Important Notice
By using Fizen QR Pay, you confirm that you have read, understood and agreed to these Fizen QR Pay Terms (the “QR Pay Terms”). The QR Pay Terms supplement, and form part of, the Fizen Master Terms of Use.1. Definitions
- Database Balance — your individual entitlement to USDT held in the QR Pay Smart Contract, as tracked by Fizen’s internal accounting system.
- Home Jurisdiction — the jurisdiction in which you are habitually resident, as determined by Fizen on the basis of your KYC information and supplementary data.
- Local Payment Partner — the licensed local institution that handles the fiat settlement leg of QR Pay in a particular market, as identified in the Fizen app for each market in which the Service is available.
- Merchant — a business that has registered for, and been approved to accept payments through, Fizen QR Pay or a partner QR scheme that interoperates with Fizen QR Pay.
- Merchant Jurisdiction — the jurisdiction in which the Merchant is established and accepts payments.
- Payment — a payment initiated by you using Fizen QR Pay to a Merchant.
- QR Pay Account — the pooled, on-chain QR Pay Smart Contract balance to which you have a Database Balance entitlement.
- QR Pay Smart Contract — the on-chain smart contract, controlled by Fizen, into which Cardholder USDT deposits for the QR Pay service are received and pooled.
2. Eligibility and Cross-Border Restriction
2.1 General eligibility
To use Fizen QR Pay you must satisfy all eligibility requirements in the Fizen Master Terms of Use, have completed KYC at the level required for QR Pay, and be within the Payment limits applicable to you, as displayed in the Fizen app.2.2 Cross-border-only restriction
Fizen QR Pay is offered as a cross-border payment tool only. You may NOT use Fizen QR Pay at a Merchant in your Home Jurisdiction.
- If your Home Jurisdiction is Vietnam, you may use Fizen QR Pay at Merchants in the Philippines, but not at Merchants in Vietnam.
- If your Home Jurisdiction is the Philippines, you may use Fizen QR Pay at Merchants in Vietnam, but not at Merchants in the Philippines.
- If Fizen extends QR Pay to additional markets, the same logic applies — QR Pay is available for use at Merchants in markets other than your Home Jurisdiction.
2.3 Why the restriction exists
Fizen has structured the QR Pay service in this way to align with the position of the State Bank of Vietnam (SBV) and the Bangko Sentral ng Pilipinas (BSP) and analogous authorities, which restrict or prohibit the use of cryptocurrency as a means of payment between residents of those jurisdictions. By limiting QR Pay to cross-border use, the Merchant receives only local fiat (the conversion is performed by the Local Payment Partner under its licence) and the payer is, in substance, a non-resident user paying in a foreign payment instrument. This is a regulatory and commercial decision Fizen has made; it does not constitute, and you should not rely on it as, legal or tax advice in respect of your own position under Applicable Law in any jurisdiction.3. The Custodial Nature of the QR Pay Balance
This clause describes how your QR Pay balance is actually held and the consequences of that arrangement for you. It is important. Please read it in full before depositing any USDT to QR Pay.
