PSBC e-CNY User Service Agreement
To protect your rights and interests, please read carefully all terms in this Agreement (especially the terms containing boldface title or boldface text) before you sign it. If you have any doubts or questions, please consult Postal Savings Bank of China or your attorney and relevant professionals. If you wish to consult business or make a complaint, please contact Postal Savings Bank of China through its customer service hotline 95580.
In order to define the rights and obligations of the parties, regulate the business behaviors of the parties, improve customer service and ensure the legal and proper use of personal e-CNY wallets, the applicant for personal customer services concerning e-CNY wallet (hereinafter referred to as "Party A") and Postal Savings Bank of China (hereinafter referred to as "Party B") enter into this Agreement in an equal and voluntary manner for mutual compliance.
1. Please read the Agreement carefully first. If Party A has any questions about the content of the Agreement or the prompts on the web page, please do not proceed to the next step. For real-name wallets, after customer real-name verification, Party B has the right to re-determine whether to conduct business with Party A according to the customer access requirements. If Party A is found to be not in compliance with the access requirements, Party B may terminate this Agreement and the services provided to Party A. Party A's confirmation by clicking on the page or otherwise shall be deemed as Party A's consent to this Agreement.
2. When accepting the e-CNY wallet services provided by Party B, Party A shall abide by the Agreement and the use rules of e-CNY wallet that Party B issues or updates from time to time through the website, e-CNY APP, their products, or other channels. Party B may make unilateral changes to the Agreement and the rules for the use of e-CNY wallet and publish them through pop-ups or announcements. If Party A continues to use the e-CNY wallet after the Agreement is changed, it shall be deemed that Party A accept such changes, and relevant terms are automatically modified according to such changes without any further written agreement between the parties. Party A should read the revised contents carefully and in a timely manner. Any loss caused by his/her improper use shall be borne by him/her. If Party A does not agree to the modified agreement, he/she will have the right to stop using the relevant services.
3. Party A acknowledges that Party B may, as business requires, authorize other branches or sub-branches to perform the rights and obligations hereunder, or assign the business hereunder to other branches or sub-branches for performance and management.
4. Party B has the right to transfer the rights and obligations hereunder to any other operating institutions.
1. E-CNY is a payment instrument with legal tender status issued by the People's Bank of China, operated by designated authorized operators and distributed to the public, which is account-based and supports loosely-coupled account linkage. It is equivalent to banknotes and coins, value-based and offers managed anonymity.
2. E-CNY wallet: refers to an e-CNY carrier with a unique identifiable number issued by Party B upon Party A's application.
3. Wallet categories and limits: Depending on the degree of identity verification, e-CNY wallets are divided into four categories.
(1) E-CNY wallets of category 1 are not subject to balance limit, single payment limit, daily payment limit, or annual payment limit. To create such an e-CNY wallet, you shall present your identity certificate to the counter, and verify your identity, the identity certificate, mobile phone number and your domestic bank account on the spot. You may link your e-CNY wallet to your domestic bank account, and transfer the deposits between the e-CNY wallet and the linked account.
(2) E-CNY wallets of category 2 are subject to balance limit of RMB500,000, single payment limit of RMB50,000, daily payment limit of RMB100,000 and has no annual payment limit. You may create such an e-CNY wallet after submitting valid identity certificate and mobile phone number and verifying your domestic bank account via mobile application, online banking or otherwise. You may link your e-CNY wallet to your domestic bank account, and transfer the deposits between the e-CNY wallet and the linked account.
(3) E-CNY wallets of category 3 are subject to balance limit of RMB20,000, single payment limit of RMB5,000, daily payment limit of RMB10,000 and has no annual payment limit. You may create such an e-CNY wallet after submitting valid identity certificate and mobile phone number at the counter or via mobile application, online banking or otherwise. You cannot link any account to such e-CNY wallet.
(4) E-CNY wallets of category 4 are subject to balance limit of RMB10,000, single payment limit of RMB2,000, daily payment limit of RMB5,000 and annual payment limit of RMB50,000. You may create such an e-CNY wallet after submitting valid mobile phone number at the counter or via mobile application, online banking or otherwise. You cannot link any account to such e-CNY wallet.
