Consent for MMQR Service/Myanmar Pay
By using our services, you hereby consent to the collection, use, and sharing of your personal data as described in our Privacy Policy. You give Wave Money free consent to use your personal data to register or proceed as necessary on your behalf in case of nationwide implementation of mobile payment project(s)/system collaborated between the Central Bank of Myanmar (CBM) and financial institutions intended for the public interest including but not limited to MMQR/Myanmar Pay. You acknowledge that your data may be shared with trusted third-party partners for the specific purposes outlined, and you agree to the measures we have in place to protect your data from unauthorized access or breaches. However, please note that Wave Money is not liable for any breaches caused by third parties.
USER AGREEMENT
This User Agreement constitutes the agreement between Customer, and Digital Money Myanmar Limited (“DMM” or “Wave Money”) governing Customer’s use of Wave account and other services (the “Service”) offered by Wave Money. By opening a Wave account and/or using Wave Money’s Over-the-counter service, you agree to comply with all of the terms and conditions of this User Agreement.
1. DEFINITION OF TERMS
Active User means a Wave account in which at least one (1) transaction has occurred in the last one hundred and eighty (180) days.
Agreement means this User Agreement together with the Schedule of Fees, as updated by Wave Money from time to time.
CBM means the Central Bank of Myanmar.
Customer or User means an individual person, or a corporate entity, being a party to this Agreement who has duly registered for use of Wave Money account or non-registered Services offered by Wave Money.
DMM or Wave Money means Digital Money Myanmar Limited.
Dormant Account means any Wave account or MFS Account where the account has not conducted any transaction or been inactive for one hundred and eighty (180) days.
Inactive OTC means any OTC transaction in which the stored amount in the MFS Account has not progressed for a continuous period of three hundred and sixty-five (365) days or more.
Fees means all fees and charges for the use of the Service, as published by Wave Money and included in the Schedule of Fees.
MFS Account means a system account at Wave Money as a means for a store of value for purposes of conducting transactions related to the Service for Customers using Wave Money’s Services via OTC.
MSISDN means Mobile Station International Subscriber Directory Number, which is a unique number used to identify the Customer on a mobile network.
Network Service Provider means the telecommunications and data services provider used by the Customer to communicate and transact with Wave Money.
Non-registered Services / Over The Counter (OTC) are services provided by Wave Money without requiring Customer registration.
PIN or Personal Identity Number means a 4-digit code used to authenticate Customer identity when availing of the Service.
POS/Agent or Point-of-Sale/Agent means a person or entity who enters into an agency agreement with Wave Money to provide the Service directly to Customers on behalf of Wave Money.
Schedule of Fees means the list of Fees to be paid by the Customer for the use of the Service, which are publicly made available by Wave Money at the POS/Agents/WCCs and Distributors.
Service means the mobile financial services, and in particular the provision of payments and financial services through the use of mobile technology infrastructure including, electronic terminals, and credit tokens.
SIM means Subscriber Identity Module, which is a microchip device used to authenticate a subscriber on the mobile network.
Passcode means a 6-digit-secret number generated by the Customer that he/ she informs in secret to his beneficiary to perform an OTC transaction.
Port Out means Mobile phone users to retain their mobile numbers when changing from one mobile network operator to another.
Frozen Account means any MFS or Wave account which has been permanently suspended in accordance with the directive of the State Administration Council, as notified by CBM and internal policies of Wave Money.
Verified Account means any Wave account whose KYC (Know Your Customer) information has been verified and approved by Wave Money as per regulatory requirements.
Wave means the Wave application and/or the wallet account accessible via Wave application for Users provided by Wave Money as a means for a store of value for purposes of conducting transactions related to the Service.
WCC means any Wave Care Center opened and operated in various locations to provide Services for Customer’s convenience by Wave Money.
2. USE OF THE SERVICE
2.1 Customer Identity and Qualification
a. Verified Account – Customer must submit to Wave Money with applicable documents to satisfy proof of identity in accordance with the criteria set by Wave Money and CBM.
b. Over-the-Counter-Services – Customer may use over-the-counter services by providing Customer’s MSISDN with applicable documents (as per criteria set by Wave Money and CBM) to satisfy proof of identity in accordance with the criteria set by Wave Money and CBM.
c. In order to use any or all of the Services, Customer must have an active Myanmar based mobile SIM.
