, OFAC sanctions programs and other applicable laws and requirements. 

Supported Currency – means the fiat currencies supported for purchases at Visa-supported merchants using the Card.

Supported Digital Assets – means the list of digital assets as accessible at this

Territory means Singapore.

Unsupported Currency – means a currency other than a Supported Currency. 

Usable Balance – means the total DPT value available to you in your Account for transactions using the Card, being the total value of all DPTs in your Zipmex Wallet less any applicable tolerance limits and Fees, which apply to your transactions. 

Verification – means the process of verifying your Account through the submission of requested documents as indicated in the Zipmex Website and/ or Zipmex app.

Website – means the website at the URL and/ or any future URL applicable to your Account and/ or Card. 

We, us, or our – means Zipmex. 

Zipmex Dashboard – means the Website or Zipmex app that you log on to, to access the secure elements of your Account.

Rewards – Rewards to be distributed in the form of Zipmex’s token, ZMT. 

You or your – means the natural person named on the Account entering into these Terms. 

In these Terms, unless the context otherwise requires: 

(a) a reference to this Terms or to these Terms is a reference to these Terms as may be varied, amended, supplemented, and/ or replaced from time to time; and

(b) words in the singular include the plural and vice versa. 

2 Introduction 
2.1 Any capitalised terms used in these Terms but which are not defined in these Terms are defined in Zipmex’s Terms and Conditions.
2.2 These Terms should be read in conjunction with:
A Zipmex’s Terms and Conditions, available (; and
B Zipmex’s Privacy Policy, available ( 

2.3 Your Zipmex Card is issued by the Card Issuer, a company incorporated in Singapore which is a member of the Visa Card Network. The Card Issuer is currently exempted by the MAS pursuant to the Payment Services (Exemption for Specified Period) Regulations 2019. The Card Issuer does not offer or provide banking services and the schemes administered by the Singapore Deposit Insurance Corporation do not apply. 

2.4 Conditions

We and the Card Issuer shall be entitled at our sole discretion, to (i) refuse your application or, having accepted your application to register or accepted you through our Verification process, terminate your use of the Card and/ or Your Account if you fail to fulfil any one of the following criteria, and/or (ii) change the eligibility criteria for registration at any time. By signing up for a Card and the corresponding Account, you represent and warrant that: you are at least eighteen (18) years of age;

(a) you are a resident of Singapore;

(b) you are eligible to register for and use the Card and the corresponding Account in accordance with the Verification process;

(c) you have the full right, power, and legal authority to enter into this Agreement; 

(d) you act in a capacity that is not for a trade, business or profession; and

(e) you are not impersonating any other person, operating under an alias or otherwise concealing your identity.

2.5 Signing up, KYC and Personal Data

2.5.1 To complete the Verification process and to receive your Card, as well as for your continued use of the Card thereafter, you acknowledge and agree that Zipmex, Zipmex’s Appointed Processor and the Card Issuer shall be entitled to undertake identification, credit, anti-money laundering, counter terrorism financing, KYC and other necessary checks and screenings required to comply with each party’s internal compliance policies and Applicable Laws, at any time we, our Appointed Processor or the Card Issuer deems necessary in our or their sole discretion. You further accept that Zipmex may collect KYC Information for and on behalf of and disclose the same to the Card Issuer for these purposes. 

2.5.2 You agree to assist Zipmex and its Appointed Processor in these checks by supplying us or our Appointed Processor, as directed, with the applicable KYC information request from time to time. You shall submit all requested KYC Information promptly to Zipmex as you acknowledge that Zipmex and our Appointed Processor are authorised to collect your personal data and to conduct such checks and screenings as described in these Terms on Zipmex’s behalf. 

2.5.3 You represent and warrant that you have the power and authority to provide all KYC Information which you submit to us.

2.5.4 We reserve the right to refuse to issue any Account or Card, and may suspend or terminate your use of the Card if (a) you fail to submit satisfactory KYC Information to be determined at Zipmex’s discretion; or (b) you submit inaccurate or incomplete KYC Information; or (c) we are unable to verify your identity based on the KYC Information you submit or (d) at any time we suspect that you are using your Account for any purpose which is prohibited under these Terms. 