(5) The above numerical limits are the upper limits of the e-CNY wallets of corresponding categories, and are not the actual limits of e-CNY wallets.
4. Linked account: refers to a bank account with the same name opened in real name by Party A with Party B or another operating institution (as notified by Party B) and provided by Party A to Party B for verification of identity information and for using the e-CNY exchange service.
5. Mobile linked with bank account: refers to a mobile phone number designated by Party A at the time of applying for creating an e-CNY wallet to be linked to such e-CNY wallet. The mobile linked with bank account is used to receive authorization codes, SMS verification codes and transaction notice SMS sent by Party B. Party B may send identity verification information or transaction information to Party A through such mobile phone number.
6. Identity authentication element: refers to an information element used by Party B to check Party A's identity, including but not limited to Party A's login name, password, digital certificate, SMS verification code, telephone number, mobile phone number, identity certificate number and biometric information (including fingerprint and face information).
7. Password: refers to any kind of password used by Party A in its e-CNY wallet services, such as a login password or transaction password.
8. Transaction instruction: refers to any inquiry, payment, money transfer, deposits transfer between e-CNY wallet and the linked account or other instructions sent by Party A to Party B through channels that support e-CNY wallets.
9. Special Status
(1) Suspension state: A state that the wallet is suspended as Party A reports a lost wallet or wants to suspend the use of wallet and applies for the state through telephone customer service, at the counter or otherwise. In the suspension state, Party A cannot make any transaction involving outward or inward transfer of funds with the wallet, but can apply for the change of the state.
(2) Cancellation state: A state that the wallet is canceled by Party A for Party A's own reasons. A wallet in the cancellation state is not visible and cannot be used by Party A to conduct any transactions, and the state is irreversible.
i. Creating an e-CNY wallet
1. Party A is willing to apply for the creation of an e-CNY wallet with Party B, and agrees to create, use, change or cancel its e-CNY wallet in compliance with this Agreement and relevant laws and regulations, and comply with relevant procedures and regulations published by Party B.
2. In applying for the creation of an e-CNY wallet with Party B, Party A agrees to submit supporting documents and personal information of Party A to Party B (depending on the category of wallet, all or part of the following information shall be provided: name, type of identity certificate, identity certificate number, photo of identity certificate, address of residence or employer, mobile phone number, or information about the linked account), accepts Party B's review and verification of Party A's personal information through third-party institutions such as China UnionPay and telecom operators. Party A warrants that all materials and information provided for creating an e-CNY wallet are true, legal and valid. Party A shall be legally liable for any forged documents or false information. Party B has the right to suspend the use of Party A's e-CNY wallet once it finds any wallet creating information provided by Party A is false or the mobile phone number provided by Party A is not registered under Party A's real name. And the use of e-CNY wallet can be resumed after Party A corrects the wallet creating information and provides a mobile phone number legally held by Party A. Party A shall be responsible for all consequences arising from such false information.
3. Party B will review Party A's application for creating an e-CNY wallet in accordance with regulatory requirements. If the result of such review is satisfactory, Party B will complete the creation of e-CNY wallet for Party A. In case of abnormal creation of an e-CNY wallet by an individual or suspicious transactions, Party B has the right to refuse to open the e-CNY wallet for Party A or suspend the paying/receiving or relevant services of the wallet, with reference to the Notice of the People's Bank of China on Strengthening the Management of Payment and Settlement to Prevent New Types of Crimes via Telecommunications Networks (Yinfa [2016] No. 261), the Notice of the People's Bank of China on Strengthening Account Creating Management and Follow-up Control Measures for Reported Suspicious Transactions (Yinfa [2017] No. 117), the Notice of the People's Bank of China on Further Strengthening the Management of Payment and Settlement to Prevent New Types of Crimes via Telecommunications Networks (Yinfa [2019] No. 85) and other applicable regulations.
ii. Change and cancellation of e-CNY wallet
1. In case of any change to Party A's contact information, mobile phone number or other information, or expiration of Party A's valid identity certificate or identity supporting documents, Party A promises to notify Party B in a timely manner to update such information. Party A agrees to re-verify the information as required by Party B, and cooperate with Party B in verifying Party A's willingness to change the personal information. If Party A fails to update the information in a timely manner, which affects the use of the e-CNY wallet, Party A shall bear any resultant responsibilities and losses.