2.1A Permitted Use of Wave accounts
Wave accounts governed under this User Agreement are intended for individual and non-commercial use (“Personal Use”). Using a Wave account to receive or send funds in connection with a business, trade, agent activity, or any other commercial purpose (“Commercial Use”) is not permitted, regardless of transaction size or frequency.
Wave Money may identify such Commercial Use based on transaction patterns, account behavior, or other indicators, and may proceed further necessary actions against Customer including but not limited to requesting additional information, restricting account functionality, applying applicable fees, or requiring the Customer to register and operate either by opening a merchant or an agent account. Not complying with this Clause shall be deemed to be the breach of this User Agreement and Wave Money may choose to terminate in accordance with Clause 4.
2.2 Customer Registration
a. Registration or opening of Wave account shall be either through authorized POS/Agent channels and WCCs or self-registration.
b. Customer must select a PIN at the time of registration in order to authorize transaction requests made via the registered MFS Account or Wave Account.
c. Customer must complete the necessary KYC process till it is approved as Verified Account by WaveMoney.
d. Customer must have enough credit in the MFS Account or Wave account to complete the requested transactions. Wave Money reserves the right to decline transactions requested by Customers in case of not having insufficient credit in the MFS Account or Wave account.
e. Customer must maintain sufficient SIM Credit.
2.3 Rights and Obligations of the Customer
a. Customer shall keep his PIN confidential and not disclose it to any third party, including POS/Agents/WCCs or representatives/employees of Wave Money.
b. When using a transaction requiring a Passcode, Customer shall keep this Passcode confidential and disclose it solely to the intended recipient of funds. Customer shall not disclose the Passcode to any party other than the intended recipient, including POS/Agents/WCCs and/or employees of Wave Money.
c. Customer shall notify Wave Money to block the MFS Account or Wave account number registered on the SIM immediately in case Customer’s mobile phone or SIM is stolen . The registered MFS Account or Wave account is an access mechanism, and by blocking the MFS Account or Wave account, the Service is suspended, and unauthorized transactions are prevented.
d. Customer agrees that Wave Money shall have the right to suspend and/or freeze Customer’s Wave account or MFS Account if Wave Money is instructed to do so directly by CBM.
e. If anyone obtains Customer’s PIN and is able to access the SIM and registered MFS or Wave account of the Customer, it will be presumed that such person accessing the MFS Account or Wave account is the Customer himself or his authorized representative.
f. Customer may not in any way cede, assign or transfer any of his rights and obligations under this Agreement or the use of the Service without the express and prior consent of Wave Money.
g. Customer shall not use the Services for any abusive, illegal, fraudulent or criminal purpose, including but not limited to money laundering and terrorist financing. Customer shall not sell or transfer, in any means, his Wave account to any other person.
h. Customer shall have the right to encash or redeem the value of money held in his MFS Account or Wave account at any time, with or without terminating his MFS or Wave account. This redemption may be subject to a fee as prescribed by Wave Money.
2.4 MFS or Wave Account Changes
a. The Customer is advised not to Port-Out while his MFS or Wave account is opened. The MFS Account or Wave account status has to be closed before a Port-Out request is made by the Customer.
b. No MSISDN Change or MSISDN Termination request will be allowed. The MFS mobile status has to be closed in order for a MSISDN Change or MSISDN Termination request to take place.
c. No Ownership Change request should be allowed for the MSISDN. The MFS Account or Wave account status has to be closed in order for an Ownership Change request to take place.
d. Upon a SIM replacement for any MSISDN, the PIN would be changed. Customer would need to call the Call Center and request a PIN Change before he/ she can use his/ her account.
e. If a Customer decides to stop using the MSISDN on which his MFS Account or Wave account is registered, he/ she is strongly advised to cash out i.e. withdraw his balance prior to stopping the usage of the such account.
