These terms of
service ("Token Terms") apply to your use of the Token
mobile application (the "Token App") and the Token Services
(as described in clause 3) and form part of the agreement between you and Token.io
Ltd (company registration number 10143662) ("Token").
You can view up-to-date
copies of the Token Terms at any time at https://token.io/files/mobile/terms.html.
Token is authorised by the
Financial Conduct Authority under the Payment Services Regulations 2017 for the
provision of payment initiation and account information services (Firm
Reference Number 795904). Token's registered address is at 10 John Street,
London, WC1N 2EB.
You can use the Token App to make online
payments directly from your online bank or payment account ("Payment
Account") (payment initiation services) and to obtain financial
information from your Payment Accounts (account information services) (together
the "Token Services").
The terms and conditions that apply to the Payment
Accounts that you access through the Token Services (the "Account Terms")
will remain in effect and these Token Terms do not change your Account Terms.
Account information services
Token's account information services allow you
to link your selected Payment Account(s) with the Token App (a "Token
Linked Account") so that you can view the balance of each Token Linked
Account within the Token App.
You will be asked to select each Payment Account
you want to link with and to provide your explicit consent to Token accessing
your Payment Account balance before Token can create a Token Linked Account.
Token will request the Payment Account balance from your bank or Payment
Account provider in accordance with your consent until the consent expires or
Token's account information service also allows
you to obtain information (such as transaction histories) from your Token
Linked Account(s) or from any other selected Payment Accounts for use with
other third parties. If you select this option and provide your explicit
consent to Token, Token will provide the information obtained from your Payment
Account or Token Linked Account to you and the relevant third party in
accordance with your instructions. Token will request the relevant information
from your bank or Payment Account provider on a periodic basis in accordance
with your consent until the consent expires or is withdrawn.
Depending on the information you wish to
receive, the Payment Account you instruct Token to access and the Account Terms
that apply to each such Payment Account, you may be redirected to your bank or Payment
Account provider's website or mobile application in order to authenticate
yourself (either at the time you consent to the account information services or
on a periodic basis thereafter) so that your bank or Payment Account provider
knows that you consent to Token accessing this information.
You may withdraw or vary your consent for Token
to provide account information services at any time within the Token App.
Payment initiation services
Token's payment initiation services allow you to
make online payments directly from your Payment Accounts or Token Linked
Account using the Token App as follows:
You will be asked to review and confirm your
payment order details including:
if you elect to pay from a Token Linked Account,
the Token Linked Account from which your payment will be made (if you do not
wish to pay from a Token Linked Account you will be able to choose a Payment
Account to fund the payment from within your bank or Payment Account provider's
website or mobile application);
the amount of the payment and, if relevant, the
the recipient details; and
(where applicable) any fees payable to Token.
In relation to clause 3.8(a)(iii) above it is
your responsibility to ensure that the recipient of the payment (and any
details in relation to that recipient) is correct before you confirm the
payment order. You may not be able to recover a payment to an incorrect
recipient. Token will either prepopulate the recipient details for you to
review and confirm or you will be asked to provide Token with certain details
(as specified in the relevant payment order). For example:
where you use Token payment initiation services
to purchase goods or services online you must ensure that the merchant
recipient details are correct;
where you use Token payment initiation services
to make a payment to another Token user using the "Pay" option you
must either provide us with the recipient's email address used by the recipient
to register with Token or, where the recipient is not a Token user, provide us
with the recipient's name and account details (e.g. BIC, sort code, IBAN); and
where you respond to a '’Request' (to be paid) message
from another Token user you must ensure that the Token user recipient details
set out in the payment order are correct.
Your confirmation of the payment order will be
taken as your consent for Token to send the payment order to your bank or Payment
Account provider for execution, to receive information from your bank or
Payment Account provider regarding whether the payment order has been accepted
and (where relevant) to pass this information on to the recipient.
Token may, at its discretion, apply verification
measures to verify your identity before sending the payment order to your bank
or Payment Account provider.
Depending on the amount of the payment order and
your Account Terms you may be redirected to your bank or Payment Account
provider's website or mobile application in order to authenticate yourself so
that your bank or Payment Account provider knows that you consent to the
If the payment order relates to a transaction
that is to be executed by your bank or Payment Account provider immediately, you
will not be able to cancel the payment order once you have provided your
confirmation and consent in accordance with the above clause 3.8. If you have
set up future dated or repeat transactions then these transactions may be
cancelled through your bank or Payment Account.
