Terms and conditions applicable to users
Registration of the LB Mobile Wallet Account
a) A Customer must satisfy the following requirements for the purposes of registering for an LB Mobile Wallet Account:
- Be a resident of Sri Lanka;
- Be over 18 years of age;
- Possess a Mobile Device with a mobile connection from a local service provider;
- Provide a Mobile Number registered in the name of the Customer (or permission to use such Mobile Number where it is in the name of a person other than the Customer); and
- Fulfil all anti-money laundering and “Know Your Customer” requirements of LB.
b) The Customer shall provide LB with sufficient Registration Information in order to support the satisfaction of the aforesaid registration requirements. The Registration Information shall be provided in the manner prescribed by LB from time to time. LB reserves the right to verify the Registration Information with third parties, if the need arises.
c) Notwithstanding the satisfaction of the aforesaid requirements, LB shall have the sole discretion in approving the registration of any person as a Customer.
d) For the purposes of satisfying continuing anti-money laundering and “Know Your Customer” requirements of LB, LB reserves the right to request for additional documentation and supporting information from time to time, even after completion of the registering of a Customer’s LB Mobile Wallet Account. LB may at its sole discretion block or close the Customer’s LB Mobile Wallet Account in the event of a failure to provide satisfactory documentation and supporting information following a request for the same from LB.
e) The Customer is responsible for providing accurate and genuine Registration Information that relates to only such Customer and no other person. The Customer is responsible for keeping such Registration Information up to date, or notifying LB in the event of changes. Change of Sri Lankan residency status of a Customer would result in the Customer being ineligible to utilise the LB Mobile Wallet.
LB Mobile Wallet based services through USSD
a) Other than Permitted Foreign Transactions, the LB Mobile Wallet must be used only for the purpose of completing domestic transactions in Sri Lanka Rupees.
b) The LB Mobile Wallet must be used only for lawful and legitimate purposes and only for conducting the permitted transactions as specified in these Terms and Conditions.
f) All Transactions processed through the LB Mobile Wallet System are non-refundable to the Customer and are non-reversible by the Customer through LB Mobile Wallet System.
g) LB has the right to monitor and supervise transactions that take place using the Customer’s LB Mobile Wallet. In the event LB is of the view that there are suspicious or unintended transactions taking place through the LB Mobile Wallet, LB reserves the right to reverse or suspend such transactions, including the right to suspend the availability of the LB Mobile Wallet, without giving notice to the Customer. LB shall not be liable for restricting access to the LB Mobile Wallet in such circumstances.
h) LB has the right to report suspicious transactions to the Financial Intelligence Unit (“FIU”) established under the Financial Transactions Reporting Act Number 6 of 2006 and any other law enforcement authorities and other regulators as the case may be.
In the event the FIU /authority/regulator instructs LB not to carry out any transaction, LB will suspend the transaction in order to allow the FIU/authority/regulator to make necessary inquires.
The Customer will not be entitled to be informed of any action taken by LB in relation to the above and LB will not be liable or responsible to the Customer in respect of any such action taken by LB.
i) LB is required to report to the FIU in such manner as may be prescribed by the FIU, every cash transaction and electronic fund transfers in any manner (including inward and outward remittances, SLIP transfers, RTGS transactions. credit card transactions, debit card transactions and transactions relating to NRFC and RFC accounts) exceeding the sum specified by regulation.
The Customer will not be entitled to be informed of any action taken by LB in relation to the above and LB will not be liable or responsible to the Customer in respect of any such action taken by LB.
j) Customer will be entitled to interest on the funds lying to the Customer’s credit in the LB Mobile Wallet at such rates and payable in such manner, as may be notified by LB from time to time. At LB’s sole discretion, the Customer may be further entitled to bonus interest and other rewards on the LB Mobile Wallet Account, as may be notified by LB from time to time.
k) The Customer agrees to maintain the Minimum Balance (if any) in their LB Mobile Wallet.
m) Customer will be subject to and shall comply with the applicable Transaction Limits and Daily Limits as may be imposed by LB. The Customer has the option of imposing their own Daily Limits and Transaction Limits, provided that such limits are within the applicable Transaction Limits and Daily Limits.
Fees and charges
- The Customer must bear charges and fees (if any) relating to the use of the LB Mobile Wallet (including any fees and charges on termination) (collectively referred to as “Charges”), as prescribed by LB from time to time.
- The Customer must pay or reimburse to LB, all taxes, stamp duty and/or other levies (collectively referred to as “Levies”) which may be payable as a result of the Customer’s use of the LB Mobile Wallet.