2.6 Personal Data 

For information on the Personal Data that Zipmex collects and uses in respect of your Account and your use of the Card, please see our Privacy Policy which can be found here: Third party privacy policies and practices, such as those of the Issuer, also apply.  

2.7 Change of personal details 

You represent and warrant that all the information you provide to us (including all KYC Information) is true, accurate and complete. Should you become aware of any inaccuracies, or change your contact information or any other personal details (for example your address telephone number or your email address), you must notify us promptly by logging onto your Zipmex Dashboard or by contacting Customer Support. We will not be responsible if you do not receive any notice or correspondence that has been sent in accordance with these Terms as a result of our reliance on any incorrect, incomplete or obsolete personal details which you have previously submitted and failed to update. In addition, if you do not provide us with accurate and complete information, we and/or the Card Issuer may not be able to provide you with the products or services requested under these Terms. 

2.8 Consents for Collection, Use and Disclosure 

Without prejudice to any of the consents provided to us by you in these Terms, you hereby irrevocably and unconditionally consent and authorise us to, at any time and at our absolute discretion to collect, use, process and store any and all of your personally identifiable information, credit or financial information provided to us, including your KYC Information; and disclose any and all of your personally identifiable information, credit or financial information, including your KYC Information, to the Card Issuer and/ or other Zipmex affiliates, financial institutions, debt collection agencies, credit bureaus, any credit reporting agency, or any other third party service providers of Zipmex and/or Card Issuer for all purposes associated with our provision of services under these Terms.

2.9 Using Your Card

2.9.1 Please note that your Card is not a credit card, charge card or prepaid card and does not incorporate or allow any credit or stored value facility. Transactions made using the Card will only be successful to the extent your Account holds a sufficient Usable Balance to settle transactions and you will not be able to complete transactions in the event you have a Negative Balance. The Card is a debit card, which will debit the funds by effecting a conversion at the Conversion Rate from the selected Supported Digital Asset within your Account when used. You can use your Card to complete transactions, which will deplete your Usable Balance, debiting the Account. You will need to activate your Card and select the digital asset that you would like to use to make purchases. Subject to any limitations contained in these Terms and specifically those at clause ‎‎4.5, once your Card is activated, you may use your Card to purchase goods and services from merchants which accept payment via your Card.

2.9.2 The Account tied to your Card is also not a savings or checking account and Zipmex may, in its sole discretion, pay rewards to you in respect of any part of the Usable Balance stored in your Account. 

2.9.3 Your digital assets are not covered by the Singapore Deposit Insurance Scheme. The digital assets will be held in one or more segregated bank accounts separately from Zipmex’s own digital assets. 

2.9.4 For the avoidance of doubt, Zipmex and the Card Issuer are not a party to any transaction for sale and purchase of goods and services between you and any merchant. The rights and obligations in connection with (a) the sale and provision of goods and services which are the subjects of such transactions, (b) the transaction methods and terms, and (c) performance or non-performance of the transactions (including but not limited to refusal to perform, delay, non- delivery, defects, errors, return or replacement of goods and services, and refund), exist only between you and such merchant, and Zipmex and the Card Issuer have no control over and is not responsible for the delivery, quality, safety, legality, fitness for purpose or any other aspect of goods or services that you purchase  with the Card or Account. Zipmex and the Card Issuer cannot and do not guarantee or ensure that the merchant you are dealing with will complete the transaction or that the merchant is authorised to do so. 

2.10 Selecting your preferred digital asset

As part of activating your Card you will be asked to select a Supported Digital Asset which will become Usable Balance and currency used for your Account. You will be allowed to change your preferred Supported Digital Asset at any time in the future under the manage card settings as long as there are no pending transactions.

2.11 Your PIN 

You will be provided a pin for your Card as part of the card activation process. Where you believe the security of your PIN has been compromised, please contact Zipmex Support on and we will assist in resetting your PIN.

2.12 Protecting your Card, PIN and Password. 

2.12.1 Your Card and the corresponding Account shall be for your use only and may only be used after the Card has been activated in accordance with these Terms. You are responsible for keeping your PIN and password confidential and secure. You must not: 

(a) keep any written record of your PIN or password; 

(b) allow another person to see your PIN or password; 

(c) keep your PIN or password in a form that can be readily identified as the PIN or password to your Card;

(d) disclose your PIN or password to any other person (including your family members or spouse); or

(e) carry your PIN or password with your Card or store them in your mobile devices.