2. Party A may change the name, ID card number, mobile phone number or the linked account at the counter of Party B. Party A may change the linked account of its e-CNY wallet through non-counter channels offered by Party B. When Party A makes any changes, Party B has the right to require Party A to re-verify the information in accordance with the verification requirements for newly opened e-CNY wallets, and to take such measures as SMS verification code or facial verification to verify Party A's willingness to change the information.
1. Cash exchange: Party B provides exchange between RMB cash and e-CNY. Such service is provided by Party B through some channels, which include counters or self-service machines.
2. Top-up: Party B allows Party A to exchange the deposit in his/her bank account to the same e-CNY in Party A's e-CNY wallet.
3. Deposit: Party B allows Party A to exchange e-CNY in the e-CNY wallet to the same deposit in Party A's bank account.
4. Transfer: Party B provides service for Party A to transfer a certain amount of e-CNY from Party A's e-CNY wallet to an e-CNY wallet designated by Party A.
5. Upgrade: Party B provides upgrade service for Party A's e-CNY wallet upon Party A's request. Party B will adjust the category of Party A's e-CNY wallet accordingly after verifying the identity of the customer and obtaining additional verification elements. Party B has the right to reject Party A's upgrade request that does not meet the requirements.
6. Linking a bank card: A qualified e-CNY wallet of Party A may be linked to a bank card under Party A's name, including bank card opened with Party B or other operating institutions. Party B shall transmit or verify relevant elements as required by the institution with which the bank card is opened. After completing the linking, the institution with which the bank card is opened may make transfers between the bank card and the e-CNY wallet of Party A.
i. Main rights of Party A
1. Party A is entitled to the services provided by Party B in accordance with this Agreement after applying for and creating the e-CNY wallet service.
2. Party A has the right to apply for changes or cancellation of the e-CNY wallet services hereunder during the term of this Agreement in accordance with relevant requirements of Party B.
3. Party A has the right to print transaction vouchers at Party B's business outlets within the prescribed period after conducting transactions through the e-CNY wallet.
ii. Main obligations of Party A
1. Party A (in case of a person with no or limited capacity for civil conduct) shall make sure that he/she has notified his/her guardian, and that he/she is under the guidance of and represented by his/her guardian when reading this Agreement and using Party B's services.
2. Party A shall download Party B's mobile banking app or e-CNY app in order to get access to the e-CNY wallet service. For the safety of Party A's funds, please do not login or download through unofficial emails or links provided by other websites.
3. Party A should use the e-CNY wallet service provided by Party B in compliance with the requirements of this Agreement and relevant business rules published by Party B from time to time through outlets, websites or mobile banking apps.
4. Party A shall ensure that the personal information he/she provides is legal, true, valid, accurate and complete (which may include, depending on the specific verification requirements, ID card, household register, passport, contact information, occupation, correspondence address and personal biometric information). Party A shall make update in a timely manner through the channels designated by Party B if the personal information changes. Party A shall bear the risks and liabilities arising from any untrue, incorrect or incomplete personal information provided by Party A.
5. To the extent required for Party B to handle the matters for Party A within the Agreement, Party A agrees to authorize Party B to provide Party A's personal data obtained by Party B to Party B's group members, service institutions or other business cooperative institution that Party B deems necessary, and the above-mentioned data include the basic identity information of Party A, information about Party A's wallet and other personal information of Party A. The above-mentioned third parties will, for the purpose of handling the matters within the Agreement, access and use Party A's personal information as needed for Party B's business. Party B promises to make clear the responsibility of relevant third parties to protect Party A's personal information and will require the third parties to assume the obligation of confidentiality accordingly.
