Customer Protection

WALLET SERVICES – TERMS AND CONDITIONS FOR USERS (INDIVIDUALS)
1. THESE TERMS
1.1 The Agreement; Mobile Wallet Services – Terms and Conditions. These Wallet Services – Terms and Conditions (including all Annexes and Policies) (the “Agreement”), each as may be modified from time to time as described in Section ‎21.2 below, apply when you register for a Wallet Account or opt for using the Wallet Services with us which enables you to make payments for purchasing products and/or services, purchase third party products and/or services available on our App, make remittances and receive certain payments. In these Terms, “you”, “your” and “their” refer to the user of the Wallet Services and “we,” “us,” “our,” or “Barq” refer to the provider of the Wallet Services. Further information regarding Barq is set out in Section 2 below.
1.2 Why you should read them. These terms tell you who we are, how we will provide the Wallet Services to you, how you and we may change or end this Agreement, what to do if there is a problem and other important information.
1.3 Acceptance and Language of the Agreement. This Agreement forms a legally binding agreement between you and us. In order to use the Wallet Services, you must first accept the Agreement. If you do not accept the Agreement or if you withdraw your consent to these terms and conditions on the App, you will not be eligible to use the Wallet Services, and we may promptly cease providing the Wallet Services to you. You can accept the Agreement selecting such option when prompted on the App and as indicated towards the end of this Agreement. Also:
(a) a copy of the Agreement, as amended from time to time, is available to you on the App.
(b) throughout the duration of the Agreement, you may request to be provided with the Agreement, and a link to the Agreement will be sent to your email address free of charge;
(c) the Agreement will be provided to you in Arabic or in English, as chosen by you; and
(d) your relationship with us will be governed by the language version of the Agreement that you select. If you have selected the Arabic version, our relationship will be governed by the Arabic version. If you have selected English, then our relationship will be governed by the English version.
1.4 The Wallet Services. This Agreement applies to your use of the Wallet Services. Our Wallet Services enable users to use a digital wallet to cash-in, pay for goods and services, withdraw / redeem funds in your wallet and transfer funds both within the Kingdom of Saudi Arabia and internationally.
1.5 Eligibility.
1.5.1 You may not use the Wallet Services and may not accept the Agreement if:
(a) You are not of legal age, as prescribed by the applicable laws and regulations in the Kingdom of Saudi Arabia, to form a binding contract with us and operate the Wallet Services;
(b) You lack the legal capacity as prescribed by applicable laws and regulations in the Kingdom of Saudi Arabia; or
(c) You are a person barred from receiving the Wallet Services under the laws of the Kingdom of Saudi Arabia.
1.5.2 In the event you were eligible to use the Wallet Services and accept the Agreement and such eligibility is interrupted pursuant to the applicable laws and regulations in the Kingdom of Saudi Arabia, your Wallet Account will be restricted until a legal guardian takes control over supervising your Wallet Account and use of the Wallet Services as we may technically enable from time to time.
1.5.3 If you are an appointed legal guardian of another user of the Wallet Services or wish to set up a Wallet Account for a user who lacks legal capacity as prescribed by the applicable laws and regulations in the Kingdom of Saudi Arabia, you must have a valid and current Wallet Account so that we can enable you to supervise the use of the Wallet Services by the user, whose eligibility is either interrupted or absent. In such instances, we may restrict or limit certain Wallet Services as we see fit from time to time and in accordance with SAMA Guidelines. You shall be responsible for the approval of any transactions involving (i) cash withdrawals, (ii) transfers to individuals other than you, (iii) receiving transfers from third parties, (iv) making International Remittances, or (v) adding funds to such user’s Wallet Account.
1.6 Device eligibility. You are required to have an eligible device in order to use the Wallet Service. We, at our own discretion, shall determine which devices are eligible to be used with the Wallet Services and shall provide you with a list of such devices or types thereof on request by you in the event you encounter an issue. Devices that have been unlocked in an unauthorised fashion or otherwise modified may not be eligible to use the Wallet Services.
2. Information about us and how to contact us
2.1 We are Barraq Finance Company, a joint-stock company registered in the Kingdom of Saudi Arabia under No. 1010810920 and unified ID No. 7029786717, and registered office is at 2163 Alorobah rd., Northern Maathar district 7795, Riyadh 12334, Kingdom of Saudi Arabia.
2.2 You can contact us by telephoning our customer service team at +966 800 10000 77, via the chat facility on the App, or by writing to us by email at [email protected], through social media, at our website: www.barq.com.
2.3 If we need to contact you, we will do so by telephone, email, App-chat facility, chat bots or other method in our discretion.
3. DEFINED TERMS
3.1 The following defined terms appear in this Agreement:
“Affiliate” means a third party or one owned or controlled by us or any entity controlled by, in control of, or under common control with us.
“App” means the Barq Wallet Services App currently branded as Barq.
“Application” means internet or mobile-based services and applications.
“Available Balance” means the amount labelled as such on the App reflecting the total amounts transferred to your Wallet Account within the Recharge Limit and is the balance of funds you can use from your Wallet Account in accordance with this Agreement.
“Barq Materials” means any software (including without limitation developer tools, sample source code, and code libraries), data, materials, content and printed and electronic documentation (including the Specifications and any integration guides) developed and provided by us or our Affiliates to you for download from the App or otherwise access or use. Barq Materials do not include any software, data or other materials specifically made available by us or our Affiliates under separate license terms or that were created by a third party, including without limitation software provided under an open-source license.
“Business Day” means any day other than a Friday or Saturday or a public holiday in the Kingdom of Saudi Arabia.
“Credentials” means your password and access keys.
“Current Balance” means the amount labelled as such on the App reflecting the sum of your Available Balance and any other amounts transferred to your Wallet Account exceeding the Recharge Limit.
“Cut Off Time” means the last time for making or receiving payments under the relevant payment scheme.
“International Remittances” means transfer of funds from your Available Balance to a Receiver in a country other than the Kingdom of Saudi Arabia.
“Multiple Payment” means a payment authorization given by you to a merchant to charge your selected payment method variable amounts over a specified time period.
“Policies” means all applicable policies, including the privacy policy, notices, procedures, specifications, FAQs, guides and guidelines that are provided or made available to you, appear on the Apps or are referenced in this Agreement.
“Provider” means third party service providers enrolled in the Wallet Services.
“Receiver” means the person you specify via the App as the receiver of funds transferred via the International Remittance of the Wallet Services.
“Recharge Limit(s)” means the limits of funds that you can transfer in a period of time to your Available Balance, as set by us from time to time, in your Wallet Account, including but not limited to recharge transfers, cash-in, reversals and any other forms of transfers into your Wallet Account. Currently, the recharge limit is SAR [100,000] per calendar month.
“Recurring Payment” means a payment authorization given by you to a merchant to charge your selected payment method at regular intervals for fixed or variable amounts over a specified time period.
“Remittance Intermediaries” means third party money transfer and transmission companies that power and service International Remittances as part of the Wallet Services.
“SAMA Guidelines” means the payment service provide regulatory guidelines issued by SAMA dated January 2020, as amended from time to time.
“SAMA” means the Saudi Central Bank.
“SAR” means Saudi Arabian Riyals.
“Split Payment” means a payment authorization given by you to a merchant for the full amount of a single order containing more than one item, permitting merchant to charge your selected payment method for each such item separately at the time the item or service is shipped or fulfilled.
“Wallet Account” means the account you open with us for the use of the Wallet Service.
“Wallet Services” means the wallet and payments services we provide under this Agreement and as described in Section 1.4.
4. REGISTRATION
4.1 To use the Wallet Services, you must complete all required information elements on our registration process and open a Wallet Account with us.
4.2 If you wish to cash-in or cash-out from your Wallet Account, you may do this through a valid funding instrument (as we may determine from time to time), although this is not mandatory. The funding instrument must be associated with a billing address in the Kingdom of Saudi Arabia.
4.3 You must provide current, complete and accurate information and maintain it as current and accurate during your use of the Wallet Services. You agree to provide any information that we may require or that may be required by law or our financial institutions to provide the Wallet Services. You will promptly give us all documents and other evidence that we reasonably ask for at any stage of using the Wallet Services. We may require you to provide additional information to verify your identity as a condition of providing the Wallet Service to you or before we permit you to make payments or receive or redeem funds from your Wallet Account. You agree to provide such information as we may require in this regard, including information necessary to validate your identity or confirm the authenticity of any funding instrument that you register for use with us.
4.4 We may make, directly or through any third party, any inquiries we consider necessary to validate information that you provide to us, including without limitation checking commercial databases or credit reports. While we will take steps to verify the identity of our users, we cannot and do not guarantee any user identity.
4.5 If you do not meet our eligibility requirements, you may not be able to register and open a Wallet Account with us or your use of the Wallet Services will be limited.
4.6 We treat all activities in respect of a Wallet Account to be yours. You must only use the Wallet Services to transact on your own account and not on behalf of any other person or entity.
4.7 You must update registration information promptly upon any change so that it is at all times complete and accurate. We reserve the right to refuse to provide or discontinue the Wallet Services to any person or entity at any time for any reason.
4.8 Your mobile telephone number and a password that you select will be used to access our App and for communications with you. You also may be prompted to answer several security questions or select other issued security access keys or credentials that may be used to enable access to the Wallet Service and authorize transactions. You are responsible for maintaining the secrecy and security of your Credentials. You should not disclose your Credentials to any third party. If any of your Credentials is compromised, you must notify us immediately by using the methods specified in Section 2.2 above so that we can suspend use of your Wallet Account with our Wallet Services in order to avoid unauthorized transactions. You must also notify us through the methods described in Section 2.2 above if you wish to request us to unblock your Wallet Account. You will not be financially responsible for any use of your Wallet Account by an unauthorized person or for fraudulent transactions occurring before or after you properly notify us of the loss or compromise, unless you acted fraudulently, or negligently and did not take reasonable steps to keep your Credentials safe and secure.
5. WALLET ACCOUNT
5.1 Your Wallet Account will enable you to:
(a) access point of sale machines to load your Wallet Account using debit cards;
(b) access point of sale machines to load your Wallet Account using credit cards;
(c) access certain cash and deposit machines to enable you to load your Wallet Account with funds;
(d) transfer funds from your bank account, debit card or credit card to your Wallet Account;
(e) transfer funds from your Available Balance to bank accounts held in the name of a third party (including where that third party is located outside of the Kingdom of Saudi Arabia);
(f) request International Remittances (subject to the terms and conditions set forth in this Agreement);
(g) manage your receipt of payments from your employer(s) and such other payors who adopt the Wallet Services for payroll, disbursements, or such other services;
(h) access the Saudi Arabian Riyal Interbank Express (SARIE) system so that you can transfer funds inter-bank i.e., from your Wallet Account to an account held by a third party with a bank in the Kingdom of Saudi Arabia other than us;
(i) access the SADAD Payment System to pay bills to a Provider;
(j) make wallet to wallet transfers; and
(k) receive a payment card in accordance with the Barq Payment Cards Terms and Conditions under Annex 1 hereto.
5.2 Your Wallet Account is an e-money account. You acknowledge that your Wallet Account is not a bank account. There is no overdraft facility available on your Wallet Account.
5.3 We are constantly innovating in order to provide the best possible experience for our users. You acknowledge and agree that we may make new services available to you. We will notify you of any amendments to the Agreement resulting from the introduction of new services by email or by providing a link to the updated Agreement at least thirty (30) days prior to the new service becoming available and the terms of Section ‎20.2 will apply.
5.4 You acknowledge and agree that we may stop providing the Wallet Services to you as provided in the Agreement. You may stop using the Wallet Services at any time. You do not need to inform us when you stop using the Wallet Services.