2.12.2 To access your Card, you will need to login to your Zipmex Dashboard with your existing password. For added protection and security we recommend enabling two factor authentication.

2.12.3 If you forget your password or believe it may have been compromised, you should contact Customer Support immediately on You may reset your password by logging into your Zipmex Dashboard at any time you wish. 

2.13 Moving overseas 

Should you change your country of residence to a territory outside the Territory after signing up for your Card, there may be limitations on your Account. You will however still be able to (a) use any positive Usable Balance remaining in your Account to conduct transactions in accordance with these Terms until the expiry date stated on your applicable Card or until your Usable Balance is fully utilised, whichever occurs first; or (b) obtain a refund of your Usable Balance. 

2.14 Contacting Customer Support

Unless otherwise stated in these Terms, should you have any request, issue, or any complaint regarding the Card, you may contact Customer Support any day from Monday to Sunday by email to

You agree that Zipmex and/or the Card Issuer may (i) monitor and/or record any conversations you have with our Customer Support officers; and (ii) use such recordings or electronic transcripts from such recordings for quality assurance and training purposes or as evidence in any dispute or anticipated dispute. 

Should you urgently need to disable or block any transaction undertaken using your Card, you may access your Zipmex Dashboard to do so. 

3. Using your Account 

Locations of Use

3.1.1 Only you, the cardholder, are authorised to use your Card and the associated Account. Subject to any limitations placed by the Card Issuer, you can use your Card to access the Usable Balance on your Account to purchase goods and services from Visa-supported merchants worldwide who accept the Card. However, where a merchant or financial institution does not accept payment via your Card or Account, Zipmex and the Card Issuer shall not be liable in such cases. 

3.1.2 Each time you make a transaction, your Account will be debited immediately by the amount of such transaction, plus any applicable fee and any other amount that we may deduct from your Account under these Terms. The Usable Balance on your Account will be reduced accordingly. 

3.2 Fees and Charges 

3.2.1 All fees and charges that relate to the use of your Card and Account are detailed in the Fees Section. All applicable fees and charges (unless otherwise specified) will be deducted from your Usable Balance. 

3.2.2 Unless otherwise specified in these Terms, all Account fees and charges as listed will be deducted from your Zipmex Wallet in the first instance. Where your Zipmex Wallet contains insufficient digital assets to complete such deductions, to satisfy the payment of such Account fees and charges, the transaction will be declined.

3.3 Rewards

3.3.1 All completed and un-cancelled / undisputed transactions within any given month will be eligible to receive a percentage credited back in Zipmex’s proprietary token, ZMT. The percentage rate of ZMT which is distributed will be based on your VIP tier at the time of reward calculation and will be based on the monthly total spend of all completed transactions, to be assessed at Zipmex’s sole discretion. 

3.3.2 The assessed ZMT will be distributed via an airdrop into your Account on the 1st day of every following month based on the previous month’s completed transactions. For example:

VIP 4 Tier (Highest Standard Tier)

$5000.00 SGD Monthly Completed Spend x 4% VIP Reward Rate = $200.00 SGD (Fiat Reward Amount)

$200.00 SGD at 2.64 SGD/ZMT Market Rate = 75.7575 ZMT (Airdropped Amount) 

3.4 Flexible payments (Flex – Available Soon)

3.4.1 When you make a purchase with your Card, you will be given a period of seven (7) days from 12 am SGT of every Friday (inclusive of Friday) to clear the balance and take advantage of market fluctuations of your selected digital asset during each period. The initial transaction amount will be quoted at time of purchase (including conversion fees) and deducted as a digital asset value from your available balance.

3.4.2 If the price of your selected digital asset increases during the 7-day period, you can initiate a Flex transaction which will clear the total accumulated weekly spend to date and you will receive an amount in digital assets back due to the increased value of your digital assets. The amount you receive back will include conversion fees.