6. Party A shall ensure that the name of his/her e-CNY wallet and mobile phone number are held by Party A in person.
7. Party A shall not send through his/her e-CNY wallet any information that is illegal, irrelevant to transactions or destructive, and shall not interfere with the normal operation of Party B's e-CNY wallet system.
8. The identity authentication elements of Party A are the basis for Party B to authenticate Party A in providing e-CNY wallet services. Party A must keep them properly and shall not provide his/her identity authentication elements to any third party (including Party B's personnel) or allow any third party (including Party B's personnel) to use them. All transaction operations completed by using the identity authentication elements shall be deemed as completed by Party A, and Party A shall be responsible for the consequences arising therefrom.
9. Where any identity authentication element of Party A is lost, stolen or forgotten or may have become known or misappropriated by others, compromising the security of Party A's wallet, Party A shall immediately report the loss of the e-CNY wallet or terminate the e-CNY wallet services, and shall be responsible for any loss incurred before such loss report or termination takes effect.
10. Party A cannot cancel or change his/her e-CNY wallet opened with Party B by canceling or changing his/her mobile phone number with the telecom operator and vice versa. If needed, Party A shall go through the e-CNY wallet cancellation or update procedures in accordance with Party B's provisions.
11. Party A shall be responsible for the transaction instructions given by him/her. Party A shall not request modification or cancellation of his/her instructions after they are executed by Party B. If Party A identifies any inconsistency between the changes of the wallet and the actual transaction operations, he/she shall give Party B an error notice in written form within 15 days after the occurrence of such inconsistency, indicating the potential causes for such error, relevant wallet number, amount, etc. Party B will handle the error notice sent by Party A and carry out an investigation promptly. Party B will promptly correct any error that Party B believes does exist and is caused due to Party B's reasons.
12. Party A shall take reasonable measures such as timely installation of anti-virus software and system security patches to prevent the identity authentication elements from being stolen or leaked. Party A shall use his/her e-CNY wallet in a safe environment with reasonable care. In respect of the password set by himself/herself, Party A shall set a secure password and avoid setting password which is simple, easy to remember or easily guessed.
13. Party B will notify Party A of service prices, preferential offers and their effective and termination dates, price-related exceptions and restrictions, and contact information for consultation (complaints) in relation to its service items or service content, by making announcements through Party B's outlets, websites or other channels. Announcements of Party B constitute an integral part of this Agreement, which shall have the same legal force as this Agreement.
14. Party A understands that Party B's services depend on the accurate operation of the system. In the event of a system error, failure, improper profit for Party A or Party B, Party A agrees that Party B may take reasonable corrective measures such as correction of error and deduction of funds.
15. Party A shall comply with regulations of the People's Bank of China and other relevant authorities relating to e-CNY or e-CNY wallets.
16. If Party A is not a domestic user (in this Agreement Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan are not included), Party A shall also abide by the laws of the country or region where he/she belongs, and he/she shall make sure that his/her conclusion and performance of the Agreement will not violate the laws and regulations of the country or region where he/she belongs, lives or carries out business activities or other activities.
i. Main rights of Party B
1. To continuously improve the e-CNY wallet services and enhance the safety, reliability and easy accessibility of the services, Party B has the right to, at regular or irregular intervals, maintain, upgrade and alter the e-CNY wallet system.
2. In order to protect the safety of Party A's funds, Party B has the right to adopt different security strategies based on customer type, identity authentication measures and degrees of transaction risks. And different security strategies may impose different requirements on customer identity authentication measures, transaction limits and operating procedures, which shall be abided by Party A.
3. Party B has the right to adjust its service content, fees or rates or business rules in accordance with relevant regulations of the state or as needed for business purpose, and may apply such adjustments to the service hereunder without further notice Party A upon expiration of an announcement period. If necessary, Party B will report such adjustments to competent financial regulatory authority for approval or filing prior to the above announcement. During the announcement period, Party A has the right to decide whether to continue the use of the service hereunder. If Party A is unwilling to accept the adjustments announced by Party B, he/she shall request Party B to change or terminate relevant services prior to application of such adjustments. Party A's failure to request for change or termination of relevant services shall be deemed as Party A's consent to the adjustments, in which case, the adjustments will be legally linking on Party A, and Party B has the right to terminate the service hereunder if Party A fails to comply with the adjustments. The service content, fees and rates for e-CNY wallet shall be subject to the latest announcement of Party B.