You will be able to view a record of the
payments that you have made using Token's payment initiation services within the
Token App on a real-time basis.
Eligibility and availability You can only use the Token Services if:
You are 11 or over;
You agree to these terms by ticking the box “I agree
to these terms”;
You have downloaded the Token App and have
installed any relevant updates as notified to you; and
You have a valid mobile phone number.
The Token Services that are available and the
manner in which the Token Services are delivered may vary depending on the type
of device you are using, the type of Payment Account(s) you have (not all
payment accounts will be fully accessible in respect of all Token Services) and
the Account Terms.
You are responsible for ensuring that your
device is capable of operating the Token App (which we may update from time to
time). We cannot guarantee that we will continue to support the operating
system used by your device.
There may be times when the Token App is
unavailable for you to use due to maintenance, repairs or upgrades to our
systems or the systems of any third party involved in delivering the Token
Services. We will aim to notify you in advance of any maintenance work but may
not always be able to do so.
Where relevant, Token will provide you with
information or notifications in relation to the Token Services primarily
through the Token App, although Token may also send you information and
notifications to your email address or mobile number via SMS where Token
considers this appropriate.
If your contact details (including your mobile
phone number or email address) change, you should tell us as soon as you can.
You are responsible for maintaining and regularly checking your Token App,
device or e-mail inbox for information and notifications from Token.
You can contact Token by email@example.com.
For the purposes of this clause 5,
"Security Details" means your Token App user-name and password, your
security question and answer and the password or passcode or any other settings
you use to secure access to the device on which the Token App is installed.
You must take all reasonable steps to keep your Security
Details and the device on which the Token App is installed safe and you undertake
that you will not disclose them or allow them to be used by anyone else. You
must not leave the device you are using unattended while you are logged on to
the Token App and you must make sure that any information stored or displayed
on your device is kept secure.
If the device on which the Token App is
installed is lost or stolen, or you suspect that someone else might know your Security
Details you must notify Token immediately by emailing firstname.lastname@example.org. You
must delete the Token App from your device if you change your device or dispose
We may at any time suspend, restrict or end your
use of the Token Services or the Token App or any part of them where:
we reasonably believe that your Security Details
have not been kept safe or the security of your Token App or the device on
which it has been installed has been compromised;
we reasonably suspect that your Security Details,
the Token App, or the device on which it has been installed has been used
fraudulently or without your permission;
we need to do so to comply with the law of any
you have broken any of the Licence Terms set out
Unless informing you would compromise reasonable
security measures or otherwise be unlawful, Token will inform you before
suspending, restricting or cancelling the Token Services or the Token App and
of our reasons for doing so. If it is not practicable to inform you in advance
and unless doing so would compromise reasonable security measures or otherwise
be unlawful, Token will inform you immediately afterwards, giving the reasons
for such suspension or cancellation.
Token will allow you to resume your use of the
Token App or the Token Services as soon as practicable after the reasons for
stopping its use cease to exist.
In the event that Token needs to contact you in
respect of suspected fraud or any other security threat it will do so in the
manner that it deems to be most secure in the circumstances.
Incorrect or Unauthorised Payments
If you suspect that an incorrect or unauthorised
payment has been made using your Token App and the Token payment initiation
services you must contact us as soon as possible by emailing email@example.com.
You may be entitled to a refund of the incorrect
or unauthorised payment from your bank or Payment Account provider provided
that you notify them of the incorrect or unauthorised payment without delay and
in any event no later than 13 months after the date of the relevant payment.
You must contact your bank or Payment Account provider in the manner set out in
the applicable Account Terms.
You should be aware that your bank or Payment
Account provider may contact you directly (and not through Token) if there is
an issue with a payment order submitted through Token, for whatever reason
(e.g. there are insufficient funds or an issue with your authorisation).
You may need to resolve such matters directly with your bank or Payment Account
Token will provide you with
a reference enabling you to identify the
the amount of the payment in the currency in
which the payment is debited;
any charges applied by Token that have been paid
the exchange rate used and the before and after
figures (if relevant); and
the date the payment order was received by the
We advise you to print a copy of
the information you receive in the preceding paragraph in case the information
is required for any return, warranty, tax return or any other purpose that may
Token will not be liable to refund you for any
losses caused by circumstances beyond our control, for example, due to extreme
weather, terrorist activity or industrial action.