3.4.3 If the price of your selected digital asset decreases at any time during the 7-day period, we will honour the initial transaction amount and it will automatically clear every Friday at 12 am SGT without you having to put in a specific request. 

3.4.4 Your weekly spend will start accumulating every Friday at 12 am SGT and will automatically clear by the following Friday at 12 am SGT if no Flex transactions have been completed. 

3.4.5 Transactions that have completed a Flex will be marked in your transaction history and with further details available in the Flex section of the Zipmex Dashboard.

3.4.6 We may, in our sole discretion, decide to disable the functionality of Flex at any time and during the transitional period, all existing transactions will be completed based on the original quoted transaction amount and no new Flex transactions will be accepted. We will aim to provide 7 days advance notice of such discontinuation through email to existing Flex users.

4. Managing your Account 

4.1 Balance enquiry

4.1.1 Your Usable Balance is visible in your Zipmex Wallet in your Account when you log in to your Zipmex Dashboard, or by contacting Customer Support. 

4.2 About Currency Transactions.

4.2.1 Supported Currency Transactions: When you make a purchase in a Supported Currency, the transaction amount including any fees payable will be deducted from the relevant Zipmex Wallet through a conversion at the Conversion Rate from the Supported Digital Assets. Where you have insufficient digital assets in that Zipmex Wallet, the transaction will not be successful. 

4.2.2 Unsupported Currency Transactions: When you make a purchase in an Unsupported Currency, digital assets from your Zipmex Wallet will be debited and converted to the Unsupported Currency at the applicable conversion rate. If your Zipmex Wallet has no digital assets, or insufficient digital assets, then the transaction will be unsuccessful. 

4.3 Errors and transaction disputes 

4.3.1 You should retain all vouchers and transaction records, transaction advices and receipts issued by merchants and ATMs, and check all transactions details and entries by reviewing your transaction records and history (which may be accessed on your Zipmex Dashboard or via Customer Support) on a regular basis. We accept no responsibility for your failure to regularly review, reconcile and verify the correctness of your transaction history and details nor your failure to promptly report to us any discrepancy, errors, omissions or unauthorised transactions in relation thereto. 

4.3.2 Details in the entries of your transaction history reflected on your Zipmex Dashboard are presumed to be true and correct unless you notify us in writing of any disputes or inaccuracies thereon within two (2) weeks from the time of transaction. 

4.3.3 If you believe an accounting error has occurred with regard to the Usable Balance in your Account, or your transaction history, you must notify and report such errors to us as soon as possible, in any case within two (2) weeks from the date of the disputed transaction by contacting our Customer Support team. 

4.3.4You are required to provide your proof of transaction along with as much relevant information surrounding such disputed transaction as possible. Once we have received that information, we will investigate such errors and acknowledge receipt of the same in writing within five (5) business days. Where we do not acknowledge receipt, it shall be deemed that we have not received the information. 

4.3.5 Unless you have not complied with our request for information or there are exceptional circumstances impeding our investigations (in which case we will write to you to let you know), we will complete the transaction investigations (in most cases) within forty five (45) business days of acknowledging the receipt of the information from you and notify you of the outcome. Any decision made by Zipmex in the resolution of such dispute shall also be final and in the sole discretion of Zipmex.

4.3.6 If we determine any transaction error or dispute to be attributable to our fault or the fault of our services providers (including the Card Issuer), we will take steps to rectify such errors and make the appropriate refunds in Supported Digital Assets to your Card and/or Account where necessary. However, if on reasonable grounds we decide that any such errors of defaults are not attributable whether directly or indirectly to us, the Card Issuer or our service providers, we will notify you of our decision in writing and shall not be obliged to take any further action. Unless a transaction or recording error is due directly to our fault, we shall have no liability to you. 

Disputes regarding non-delivery or unauthorised transactions

4.3.7 Please note that you cannot stop or reverse a payment on any transaction after it has been authorised or completed. Where you would like to receive a refund after conducting a transaction you should contact the relevant merchant directly with your request. Where a merchant decides to process your request for a refund, it must issue a valid refund voucher to Zipmex in order for Zipmex to make a refund to you. Zipmex will only credit your Account with the refund in ZMT after we have received such voucher from the merchant.

