Definitions:

- "E-Wallet" a service that provides Users with a convenient way to make electronic commerce transactions;
- "User" means the customer that signed up to Paxum E-WALLET services.
- "Current Account" is an electronic money account which allows to receive and send electronic payments.
- "The Website" means the website at the domain www.paxum.com.
- "Automated Clearing House" means electronic payments for participating depository financial institutions. Hereinafter referred to as "ACH".
- "Paxum Intellectual Property" - the content of this website, text, graphics, links, buttons, logos, and images, as well as all other Paxum copyrights, trademarks, service marks, logos, and product and service names are owned exclusively by Paxum. Hereinafter referred to as "Paxum Intellectual Property".
- "Know Your Customer" hereinafter referred to as "KYC".
- "Non-sufficient Funds" hereinafter referred to as "NSF"
- "Local Taxes" means taxes or charges that may be levied under the laws of the Destination Country. Hereinafter referred to as "Local Taxes".
- "Payment Amount" means the amount paid out to the Recipient, excluding any taxes or charges that may be levied under the laws of the Destination Country.
- "Card" means prepaid Paxum card which is issued by Choice Bank LTD, Belize to the Cardholder on behalf of Paxum Inc, Belize and is an optional feature of the e-wallet.
- "Cardholder" means the person whom the Card is issued to.
- "Prepaid Card Account" is an account opened with Paxum where funds are available for transactions by the Card.
- "Card Transaction" means the purchase of goods and/or obtaining of services through the use of the Card including use at the electronic payment systems at a point of sale (POS) and generally all the facilities and/or services which Paxum Inc. offers and/or will offer in the future either through its staff or through Automated Teller Machines (ATMs), computer systems and/or the internet to the Cardholder with the use of the Card.
- "PIN" means the Personal Identification Number.
- "Payment Instrument" your credit card, debit card, current account, or bank account. Hereinafter referred to as the "Payment Instrument".
- "Recipient" is someone who uses the service to receive money through the service.
- "Sender" is someone who uses the service to send money.
- "Service Fee" fee to transmit transactions. Hereinafter referred to as the "Service Fee".
- "Transaction" means the process of sending monies from the Sender to the Recipient. Hereinafter referred to as "Transaction".
- "Transaction Amount" means the amount that the Sender provides for transmittal to the Recipient, excluding applicable fees and prior to any foreign exchange conversion.
- "Password" means a combination of letters and/or numbers to be entered for accessing Paxum Account information.

1. Terms of Use:

1.1 Paxum is a provider of E-Wallet Service. You agree that:

(a) Paxum is not a bank;
(b) Funds in the Current and Prepaid Card accounts are not insured by any government agency such as FDIC
(c) Paxum doesn't pay interest to Users on funds kept in Current or Prepaid Card accounts
(d) To indemnify and hold harmless Paxum, its agents, affiliates, officers, directors and employees from any claim or demand whatsoever relating to or arising out of User's use of the Paxum system, except for any loss caused by willful misconduct of Paxum;

1.2 In order to use services provided by Paxum, User must meet rules listed below:

(a) You must be at least eighteen (18) years old to use services by Paxum. By opening an account with Paxum you declare that you are 18 years or older;
(b) User must open an Account in accordance with the instructions listed on the registration page of our Website;
(c) User must not be a resident of a country to which Paxum doesn't provide its services;
(d) User must provide Paxum with valid and accurate identity information when requested by Paxum and as determined by Paxum. Identity information, provided to Paxum, must be issued by a Government Agency;
(e) User acknowledges and accepts that in case of any Transaction disputes, Paxum presumes that all Transactions by User are authorized by and are the liability of the User;
(f) User will not keep Paxum responsible for losses incurred by User as the result of User's misuse or loss of a Password or PIN code;
(g) User agrees that all Transactions initiated are final and not reversible;
(h) Paxum is not responsible for losses incurred by User as the result of User's misuse or loss of a Password or PIN code;
(i) User agrees that any disputes that arise between Users are not the responsibility of Paxum;