5.5 You acknowledge and agree that we may establish general practices and limits concerning the use of the Wallet Services without prior notice to you, including without limitation individual or aggregate transaction limits on the value or number of transactions during any specified time period(s) and Recharge Limits. In addition to any applicable account limits and Recharge Limits, we may restrict transactions to or from your Wallet Account or limit access to your Wallet Account in such amounts and for such time as we reasonably deem necessary to protect us or other users if (a) we are subject to financial risk, (b) you have violated any term of this Agreement, (c) any dispute exists involving your Wallet Account or transaction conducted in connection therewith, (d) needed to protect the security of our systems or (e) needed to abide by any requirement or request from SAMA. We may restrict access to your Wallet Account while we complete any pending investigation or resolve a pending dispute. We also may hold the funds in your Wallet Account as required by law or court order or if otherwise requested by law enforcement or any governmental entity. For the facilitation of the foregoing, your Wallet Account will show the Current Balance and the Available Balance. You will only be able to use funds showing in your Available Balance for payments and transfers from your Wallet Account. Amounts in your Current Balance exceeding the Available Balance may not be used for payments and transfers from your Wallet Account and they will automatically and gradually be transferred to your Available Balance as soon as the Recharge Limit(s) permit doing so, otherwise, you may request the transfer of the full Current Balance to a bank account you own upon the closing of your Wallet Account. We may decline any request to load your Wallet Account while the Recharge Limits are reached.
5.6 We may refuse to execute any transactions or orders or other use of the services if we have reasonable grounds to suspect fraud, a breach of the applicable Agreement by you or a violation of law. Transactions may also be delayed due to our or a third party’s compliance with its obligations under applicable anti-money laundering legislation, including if we or the relevant third party suspect the transaction involves fraud. In the event that we refuse to execute a transaction or order or other use of the services, you will be notified and we will provide you with objectively justifiable reasons for the refusal, unless it is unlawful for us to do so, or would compromise reasonable security measures.
5.7 Funding, payments and transfers are displayed in your Wallet Account and you should check your Wallet Account balance and transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible using the methods specified in Section 2.2 above.
5.8 We will provide you with a history of the transactions that you make under this Agreement at least once per month free of charge, including details of the beneficiaries, amounts, the fees, charges and commissions, exchange rates, the dates and times of receipt of the instructions and of execution and the reference numbers for each transaction.
5.9 Except for our role in offering the Wallet Services, we are not involved in any underlying sales transaction between you or any other user or Provider. The availability of payment methods may vary depending on the web-App you make purchases on. Providers may enable access to the Wallet Services for the purpose of initiating transactions that are authorized by other users through their Applications. In this limited capacity, we are neither the buyer nor the seller of the items or services the merchant offers for sale and are not a party to the sales contract. We will not mediate disputes between you and Providers or enforce or execute the performance of any sales contract.
6. INTERNATIONAL REMITTANCES (THIS SECTION APPLIES TO INTERNATIONAL REMITTANCES)
6.1 You may transfer funds from your Available Balance through International Remittances. You hereby acknowledge and agree that this Wallet Service is powered and serviced by Remittance Intermediaries and such International Remittances will be subject to special terms and conditions as described below, as well as the terms in Annex 1 PART SIX (WESTERN UNION MONEY TRANSFER SERVICE TERMS) as may be applicable:
(a) Unless applicable law in the destination country you specify for a Receiver requires otherwise, you will bear all fees, charges, local taxes, exchange fees, and any other fees and charges of whatever nature for International Remittances.
(b) Where possible, charges for International Remittances will be shared with you on the App prior to the completion of the transfer order. You acknowledge that such charges cannot always be calculated in advance. On requesting a transaction order, we will promptly share with you the applicable charges relating to the transaction.
(c) In the event you cancel a transaction, or a transaction is declined or for any other reason reversed, transaction fee and charges in relation to any International Remittances are non-refundable and therefore will not be returned to your Wallet Account. You are therefore advised to ensure that your requests for International Remittances are carefully reviewed before submission via the App.
(d) Remittance Intermediaries may be prohibited from completing an International Remittance transaction by applicable law, including laws administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and the European Union.
(e) International Remittances are normally paid out in the currency of the destination country. If the currency that you select is not the currency to be received by the Receiver, the amount of the International Remittance will be converted at the then current rate of the destination country and as we determine from time to time, in addition to the applicable transfer fee. Such currency conversion will be made at the time of making the transfer and the Receiver will receive the converted foreign currency amount. Where local regulations at the destination country require, the currency of the International Remittance must be converted at the time the International Remittance is paid out to your Receiver, in which case the exchange rate and any amounts related to your International Remittance may be subject to exchange rate fluctuations between the time of transfer and the time your Receiver collects the corresponding funds. In countries that provide payment in multiple currencies, you must select the currency of payment to the Receiver at the time of selecting this Wallet Service. The transfer fee that the Remittance Intermediaries make when changing the funds into foreign currency may vary based upon the payment currency you selected.
