Introduction
These Terms & Conditions (“Terms”) govern your use of the Nec Pay mobile application and all related services provided by Nec Pay Limited, trading as Nec Pay, a company duly licensed by Bangladesh Bank.
By downloading, installing, registering, or using the Nec Pay app, you agree to be legally bound by these Terms. If you do not agree with any part of these Terms, please discontinue use of the app immediately.
These Terms apply to two categories of users:
- Personal Account Users — individual users using Nec Pay for personal financial transactions
- Merchant Account Users — businesses or individuals using Nec Pay to accept payments for goods and services
Part A: General Terms (Applicable to All Users)
1. Definitions
For the purpose of these Terms:
- “Nec Pay” / “We” / “Us” / “Company” refers to Nec Pay Limited, trading as Nec Pay
- “User” / “You” refers to any registered personal or merchant account holder
- “App” refers to the Nec Pay mobile application available on Android and iOS
- “Wallet” refers to the digital wallet associated with your Nec Pay account
- “Transaction” refers to any financial activity performed through the app including send money, add money, payments, top-up, and remittance
- “KYC” refers to Know Your Customer — the identity verification process
- “Bangladesh Bank” refers to the Central Bank of Bangladesh
- “MFS” refers to Mobile Financial Services
2. Eligibility
To register and use Nec Pay, you must:
- Be a citizen or legal resident of Bangladesh
- Be at least 18 years of age
- Possess a valid National ID (NID) & Passport (Passport Additional Requirement for Expatriate)
- Have a valid registered mobile number in Bangladesh
- Agree to comply with all applicable laws and regulations of Bangladesh
- Not be previously banned or suspended from using Nec Pay services
3. Account Registration
- You must provide accurate, complete, and up-to-date information during registration
- You are required to complete the KYC verification process as mandated by Bangladesh Bank
- Only one personal account is allowed per National ID
- You are responsible for maintaining the confidentiality of your PIN, password, and OTP
- You must immediately notify Nec Pay if you suspect unauthorized access to your account
- Nec Pay reserves the right to reject or suspend any account that provides false or misleading information
4. Permitted Use
You agree to use the Nec Pay app only for lawful purposes and in compliance with:
- All applicable laws and regulations of Bangladesh
- Bangladesh Bank guidelines on Mobile Financial Services
- Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulations
- These Terms & Conditions and our Privacy & Security Policy
5. Prohibited Activities
You must not use Nec Pay for any of the following:
- Money laundering, terrorist financing, or any illegal financial activities
- Fraudulent transactions or impersonation of another person
- Unauthorized access to another user's account
- Transactions involving illegal goods or services
- Gambling, betting, or any activities prohibited under Bangladesh law
- Circumventing transaction limits set by Nec Pay or Bangladesh Bank
- Using the app for purposes other than its intended financial services
- Reverse engineering, hacking, or tampering with the app or its systems
- Providing false, misleading, or fraudulent information
Violation of any of the above may result in immediate account suspension, legal action, and reporting to relevant authorities.
