Spend Card Terms

Last Updated: 16th June, 2025

These Spend Card Terms (the “Card Terms”) are a binding agreement between you (“you” or “your”), Paytorax Payment Ltd, and the Issuer (including its affiliates, successors, and assigns) that govern your use of the Spend Cards offered by us. These Cards are provided to you by Paytorax Payment Ltd (Wonn Pay) (“we”, “us”, or “our”) in collaboration with our licensed issuing partners.

1. Important Disclosures

• Interest Rate: 0% APR on purchases

• USD Transaction Fees: Authorization & settlement fees up to $0.50

• Non-USD Transaction Fees: Up to 2% + $0.50 depending on card tier

• Returned Payment Fee: Up to $69

• Full fee details at: https://orbitxpay.com/card-fees

By applying for or using a card, you acknowledge and agree to these terms.

2. Eligibility & Acceptance

By activating or using your card, you confirm that:

• You are not a sanctioned individual or entity.

• All information you provide is accurate.

• You will use the card only for legal, permitted purposes.

• You consent to our Privacy Policy and allow sharing of data for card operations.

3. Card Issuer

Cards are issued by a licensed banking or financial institution, authorized under Visa/Mastercard licenses. In Nigeria, cards are marketed and supported by Banex Microfinance Bank Ltd, regulated by the Central Bank of Nigeria (CBN).

4. Use & Restrictions

You may use the card for personal purchases where Visa or Mastercard is accepted. Prohibited transactions include (but are not limited to):

• Crypto purchases

• Gambling

• Person-to-person transfers

• Cash-like transactions

• Transactions for third parties

We reserve the right to decline, suspend, or reverse any transaction that violates these terms.

5. Spending Limits

Spending limits are dynamically set based on your collateral, card activity, or card tier. Transactions may be subject to temporary holds or additional verifications.

6. Collateral & Liquidation

• Cards may be backed by digital asset collateral.

• You must maintain collateral equal to 100% of your spend.

• Failure to maintain collateral or repay within 24 hours may trigger a Liquidation Event.

• Collateral may be liquidated to cover unpaid balances.

7. Payments

• You agree to repay all charges on time.

• Payments can be made through approved methods in your account dashboard.

• Late or failed payments may incur penalties and collection actions.

8. Statements

Statements may be delivered daily or monthly. You are responsible for monitoring all activity and reporting any errors within 60 days.

9. Fees

Fees may include:

• Issuance, replacement, or transaction fees

• Foreign exchange fees

• Penalties for returned payments.

• We will notify you at least 30 days before any fee changes.

10. Disputes & Chargebacks

If you dispute a charge:

• First attempt resolution with the merchant

• Then submit a chargeback request through our platform

• You must report any issues within 60 days of the charge

11. Lost or Stolen Cards

Report lost or stolen cards immediately via support@wonnpay.com. You may be liable for unauthorized use before notice is received.

12. Termination

We may suspend or cancel your card or account at any time, with or without cause or notice. You are still responsible for repaying any balances owed.

13. Amendments

These terms may be updated. Continued use of your card implies acceptance of any revised terms.

14. Governing Law

These terms are governed by the laws of Puerto Rico. Disputes must be resolved through arbitration or courts located in Puerto Rico, unless otherwise required.

15. Dispute Resolution

Binding arbitration applies to all disputes, except small claims.

• Class action waivers apply

• Arbitration venue: New York or via remote means

• Arbitration administered by AAA under Commercial Arbitration Rules

16. Indemnification

You agree to indemnify and hold harmless Paytorax Payment Ltd and its partners from any liability, loss, or claim arising from misuse or breach of these terms.