2.5 Lodging of Complaints
a. Customer may lodge complaints in relation to the provision of the Service by contacting the Wave Money hotline provided upon registration or nearest WCC or by notifying Wave Money in writing. Wave Money shall investigate the complaint and resolve the complaint within (5) Business Days, If the complaint is not resolved within (5) Days, Wave Money shall inform Customer of the cause and resolve the same within the subsequent (10) business Days.
b. A complaint reference number and other relevant information shall be provided to Customer to enable him to inquire as to the progress of the complaint.
c. If Customer is not satisfied with the resolution of the complaint, Customer shall have the right to escalate the complaint to a senior representative of Wave Money to examine the resolution.
2.6 Mobile Financial Services Fraud
a. In case Customer has probable cause to believe that he/ she has been a victim of a fraud involving unauthorized and/or suspicious use of his/ her MFS Account, Customer shall immediately report such incident to Wave Money through the nearest POS/Agent/WCC and file a written report or call the Wave Money hotline to orally report the incident.
b. Customer shall cooperate and provide necessary information to the authorities in conducting the investigation of the alleged fraud. Customer shall note that Wave Money will never ask for information such as One Time Password and/or PIN even during investigation and therefore should not provide such information to anyone.
c. Upon investigation and should Wave Money and the authorities find that a case of fraud was in fact committed without the fault or negligence on the Customer’s side, and despite compliance by the Customer with the safety and security measures provided by Wave Money in the use of the Service, Wave Money, at its discretion, may reimburse any losses suffered by reason of such fraud.
d. Customer shall provide all necessary information to Wave Money which Wave Money reasonably requires in order to manage cases of fraud, money-laundering or terrorism financing risk or to comply with any laws in Myanmar or any other country and Customer agree that Wave Money may disclose any information concerning the Customer to any related company or partner, law enforcement, regulation agency or court where required by any such law, in Myanmar or elsewhere.
2.7 Rights and Obligations of Wave Money
a. Wave Money shall provide the Service to Customer and ensure that the Service is available to the Customer for use at all time, excepting technological difficulties beyond Wave Money’s control.
b. Wave Money shall have the right to suspend or block MFS Account or Wave account in accordance with Clause 4 below.
c. Wave Money has the right to impose limits on transactions and account balances in accordance with CBM regulations or its own policies and procedures. Information about these limits will be available at POS/Agents locations, via the Wave Money website or contact center.
d.For fair usage and transaction controls, Wave Money monitors Wave account transfer transactions between individuals to identify usage that is heavy, abnormal, or inconsistent with typical Personal Use. Where such activity is identified as beyond Personal Use, Wave Money may apply measures including transaction limits, additional verification, processing fees, temporary restrictions, or other controls, as determined by Wave Money from time to time.
Details of any applicable measure, including the criteria used to identify Personal Use or Commercial Usage, relevant thresholds, applicable fees, and effective dates, will be published through Wave’s official communication channels. Wave Money reserves the right to introduce, modify, suspend, or remove any such measure and its related criteria at its discretion, subject to applicable laws and regulatory requirements.
e. Wave Money may from time to time amend the Services offered or the terms and conditions related to the use of the Service. Customer will, via www.wavemoney.com.mm or WCCs, be notified of material changes only, within a reasonable period of time of the changes to the Service or its terms and conditions of use. Customers will have (30) days from receipt of notification via www. wavemoney.com.mm or WCCs to terminate the Service if Customer does not agree with the amended terms and conditions. If Customer continues to use the Service within (30) days after Wave Money has sufficiently given Customer notice of the amendments, or (30) days have lapsed without Customer notifying Wave Money of his/ her intention to terminate, Wave Money will be entitled to assume that Customer has read and agreed to be bound by the amended Service or terms and conditions.
f. Wave Money may communicate with Customer from time to time via using short message service (“SMS”) or any electronic medium including but not limited to Wave application and WCCs without guaranteeing the accuracy or arrival of such SMS. Wave Money will only use designated numbers or channels to contact Customer. Wave Money shall not be liable for any loss, expense, claim or damage whatsoever caused to the Customer arising from any delay or failure by Customer to receive such SMS.
g. Wave Money makes no representation or warranty, whether express or implied, as to the operation and functionally of the Service.
h. In case of any Inactive/Frozen Account and/or Inactive OTC (“Inactive Transaction”), Wave Money may impose administrative fees on a monthly basis on any Inactive OTC and/or inactive account. Such administrative fees may be deducted from the relevant balance in the MFS Account without prior or specific disclosure of the applicable fee amount to the Customer.