1.3 Paxum does not allow accounts opened by residents from the following countries:

Cuba; Iran, Islamic Republic of; Iraq; Libyan Arab Jamahiriya; Myanmar; Liberia; Sudan; Syrian Arab Republic; Zimbabwe; Rwanda; Vietnam; Cote D'ivoire; Congo; Somalia; Angola; Ethiopia; Yemen; Korea, Democratic People's Republic of; Congo, The Democratic Republic of the

2. OBLIGATIONS OF PAXUM

2.1 Paxum shall not disclose the PIN only reset the said PIN to cardholders for whose use it has been issued.
2.2 Unless otherwise approved by User or ordered by a court or arbitration body of acceptable jurisdiction, as determined by Paxum, Paxum shall not reveal User's contact or identifying information or transaction history to any third party.
2.3 Paxum will obey to any law enforcing agency and will disclose and help in all ways possible any criminal investigation concerning Paxum Users.

3. OBLIGATIONS OF USERS

3.1 User must use the Card in accordance with these terms and conditions and any amendment thereof.
3.2 User must notify Paxum without delay after becoming aware of:

(a) Any unauthorized Card Transactions;
(b) Any unauthorized Current Account Transactions
(c) Any error or other irregularity in relation to the operation of the Prepaid Card Account.

3.3 User must:

(a) sign the Card with a ball point pen as soon as he receives it;
(b) memorize the PIN and delete any reference thereto immediately upon its receipt and prior to card activation;
(c) not allow any third person to use his Card and/or PIN;
(d) not disclose the PIN to any third person;
(e) not write down the PIN on the Card or on any item which the Cardholder keeps or carries with the Card;
(f) ensure that transfers to the Paxum card are only performed through the Paxum system

3.4 Paxum Users must not use Paxum for accepting and sending payments for transaction involving:

(a) Gambling and/or gaming activities, including but not limited to payment or the acceptance of payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity (including online and offline casinos, sports wagering and office pools);
(b) Prescription Drugs;
(c) Weapons and knives;
(d) Unlicensed lotteries;
(e) Firearms or ammunition;
(f) Pyramid selling or ponzi schemes or other "get rich quick" themes;
(g) Goods and services that infringe the intellectual property rights of a third party;
(h) Initiation of transactions considered to be cash advances or assisting in cash advances;
(i) Sending unsolicited email or posting referral links on websites where they are not permitted;
(j) Any violations of this user agreement;
(k) Receiving funds for the sale of counterfeit or stolen items;
(l) Activities that violate any law, statute, ordinance, contract or regulation, including, but not limited to, those governing financial services, consumer protection, unfair competition, anti-discrimination, or false advertising.
(m) Production, payment usage and/or distribution of viruses, Trojan horses, worms, time bombs cancelbots, easter eggs or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept or expropriate any system, data or other personal information as well as any activity considered as potential hacking, illegal or prohibited use of any website, computer, server or other device.

3.5 Paxum Users should not engage in any illegal activity including but not restricted to money laundering, terrorism, identity theft, etc. Suspicion of such activity will result in a full investigation and disclosure of User's information with all law enforcing agencies.

3.6 Exchange services (business or personal) are responsible for their KYC, and are held responsible for all incoming and outgoing transactions. Funds present in any account at any time are always the responsibility of the account owner and should be aware of their origin/provenance as he is responsible for their legitimacy. Paxum reserves the right to reverse transactions and seize funds in cases of proven fraud.

3.7 Transactions involving or related to Bitcoins or any other alternative currency or assets are prohibited due to our banking agreements. Any user found to be in violation of this condition will have the account revoked and the funds seized.

3.8 It is the user's responsibility to keep up to date with all terms and conditions, as found on the website. Users must periodically verify the terms and conditions for changes and/or additions. The terms included herein are subject to change at any time and without further notice.