- The Customer agrees that LB will have the right to debit the LB Mobile Wallet Account or any other bank account that the Customer has with LB, for Charges and Levies payable by the Customer (collectively “Charges”), in relation to the use of the LB Mobile Wallet.
Undertakings of the Customer
a) The safety of the Mobile Device shall lie with the Customer.
b) The Customer shall maintain the confidentiality and security of the LB Mobile Wallet System and the Customer’s LB Account which shall include the following actions:
(i) Storing the Mobile Devices in a secured manner;
(ii) Keeping User Credentials confidential; and
(iii) Keeping the IMEI codes used to access the LB Mobile Wallet in a separate place from the User Credentials.
c) The Customer shall immediately report the loss of any Mobile Device to LB by calling LB Mobile Wallet Call Center and follow the instructions provided by LB.
d) In the event of the loss of any Mobile Device and/or where the confidentiality and security of the Customer’s LB Mobile Wallet Account is likely to have been or potentially will be compromised, it is the sole responsibility of the Customer to bring such instances to the notice of LB immediately. In particular, the Customer shall promptly call LB Mobile Wallet Call Center to report such event to LB and shall follow the instructions provided by LB to the Customer in order to rectify or otherwise deal with the issue. Without prejudice to any other clauses in these Terms and Conditions, the Customer acknowledges that the Customer shall be responsible for any transactions which have been done by any unauthorized person through the Customer’s LB Mobile Wallet by reason of the Customer failing to maintain the confidentiality and security of the Customer’s Mobile Device and/or LB Mobile Wallet Account.
e) All transactions once completed using the applicable User Credentials of a particular Customer’s LB Mobile Wallet Account are conclusive and binding on such Customer and the Customer shall be liable in respect of such transactions. It is the Customer’s responsibility to ensure that no other person has access to the Customer’s LB Mobile Wallet Account and/or the related User Credentials.
f) The Customer shall be responsible for any and all transactions by persons that the Customer allows to access the Customer’s LB Mobile Wallet Account or that otherwise use the User Credentials, and for any and all consequences of use or misuse of the User Credentials.
g) It is the responsibility of the Customer to confirm the accuracy of all information entered into the LB Mobile Wallet System so as to ensure that it is the Customer’s intended transactions that are being carried out.
h) LB need not seek further confirmation on the authenticity of any transactions effected through the LB Mobile Wallet Account and LB will not be held liable for carrying out instructions that are validated by the applicable User Credentials of a Customer.
i) Without prejudice to any other provision in these Terms and Conditions, the Customer specifically acknowledges that LB shall not be liable in any manner whatsoever for the Customer’s failure to complete a transaction on the LB Mobile Wallet System in the following instances and in any other instance specified in applicable laws:
(i) the transaction is not within the scope of the LB Mobile Wallet Services provided to the specific Customer;
(ii) in its absolute discretion, LB is of the view that the transaction is suspicious or illegal;
(iii) the transaction breaches the Daily Limit or the Transaction Limit;
(iv) a Merchant refuses to honour the transaction;
(v) the Customer does not have enough funds available in the LB Mobile Wallet;
(vi) if the Mobile Device used by the Customer is incompatible with the LB Mobile Wallet System or is in any way defective or fails to meet the required specifications for using the LB Mobile Wallet;
(vii) if a Merchant’s equipment through which the transaction is being or attempted to be processed is not working properly;
(ix) if the transaction information supplied by the Customer or a third party is incorrect or untimely; or
(x) if the LB Mobile Wallet System is unavailable for use at any time, due to circumstances beyond LB’s control (including but not limited to flood or fire).
j) The Customer acknowledges that all Payment Transactions conducted through the LB Mobile Wallet System are effected in real time LB does not undertake to stop or reverse any Payment Transaction once the Customer has entered into it.
k) The Customer will not hold LB liable any transaction which the Customer has entered into with Merchants using the LB Mobile Wallet System. It is the responsibility of the Customer to take steps to confirm the completion of all aspects of a transactions as at the point of such transaction (that is, the physical payment or acceptance of cash or the provision of goods/service must be carried out simultaneously with the respective transaction being carried out through the LB Mobile Wallet System).
l) LB shall not accept any liability for the quality of goods and services provided by a Merchant.
m) LB shall be entitled to promote any of its products or any third party products to the Customer through the LB Mobile Wallet System.
n) LB reserves the right to display LB’s marketing material electronically on the LB Mobile Wallet System.