Notwithstanding the Schedule of Fees, administrative fees applicable to Inactive OTC may be applied and deducted without separate disclosure and may be revised from time to time at Wave Money’s discretion.
2.8 Transaction Records
Upon request, Wave Money shall provide Customer with a record of all Service Transactions made from Customer’s MFS Account or Wave account within the last (60) days, either in electronic or hard copy formats. Customer may request this record by contacting the Wave Money hotline. Wave Money reserves the right to charge a fee for the provision of this record.
3. SERVICE FEES AND OTHER CHARGES
3.1 Wave Money shall charge fees for the provision of the Services in accordance with the Schedule of Fees which shall be made publicly available at the POS/Agent/WCC locations and Wave Money website.
3.2 Wave Money shall have the right to change the Fees from time to time.
3.3 Any additional fees that may be charged by a third-party Network Service Provider shall be for the account of the Customer.
4. TERMINATION OF SERVICE
4.1 Wave Money may at any time, terminate this Agreement and the use of Services by Customer under the following circumstances:
a. A Customer has breached the terms and conditions of this Agreement including his warranties under this Agreement.
b. Customer’s MFS Account or Wave account remains inactive for a period of one hundred and eighty (180) days.
c. Customer’s account has been a subject of an investigation under Clause 2.6 of this Agreement.
d. A Customer has not carried out the initial PIN reset for more than 30 days of registration.
e. A Customer has not carried out any transaction for more than 180 days after his initial PIN reset.
f. A Customer has not carried out any transaction for more than 180 days and has zero balance in his account.4.2 In the event of such termination under Clause 4.1, a Customer may contact the Call Centre and/or WCCs for resolving the relevant issues and reactivation of the relevant account. In case of termination by reason of fraud and other causes under Clause 2.6, Wave Money reserves the right to exercise other rights and remedies available to it under relevant laws and regulations in addition to terminating this Agreement and the provision of the Service.
4.3 Wave Money shall have the right to lock/block/suspend a non-zero balance account if he/ she has not carried out any transaction for more than 180 days. Customer can get in touch with the Call Center for reactivating his/ her account after providing the required information for account verification.
4.4 Customer may at any time terminate the Service by giving Wave Money such notice in writing through a POS/Agent location or by calling the Wave Money hotline.
4.5 All outstanding fees and obligations of the Customer shall remain payable after termination of this Agreement. Wave Money reserves the right to set off any unpaid transactions or fees from any other account held by Customer with Wave Money.
4.6 Customer’s MFS Account or Wave Pay account is being used for un-authorized provision of Wave Money’s services without prior consent from Wave Money. Wave Money reserves the rights for immediate termination of such MFS Account or Wave accounts and claim of withheld balance by the Customer through a separate process. Customer may inquire the background of such termination & refund process by contacting the Wave Money hotline.
5 ACCOUNT REINSTATEMENT
5.1 In case a Customer’s MFS Account or Wave account has been terminated or suspended in accordance with the provisions of Clause 4.1, Customer may, by written communication, request from Wave Money that such termination or suspension be lifted and his/ her MFS Account or Wave account be reinstated.
5.2 The request for reinstatement of MFS Account or Wave account referred to in Clause 5.1 shall be reviewed by Wave Money and may be granted on a case-by-case basis, provided that the causes for termination under Clause 4.1 no longer exist.
6 CUSTOMER LIABILITY
6.1 Customer shall be liable for any unauthorized transaction that has been debited to Customer’s MFS Account or Wave account using the PIN or Passcode, unless it can be proven that such unauthorized transaction was due to Wave Money’s own fault or gross negligence.
