Legal
User Agreement
1. Parties
These User Conditions (“Conditions”) are between you and LOCO PAY LIMITED, a Colorado corporation, Colorado Secretary of State Entity ID 20268215169, of 1290 Broadway, Suite 1100, Denver, Colorado 80203, USA (“Loco Pay”, “we”, “us”). Loco Pay is registered with the U.S. Financial Crimes Enforcement Network as a Money Services Business, registration number 31000342135704. That registration is not a bank licence and is not an endorsement by FinCEN. If you use a service that a regulated partner provides, you also agree to that partner’s terms. Those partner terms govern the regulated activity. These Conditions govern your use of the Loco Pay website and application.
By creating an account, or by continuing to use the services after these Conditions are updated, you agree to them. If you do not agree, do not use the services.
2. Loco Pay is not a bank
Loco Pay provides technology that lets you view balances and instruct payments. Loco Pay is not a bank, does not take deposits in its own name, and does not insure balances as a bank deposit. Card issuing, safeguarding of client funds, and money transmission are performed by the regulated institution appointed for that activity. The name of that institution is shown in the app when the activity is offered to you.
Nothing on the website is an offer of a regulated service in a place where we or the relevant partner are not permitted to provide it. Features can be added, limited, or removed by region.
3. Eligibility
You may open a personal account only if all of the following are true:
- you are at least 18 years old, or older if the law of your country requires a higher age;
- you are acting for yourself, not for an undisclosed person;
- you are not a resident of, located in, or a national of a country or territory we do not support, including any country or territory subject to comprehensive sanctions;
- you are not on a sanctions list that applies to us or to our partners, and you are not acting for a person who is;
- you can form a binding contract.
A business account may be opened only for a legal entity whose owners, controllers, and authorised users we have identified, and only if that entity is permitted to use the services.
4. Your account
You must register with your own mobile number and email address and keep both of them current. You must keep your sign-in credentials private and use the multi-factor authentication we require. You are responsible for instructions sent from your account unless you have told us, through a channel we provide, that the credentials are compromised, and we have had a reasonable time to act.
One natural person may hold one personal account. You may not sell, lend, or share your account. We may refuse a registration, or ask you to merge or close a duplicate.
5. Identity checks
We do not provide the services on an anonymous or no-KYC basis. Before you can hold a balance, deposit or withdraw, convert, or receive a Visa card, you must complete the checks we or our partners require. Those checks can include a government identity document, a likeness check, your residential address, tax information where the law requires it, and information about the source of funds.
You must answer further questions, and provide further documents, for as long as the account is open. If you do not, we may refuse a transaction or suspend the account. You confirm that the information you give is true, complete, and not misleading, and that you will update it when it changes.
We, and the partners who need the information to perform a regulated activity, may share information with each other and with screening providers for identity, fraud, sanctions, and anti-money laundering checks. The Privacy Policy and the AML Policy explain this further.
6. The services
Subject to these Conditions, successful checks, and availability in your region, the services can include:
- wallet balances in the assets the app supports, and transfers between your own balances;
- an account balance, including deposits, withdrawals, and storage;
- conversion between supported currencies inside the wallet;
- transfers to another person by mobile number, email, or QR code;
- cross-border remittance for a personal purpose such as tuition, living expenses, family support, or travel;
- a Visa card, virtual or physical, for spending where Visa is accepted;
- for an approved business or software partner, access to payment and asset-management functions.
A feature exists only when the app has enabled it on your account. Visa cards are issued by the licensed issuer in the programme, not by Loco Pay as issuer.
7. Account balance
The account shows your balance as available, pending, or held. Client funds are safeguarded by the regulated institution appointed for them, separate from Loco Pay’s operating funds. A balance is not cash in your possession until a withdrawal or a card settlement is completed. Holds, pending card authorisations, and returns reduce what you can use.
8. Visa card
You may apply for a virtual card, a physical card, or both after identity checks are accepted. Approval is decided by the issuer. A virtual card is for online spend and, where the issuer allows, a mobile wallet. A physical card is for merchants that accept Visa, including contactless payments where supported, and for ATM withdrawal only where that function is enabled.
You must keep the PIN and CVV confidential and tell us promptly if a card is lost, stolen, or used without your authority. You can freeze a card in the app. We and the issuer can freeze or cancel it where fraud, a breach of these Conditions, or the law requires it. You are responsible for transactions you, or anyone you allowed to use the card, authorised. Disputes follow the issuer’s and Visa’s rules. We do not promise that any merchant or ATM will accept the card. Spend is funded from your balance. The rate and fee appear on the transaction record.
9. Internal conversion
You may convert between assets the app supports, at the rate and fee shown before you confirm. The rate can expire. Once you confirm, the conversion follows that quote unless it fails or is held for review. A conversion is not a promise that the same rate will be available later. We may refuse a pair, a size, or a request that does not pass screening.
10. Deposits and withdrawals
You may deposit and withdraw only by the accounts and methods the app shows for that instruction. You must check the amount and the destination before you confirm. Funds sent to the wrong account can be lost. We are not obliged to recover them.
A deposit is credited when screening allows it. We may delay credit, or return or freeze a deposit, where the source or the pattern requires review. A withdrawal can be delayed or refused for the same reasons. You are responsible for the destination you confirm. A completed withdrawal is not reversed merely because the destination was not the one you intended, except where the funds are recovered.