6. Transaction Limits
- Transaction limits are set in compliance with Bangladesh Bank guidelines
- Limits may vary based on your account type and KYC tier
- Nec Pay reserves the right to modify transaction limits at any time with prior notice
- Details of applicable limits are available within the app settings
7. Fees & Charges
- Nec Pay may charge service fees for certain transactions
- All applicable fees will be clearly disclosed before you confirm a transaction
- Fees are subject to change with prior notice to users
- Nec Pay is not responsible for any fees charged by your bank or mobile operator
8. Fund Security
- Funds held in your Nec Pay wallet are maintained in compliance with Bangladesh Bank regulations
- Your wallet balance is not a bank deposit and does not earn interest
- In the event of account closure, remaining wallet balance will be refunded subject to verification and regulatory requirements
9. Liability & Disclaimer
- Nec Pay is not liable for losses arising from unauthorized transactions if caused by your failure to maintain account security
- We are not responsible for delays or failures caused by circumstances beyond our control including network outages, natural disasters, or regulatory actions
- Nec Pay does not guarantee uninterrupted availability of the app at all times
- We reserve the right to suspend or restrict services for maintenance, security, or regulatory compliance purposes
10. Intellectual Property
- The Nec Pay app, logo, brand name, and all related content are the exclusive property of Nec Pay Limited
- You may not copy, reproduce, modify, or distribute any part of the app or its content without written permission from Nec Pay Limited
- Unauthorized use of our intellectual property may result in legal action
11. Account Suspension & Termination
Nec Pay reserves the right to suspend or terminate your account without prior notice if:
- You violate these Terms & Conditions
- Suspicious or fraudulent activity is detected
- Required by regulatory or legal authorities
- You provide false or misleading information
- Your account remains inactive for an extended period as per our policy
12. Amendments to Terms
- Nec Pay may update these Terms at any time
- You will be notified of significant changes via the app, SMS, or email
- Continued use of the app after notification constitutes your acceptance of the updated Terms
Part B: Personal Account Terms
13. Personal Account Overview
A Personal Account is designed for individual users to manage personal financial transactions including sending and receiving money, paying bills, mobile top-up, merchant payments, receiving remittance, and splitting expenses.
14. Personal Account Features
| Feature | Description |
|---|
| Add Money | Load funds from bank account or card |
| Send Money | Transfer funds to any Nec Pay user or bank |
| Request Money | Request funds from another user |
| Mobile Top-Up | Recharge any mobile number |
| Merchant Payment | Pay at registered Nec Pay merchants |
| Bill Payment | Pay utility and service bills |
| Receive Remittance | Accept international remittances |
| Split Payment | Divide expenses among multiple users |
15. Personal Account Eligibility & KYC
- Applicant must be a Bangladeshi citizen aged 18 or above
- Valid National ID (NID) & Passport (Passport Additional Requirement for Expatriate)
- A registered Bangladeshi mobile number is required
- KYC verification must be completed for full account access
- Unverified accounts may have restricted transaction limits
16. Personal Account Responsibilities
As a personal account holder, you agree to:
- Use your account solely for personal, non-commercial purposes
- Ensure all information provided is true and accurate
- Keep your PIN, OTP, and password strictly confidential
- Not allow any other person to use your account
- Report any unauthorized transactions or suspicious activity immediately
- Comply with all transaction limits as set by Nec Pay and Bangladesh Bank
17. Add Money — Personal Account
- Funds can be added via linked bank accounts, debit/credit cards, or authorized channels
- Minimum and maximum add money limits apply as per Bangladesh Bank guidelines
- Nec Pay is not responsible for delays caused by your bank or payment gateway
- All add money transactions are subject to verification and compliance checks
18. Send Money — Personal Account
- You can transfer funds to registered Nec Pay users or bank accounts
- Transaction fees, if applicable, will be displayed before confirmation
- Once a transaction is confirmed and processed, it cannot be reversed unless fraudulent activity is established
- Nec Pay is not responsible for funds sent to an incorrect recipient due to user error
19. Remittance — Personal Account
- Nec Pay facilitates the receipt of international remittances through authorized remittance partners
- Remittance services are subject to the regulations of Bangladesh Bank and the Foreign Exchange Regulation Act
- Exchange rates are determined by authorized partners and may vary
- Nec Pay is not responsible for delays caused by the sending institution or intermediary banks
Part C: Merchant Account Terms
20. Merchant Account Overview
A Merchant Account is designed for businesses, shops, service providers, and enterprises to accept digital payments from Nec Pay users through QR code, app-to-app transfer, or integrated payment gateway solutions.
