Article (27): Customer Agreement

2/2024 Effective from 21/8/2024

1.

In this Article (27), “Payment Token Service Provider” refers to a Licensee or a Registree, with the exception of Registered Foreign Payment Token Issuers.

2.

A Payment Token Service Provider shall:

a)	set out in the Customer Agreement the terms and conditions governing their contractual relationship with each Customer, including the terms required under Article (28), sufficiently in advance of entering into the contractual relationship as to allow the Customer to make an informed decision; and
b)	provide each Customer and Tokenholder with a copy of the Customer Agreement, at their request at any time in writing and delivered as per the Customer’s or Tokenholder’s preference, including through an e-mail, mobile application or any other electronic manner.

3.

The Customer Agreement (and any changes to it) referred to in Article (27)2 shall be written in a clear, plain and understandable language, in a manner that is not misleading and shall be provided to the Customer in both Arabic and English, as may be requested by the Customer.

4.

Any changes to the Customer Agreement referred to in Article (27)2 shall be communicated to the Customer and Tokenholder by the Payment Token Service Provider sufficiently in advance and at least 30 calendar days prior to any such change becoming effective.

5.

A Customer or Tokenholder shall be entitled to terminate its Customer Agreement with a Payment Token Service Provider at no charge where it does not agree with the revised terms and conditions referred to in Article (27)4.

6.

The rights and obligations set out in a Customer Agreement shall apply as between a Payment Token Issuer and each Tokenholder, whether or not the Payment Token Issuer is aware of the identity of the Tokenholder or has made any arrangements with the Tokenholder, subject to any UAE laws which would prevent the Payment Token Issuer from performing its obligations under a Customer Agreement for that Tokenholder.