Legal
User Agreement
1. About us
These terms are between you and LOCO PAY LIMITED, a Colorado corporation, Entity ID 20268215169, of 1290 Broadway, Suite 1100, Denver, Colorado 80203, USA. Loco Pay’s Money Services Business registration number with FinCEN is 31000342135704.
Some services are provided together with regulated partners, including card services and settlement. When you use those services, the rules shown to you in the app also apply.
2. The services
Where the services are available in your region and your identity checks are complete, Loco Pay may provide:
- a multi-currency wallet and account balance, including deposits, withdrawals, and transfers between your own balances;
- conversion between currencies supported in the app;
- transfers to another person by mobile number, email, or QR code;
- cross-border remittance for personal purposes such as tuition, living expenses, family support, and travel;
- virtual and physical Visa cards for spending online and in store;
- for an approved business customer, team cards and business account management.
A feature is available only when it is enabled on your account. Visa cards are issued and used under the card programme. Merchants, limits, and features are those shown in the app.
3. Who can use Loco Pay
To open a personal account, you must:
- be at least 18, or older if the law where you live requires it;
- apply with your own information, and not open an account for an undisclosed person;
- not be located in, or a resident or national of, a country or territory we do not serve;
- not be on a sanctions list that applies to us or to our partners;
- be able to enter into a contract.
A business account requires information about the company and about its owners, controllers, and authorised users. The company must keep that information accurate and tell us when it changes.
4. Your account
Register with your own mobile number and email address, and keep both of them current. Keep your password, verification codes, and device secure, and use the security checks we require. You are responsible for instructions sent from your account. If you believe someone else may be using your account, tell us in the app or at service@locopay.io.
One person may hold one personal account. You may not lend, rent, or sell your account.
5. Identity checks
Before you can open an account, deposit or withdraw, convert, transfer, or apply for a card, we need to verify your identity. This usually includes a government identity document, a likeness check, your contact details, and your address. We may also ask about the purpose of a payment. The information you give must be true and complete, and you must update it when it changes.
If a check is not complete, or if we need more documents, the related feature will remain unavailable. The Privacy Policy and the AML / CFT Policy explain how identity and transaction information is handled.
6. Balances, transfers, and conversion
Your balance is shown as available, pending, or on hold. Pending payments, card authorisations, and returns affect the amount you can use immediately.
Before you confirm a transfer, remittance, deposit, withdrawal, or conversion, check the amount, currency, and destination. Funds sent to the wrong destination may not be recovered. The rate and fee are shown before you confirm. After you confirm, we process the instruction as shown, unless it does not pass review or cannot be completed. The app will show the status.
7. Visa cards
After your identity check is accepted, you may apply in the app for a virtual card, a physical card, or both. Approval, and where a card can be used, follows the card programme and the result shown in the app.
Keep the card, PIN, and security code safe. If a card is lost or stolen, or if you see a transaction you did not make, freeze the card in the app and contact us. You may freeze a card at any time. A card may also be frozen or cancelled where there is a risk or where the programme rules require it. Card spending is debited from your balance. The rate and fee appear in the transaction record.
8. Fees and limits
Fees, rates, and limits are shown in the app before you confirm a transaction, or in the fee information linked from the app. An update applies to transactions you start after the update. You authorise us to deduct the fees shown, and the transactions you have confirmed, from your balance. A transaction may not be completed if the balance is not enough.
9. Acceptable use
Do not use Loco Pay, and do not allow anyone else to use your account, to:
- break the law, including laws on money laundering, terrorist financing, fraud, tax evasion, bribery, or sanctions;
- hide the origin, destination, or real owner of funds;
- move money for a stranger, buy or sell an account, or give a false payment purpose;
- run a money or payments business from a personal account without the required permission and our agreement;
- interfere with or attack the app, or send unlawful material to customer support.
10. Holds, refusal, and closure
We may delay or refuse a transaction, or suspend an account, if a check is incomplete or unsuccessful; if activity is inconsistent with how you normally use the account; if we have reasonable grounds to believe the account is compromised or is being used for a prohibited purpose; if the law, a regulator, a card network, or a partner requires it; or if it is necessary to prevent loss to you, other customers, or Loco Pay.
Where the law allows, we will tell you that an account has been suspended or closed. During a review we may not be able to explain every reason immediately. You may close your account in the app after pending transactions have settled and any fees due have been paid.
11. Liability
Nothing in these terms limits liability that the law does not allow us to limit. Subject to that, our total liability for indirect loss 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 USD 100. Where the law does not allow this limit, the law applies.
If a breach of these terms, misuse of your account, or a breach of the law causes loss, a penalty, or reasonable costs to Loco Pay or a partner, you are responsible for that loss.
12. Changes, governing law, and contact
We may update these terms and post the new version on this website. If a change affects your main rights or duties, we will notify you in the app or by email before it takes effect. If you keep using the services after the update takes effect, you accept the updated terms. If you do not agree, stop using the services and close your account.
These terms are governed by the laws of the State of Colorado. Disputes relating to these terms are handled by the courts in Denver, Colorado. If consumer-protection rules where you live allow you to bring a claim locally and that right cannot be waived, those rules still apply.
For questions, email service@locopay.io.