4.3.8 Any dispute you have with a merchant over goods or services procured using your Card or Account must be addressed directly to the merchant from whom such goods or services were provided.

4.3.9 We may (but are not obliged to), in our sole and absolute discretion, file a formal dispute with a merchant on your behalf over a transaction for which you believe you are entitled for a refund, or which is otherwise unauthorised, provided that you duly comply with our requests for information (including provision of proof of transaction) and make available to us all relevant documentation. Provided that the dispute is resolved by the merchant in your favour, in accordance with the rules of the applicable card network, we will credit your Zipmex Account with the disputed amount in ZMT. 

4.4 Refunds and/or Reversals 

4.4.1 Any refunds, payment rebates or reversals made by a merchant to you in connection with a transaction previously made in a Supported Currency, will be credited to your Account in ZMT minus Card Refund Fees. Rebates, refunds or reversals made in an Unsupported Currency will be converted at the applicable conversion rate and returned to your Zipmex Wallet in ZMT minus Card Refund Fees. 

4.4.2 Please note that amounts returned for Unsupported Currencies and currency conversion fees may differ from the amount deducted from your Account at the time of the original transaction due to exchange rate fluctuations. 

4.5 Limitations on use of your Account

4.5.1 Pre-authorisation transactions are currently not supported. This means you may not be able to use your Card with certain merchants that require pre-authorisation (such as hotels, vehicle and taxi rentals, bike rental, transportation companies, and bus lines).

4.5.2 You may not use your Card or Account for the following purposes:

(a) making purchases from merchants who do not accept the Card; 

(b) engaging in any transactions:

(i) which violate any Applicable Laws;

(ii) involve Prohibited Articles; 

(iii) in, or with any persons in any Prohibited Country;

(iv) involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent; or

(v) are part of or connected to a money transfer mechanism to transfer funds to a third party which does not relate to an underlying transaction of goods and services. 

4.5.3 The Card Issuer may limit or prevent your usage of the Card at any time to comply with the scope of its licence or exemption (including conditions or restrictions thereof) pursuant to Applicable Laws, any requirements of the relevant card network, or any changes to the same.

4.6 Transaction, Spending Limits and Fees Section 

To see the latest applicable limits and schedule of applicable fees click here.

4.6.1 Replacement

You may request a new Card or replace an old or faulty Card at any time by contacting Customer Support. Card replacements are subject to the Card Replacement Fee.

5. Expiry, Closing and Termination

5.1 Card Expiry 

5.1.1 Upon activation and until the expiry date shown on your Card, your Card may be used to access your Account for the purpose of making purchases. You may close your Account at any time prior to your Card expiration by contacting Customer Support. 

5.1.2 Your Card cannot be used at merchants after the expiry date. Should we be unable to contact you based on our records of your contact information six (6) months or more after the expiry date of your Card, you acknowledge and agree that we may hold your Usable Balance in accordance with Applicable Laws. 

5.2 Closing your Account 

At your option, you may choose to close your Account. Upon closure of your Account, you may be asked to destroy or return the Card to us. The Card linked to your Account will nevertheless be automatically cancelled by us. Please note that you may not close your Account during an ongoing dispute, investigation, or pending authorisation.  

5.3 Termination of these Terms 

5.3.1 You acknowledge that we may restrict, withhold or suspend the use of your Account and/or Card or terminate these Terms immediately, without prior notice under any of the following circumstances: 

(a) your use of the Card and/or Account has, or we reasonably believe it has, breached any Applicable Laws or these Terms; 

(b) we suspect any illegal or unauthorised use of your Account or Card; 

(c) you gave us, or we reasonably suspect that you have given to us false or inaccurate information (including KYC Information);

(d) (in the case of a suspension) where necessary for relocating, replacing, maintaining, updating or repairing the software or hardware facilities of Zipmex or the Card Issuer;

(e) where the Card and Account functions cannot be operated normally by Zipmex or Card Issuer due to a Force Majeure Event, or due to acts or omissions of third parties (including service providers of Zipmex and/or Card Issuer) which are not otherwise caused (whether directly or indirectly) by Zipmex and/or Card Issuer;   

(f) we believe that your Account has been or is likely to be misused or compromised; 