(f) With respect to International Remittances from your Wallet Account to another bank account, where available, you are liable for any additional fees applicable where the Receiver’s account is not in the local currency or if you choose to complete a transaction in currency other than the local currency, or where local regulations in the destination country require the currency to be converted at the time the Receiver is paid, the Receiver’s receiving institution may, at its discretion, convert the funds at its own exchange rate or reject the transaction. The exchange rate applied may be less favourable than some publicly reported commercial exchange rates used in transactions between banks and other financial institutions.
(g) Remittance Intermediaries will refund the principal amount of an International Remittance (at the applicable exchange rate in effect at the time the refund is made) upon your request via the App when possible or if payment to the Receiver is not made or credited within forty-five (45) days. Transfer fees and charges are not refundable. To the extent allowed by law, we and Remittance Intermediaries may deduct an administrative charge from International Remittances that are not picked up within one (1) year of the send date.
(h) We and the Remittance Intermediaries do not guarantee the delivery or suitability of any goods or services paid for by means of International Remittance. In no event shall we or any Remittance Intermediary be liable if you communicate transactional data to any person other than the Receiver or if your Receiver communicates such transactional data to any other person. We are not responsible for any delay in the completion of an International Remittance transaction resulting from any cause whatsoever, including (without limitation) from: (i) a transaction exceeding any amount limitations, and/or (ii) regulatory restrictions or other restrictions. In no event shall we or any Remittance Intermediary be liable for damages for delay, non-payment or underpayment of an International Remittance, or non-delivery of any supplemental message, whether caused by negligence on the part of their employees or representatives or otherwise, other than refunding the principal amount of the International Remittance.
(i) In no event shall we or Remittance Intermediaries be liable for: (i) any fees, exchange rates used for conversion to non-local currency, (ii) acts or omissions of the destination or intermediary financial service providers, (iii) any losses resulting from any charges or fees being applied to your International Remittance transaction, or (iv) any indirect, special, incidental, or consequential damages.
7. PAYMENT CARDS
7.1 Upon setting up your valid and active Wallet Account, we may automatically issue for you a payment card linked to your Wallet Account. You hereby agree and accept that we issue such payment card automatically. In any event, we retain the ownership of any rights in any payment card, including but not limited to any physical card that you may receive from us and your use of such payment cards is on license basis unless we advise you otherwise in writing.
7.2 Your payment card(s) will not be valid unless you activate such payment card in accordance with Annex 1 hereto, and by such activation you will be accepting the terms in Annex 1 applicable to your payment cards. You are free to decide whether you activate and accept the payment cards and their terms or not.
8. PROHIBITED PAYMENTS
8.1 We reserve the right to impose acceptable use terms in relation to the operation of your Wallet Account and the provision of any Wallet Services including the prohibition of certain categories of transactions for example payments in relation to gaming, cryptocurrencies and all other virtual currencies by specifying these on the App. We will notify you in the event that we impose such terms in relation to your Wallet Account at least thirty (30) days before the terms are implemented.
8.2 You must not use your Wallet Account for any illegal purposes including without limitation fraud and money laundering. If you conduct or attempt to conduct any transaction in violation of the prohibitions, we reserve the right to reverse the transaction, and/or close or suspend your Wallet Account and/or report the transaction to the relevant law enforcement agency and/or claim damages from you.
9. FUNDING AND RECEIVING PAYMENT
9.1 Funds paid by you or a third party will be credited to your Wallet Account on the Business Day they are received. If we receive funds after the Cut Off Time on a Business Day or on a day that is not a Business Day, funds will be deemed to have been received on the next Business Day. We shall not be responsible for the funds until they are received by us.
9.2 In the event that the funds are subject to a reversal, we will deduct such reversed transaction from the balance of your Wallet Account. If your Wallet Account balance is insufficient to cover the reversal, we reserve the right to require repayment from you.