11. Business use and third-party software
If you open a business account, you represent that you can bind the entity, that ownership and control information is complete, and that you will tell us before that information or the business changes. Authorised users act for the entity. The entity is responsible for their instructions, including card spend and withdrawals.
If we approve your software to connect, the integration may let your product show balances and instruct deposits, withdrawals, conversions, and card payments. Your users must still be identified, either by you where we agree and the law allows, or through checks we or a licensed partner perform. You must keep API credentials secret, use them only for the agreed scenarios, and not present the integration as a bank account or as an unlicensed money service. We may suspend a credential immediately.
12. Fees, rates, and limits
Fees, exchange rates, and limits are shown in the app before you confirm a transaction, or in the fee schedule linked from the app. We can change a fee or a limit by updating that schedule. A change does not apply to a transaction you have already confirmed, except where a network or partner cost is passed on as the transaction record describes.
You authorise us and our partners to deduct fees and to debit balances for transactions, reversals, chargebacks, and amounts you owe. If a balance is insufficient, we may decline the transaction or recover the amount from other balances you hold with us.
13. Prohibited use
You must not use Loco Pay, and you must not allow anyone else to use your account, to:
- break the law, including laws on money laundering, terrorist financing, fraud, sanctions, tax evasion, or bribery;
- hide the origin or destination of funds, or the identity of the person the funds belong to;
- deal with a sanctioned person, country, or territory, or with a wallet or account known to be linked to stolen funds, ransomware, or other crime;
- provide money services, gambling, or other regulated activity through the account if you are not licensed to do so and we have not approved that use;
- send money for a stranger, buy or sell an account, or misstate a purpose of payment;
- interfere with the app, probe it, scrape it, or introduce malicious code;
- abuse another person, or upload unlawful content through a support channel.
We can decide, acting reasonably and on the information we have, whether a use falls within this section.
14. Holds, refusal, suspension, and closure
We, or a partner, may delay, refuse, reverse, suspend, or cancel a transaction or the account, immediately and without prior notice where we consider it necessary, if:
- these Conditions or a partner’s terms are breached, or we reasonably suspect a breach;
- a check required by the AML Policy is incomplete, failed, or out of date;
- the transaction may violate sanctions or other law, or may involve a person we are not allowed to serve;
- the activity does not match the profile we hold for you;
- a court, regulator, card network, or law-enforcement authority requires it;
- we must protect you, other customers, a partner, or Loco Pay from loss.
We will tell you that an account is suspended or closed unless the law, a regulator, or a law-enforcement request prohibits us from doing so. During a review we may be unable to explain the reason in detail. You may close your account by following the steps in the app, after transactions have settled and any amount you owe has been paid. Closure does not end a clause that by its nature should survive, including records we must keep.
15. Risks you accept
Payments can be delayed, declined, or returned. Exchange rates move. A card can be declined by a merchant. An ATM can be out of service. A payout partner can have a cutoff time. Information you submit can be wrong, and we are not obliged to recover funds sent on your confirmed instruction. Your device can be compromised if you do not protect it. You use the services with these risks.
16. Intellectual property
The app, the website, the Loco Pay name, and the materials we publish belong to us or our licensors. We grant you a personal, revocable, non-transferable licence to use the app for the services. You do not receive any other right. You must not copy the brand or suggest that we endorse you.
17. Privacy
We handle personal data as described in the Privacy Policy. Where the law allows, you consent to that handling, including transfers to partners and screening providers in other countries, for the purposes of providing the services and meeting legal duties.
18. Liability and indemnity
Nothing in these Conditions excludes liability that the law does not allow us to exclude, including liability for death or personal injury caused by negligence, or for fraud.
Subject to that, we are not liable for indirect or consequential loss, loss of profit, loss of opportunity, or loss caused by a partner, a card network, a merchant, a payout institution, or your own instructions. Our aggregate liability arising out of the services in any 12-month period is limited to the greater of the fees you paid to Loco Pay for the services in that period and one hundred US dollars. This cap does not apply where the law forbids it.
You will indemnify Loco Pay and its partners against claims, losses, fines, and reasonable legal fees arising from your breach of these Conditions, your misuse of the services, or your violation of the law or of another person’s rights, except to the extent the claim is caused by our fraud or wilful misconduct.
19. Changes, assignment, law, and contact
We may change these Conditions by posting the new version on this website and, where the change is material, by notifying you in the app or by email before it takes effect when the law requires notice. If you do not agree, you must stop using the services and close the account. Continued use after the effective date is acceptance.
You may not assign your rights. We may assign these Conditions to an affiliate or to a successor of the business, and we may appoint partners to perform parts of the services.
These Conditions are governed by the laws of the State of Colorado, USA, without regard to conflict-of-law rules that would select another law. The state and federal courts located in Denver, Colorado have exclusive jurisdiction, except that you may also bring a claim in the courts of your country of residence where consumer law gives you that right and it cannot be waived. If a clause is unenforceable, the rest remains in force.
Notices to you may be sent by email, in the app, or by posting on this website. Notices to us about these Conditions should be sent to service@locopay.com. Compliance notices should be sent to compliance@locopay.com.