21. Merchant Account Features
| Feature | Description |
|---|
| Receive Payments | Accept payments from Nec Pay personal users |
| QR Code Payment | Generate and display QR code for easy customer payments |
| Payment Dashboard | Monitor real-time transactions and sales |
| Settlement | Receive funds settled to registered bank account |
| Refund Management | Process customer refunds where applicable |
| Transaction Reports | Access detailed transaction history and reports |
| Multi-User Access | Grant role-based access to staff (if applicable) |
22. Merchant Account Eligibility & Registration
To register as a Nec Pay Merchant, you must:
- Be a legally registered business in Bangladesh or a verified individual merchant
- Provide valid Trade License, TIN Certificate, and VAT Registration (where applicable)
- Submit proprietor/director's NID and relevant business documents
- Provide a valid business bank account for settlement purposes
- Complete the merchant KYC and onboarding process
- Agree to Nec Pay's Merchant Agreement in addition to these Terms
23. Merchant Responsibilities
As a Nec Pay Merchant, you agree to:
- Use the merchant account solely for legitimate business transactions
- Provide accurate business and banking information at all times
- Not charge customers any additional surcharge for Nec Pay payments without prior approval
- Clearly display the Nec Pay accepted payment logo at your point of sale
- Ensure your business activities comply with all applicable laws of Bangladesh
- Not process refunds outside of the Nec Pay platform without authorization
- Promptly report any suspicious transactions or discrepancies to Nec Pay
- Maintain proper records of all transactions for audit and compliance purposes
24. Payment Collection & QR Code
- Merchants are provided with a unique QR code linked to their merchant account
- QR codes must not be altered, shared, or misused
- Payments received are credited to the merchant wallet in real time
- Nec Pay is not responsible for payment failures caused by customer-side issues
25. Settlement Policy
- Merchant funds are settled to the registered bank account as per the agreed settlement cycle
- Standard settlement period is T+1 (next business day) unless otherwise agreed
- Settlements are subject to transaction verification and compliance checks
- Nec Pay reserves the right to hold or delay settlements in cases of suspected fraud or regulatory review
- Settlement fees, if applicable, will be communicated in the Merchant Agreement
26. Merchant Transaction Fees
- A service/transaction fee may apply on payments received through Nec Pay
- Fee structure will be outlined in the Merchant Agreement
- Fees are subject to revision with prior notice to the merchant
- All applicable taxes including VAT and AIT will be deducted as per Bangladesh tax regulations
27. Refund Policy — Merchant
- Merchants are responsible for managing customer refund requests
- Refunds must be processed through the Nec Pay merchant platform
- Nec Pay is not liable for disputes between merchants and customers
- In cases of confirmed fraud, Nec Pay reserves the right to initiate a chargeback
- Refund timelines and procedures are outlined in the Merchant Agreement
28. Merchant Account Suspension & Termination
Nec Pay reserves the right to suspend or terminate a merchant account if:
- The merchant violates these Terms or the Merchant Agreement
- Fraudulent, deceptive, or illegal transactions are detected
- The merchant's business license is revoked or expired
- Required by Bangladesh Bank or any authority
- The merchant engages in activities that damage the reputation of Nec Pay
Upon termination, any pending settlements will be processed after a compliance review period.
Part D: Dispute Resolution & Governing Law
29. Dispute Resolution
- In case of any transaction dispute, users must contact Nec Pay within 30 days of the transaction date
- Disputes can be filed via the app, email, or helpline
- Nec Pay will investigate and respond within 7–14 working days
- If unresolved, disputes may be escalated to Bangladesh Bank as per MFS complaint resolution guidelines
30. Governing Law
These Terms & Conditions are governed by the laws of the People's Republic of Bangladesh, including:
- The Payment and Settlement Systems Regulations, 2014
- Bangladesh Bank Mobile Financial Services (MFS) Guidelines
- The Digital Security Act, 2018
- The Anti-Money Laundering Act, 2012
- The Prevention of Terrorist Financing Act, 2009
- The Contract Act, 1872
- The Information and Communication Technology Act, 2006
31. Contact Us
For any queries related to these Terms & Conditions:
Nec Pay Limited, General Support: support@necpay.com,
Merchant Support: merchant@necpay.com,
Helpline: +880 1825 894163,
Website: www.necpay.com.bd,
Address: House No: 31 Road No: 2, Block A, Banasree, Rampura, Dhaka 1219 Bangladesh