9.3 You should regularly reconcile incoming payments with your own records. You should be aware that the crediting of funds to your Wallet Account does not mean that these transactions cannot be reversed. We reserve the right to reverse a payment where the payer or the payer’s bank or payment service provider has reversed (or is reasonably likely to reverse) a payment to your Wallet Account.
9.4 All payments to us must be ascribed a clear and complete reference so that we can credit the funds into your Wallet Account. Further details as to what references must be used are set out on the App.
9.5 It is your responsibility to ensure that accurate, complete and correct references are ascribed for each incoming payment so that we can credit the funds into your Wallet Account. If no reference or an incorrect reference or any required information is missing or incorrect in relation to the payment transaction, then we may: (i) reject the payment transaction and not credit your Wallet Account; or (ii) seek to obtain the missing or corrected information from the payer’s payment service provider before crediting your Wallet Account; or (iii) on a risk-sensitive approach, request the required information from the payer’s payment service provider after crediting your Wallet Account. In such cases, we will not be liable for any loss you incur, although we will use reasonable efforts to investigate and credit or return incorrect and inaccurately referenced payments into or from your Wallet Account.
9.6 We will provide you, after the execution of a payment credited to you, with the following information: (i) a reference to enable you to identify the payment transaction and where appropriate the payer and any information transferred with the payment transaction; (ii) the amount of the payment transaction in the currency in which the funds are at your disposal; (iii) the amount of fees or charges for the payment transaction payable by you; (iv) the exchange rate used in the payment transaction by us; and (v) the date on which the payment transaction was credited to your account.
10. SENDING PAYMENTS
10.1 We will consider any instruction for a payment transaction to have been authorised by you once you have given us consent to carry it out. You consent to making a payment by following the on-screen prompts when using the App and using one of the tools we make available for you to confirm payments.
10.2 For the purposes of this Agreement, sending payments from your Wallet Account means either making payments from your Wallet Account to third party beneficiaries or Providers, instructing funds in your Wallet Account to be transferred to another account in your name with a third party or withdrawing funds in cash.
10.3 We will send payments in accordance with your instructions to third party beneficiaries or another account held in your name that you specify to us in accordance with your instructions. When making payments to yourself and not to a third party beneficiary, we will only make a payment to a bank account or to debit or credit card where you are the named holder of such account.
10.4 All payment instructions must be made through the App. It is your responsibility to ensure that accurate, complete and correct payment instructions for the beneficiary of a payment (including payments to yourself) are provided to us through the App.
10.5 This includes but is not limited to providing us with correct details for the beneficiary to which you would like the payment to be sent. If you provide incorrect beneficiary details, we will not be liable for any loss you incur, although we will use reasonable efforts to assist you in the recovery of your payment. We reserve the right to charge you a fee in accordance with the applicable laws to cover our reasonable costs for doing this. If we are unable to recover the funds on your behalf, we will, on receipt of a written request from you, provide to you all available relevant information in order for you to claim repayment of the funds at no extra cost.
10.6 You are required to provide us with any additional information that we request with regard to a payment within two (2) Business Days of our request. You consent to us including your full name, address and account number (and any other details as are required to enable us to comply with our anti money laundering procedures) on the payment details to be sent to the beneficiary’s bank or payment service provider to comply with anti-money laundering regulations. If you instruct us to make payment to a new or an existing beneficiary, and your beneficiary account details are provided via an oral instruction (such as by telephone, video conferencing or other similar means) or otherwise by a communication that is not in writing then we will send you an email containing the beneficiary account details you have provided.
10.7 You may revoke or cancel a payment instruction for a future outgoing payment transaction at any time prior to payment execution through the App. You are responsible for confirming via the App that a payment instruction has been received and processed by us. We are not liable for any loss in circumstances where erroneous duplicate payment instructions are sent to us by you.
10.8 If we receive a payment instruction by the Cut Off Time on a Business Day, your payment instruction will be deemed to have been received by us on that Business Day. If your payment instruction is received after the Cut Off Time or on a day that is not a Business Day, your payment instruction will be deemed to have been received on the next Business Day.