4. Party B has the right to identify and verify, on a continuous basis, the compliance of Party A's personal information such as basic identity information, and take effective control measures including due diligence and termination of service, in accordance with national laws and regulations, anti-money laundering, financial sanction and other regulatory requirements, and the business management regulations of Party B including customer identification and customer information collection specifications.
5. Party B may terminate its e-CNY wallet service and initiate withdrawal of e-CNY wallets at the request of competent authority or other case of emergency. In case of withdrawal of e-CNY wallets, if the e-CNY wallet of Party A is linked to a bank account, Party B will automatically convert any available balance in such e-CNY wallet and transfer the fund to the bank account linked to such e-CNY wallet, or transfer the e-CNY wallet to other operating institutions required by competent authority and cancel the e-CNY wallet of Party A created with Party B. If Party A does not link the e-CNY wallet to a valid bank account or otherwise, the requirements of the competent authority at the time of withdrawal or the rules announced by Party B in advance shall apply.
6. Party B shall not be liable for any errors caused by the following:
(1) Party A's wallet balance, account balance or credit line is insufficient;
(2) Party A's wallet reaches the balance limit, single payment limit, daily payment limit or the annual payment limit specified by the regulators;
(3) The funds in the wallet are frozen or deducted by competent authority;
(4) Party A's behavior is for malicious purposes such as fraud;
(5) The transaction instruction received by Party B does not meet the requirements or lacks necessary transaction information;
(6) Party A fails to operate correctly according to the e-CNY wallet service instructions;
(7) Other errors caused through Party A's fault.
7. Party B may suspend or terminate the provision of all or part of the services and functions of the e-CNY wallet under Party A's name if:
(1) Party A have violated laws, regulations or the Agreement;
(2) It is required by relevant laws and regulations or competent authorities;
(3) Party A’s operation of e-CNY wallet or fund flow is abnormal;
(4) Party A’s e-CNY wallet may be risky;
(5) Another person transfers funds to Party A's e-CNY wallet by mistake, through which, Party A may gain improper profits;
(6) Party A has received any complaint from someone, and that person has provided some evidence;
(7) Party A may have falsely operated someone else's wallet or conducted identity verification to it. Except for the circumstances specified in Para. (1) and (2), to apply for resumption of services or functions, Party A needs to provide Party B with relevant information and identity supporting documents for verification by Party B.
ii. Main obligations of Party B
1. Party B shall promptly entertain Party A's application for the e-CNY wallet service, and shall, upon approval of such application after review, promptly go through relevant formalities and provide the corresponding services for Party A.
2. Party B shall promptly respond to Party A's inquiries on relevant business rules, or provide Party A with channels for inquiry.
3. Party B shall keep the information of Party A confidential, unless otherwise specified by laws, regulations or financial regulators, or otherwise agreed upon by Party A and Party B.
4. Subject to normal operation of Party B's system, Party B shall provide Party A with the e-CNY wallet service that Party A has requested, and has the obligation to execute Party A's transaction instructions in a timely and accurate manner.
5. Where Party B delays in conducting a payment or settlement transaction for Party A due to a work error, affecting the use of Party A's funds, Party B shall pay compensation in accordance with relevant provisions of the Payment and Settlement Measures of the People's Bank of China (Yinfa [1997] No. 393).
1. Where Party A applies for the e-CNY wallet service through a self-service channel such as an e-CNY APP or Party B's mobile banking APP, this Agreement shall come into effect at the time when Party A applies for and successfully activates the e-CNY wallet service through the system of such channel. Where Party A applies for the e-CNY wallet service at Party B's counter, this Agreement shall come into effect at the time when Party B approves Party A's application and completes the settings in Party B's system.