Notifications, Instructions and Prescribed Manner
a) Notifications by LB in relation to the LB Mobile Wallet System (including changes to the Terms and Conditions, publication of fees and charges and operational instructions for the use of the LB Mobile Wallet System) may be made/given by LB from time to time by way of text message to the Mobile Number, email to the Customer’s registered email address, notifications through the LB Mobile Wallet App, publication on the LB Website or in any other manner deemed appropriate by LB at its sole discretion. Notifications will be binding on the Customer immediately. The Customer agrees and consents to receive such notifications electronically and it is the Customer’s responsibility to open and review such notifications of LB through the methods described above.
b) Instructions, requests or notifications sent by the Customer to LB will be considered received only when the request has been received by an authorized office of LB and LB has had reasonable time for acting upon such notification.
c) Any instructions to block, modify, vary or recommence the operations of the LB Mobile Wallet shall take place only after such instructions have been verified by LB.
d) LB will provide instructions and information through the LB Mobile Wallet and LB Website as to the prescribed manner and format in which the Customer is to notify LB of specified events including but not limited to the reporting of lost mobile phones and termination of services notifications.
e) Statements:
(i) Unless otherwise agreed with LB, LB will issue periodic balance statements (monthly or at such other intervals as determined by LB), electronically, to a designated e-mail address of the Customer, in relation to the LB Mobile Wallet Account. The Customer may notify LB and opt for physical statements, if the Customer so requires and provision of the same may be subject to applicable fees, as per LB’s general tariffs.
(ii) Any objection the Customer may have concerning the incorrectness or incompleteness of a periodic balance statement received by the Customer must be raised promptly, but in any event must be received by LB in writing within thirty (30) days following the receipt of such statement by the Customer, in the absence of which such statement will be deemed to be correct and binding on the Customer.
(iii) The Customer must immediately examine statements of account (other than periodic balance statements referred to above), transaction statements, advices, execution of orders and such other statements and information relating to transactions over the LB Mobile Wallet Account, as to their correctness and completeness and immediately notify LB in writing of any objection, in the absence of which, the statements, advices and information will be deemed binding on the Customer.
Suspension or Termination
a) If the Customer wishes to deactivate or terminate the LB Mobile Wallet Account, the Customer may do so by logging onto the LB Website or by contacting LB Mobile Wallet Call Center and following the instructions provided therein. If the Customer wishes to terminate the LB Mobile Wallet Account, Customer may do so by contacting LB Mobile Wallet Call Center and following the instructions provided therein.
- If the Customer wishes to deactivate or remove a Mobile Device, the Customer may do so by logging onto the LB Website and by contacting the LB Mobile Wallet Call Center and follow the instructions provided therein.
c) The Customer shall pay any outstanding Charges and/or Levies, prior to deactivation or termination of the LB Mobile Wallet Account. Failure to do so will entitle LB to debit the LB Mobile Wallet Account or any other bank account opened by the Customer with LB to recover such Charges and/or Levies.
e) The LB Mobile Wallet and any associated LB Debit Card will be closed and terminated on the termination of a Customer’s LB Mobile Wallet Account.
f) LB shall have the right, in its sole and absolute discretion without liability to the Customer or any third party, to suspend or terminate any one or more of the LB Mobile Wallet Services, including the LB Mobile Wallet Account at any given time and for any reason whatsoever by giving ten (10) days notice or at any time at its discretion without prior intimation, for reasonable cause.
h) LB reserves the right, in its sole and absolute discretion without liability to the Customer or any third party, to impose general practices and limitations concerning the use of the LB Mobile Wallet account, including to restrict access to some or all of the LB Mobile Wallet Services.
i) In the event that the LB Mobile Wallet Services are terminated for any reason OTHER THAN for breach of the Terms and Conditions by the Customer or contravention of applicable laws and regulations (including but not limited to anti money laundering legislation) by the Customer, LB will disburse any funds lying to the credit of the Customer’s LB Mobile Wallet Account (less any Charges or Levies) by way of a transfer to such account as may be specified by the Customer (any costs relating to such transfer being borne by the Customer) or in cash where a Customer personally visits any branch of LB.
j) In the event that the LB Mobile Wallet Services is terminated by reason of breach of the provisions of the Terms and Conditions by the Customer or by reason of contravention of applicable laws and regulations (including but not limited to anti money laundering legislation) by the Customer, LB will be entitled to withhold payment of funds in the Customer’s LB Mobile Wallet Account until the completion of any investigation and/or prosecution conducted in relation thereto and/or make payments in such manner as may be prescribed by a regulatory authority. LB may at its absolute discretion without prior notice cancel the Customer’s access to the LB Mobile Wallet Services System and/or refuse to provide access to the Customer to create a new LB Mobile Wallet Account in the future, in the event that LB is of the view that the LB Mobile Wallet System is being used for illegal or unauthorised activities and/or purposes.