6.2 Customer agrees to use the Service at his/ her own risk and Wave Money shall not be held liable for any loss or damage whatsoever, unless such loss or damage arises from Wave Moneys own gross negligence or fraud.
6.3 Products purchased using the Service but supplied by a third party are sold under the terms and conditions of the relevant third-party network service provider and the terms and conditions of this Agreement do not supersede any existing agreement between Customer and third-party network service provider.
6.4 A Customer needs to withdraw the money from his wallet before his SIM is being deactivated or allocated to another Customer by a Mobile Operator . In the event that the relevant Customer’s account is accessed by a new customer who is using the same MSISDN , Wave Money shall not be responsible for any loss or damage caused by Customer’s negligence.
6.5 Customer shall be responsible for giving correct information and instructions when registering beneficiaries or payees for its MFS Account or Wave account. Wave Money will not be responsible for any loss or damage caused by Customer’s fault, either in setting up the beneficiary or payee or in making erroneous payments using the Service. Wave Money shall not be responsible for the verification of the identity of payment recipients. Wave Money cannot reverse duplicate incorrect payments made by Customers. Wave Moneyshall only be responsible for carrying out specific payment instructions made by the Customer in connection with the use of the Service. Notice of confirmation of payment to the recipient does not warrant that the recipient has received the payment or has access to the funds. Wave Moneyaccepts no liability whatsoever, and Customer shall indemnify Wave Money against any loss, expense, claim or damage that Customer or a third party may suffer, whether direct, indirect or consequential, arising from the use of the Service, or arising from any delay or failure by Wave Money to send an email, SMS or other electronic messages in relation to the Service. Wave Money makes no representation or warranty, whether express or implied, as to the operation and functionality of the Service or the accuracy and integrity of the transmitted information.
6.6 Customer shall be granted such rights which he/ she may have under relevant laws and regulations as a consumer.
7. PRIVACY & CONSENT
Customer consents to the collection, processing, transmission, transfer and storage by Wave Money, in any form whatsoever, of any personal data and information for the following purposes:
7.1 Managing Customer account, carry out Customer-care activities and train our staff, including monitoring calls, emails or text messages that Customer send Wave Money;
7.2 Monitoring the quality and security of the network and test and maintain our IT systems;
7.3 Analyzing Customer use of the services for marketing purposes, including, but not limited to, the calls and messages Customer send and receive and Customer location at the time these communications take place, as well as Customer browsing history and use of our websites;
7.4 carrying out statistical and other analyses to identify potential markets and trends, evaluate and improve Wave Money’s Services and business (this includes improving existing and developing new products and services);
7.5 processing in countries outside Myanmar where the products or services are provided as expanding Wave Money’s Services;
7.6 sharing with Wave Money’s third-party service providers, locally and outside Myanmar to carry out their services to Wave Money
7.7 Disclosing information to police or law enforcement authorities as required by Myanmar Law;
7.8 Disclose information to Wave Money’s parent companies and subsidiaries for internal administrative and operational purposes or to any service providers engaged by them; and
7.9 Contact Customer with marketing messages if Customer has not objected. These messages may include marketing from other organizations, but we will not pass the responsibility of Customer information to these other organizations. If a customer does not want to receive marketing messages from Wave Money, they can contact us through our website or by calling 900 (ATOM Customers only) or 9790009000 .
For more details on how we use Customer information, please read the privacy policy on our website.
8. GENERAL PROVISIONS
8.1 Wave Moneyshall have the right to transfer and assign this Agreement at any time.
8.2 No failure or delay on the part of either Party in exercising any power or right hereunder or no knowledge or acquiescence by either Party hereto of or in any breach of any terms and conditions or covenants herein contained, shall operate as a waiver thereof, nor shall any single or partial exercise of such right or power preclude any other or further exercise of any other right or power herein.
8.3 Wherever used in this Agreement, a pronoun in the masculine gender shall be considered as including the feminine gender unless the context clearly indicates otherwise.
8.4 This Agreement and the provision of the Services shall be governed by Myanmar law.