Token is not liable for any contravention of a
requirement imposed on it by or under Part 7 of the Payment Services
Regulations 2017 where the contravention is due to:
abnormal and unforeseeable circumstances beyond
Token's control, the consequences of which would have been unavoidable despite
all efforts to the contrary; or
the obligations of Token under other provisions
of EU or national law.
Changes to the Token Terms
the right to change the Token Terms at any time. Token will take into account
your interests affected by the intended changes and will only make changes that
we consider to be reasonable. We will give you at least two months' prior
written notice via the Token App and/or the contact details you have supplied
to us of any intended change to the Token Terms along with the new version of
the Terms. If you do not agree with the proposed change(s), you must tell us using
the Token contact details set out in clause 4.3 before that change takes effect
and you will have the right to terminate the Token Terms at any time before the
proposed date of their entry into force. If you do not contact us in order to
tell us that you do not accept the changes and request to terminate the Token
Terms you will be deemed to have accepted the change to the Token Terms.
The contract between you and Token which is set
out in these Token Terms and which governs your use of the Token App and Token
Services will continue until cancelled in accordance with this clause 11.
You have the right to cancel the contract
between us, which is set out in these Token Terms, at any time without notice
by contacting Token using the Token contact details set out at clause 4.3 or by
uninstalling the Token App.
We may cancel the contract with you, with
immediate effect, by giving written notice:
if you repeatedly break the Token Terms and fail
to resolve the matter to Token's satisfaction in a timely manner;
in the event of your death or incapacity; or
if the provisions of clause 5.5 apply.
We may cancel the contract with you for any
reason by giving you at least 2 months' written notice.
If you have a complaint about the Token Services and/or the Token App,
please tell us using the contact details set out at clause 4.3 so that Token
can investigate the circumstances for you. We will aim to deal quickly and
fairly with any complaints you have about the Token Services or the Token App
in accordance with our obligations under applicable law. Token may, however,
direct you to your bank or Payment Account provider if your complaint relates
to the services provided under the Account Terms or involves an unauthorized
transaction in accordance with clause 6 above.
If your complaint relates to the Token Services or the Token App and we
do not resolve it, you may be able to refer it to the UK Financial Ombudsman
Service. You can contact the UK Financial Ombudsman by telephone on: from
inside the UK: 0300 123 9123 or 0800 023 4567; from other countries: +44 20
7964 0500 on Monday to Friday, 8am to 8pm and on Saturday 9am to 1pm; by post
at The Financial Ombudsman Service, Exchange Tower, London E14 9SR; or by
email: firstname.lastname@example.org. The UK Financial
Ombudsman Service is also available in a number of different languages and if
you need it you will be put in touch with a translator when you contact the UK
Financial Ombudsman Service.
Token is not responsible for any complaints or
disputes about purchases made using the Token's payment initiation services. You
should settle these with the person from whom you bought the goods or services.
We are not responsible for the quality, safety, legality or any other aspect of
any goods or services purchased using the Token payment initiation services.
Remember that once you have used a Token payment initiation service to make a
purchase Token cannot cancel or stop that payment transaction.
When you download the Token App we automatically
give you a non-transferable, non-exclusive right to use the Token App (the "Licence")
provided that you agree to the following:
you can only use the Token App on a registered
device belonging to you or under your control. You will need to register each
additional or replacement device separately;
you can only use the Token App for Token Services
and for no other purpose;
the right to use the Token App is given only to
you and you must not give any rights of use or any other rights in respect of
the Token App to any other person or organisation;
you must not copy, reproduce, alter, modify or
adapt the Token App or any part of it;
you must not analyse or reverse engineer the Token
App or any part of it;
you must not remove or tamper with any copyright
notice attached to or contained within the Token App and you agree that all
ownership of the Token App, including all relevant intellectual property
rights, remains with Token;
if your right to use the Token Services is
terminated all rights given to you in respect of the Token App will end
The Licence includes the right to use any future
updates to the Token App that we make available to you.
We are solely responsible for the Token App and
If any third party claims that the Token App
infringes their intellectual property rights, we will be solely responsible for
dealing with the claim.
We will assume that you have accepted the terms
of the Licence by installing the Token App on your device and the Licence will
continue until you cancel the Token Services and/or delete the Token App or if
we end your use of the Token Services under clause 10 above. If the Licence is
terminated for any reason you must uninstall the Token App and destroy all
copies of it.
These Terms and Conditions are governed
by English law and are subject to the non-exclusive jurisdiction of the English
Courts. These Terms and Conditions are in English and all communications with
you will be in English.