2. Where Party A terminates the e-CNY wallet service through a self-service channel such as an e-CNY APP or Party B's mobile banking APP, this Agreement shall terminate at the time when Party A applies for termination of the e-CNY wallet service through the system of such channel and the system delivers a message of successful termination. Where Party A terminates the e-CNY wallet service at Party B's counter, this Agreement shall terminate after Party B approves Party A's termination application and completes the settings in Party B's system. Party A shall discharge relevant fees before terminating the e-CNY wallet service.
3. If an e-CNY wallet becomes temporarily unavailable as it is put in a disabled state or due to other reasons, the e-CNY wallet service will be suspended accordingly, and resume after the e-CNY wallet can work normally. If an e-CNY wallet is deregistered, the e-CNY wallet service and related content of this Agreement will be terminated accordingly.
4. If any part of the terms of this Agreement is declared invalid, this fact shall not affect the validity of other terms.
1. Party B does not intervene in any transaction dispute between Party A and a third party, but may assist Party A in finding out the transaction particulars.
2. In the absence of evidence to the contrary, the vouchers and bank transaction records generated during the e-CNY wallet service are the basis for determining the authenticity, validity and particulars of a transaction.
3. Where Party B fails to perform this Agreement as agreed due to a force majeure event (including wars, riots, severe fires, floods, typhoons, earthquakes, government actions, injunctions, interruption of power supply or telecommunications, hacker attacks or other objective circumstances unforeseeable, unavoidable and insurmountable by Party B), Party B will give necessary assistance to Party A as appropriate. Depending on the influence of such force majeure, Party B is partially or fully exempt from its responsibilities.
4. Party A's personal information is protected and regulated in accordance with the Personal Data Protection Policy of e-CNY wallet of Postal Savings Bank of China. Party A has read and consented to the Personal Data Protection Policy of e-CNY wallet of Postal Savings Bank of China.
5. Party A acknowledges that it has carefully read this Agreement and the Personal Information Protection Policy of PSBC e-CNY wallet, and that Party A is fully aware of and fully understands the meaning and legal consequences of the terms of the said documents, and is willing to comply with all such terms.
6. Where Party A applies for the e-CNY wallet service through a self-service channel such as an e-CNY APP or Party B's mobile banking APP, the parties hereto acknowledge and agree that this Agreement shall be executed through exchange of data messages acceptable to the parties; the means used by Party A to provide its e-signature in Party B's electronic system is a reliable means agreed by the parties; the means by which Party A logs into the electronic system of Party B is an identity authentication method accepted by the parties, and all operations after passing such identity authentication shall be deemed as the operations conducted by Party A (or its authorized agent), and Party A agrees to be responsible for the legal consequences arising therefrom.
7. All prices and expenses not included therein under this Agreement are inclusive of value-added tax, unless otherwise agreed by the parties.
8. Any matters not covered herein shall be handled according to the law of the People's Republic of China, administrative laws and regulations, relevant rules, regulations and policies of the People's Bank of China and banking regulatory authorities as well as trade practice of financial industry.
1. This Agreement shall be governed by the laws of the People's Republic of China.
2. Any dispute arising from or in connection with this Agreement shall be resolved through negotiation; failing which, either party may bring a lawsuit at a people's court in the place where Party B is domiciled.
1. During the trial period, Party B may change the service or terminate the provision of services as per regulatory requirements or the actual business developments, and adjust business rules when necessary. Under special circumstances, Party B will assist Party A in completing fund withdrawal, wallet cancellation or other related operations to ensure the safety of Party A's funds, provided that Party B shall not be otherwise responsible in this regard.
2. During the trial period, Party B does not guarantee that there will be no such abnormal situations as system failure, service interruption or fund error. In the event of such an abnormal situation, Party A agrees that Party B shall have the right to unilaterally take remedial measures such as system upgrading and adjustment of fund errors.
3. If Party A encounters any delay or error in an e-CNY wallet transaction, or has any questions or suggestions about the e-CNY wallet service, it may call Party B's customer service hotline at 95580 or contact its account manager. Party B will give timely response and provide corresponding solutions.