Welcome to Payulot, a digital payment platform operated in Bermuda. By creating an account, accessing, or using the Payulot system, you agree to these Terms of Service (“Terms”). Please read carefully, as they establish your rights and obligations when using Payulot.
These Terms are governed by the laws of Bermuda and are designed to align with international financial, anti-money laundering, and consumer protection standards.
2. Definitions
“User” means any individual or entity using Payulot, including Consumers, Vendors, and Administrators.
“Wallet” means a digital wallet tied to the Bermudian Dollar via the BMDX stablecoin.
“NFC Device/Card” means a physical card or wearable device issued for payments.
“Vendor” means a registered business or service provider accepting Payulot.
“Administrator” means authorized government or system managers with compliance oversight.
3. Eligibility
Users must be at least 18 years of age or have verified parental consent if under 18.
Parents/guardians assume full responsibility for transactions made by minors using linked wallets or NFC devices.
Vendors must be properly licensed businesses in compliance with Bermuda’s financial and commercial laws.
4. Account Registration & KYC
Users must provide accurate, current, and complete information.
Payulot may require identity verification under Bermuda’s AML/ATF laws before account activation.
Payulot reserves the right to suspend or terminate accounts where fraud, money laundering, or unlawful activity is suspected.
5. Use of Payulot
Users agree to use Payulot lawfully and responsibly.
Lost or stolen cards/NFC devices must be reported immediately. Payulot is not liable for unauthorized transactions prior to account suspension.
Payulot may restrict, suspend, or terminate services for misuse, non-compliance, or regulatory reasons.
6. Transactions & Blockchain Auditing
Transactions are processed off-chain for speed, with periodic cryptographic hashes recorded on the Polygon blockchain.
These hashes are immutable and publicly visible, but they do not reveal individual user data.
Payulot is not responsible for network delays or blockchain congestion.
7. Vendor Obligations
Vendors must:
Accept payments in accordance with Payulot policies.
Comply with financial recordkeeping and AML regulations.
Reconcile and withdraw balances in accordance with Bermuda law.
Conversion of balances into fiat currency involves the burning of BMDX tokens. Payulot does not guarantee exchange rates or processing times.
8. Fees
Fees may apply for certain services (e.g., withdrawals, replacement of NFC devices). These will be published and updated periodically.
9. Data Sharing & Compliance
Payulot may share account and transaction data with government agencies as required for audit, AML/KYC, and regulatory purposes.
Data will not be sold or used for marketing without consent, in accordance with the Privacy Policy.
10. Disclaimers & Limitations of Liability
Payulot is provided “as is” and without guarantees of uninterrupted service.
Payulot is not responsible for:
Service outages or network failures.
Unauthorized transactions resulting from user negligence.
Vendor insolvency or disputes between Users and Vendors.
Liability is limited to the maximum extent permitted under Bermuda law.
11. Governing Law & Dispute Resolution
These Terms are governed by Bermuda law. Disputes shall first attempt informal resolution with Payulot support before escalation to arbitration or the Bermuda courts.
12. Amendments
Payulot may update these Terms from time to time. Continued use constitutes acceptance of the updated Terms.