PayNow Terms

Last Updated: March 28 2022

These PayNow Terms (“Terms”) are applicable to you if you elect to accept PayNow as a payment method (“PayNow Service”). The PayNow Service is made available to you by Stripe through DBS Bank Ltd (“DBS”). A capitalised term used and not defined in these Terms has the meaning given to such term in the Stripe Services Agreement. These Terms are in addition to, and form part of, the Agreement. These Terms remain subject to the terms and conditions of the Stripe Services Agreement.

You agree, acknowledge and undertake for the benefit of DBS as follows:

1. the PayNow Service is provided by Stripe (and not by DBS) to you, and Stripe is solely responsible for the settlement of any amounts arising from payments collected from your customers in accordance with the Stripe Services Agreement;

2. the PayNow Service (i) does not give rise to a banker and customer relationship between DBS and you; and (ii) does not give rise to any trust, duty or obligation, including without limitation any fiduciary duty, owed by DBS to you;

3. you must provide any information or documentation that Stripe and/or DBS may require from time to time, including without limitation:

(a) your identity and business activities, which may include information on your ownership and/or management (e.g. identity of directors and shareholders), name, UEN, business profile as obtained from the Accounting and Corporate Regulatory Authority, and business category, and the goods or services provided by you; and

(b) all transaction information relating to funds collected from and/or refunds you made to your customers, which may include information relating to the identity of the customer;

4. DBS may require you to comply with such procedures, protocols and terms and conditions as DBS may prescribe in connection with the PayNow Service, which may include all policies, guidelines, and procedures DBS may issue from time to time, and you must comply with them;

5. any funds paid by your customers to Stripe in connection with the PayNow Service are not held on trust by DBS for you, nor do any such funds give rise to any trust for your benefit;

6. Stripe and/or DBS may (i) utilise any identifier which may be associated with you (such as your business name) with any payment services providers, including without limitation the PayNow Service; and (ii) communicate and display such identifier in any payment related notification in respect of any funds paid by your customers to you;

7. you must provide the following information to your customers:

(a) information relating to the payment arrangements between Stripe and you in connection with Stripe’s provision of the PayNow Service to you; and

(b) the terms and conditions related to the provision of goods and/or services by you to your customers, including your terms and conditions on policies for returns, refunds, or exchanges of goods and/or services purchased by your customers;

8. all information that you provide to Stripe and/or DBS is up-to-date, complete, true, accurate, and not misleading. Such information may be disclosed by DBS to third parties, and used, processed and stored by DBS/such third parties as permitted under DBS’ agreement with Stripe in connection with the PayNow Service and in accordance with DBS/such third parties’ privacy policies. Third parties may include government entities having jurisdiction over DBS, the PayNow Service or the PayNow quick response code used in making PayNow transactions (“PayNow QR Code”), other banks or financial institutions that make available the PayNow Service to its customers, and the service providers of the PayNow Service or the PayNow QR Code;

9. to the maximum extent permitted under applicable law, DBS shall not be liable to you or any third party for any loss, liabilities, costs, expenses, damages, claims, actions or proceedings of any kind whatsoever (whether direct, indirect or consequential) in respect of any matter of whatever nature and howsoever arising (whether in contract, tort, negligence or otherwise) incurred in connection with:

(a) any act or omission by DBS, including without limitation the provision or termination of the PayNow Service;

(b) any act or omission of Stripe, including without limitation the provision of any service by Stripe to you;

(c) any breach or non-compliance by you to any of the matters in these Terms;

(d) any dispute brought by any person, including without limitation your
customers, arising from or in connection with the provision of the PayNow Service; and/or

(e) any inaccurate, false, misleading, out-of-date or incomplete information provided by you (whether to Stripe and/or DBS);

10. you fully indemnify and hold harmless DBS, any of its branches, subsidiaries, representative offices, agencies or affiliates, our head office or ultimate holding company, any corporation in the DBS group (being a corporation in which an equity interest is held by any of the foregoing entities) and any bank or member of a bank group in any jurisdiction with whom DBS has entered or may enter into any form of alliance (collectively referred to as "DBS Bank Members"), on an after tax basis, from all actions, claims and proceedings from time to time made against each DBS Bank Member and all losses, damages, liabilities, payments, costs or expenses suffered, made or incurred by each DBS Bank Member as a consequence of or in connection with any breach or non-compliance by yout of any of the above matters in these Terms; and

11. you agree that any DBS Bank Member shall have rights under the Contracts (Rights of Third Parties) Act (Chapter 53B of Singapore) to enforce the terms of any agreement between Stripe and you that relate to your agreement and undertaking to the matters set out in these Terms.