What is e-money?
E-money is money that is typically stored on a card which is linked to the user’s account and can be used to pay for goods and services.

Is Paynetics a Bank?
Paynetics AD is an electronic money institution (‘EMI’) with a e-money license issued by the Bulgarian National Bank No. 44/11.04.2016 that provides services across the EU Member States on the grounds of its license passportisation.
Paynetics AD is also authorised by the Financial Conduct Authority (‘FCA’) under the Temporary Permissions Regime (firm reference number 900785) for the issuance of e-money and provision of payment services in the UK. Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorisation, are available on the Financial Conduct Authority’s website.
Authorised EMI is a limited version of a bank (but it is not a bank), that can only provide payment services and hold funds of its clients. It means that without a separate authorisation, an authorised e-money Institution cannot provide investment, deposit and credit services.

Are my funds protected?
To ensure your funds are safe, Paynetics AD follows a process known as “safeguarding”, which is a regulatory requirement for all electronic money institutions. In this process Paynetics AD keeps your funds separate from its own funds and place them in a “safeguarding account” with a bank.
Electronic Money issued is not covered by any Deposit Guarantee Scheme, which is a government backed scheme offering protection to customers’ funds of up to €100,000 (£85,000 in the UK under the FSCS) per customer. However, in the event of an insolvency, your funds would remain in the safeguarded account at the designated bank and separated from Paynetics’ accounts.
In the event of Paynetics going out of business, an insolvency practitioner would be appointed to return the funds Paynetics has safeguarded to the customers. This means you would get most of your funds back, except for the costs deducted by the insolvency practitioner for returning the funds to the customers.

I have a complaint. What should I do?
If you are our client and wish to complain about Paynetics services and/or products, we recommend reaching out first to our partner or representative via which you use our services and/ or products (e.g. via the mobile application or the website through which you access the service/product).

Your complaint will be reviewed and a response will normally be provided to you within 15 business days.
For UK clients: if the complaint is resolved within 3 business days following the day it is received a summary resolution will be send to you requiring your аgreement (i.e. that you also agree that the issue is resolved). This process falls outside of the 15 days final response which in case you do not agree with the solution will be commenced.

At the unlikely event that you do not receive a response within 15 business days, you can reach out directly to Paynetics via post or email:

Bulgarian office:
+359 2 806 56 15
76A James Bourchier, Sofia, Bulgaria;

UK Office:
Northside House, 69 Tweedy Road, Bromley, Kent, England, BR1 3WA
+ 44 (20) 808 909 62

Paynetics will review your complaint and provide a full response within 15 business days from the date the complaint is received. In exceptional circumstances, where Paynetics is unable to respond to your complaint in full within that timeframe, Paynetics will send you a holding response with reasons
for the delay and the timeframe within which you will receive a full response, which in any case will be within 35 business days from the date your complaint was received.

If Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaints to your satisfaction, you may refer your complaints to: