General Terms and Conditions for the Subscription Services

The Satispay Plus plan includes the following benefits:

• application of an increased multiplier *within the “Satispay Points” program:”**: the User will earn more points than provided for a specific eligible expenditure;
  *The benefit is only available to Users who have joined the “Satispay Points” program.The increased multiplier shall not apply to gift card purchases
  

• free instant top-up* (up to a maximum number of top-ups shown in the App);
  Feature available only for some Users
  

• payments with insufficient funds** at no extra costs (up to a maximum number of payments indicated in the App);
  ** Feature available only for some Users
  

• priority customer support via the App;
  Priority is guaranteed exclusively when the User contacts Satispay through the in-app Support chat, which is accessible from the App’s home screen by tapping the profile picture, selecting “Contact Us” and then “Support chat”. This benefit is in addition to, and does not replace, the standard support channels available to all Users.
  

• offset of Satispay fees on the three mutual funds and of the management fees related to the Invested Money Box*: Users receive a monthly credit of additional free shares of the fund selected in the App. The value of these shares, calculated at the time of issuance, corresponds, respectively, to the management fees (in the case of the Invested Money Box) and/or to Satispay Invest fees (in the case of the three mutual funds) applied to the User’s average amount invested via Satispay Invest for the relevant period, up to the maximum amount that may be shown in the App. Within this maximum amount, the value of the additional shares fully offsets the economic impact of the management fees, in the case of the Invested Money Box, and of Satispay Invest fees, in the case of the three mutual funds. The applicable reference values are indicated in the App.
  The value of the additional shares may change over time and is subject to market fluctuations. These shares are not equivalent to money. They do not alter the fees applied to the fund; instead, they are granted by Satispay Invest as a promotional benefit for Users who have accepted the general terms and conditions of the ‘Satispay Investment’ service and actively use the service. The credit is applied at the end of each monthly cycle, provided that the plan fee has been duly paid. No monthly credit accrues if the User withdraws from the plan within 14 days of the conclusion of the Agreement or, in the event of termination of the relationship between the User and Satispay Invest, before the renewal of the following Satispay Plus monthly cycle, as the relevant investment account would already be closed at the time of the transaction, preventing the credit of the additional shares.
  *The Invested Money Box allows the User to invest in a money market fund managed by Amundi Asset Management.
  

• Access to benefits and promotions on third-party services (so-called “Perks”): Users may benefit from various types of advantages on products or services offered by third-party commercial partners, such as - by way of example only - free trial periods, discounts, preferential terms for the purchase of goods or services, or free or discounted access to dedicated content. The updated list of available Perks, activation methods, and any specific conditions applicable to each benefit are specified within the App.
  The provision and use of Perks are subject to the terms and conditions of the third-party commercial partner.
  

• Insurance coverage: Users are beneficiaries of the group insurance policies indicated in the App, underwritten by Satispay as the policyholder and provided by the relevant insurance company specified in the App. Details of the policies, including applicable limits and exclusions, can be found within the Insured's Terms and Conditions provided by the insurance company and available in the App.
  The insurance policies are available exclusively to Users who are residents in Italy and hold a tax code. The status of beneficiary is automatically acquired by the User on the day of subscription to the Satispay Plus plan and remains in effect only as long as the plan is active. The policies are included in the Satispay Plus plan at no additional cost to the User. Satispay receives no remuneration or economic benefit, direct or indirect, for the inclusion of such policies in the Satispay Plus plan. The policies are provided by the insurance company indicated in the App. Assistance activities, as well as the management and settlement of any claims, are handled directly by the relevant insurance company in accordance with the Insured's Terms and Conditions. It is not possible to cancel the insurance policies without also cancelling the Satispay Plus, Metal or Velvet subscription.

• availability of a Red debit card (Platinum Mastercard): Plus Users may request, at no additional costs, a Red debit card (Platinum Mastercard), in physical and/or virtual format. The User’s decision not to request the card does not in any way affect access to or use of the benefits included in their subscription plan. Use of the card is governed by the General Terms and Conditions for the service “Satispay Consumer”, which are hereby incorporated by reference in their entirety. All costs relating to the card (such as, by way of example, issuance, shipping, withdrawal and replacement costs) and the usage limits are available on the “Satispay costs for individuals” page of the website.
  
  The Satispay Metal plan includes all the benefits of the Satispay Plus plan described above, on more favourable terms and with enhanced features, which can be consulted directly in the App. The plan also includes the following additional benefits:
  
  

• Phone support on request: Metal User may request, through the in-app Support chat, to be called back by phone by a Satispay operator. Phone support is guaranteed exclusively when the User contacts Satispay through the in-app Support chat, which is accessible from the App’s home screen by tapping the profile picture, selecting “Contact Us” and then “Support chat”. Callbacks are handled exclusively during business working hours. This benefit is in addition to, and does not replace, the standard support channels available to all Users.

• access to airport lounges at a discounted price: Metal User may access the airport lounges affiliated with the airport services operator indicated in the App, through the lounge passes obtainable therein, benefiting from a discounted price, in the manner and on the conditions indicated in the App; Access to the airport lounges is provided by the global airport services operator indicated in the App, in accordance with its terms and conditions, which can be consulted in the App.

• availability of a Metal debit card (World Mastercard): Metal Users may request, at no additional costs, a Metal debit card (World Mastercard) in virtual and/or physical format. The Metal User may also request, in addition to the Metal debit card, a Red card. In this case, the Metal User will continue to benefit from the advantages associated with their Metal plan. The Metal User may hold a maximum of 2 cards (one Metal and one Red), without prejudice to the possibility of requesting a third one exclusively in virtual format. The User’s decision not to request the card does not in any way affect access to or use of the benefits included in their subscription plan. Use of the card is governed by the General Terms and Conditions for the service “Satispay Consumer”, which are hereby incorporated by reference in their entirety. All costs relating to the card (such as, by way of example, issuance, shipping, withdrawal and replacement costs) and the usage limits are available on the “Satispay costs for individuals” page of the website.
  
  The Satispay Velvet plan includes all the benefits of the Satispay Metal plan described above, on even more favourable terms and with even more advantageous features, which can be consulted directly in the App. The plan also includes the following additional benefits:
  
  

• free access to airport lounges: Velvet User may access, free of charge, the airport lounges affiliated with the operator indicated in the App, through the lounge passes obtainable therein, in the manner and on the conditions indicated in the App. Access to the airport lounges is provided by the global airport services operator indicated in the App, in accordance with its terms and conditions, which can be consulted in the App. availability of a Velvet debit card (World Elite Mastercard): Velvet Users may request, at no additional costs, a Velvet debit card (World Elite Mastercard) in virtual and/or physical format. The Velvet User may also request, in addition to the Velvet debit card, a Metal card or a Red card according to their preference. In this case, the Velvet User will continue to benefit from the advantages associated with their Velvet plan. The Velvet User may hold a maximum of 2 debit cards (one Velvet and one Metal or one Red), without prejudice to the possibility of requesting a third one exclusively in virtual format. The User’s decision not to request the card does not in any way affect access to or use of the benefits included in their subscription plan. Use of the card is governed by the General Terms and Conditions for the service “Satispay Consumer”, which are hereby incorporated by reference in their entirety. All costs relating to the card (such as, by way of example, issuance, shipping, withdrawal and replacement costs, and the usage limits are available on the “Satispay costs for individuals” page of the website.

The cost of the subscription plans is indicated in the App and on the website https://www.satispay.com/en-it/ and varies depending on the selected plan (Plus, Metal or Velvet) and the payment frequency (monthly or annual) selected by the User.
The subscription payment must be made through the App, using the e-money available in the account (“Balance”).
The subscription cost is charged to your Balance at the time the User’s selected plan is activated. Thereafter, the subscription renews automatically on a monthly or annual basis, on the same day it was activated, and the associated cost is charged to the User’s Balance.
If, at the time of renewal, the User’s Balance is, for any reason, insufficient to cover the subscription cost, we will attempt to charge it daily for 7 (seven) consecutive days to allow the User to continue using the service. During this period, the User may top up their Balance to ensure the payment is successful.
If, after 7 days, it has not been possible to charge the subscription cost to the User’s Balance, Satispay may perform an Instant Top-up to ensure sufficient funds are available to cover the amount required for the subscription payment. In this case, the outstanding amount will be withdrawn from the User’s bank account, at no additional cost¹, restoring your in-App Balance to zero. If the User does not wish to proceed in this manner, the User may cancel their subscription within the aforementioned 7-day period, before the Instant Top-up is carried out. If the Instant Top-Up is unsuccessful, Satispay will deactivate the plan.

The Agreement has a one-year term and automatically renews for successive one-year periods unless the User cancels or withdraws as described below.
The User may cancel or withdraw from the plan using the dedicated button in the App, by contacting customer care through the App, or by emailing support@satispay.com.

The User has the right to withdraw from the Agreement within 14 days from the date of activation of the plan. In this case, the User is entitled to a refund of the cost already paid:
• in full, if no benefits included in the plan have been used;
• proportionally, if one or more benefits included in the plan have already been used, taking into account the subscription term and the benefits actually enjoyed.

The User can also cancel the subscription to the chosen plan after the first 14 days from the date of activation of the plan. In this case:
• if the User chose the monthly payment, the subscription and its related benefits will remain active until the end of the period already paid for, and no refund is provided;
• if the User chose the annual payment, they are entitled to a pro-rated refund for the months they have not yet used until the scheduled annual expiry date.

Satispay may terminate the Agreement without any reason by giving the User 30 days’ prior notice. It will not always be possible for Users to obtain information about the termination reasons to protect Satispay’s internal processes.

Satispay may terminate this Agreement with immediate effect if:

• the User materially breaches (or repeatedly breaches) the Agreement and fails to remedy their conductr within 10 days; or
• the User uses the Services or the services provided by any company of the Satispay Group in a manner that Satispay considers fraudulent or unlawful; or
• the User fails to resolve a negative balance of available funds in their E-money account; or
• Satispay considers that the provision of services to the User could prejudice Satispay’s business and reputation and/or expose Satispay or another company of the Satispay Group to any danger or risk of loss, insolvency, or liability; or
• Satispay must comply with the law or a court order.

In the event of withdrawal from the Agreement by the User, the following provisions apply in relation to the card associated with the subscription plan and in relation to access to the airport lounges. In particular:

Red card
The Red card will remain active under the conditions provided by Satispay for cards not associated with any subscription Service, regardless of when the User exercises the withdrawal. If, at a later date - and in any case before the card expires - the User subscribes to the Plus or Metal plan, they will be able to use their existing Red card to use - respectively - the benefits of the Plus or Metal plan.

In the event of withdrawal exercised within 10 months of the date of activation of the plan (including the case of the right of withdrawal exercised within 14 days), the User will be required to pay the residual amount of the card’s issuance costs (indicated on the “Satispay costs for individuals” page), calculated proportionally to the full months remaining out of the 10-month period. For example, given that the issuance costs of the Red card amount to EUR 6.99, where the User withdraws at the end of the sixth month from the date of activation of the plan, 4 full months remain out of the 10-month period; accordingly the User will be required to pay an amount equal to EUR 2.79 (i.e., EUR 6.99/10 x 4 months). If, instead, withdrawal is exercised after 10 months from the date of activation of the plan, no card issuance cost will be charged to the User.

Metal and Velvet cards
In the event of withdrawal exercised within 10 months of the date of activation of the plan (including the case of the right of withdrawal exercised within 14 days), the Metal or Velvet card will be deactivated and the User will be charged the residual amount of the card’s issuance costs (indicated on the “Satispay costs for individuals” page), calculated proportionally to the full months remaining out of the 10-month period. For example, given that the costs of the card amount to EUR 29.99 (Metal) or EUR 55.00 (Velvet), where the User withdraws at the end of the sixth month from the date of activation of the plan, 4 full months remain out of the 10-month period; accordingly, the User will be required to pay an amount equal to EUR 11,99 (Metal) or EUR 22.00 (Velvet) (i.e., EUR 29.99/10 × 4 months, or EUR 55.00/10 × 4 months, respectively). If, instead, withdrawal is exercised after 10 months from the date of activation of the plan, the Metal or Velvet card will remain active under the conditions provided by Satispay for cards not associated with any subscription Service and no issuance cost relating to the card will be charged to the User. If, at a later date - and in any case before the card expires - the User subscribes to the Metal or Velvet plan, they will be able to use their existing card to gain the benefits of Metal or Velvet plan.

Lounges
In the event of withdrawal exercised within 10 months from the date of activation of the plan (including the case of the right of withdrawal exercised within 14 days), Metal Users will be required to pay the difference between the full price of the lounge passes used and the discounted price paid by the User. Velvet Users will instead be required to refund the full value of the lounge passes used. The amounts owed by the User under this article will be charged to their Balance or, where the Balance is insufficient, Satispay may perform an Instant Top-up and, in that case, the outstanding amount will be withdrawn from the User’s bank account, at no additional cost, restoring the User’s in-App Balance to zero. * *Any fees charged by the User’s bank in connection with the execution of the transaction may still apply.

The User may at any time upgrade to a higher-level subscription plan (from Plus to Metal or from Metal to Velvet). For the new plan, the User may choose an annual or monthly payment frequency, which may also differ from the one chosen for the previous plan. The effects of the upgrade vary depending on the date of activation of the new plan and the payment frequency originally selected, as set out below. In the event of an upgrade carried out within 14 days of the activation of the original plan, the User will be granted a full refund of the amount paid for the original plan. At the same time, the User will be charged the cost of the new plan, which will take effect immediately as of its date of activation. The new plan will renew on the same day of the following month or of the following year, depending on the payment frequency selected. Otherwise, in the event of an upgrade carried out after 14 days of the activation of the plan:
- if the User had chosen monthly payment, the User will be granted a proportional refund of the portion of the fee relating to any remaining days of the month not enjoyed of the plan originally subscribed. At the same time, the cost of the new plan will be charged, which will take effect immediately as of its date of activation. The new plan will renew on the same day of the following month or of the following year, depending on the payment frequency selected.
- if the User had chosen annual payment, the User is entitled to a proportional refund of the portion of the fee relating to the full months not yet enjoyed and any remaining days of the current month of the original plan. At the same time, the cost of the new plan will be charged, which will take effect immediately as of its date of activation. The new plan will renew on the same day of the following month or of the following year, depending on the payment frequency selected.

Card Furthermore, in the event of an upgrade to a higher-level subscription plan (for example, from Metal to Velvet), the User may request the card associated with the new plan, which will be shipped and activated free of charge. It remains understood that the User may hold a maximum of 2 debit cards, without prejudice to the possibility of requesting a third one exclusively in virtual format. The card associated with the previous plan will continue to remain active, with the possibility for the User to continue using it, while benefiting, however, from the services associated with the new plan and not with the previous one.

The User may at any time downgrade to a lower-level subscription plan (from Velvet to Metal or from Metal to Plus). For the new plan, the User may choose an annual or monthly payment frequency, which may also differ from the one chosen for the previous plan. The effects of the downgrade vary depending on the date of activation of the new plan and the type of plan originally subscribed, as set out below. In the event of a downgrade carried out within 14 days of the activation of the original plan, the User will be granted a full refund of the amount paid for the plan originally subscribed. At the same time, the User will be charged the cost of the new plan, which will take effect immediately as of the date of its activation. Otherwise, in the event of a downgrade carried out after 14 days of the activation of the plan:

- if the User had chosen monthly payment, the User may continue to benefit from the advantages of the plan originally subscribed until the end of the relevant monthly cycle, without any right to a refund for the remaining days of that relevant monthly cycle. At the end of the relevant monthly cycle, the User will be charged the cost of the new, lower-level plan, which will take effect from the day following the last day of the relevant monthly cycle of the original plan. The new plan will renew on the same day of the following month or of the following year, depending on the payment frequency selected;
- if the User had chosen annual payment, the User is entitled to a proportional refund of the portion of the fee relating to the full months not enjoyed of the original plan. At the end of the current monthly cycle, the User will be charged with the cost of the new, lower-level plan, which will take effect from the day following the last day of such a monthly cycle. The new plan will renew on the same day of the following month or of the following year, depending on the payment frequency selected.

Card associated with the original plan
In the event of a downgrade (from Velvet to Metal or from Metal to Plus) carried out within 10 months of the activation of the original plan (including the case of the right of withdrawal exercised within 14 days), the User will be charged the residual portion of the card’s issuance costs, calculated proportionally to the full months remaining out of the 10-month period. For example, given that the issuance costs of the Metal card amount to EUR 29.99, where the User downgrades from Metal to Plus at the end of the sixth month from the date of activation of the plan, 4 full months remain out of the 10-month period; accordingly, the User will be required to pay an amount equal to EUR 11.99 (i.e., EUR 29.99/10 × 4 months). Furthermore, in this scenario, Metal or Velvet cards will be deactivated except where the User downgrades to a plan that includes the same debit card (meaning from Velvet to Metal). On the other hand, the Red card will remain active in any event. Instead, in the event of a downgrade carried out after 10 months from the activation of the original plan, the Velvet, Metal or Red card (as applicable) will remain active, with the possibility for the User to continue using it, while benefiting, however, from the services associated with the new plan and not with the previous one. In this case, no issuance cost will be charged to the User.

Card associated with the new plan
In the event of a downgrade to a lower-level plan (for example, from Velvet to Metal), if the User does not hold the card associated with that new plan (in the example above, the Metal card), they may request it and it will be shipped and activated with no additional costs. If, instead, the User already holds the card associated with the lower-level plan, that card will remain active, with the possibility for the User to continue using it, while benefiting, however, from the services associated with the new plan and not with the previous one.

Lounges
Finally, in the event of a downgrade exercised before 10 months from the date of activation of the plan, Metal Users will be required to pay the difference between the full price of the lounge passes used and the discounted price paid by the User. Velvet Users will instead be required to refund the full value of the lounge passes used. The amounts owed by the User under this article will be charged to their Balance or, where the Balance is still insufficient, Satispay may perform an Instant Top-up and, in that case, the outstanding amount will be withdrawn from the User’s bank account, at no additional cost, restoring the User’s in-App Balance to zero. *Any fees charged by the User’s bank in connection with the execution of the operation may still apply.

*General rule for calculating the 10-month period.** The 10-month period relevant for the purposes of the provisions on withdrawal and downgrade set out above is calculated by cumulatively adding the months continuously spent by the User in all the plans that include the same debit card or access to the airport lounges. For example, a User who subscribed to the Velvet plan for 6 months and subsequently downgraded to the Metal plan, remaining there for a further 4 months, is deemed to have accrued a total of 10 qualifying months for the purposes of the calculation relating to lounge access and the Metal card. In that case, no residual cost of the Metal card will be charged, and no refund of the value of the lounge passes used will be due.

Satispay may modify, in whole or in part, the provisions, including those relating to the benefits included in the Services for justified reasons, including technical, organizational, or commercial ones. In the event of changes, the User will be informed with at least 30 days’ notice and may withdraw from the agreement without penalty. Changes imposed by legal provisions or competent authorities will take immediate effect.
It remains understood that Satispay cannot be held responsible for such changes, subject to compliance with legal obligations and User rights provided for in this Agreement.

The User can use the “Contact Us” feature in the App or send a communication to support@satispay.com.
Satispay may contact you through the App. However, if necessary, Satispay may contact you via email, push notifications, social media, or by phone, using the data you provided in the App.
Should this Agreement, other terms and conditions, or any notice or other document related thereto be provided in a language other than English, the latter shall prevail in case of conflict, provided that the law of the User’s place of residence or domicile may also apply where it contains mandatory provisions that are more protective of the User.
The User may request a copy of this Agreement from Satispay, which will be sent free of charge via email.

In case Satispay breaches its obligations provided for in this Agreement, the latter will be responsible only in case of gross negligence and/or willful misconduct.
The User must use the Services in accordance with this Agreement as well as in accordance with applicable laws, acting with fairness and good faith. In case of violation of the provided obligations, the User will be required to compensate for any damages suffered by Satispay due to their conduct.
Satispay’s failure to insist that the User perform their obligations under the Agreement does not constitute a waiver of those obligations. Likewise, Satispay’s failure to exercise its rights under the Agreement or delay in doing so does not imply a waiver of those rights.
Satispay is not responsible and cannot be held liable for any consequences or breach of the Agreement arising from:
• unavailability of the App due to technical problems beyond its reasonable control, including lack of connectivity and technical problems with the User’s mobile device;
• abnormal and unforeseeable circumstances beyond its reasonable control, the consequences of which could not have been avoided despite reasonable efforts made;
• compliance with legal and/or regulatory obligations;
• negligent or fraudulent acts by the User or acts contrary to their obligations arising from the Agreement and/or applicable law.

In the event that one or more articles or provisions of this Agreement are to be deemed unlawful or unenforceable, in whole or in part, due to legal rules, such article or provision or part thereof is to be considered not forming part of the Agreement. In such a hypothesis, the validity and enforceability of the rest of the Agreement are not affected.

Satispay and Satispay Invest operate in full independence from each other in the provision of their respective services and the benefits included in the Services. Therefore, there is no agency, mandate, mediation, representation, or subcontracting relationship between Satispay and Satispay Invest.

Satispay and/or Satispay Invest may assign claims, as well as rights and/or obligations, arising from this Agreement to other companies at any time, giving timely notice to the User. Should Satispay arrange such an assignment, the User’s rights will not be prejudiced.

Satispay and Satispay Invest will process personal data relating to the User in accordance with the Privacy Policy.

This Agreement and any dispute or claim arising out of or in connection with it are governed by and construed in accordance with Luxembourg law, provided that the law of the place where the User has their residence or domicile may also be applied in relation to provisions that are more protective to the User and that cannot be derogated from by agreement by virtue of such law.
The Parties acknowledge and agree that the court of the User’s residence or domicile has jurisdiction for the resolution of any dispute or claim arising out of or in connection with this Agreement or its subject matter or formation.

¹ Any fees charged by the User’s bank in connection with the execution of the operation may still apply.