Indemnity
The Customer shall indemnify, defend and hold harmless LB and its subsidiaries and other affiliates, and its and their directors, officers, owners, agents, co-branders or other partners, employees, information providers, licensors, licensees, consultants, contractors and other applicable third parties (including without limitation, Merchants, other financial institutions and other Customers) (collectively “Indemnified Parties”) from and against any and all claims, losses, demands, causes of action, debt or liability, including without limitation reasonable attorneys fees and costs incurred by the Indemnified Parties arising out of, related to, or which may arise from:
(i) the Customer’s use of the LB Mobile Wallet Services;
(ii) the Customer’s negligence or default in using the LB Mobile Wallet Services;
(iii) any breach or non-compliance by the Customer of any term of the Terms and Conditions;
(iv) any dispute or litigation caused by the Customer’s actions or omissions; and/or
(v) the Customer’s violation or alleged violation of any applicable laws or rights of a third party.
Miscellaneous
a) Incorrect entries to the LB Mobile Wallet Account may be reversed, corrected or cancelled by LB through a further entry (“reverse entry”), whether prior to or after the issue of the next periodic balance statement. With respect to the calculation of interest (or other return), LB will effect the entries retroactively as of the day on which the incorrect entry was made.
c) If LB is holding funds due to the Customer arising from a transaction processed using any service described herein, and LB is unable to contact the Customer and has no record of the Customer’s use of the service for a period determined by applicable law, LB may be required to report and ultimately handover these funds to regulators such as the Central Bank of Sri Lanka as unclaimed or abandoned property. LB reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable laws.
d) The LB Mobile Wallet Account is deemed to be dormant when there has been no Customer originated activity in the account for twenty four (24) months or if for any other reason LB considers dormant classification appropriate. LB may prior to re activating a dormant account, interview the Customer and obtain clarification regarding the dormant status and the Customer will provide such clarifications to LB.
LB may at its discretion require the Customer to submit to LB, documents specified by LB, prior to re-activating the dormant LB Mobile Wallet Account.
In the event the LB Mobile Wallet Account is classified as dormant, LB will have the right to refuse transactions on such account, until it is satisfied that such dormant status should be removed.
e) Subject to and in accordance with applicable laws (in particular Section 544 of the Civil Procedure Code), the Customer may nominate a beneficiary to claim and be transferred or paid all monies lying to the credit of the Customer’s LB Mobile Wallet Account (after the payment of all outstanding fees and charges) on the death of the Customer.
f) The reporting and payment of any applicable taxes arising from the use of the LB Mobile Wallet System shall be the Customer’s responsibility. The Customer shall comply with any and all applicable tax laws in connection with the use of the LB Mobile Wallet System.
g) LB reserves the right, in its sole and absolute discretion and without any liability to the Customer, to change, modify or amend any portion of these Terms and Conditions at any time, by notice to the Customer.
h) LB reserves the right, in its sole and absolute discretion and without any liability to the Customer, to alter or modify the LB Mobile Wallet Services at any time, by notice to the Customer.
k) The provisions of the LB Mobile Wallet Services by LB to the Customer and these Terms and Conditions will be governed by Sri Lankan law.
Dispute Resolution
a) LB will establish an LB Mobile Wallet Assistance unit for the purposes of responding to customer inquiries, disputes and receive complaints (together referred to as a “Dispute”).
b) In the event of there being a Dispute with regard to the LB Mobile Wallet Services, the Customer shall report same to LB by calling LB Mobile Wallet Call Center. A reference number will be assigned to each Dispute and the Dispute will be forwarded to the relevant department or division of LB for inquiry and further action. All complaints will be monitored and duly followed up by LB.
c) LB will respond to the Customer on the Dispute within three (3) working days of the date of the Dispute being reported. In the event that LB is unable to conclude the inquiry into the Dispute within this time period, then LB will within such period of three (3) working days provide the Customer with an interim response and inform the Customer of the date by which LB will revert to the Customer with a final response. In the event LB concludes that the Customer’s Dispute is legitimate, LB will in such response inform the Customer of the steps taken to resolve the Dispute. LB may respond to a Dispute verbally or in writing.
d) The LB Mobile Wallet Services are subject to the jurisdiction of the courts of Sri Lanka.