3.9 A Paxum account contains confidential information and is not transferable to any other person or entity. The Paxum username can be transferred pending a verification of a contract between two parties. A company may also be transferred; for it to be accepted by Paxum, the new owner must present the updated registration showing the new owner(s), and the old owner must advise of the change for it to be approved.

3.10 Paxum is not responsible for fraudulent activity performed by its users. However, Paxum reserves the right to take legal action against users involved in fraudulent activity that brings prejudice to Paxum, monetarily or otherwise. In the case of legal action, Paxum's legal fees will be born by the users.

4. FEES

4.1 Paxum has the right to debit Current and Prepaid card account of the User with charges, commissions and fees listed on the Website. In the event of review of any of the above charges, commissions and fees, the reviewed fees shall appear on the Website or shall be notified to the User in any other way. The User agrees to visit the Website at least once a month, in order to obtain a copy of the amended fees.

5. Collection of Information

5.1 All transactions processed by Paxum are subject to the regulations governing the jurisdiction in which the transaction is processed. Paxum must adhere to the defined KYC and Anti-Money Laundering requirements of these regulations.

5.2 It is Paxum's responsibility to verify the User's identity prior to allowing access to its services. Paxum will require, among others, the following information from the Client:

(a) Full Name
(b) Address of residence
(c) Citizenship

5.3 Users must submit their identity papers electronically through Paxum's Account Center for verification by Paxum Verification Department. Your identity documents must contain your full name, address, and date of birth. Identity information submitted to Paxum must information registered under your Paxum Account.

5.4 Identity Documents submitted to Paxum must be issued by a Government Authority of the country of User's residence. Accepted Identity Documents By Paxum:

(a) Valid Passport;
(b) Valid Photo Card Driving License;
(c) National Identity Card;
(d) Valid Drivers License;
(e) Current bank statements or credit/debit card statements issued by a regulated financial sector firm or comparable jurisdiction (but excluding any statement printed from the internet);
(f) Utility bills;
(g) Birth Certificate;

5.5 In the case a bank-issued credit card is used to deposit funds, Paxum reserves the right to request a copy of both front and verso of the aforementioned card before approving any transaction. For the same type of transactions, Paxum reserves the right to reject any transaction it deems to be out of the ordinary and/or presents a risk.

6. ACCOUNT TERMINATION

6.1. Paxum reserves the right to terminate this agreement with the User for reasons below:

(a) Receipt of potentially fraudulent funds;
(b) Opening multiple Paxum accounts;
(c) The account has been used in or to facilitate fraudulent activity;
(d) Name on the identity papers do not match the name on the Paxum account;
(e) Receipt by Paxum of excessive complaints regarding your account, business or service;
(f) Use of an anonymizing proxy:
(g) Refusal to cooperate in an investigation or provide confirmation of identity when requested;
(h) Using Paxum E-Wallet for activities listed in section 3.4 of this Agreement;

6.2 Paxum reserves the right to close and take further action against accounts involved in fraudulent activities, which includes, but not limited to: seizure of funds and providing information to the local or international authorities.

7. Jurisdiction

Should a disagreement or conflict arise, that could not be resolved through negotiations within reasonable delay, all disputes, controversy or claims arising out of or in connection with or in relation to this Agreement, including but not limited to any question regarding its existence, validity, interpretation, performance, enforcement or termination, shall be submitted to and be subject to the jurisdiction of the courts of Belize which shall have sole exclusive jurisdiction in the event of any dispute under this Agreement. The parties irrevocably submit and attorn to the jurisdiction of such courts to finally adjudicate or determine any suit, action or proceedings arising out of or in connection with this Agreement. Paxum Inc, a duly incorporated Belize company with its headquarters located at Blake Building, Eyre Hutson St Suite 102, Ground Floor, Belize City, Belize is the sole beneficiary of the E-Wallet and card operations.

8. Force Majeure

Paxum will not be responsible for delays or failures in the transmission, receipt or execution of orders, payments, and deliveries of information due to events beyond its control. The obligations of this contract precede any government enactment.