3.1 Pooled custody by Fizen
When you deposit USDT to fund your QR Pay Account, the USDT moves from your own Wallet to the QR Pay Smart Contract, which is controlled by Fizen. Once that on-chain transfer is confirmed, you no longer have direct cryptographic control over the USDT. Fizen controls the QR Pay Smart Contract, can move USDT in and out of it, and uses pooled USDT to prefund the Local Payment Partner so that the partner can settle your Payments.3.2 Your Database Balance is your claim against Fizen
Your individual entitlement to USDT in the QR Pay Smart Contract is recorded in Fizen’s internal accounting database (your Database Balance). Your relationship with Fizen in respect of the QR Pay balance is the relationship of a creditor to a debtor.3.3 No deposit insurance, no statutory protection
Your QR Pay balance is not a bank deposit. It is not an e-money balance issued by a regulated e-money institution. It is not insured by any governmental deposit-protection scheme. It is not a Major Payment Institution stored-value facility under the Singapore Payment Services Act, an e-wallet under Vietnam’s Decree 52/2024 or any analogous protected product.3.4 Reserves
Fizen aims to maintain USDT in the QR Pay Smart Contract plus prefund positions with Local Payment Partners that, in aggregate, are sufficient to honour all Database Balances. Fizen reserves the right to manage the allocation of USDT in the ordinary course of operating the QR Pay program. Fizen does not, as at the date of these QR Pay Terms, publish a periodic proof-of-reserves attestation.3.5 Fizen-counterparty risk
Because your QR Pay balance is a personal claim against Fizen, you are exposed to Fizen as your counterparty. If Fizen becomes insolvent, has the keys to the QR Pay Smart Contract compromised, is subject to a smart-contract exploit, or is otherwise unable to honour its obligations, you may lose some or all of your QR Pay balance.3.6 Withdrawal
You may request withdrawal of all or part of your Database Balance at any time through the Fizen app. Withdrawals are normally processed within twenty-four (24) hours, subject to AML/sanctions clearance, verification of the destination address, availability of USDT, holds, and limits.4. How a Payment Works
When you make a Payment through Fizen QR Pay:- you scan the Merchant’s QR Code with the Fizen app (or you enter the Merchant ID and amount manually);
- the Fizen app displays the Payment details: the Merchant name, the local fiat amount, the amount of USDT to be debited, the Conversion Rate, fees, and the validity period of the quote;
- you review and confirm. Confirmation is your authorisation for Fizen to debit your Database Balance and instruct the Local Payment Partner to settle the Merchant;
- the Local Payment Partner debits USDT from Fizen’s prefund position, converts to local fiat at the Conversion Rate, and credits the Merchant’s bank account through the relevant national QR scheme (VietQR in Vietnam, QRPh in the Philippines, or such other scheme as supported); and
- Fizen debits your Database Balance by the USDT amount at the moment of confirmation.
4.1 Quote validity
The Conversion Rate displayed at quote time is valid for a short period (typically a few seconds). The Conversion Rate becomes final once you confirm the Payment.4.2 Failed or unsettled Payments
If a Payment is initiated but the Merchant is not settled, Fizen will reverse the Payment and re-credit your Database Balance by the same USDT amount. If reversal is not technically possible because the Payment has been settled in fiat to the Merchant, Fizen will assist you in seeking a refund but cannot guarantee recovery.5. Merchants and Goods or Services
Fizen QR Pay is a payment service only. Fizen is not a party to your underlying purchase contract with the Merchant. Fizen does not provide, warrant or guarantee the quality, fitness, safety, legality, authenticity or fitness-for-purpose of any goods or services purchased through Fizen QR Pay. Disputes about goods or services must be resolved directly between you and the Merchant.6. Refunds
Where a Merchant agrees to refund a Payment, the refund is processed by the Local Payment Partner through the relevant national QR scheme and is credited to your QR Pay Database Balance in USDT, calculated from the refunded local fiat amount at the Conversion Rate prevailing at the time of refund. You bear the risk of exchange-rate movement between Payment and refund. Fizen cannot compel a Merchant to issue a refund.7. Risk Disclosures
- Custody and counterparty risk — Your QR Pay balance is a claim against Fizen.
- Stablecoin risk — USDT is issued by Tether. If USDT loses some or all of its peg to USD, the value of your QR Pay balance and the amount that converts to local fiat may be materially impaired.
- Smart-contract risk — The QR Pay Smart Contract may contain bugs or vulnerabilities.
- Local Payment Partner risk — The QR Pay service depends on the continued participation and licensing of the Local Payment Partner.
- Exchange-rate risk — The Conversion Rate is volatile.
- Finality risk — Payments are irreversible once settled to the Merchant; refunds depend on Merchant cooperation.
- Regulatory risk — The legal characterisation of crypto-funded merchant payments is uncertain and changing.
- Geographic-restriction enforcement risk — Circumvention attempts will be acted upon and may result in loss of your QR Pay balance, account suspension and reporting.
- Phishing and QR-tampering risk — Always verify the Merchant name and amount before confirming a Payment.