(g) where the continued use of your Account or the Card may cause Zipmex or Card Issuer to be in breach of any Applicable Laws (including, without limitation, laws relating to anti-money laundering and combating the financing of terrorism); 

(h) you no longer satisfy the eligibility requirements set out in Clause ‎2.4; 

(i) we reasonably believe that your Card, Account, PIN, or Zipmex Dashboard is being used in a way that may cause, whether directly or indirectly, losses to you or us;

(j) you are declared bankrupt, insolvent, or enter into liquidation or such other scheme of arrangement or administration;

(k) you are found in default of your debt obligations to a licensed bank by a Singapore; and 

(l) we are notified that you are deceased.

Without limiting the foregoing, in the event of a suspension of your use of your Card and the corresponding Account, you agree that we may hold your Usable Balance pending the outcome of any investigations in connection with the provision of our services, and that we may also disclose information relating to your breach or suspected breach to such law enforcement or other authorities as we may deem necessary. You acknowledge that our decision to take certain actions, including termination and limiting access to your Card and/or Account, may be based on confidential criteria that is essential to our management of risk, the security of all our customers and the integrity of our system. You agree that we are under no obligation to disclose the details of our risk management or security procedures to you. 

5.3.2 Without prejudice to Clause ‎‎5.3.1 above, you agree that we may close your Account and terminate these Terms without reason by giving you at least thirty (30) days’ prior notice. 

5.3.3 You may also terminate your Card (and the Account) by giving us notice thereof in writing sent via email to our Customer Support team or by requesting for such termination via the Zipmex Dashboard. Upon termination of your Card, you must (where possible) cut the relevant Card in half through the chip and magnetic stripe and cease all usage of the Card. You will pay such fees as we may from time to time specify with respect to such termination. 

5.3.4 Where we exercise our right of termination under Clauses ‎5.3.1(a) to (i), you will be entitled to a refund of any Usable Balance on your Account in accordance with these Terms. However, in the event of the events in Clauses ‎5.3.1 (j) to (l), we reserve the right to deal with any trustee, executive or representative of the Singapore courts in our sole discretion as considered appropriate in relation to the administration of your Usable Balance in the Account. 

5.3.5 The User agrees that Clauses ‎3.2, 6, 7, 8, as well as any other terms which by their nature should survive, shall survive the termination of these Terms. 

6. Unauthorised Transactions 

6.1. Unauthorised Card use, loss and/ or theft  

To block and/ or suspend your Account you must promptly notify us via Customer Support or log on to your Zipmex Dashboard if you believe any of the following has occurred:your

(a) Account is hacked, misused or compromised; 

(b) any of your Cards is lost or stolen; 

(c) any of your Cards is damaged or not working properly; 

(d) any of your Cards is retained by an ATM; or 

(e) the security of your PIN or password are compromised in any way.

Upon our receipt of your notification of any of the events above, we will suspend your Card and/or Account and prevent any further transactions from being made using your lost, stolen or compromised Card and/or Account, until appropriate measures are taken to replace your Card and/or restore security to your Account. 

You will not be liable for any unauthorised transactions made using your Card or Account after we have been notified of the loss/theft or compromise of your Card or Account in accordance with this clause after you have blocked the use of the Card or Account (as applicable). However, you shall be liable for all transactions carried out before we are notified of such loss/theft or before you block the use of your Card or Account, even if such transactions were carried out without your authorisation. 

7. Indemnities and Limitations of Liability 

7.1 Indemnity

You shall fully indemnify and hold Zipmex, Card Issuer, and each of their respective officers, directors, employees, partners and agents (“Indemnitees”) harmless from and against any and all damages, awards, expenses, losses, claims, actions, liabilities, penalties, costs and/or demands (including statutory liability and liability to third parties, economic loss, accounting fees, and court and legal costs assessed on a solicitor-client basis), suffered or incurred by any of the Indemnitees arising whether directly or indirectly from your: 

(a) act, omission, negligence, wilful default, mistake, misconduct, dishonesty or fraud (including any theft or loss of your Card and/or Account, or any fraud or misuse in relation thereto);

(b) breach of these Terms;

(c) breach of any Applicable Laws, or any contractual or fiduciary obligations; 

(d) access and use of the Zipmex Dashboard, your Card and/or Account (or any access and use referable to your PIN and passwords);

(e) payment and/or ATM cash withdrawal instructions, and/or our acting in good faith and taking or refusing to take action based thereon; and

violation of any rights of any person or entity. 

7.2 No warranty

Your Card(s), the corresponding Accounts, and the Zipmex Dashboard are provided to you “as is”, “as available”, without warranty of any kind, whether express or implied (including any implied warranty of merchantability or satisfactory quality, fitness for a particular purpose, compliance with any description, non-infringement, or any implied warranty arising from course of performance, course of dealing, usage of trade or otherwise, all of which are expressly disclaimed). Without limiting the foregoing, we do not warrant: 

(a) that our services provided to you under these Terms will be error-free, virus-free or free from other invasive or damaging code, or that defects therein will be corrected;

(b) that the operation of our services (any information transmitted by you thereby) will be uninterrupted, continuous, or secure; 

(c) that any information we provide to you on the Zipmex Dashboard will be correct, accurate, complete, reliable or fit for purpose; and/or

(d) that the use of your Card(s), the corresponding Accounts and/or that the Zipmex Dashboard will not give rise to any liability at law or under contract.

7.3 Zipmex’s liability

7.3.1 To the maximum extent permitted by law, Zipmex, Card Issuer and its Indemnitees expressly disclaim and exclude any and all INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, CONSEQUENTIAL, PUNITIVE loss or damage (including loss of business, revenue, profits, use of data, or other economic benefits) which may be suffered by you (or any person claiming under or through you) in connection with or however arising from the your access or use of the Zipmex Dashboard, your Card and the corresponding Account, whether or not (a) the same arises in contract, tort (including negligence) howsoever; (b) such loss or damage is foreseeable and/or (c) Zipmex, Card Issuer and its Indemnitees have received prior notification of the possibility thereof.

7.3.2 To the maximum extent permitted by law, Zipmex hereby disclaims all liability to you in connection with or arising from your use of or inability to use your Card(s), the corresponding Accounts and/or the Zipmex Dashboard, which are incurred as a result or in connection with any of the following:  

(a) failed, missed, delayed, or fraudulent transactions, payment transmission errors, or any other issues related to payment or the processing, and/or transfer of money between you and the Card Issuer; 

(b) the Card Issuer’s failure to convey any notice, instructions or communications to us or other third parties on your behalf, accurately, in a timely manner or at all;

(c) any unauthorised access to, disclosure of, wrongful or fraudulent use of your Card(s), Account, Zipmex Dashboard, personal data, PIN and password to the extent not attributable to any acts or omissions on part of Zipmex; 

(d) any error, negligence, wilful default, misconduct, fraud, act, omission, breach or failure of, or contravention of Applicable Laws by, any other party (including you and the Card Issuer);

(e) for any claim that arises from our acting reasonably in accordance with your instructions; 

(f) for any loss suffered by you or any third party due to matters outside our control (including, but not limited to, non-delivery of mail, machine failure, system failure, strikes, failure of an ATM or communication linkage failure); 

(g) for any losses which arise where you have acted negligently or have acted fraudulently, either alone or together with any other person(s); or

(h) any losses incurred by you as a result of your breach of Applicable Laws or these Terms. 

7.3.3 In the event that Zipmex is liable for damages despite the foregoing provisions, you agree that (a) no action, whatever its form, may be brought by you more than two (2) months after the date of the first event giving rise to your claim, and (ii) that our maximum aggregate liability to you under any and all causes of action (including contract and tort), shall not exceed USD 1,000 (for the avoidance of doubt, this does not affect your rights to claim for a return of Usable Balance under Clause ‎5.3.4).

8. General 

8.1 Severability

If any provision of these Terms is found to be invalid, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms, which shall remain in full force and effect.  

8.2 Assignment

Your rights and obligations under these Terms are personal to you and you shall not transfer, assign, novate or sub-contract them to any third party without our prior written consent. We reserve the right to transfer, assign, novate, sub-contract or otherwise deal with any of our rights or obligations under these Terms at any time, and you hereby give consent to, and shall do all things necessary to facilitate such transfer, assignment, novation or dealing by us. 

8.3 Waiver

Failure or neglect by us to enforce at any time any of the provisions in these Terms shall not be construed or deemed to be a waiver of our rights hereunder, nor in any way affect the validity of the whole or any part of these Terms or prejudice our right to take subsequent action.

8.4 Force Majeure

We shall not be liable for any failure or delay in the performance of our obligations under these Terms, or any unavailability thereof that is due, in whole or in part, directly or indirectly to any Force Majeure events which is beyond our reasonable control.

8.5 Compliance with Laws

You shall comply with all Applicable Laws relating to the use of the Card(s), the corresponding Accounts and the Zipmex Dashboard. 

8.6 Taxes

You agree that these Terms shall be subject to all prevailing statutory taxes, duties, fees, charges and/or costs, however denominated, as may be in force and in connection with any future taxes that may be introduced at any point of time.

You further agree to use your best efforts to do everything necessary and required by the relevant laws to enable, assist and/or defend our company to claim or verify any input tax credit, set off, rebate or refund in respect of any taxes paid or payable in connection with the service supplied under these Terms.

You agree that details of your Zipmex Account and all transactions thereunder may be provided on request to any tax authorities either in Singapore or overseas where the purpose of such request is the lawful payment of tax obligations and/or the identification of assets for taxation.

8.7 Third Party Rights

Save for the Indemnitees, a person or entity who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any term of this Agreement.

8.8 Amendment

We may amend, supplement or replace these Terms, including any fees and charges associated with the use of your Card and/or Account, from time to time by giving you reasonable prior notice in the manner set forth in Clause ‎8.9 below. We will also publish such amendments or changes to these Terms on the Website and your Zipmex Dashboard. The amended Terms shall come into force on the day such Terms are posted on the Website and Zipmex Dashboard. Any use of your Card and/or the corresponding Account thereafter by you shall constitute an acceptance of the revised Terms. If you do not agree with these Terms, you should immediately terminate your Account.

8.9 Notice or Communications

Subject to any Applicable Laws, you agree that we or our agents may provide written notices or other communications to you under or in connection with these Terms in any of the following methods, and such notice will be deemed received by you as specified below: 

(a) by post to your residential or postal address last known to us: 2 business days after our date of posting;

(b) by hand: on delivery; 

(c) by electronic communication to your last email address: on the day such email is transmitted if no notice of delivery failure is received; 

(d) by electronic communication via posting on your Zipmex Dashboard for retrieval by you (with the email or text message advising you of this and of the general nature of the information, and giving you the ability to readily retrieve the information electronically): within 24 hours from our posting of such electronic communication. 

(e) In addition to the communications channels set out in these Terms, we and our agents may give you a notice or other communication by using any method allowed or required under Applicable Laws. If Applicable Laws require us or our agents to use a particular method of communication or providing notice, such method will be used. 

8.10 Entire Agreement

These Terms set forth the entire understanding between you and us with respect to the subject matter hereof and supersedes all proposals or other communications, oral or written, relating to this subject matter.

8.11 Dispute Resolution

Zipmex’s goal is to learn about and address your concerns arising from and in connection with our issued Card(s) and the corresponding Accounts, and should we be unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. If you would like to raise any complaint or dispute our services, such dispute may be reported to Customer Support. 

8.12 Governing Law

These Terms shall be governed by Singapore law, without regard to the choice or conflicts of law provisions of any jurisdiction, and any disputes, actions, claims or causes of action arising out of or in connection with the Terms of Use or the Service shall be referred to the Singapore International Arbitration Centre (“SIAC”), in accordance with the Rules of the SIAC as modified or amended from time to time (the “Rules”) by a sole arbitrator appointed by the mutual agreement of the parties (the “Arbitrator”). If parties are unable to agree on an arbitrator, the Arbitrator shall be appointed by the President of SIAC in accordance with the Rules. The seat and venue of the arbitration shall be Singapore, in the English language and the fees of the Arbitrator shall be borne equally by the parties, provided that the Arbitrator may require that such fees be borne in such other manner as the Arbitrator determines is required in order for this arbitration clause to be enforceable under applicable law.

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The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.