Terms and Conditions

By clicking the 'Accept' button and creating an account with Peddlr Wallet, you acknowledge that you have read, accept and agree to be bound by these Terms and Conditions. These terms and conditions ("Wallet Terms") exclusively govern your use of the e-wallet services provided by Peddlr, hereinafter referred to as "we," "us," or "our." By using our wallet service, you, hereinafter referred to as "User" or "you," agree to be bound by these Wallet Terms. Please note that these Wallet Terms are distinct from the "Terms and Conditions for the Entire Peddlr Application" that you must also abide by.

1. Introduction and License

Peddlr provides electronic wallet services, which are operated in collaboration with a third-party Electronic Money Institution (EMI) holding the necessary license (referred to as the "Third-Party EMI" herein). By using our wallet service, you acknowledge and agree that this service is a white-labeled offering and your usage is subject to both our terms and conditions and those of the Third-Party EMI, accessible through the following links: https://rb.gy/zj8zav, https://rb.gy/qhv7im and https://rb.gy/ip6j6p. Please carefully review the terms and conditions of both parties, as they collectively govern your use of our wallet service.

You acknowledge and agree that these Wallet Terms apply specifically to your use of our wallet service. Your use of our wallet is subject to both these Wallet Terms and the terms and conditions of the Third-Party EMI. Additionally, you are bound by our existing "Terms and Conditions for the Entire Application" which encompass your overall interaction with the Peddlr Application, that can be accessed through this link: https://www.peddlr.io/terms-conditions. Your use of the wallet service is also subject to any other relevant policies we may have in place.

2. Agreement

These Terms and Conditions are a contract between you and Peddlr, as the provider of the App and the Peddlr Wallet Service. If you do not agree to these Terms and Conditions, please do not use the Peddlr Wallet Service.

3. Definition of Terms

To help explain things as clearly as possible in this Terms and Conditions, every time any of these terms are referenced, they are strictly defined as:

  1. Account: refers to a user-specific digital space or record created within the wallet system.
  2. Electronic Money Institution (EMI): a type of financial institution that is licensed and regulated to issue electronic money, provide payment services, and facilitate electronic transactions.
  3. Fund: refers to monetary resources held digitally within a user's Peddlr Wallet account
  4. E-Wallet/Digital Wallet: a digital tool that allows users to conduct transactions and manage their finances online.
  5. Service: refers to the service/platform provided by Peddlr.
  6. Transaction: refers to any movement or exchange of funds that takes place within the digital ecosystem of the Peddlr Wallet platform.
  7. Third-Party EMI: refers to the third-party Electronic Money Institution with whom Peddlr collaborated to offer electronic money and payment services.
  8. Merchant - sellers or vendors who engage in commercial transactions with its own customers or clients.
  9. Merchant Discount Rate (“MDR”) – fee charged by Peddlr to merchants for processing payment transactions.
  10. Kankolek: refers to the digital wallet service provided by Peddlr.
  11. Kankolek Payment QR Code – unique QR code generated by the Kankolek, for receiving payments from the customers.
  12. You: a person or entity that is registered with Peddlr to use the Peddlr Wallet Service.
4. Eligibility

To access and use our wallet service, you must meet specific eligibility requirements as outlined below:

  1. Age Requirement – You must be at least 18 years old to open and maintain an account with our wallet service. This age restriction is in accordance with legal and regulatory guidelines.
  2. Citizenship - Our wallet service is available to individuals of all nationalities, with the exception of citizens from countries that are currently blacklisted or restricted. To be eligible, you must not hold citizenship in any of the countries on our restricted list. You will be required to provide appropriate documentation to verify your nationality during the account setup process.
5. Customer Identification

To ensure that your account remains in good standing and fully compliant with AML regulations, we request the following forms of identification and verification:

  1. Name (Title, First Name, Middle Name, Last Name)
  2. Birthdate, Birthplace, Gender, Civil Status
  3. Contact Number, Email Address
  4. Address
  5. Source of Income
  6. Use of the Wallet
  7. Valid Government-Issued Identification
  8. Live photograph
  9. Digital Signature

We reserve the right to verify your registration information through a third-party verification vendor as deemed necessary. In some cases, you may be requested to provide supplementary details or information to assist in the verification of your identity.

You agree to provide all necessary information and extend reasonable assistance and cooperation required by us for the purpose of completing the verification process. The information provided will be utilized to determine your eligibility to initiate and/or continue the use of Kankolek. We retain the right to close, suspend, or limit your access to the Service if we encounter difficulty in obtaining or verifying the necessary information. The collection and utilization of your personal data by us are governed by the Privacy Policy of Peddlr.

6. Transaction Limits and Monitoring
  1. Fully Verified - As of the current application configuration, our wallet service exclusively provides "Fully Verified" accounts. These accounts provide users with access to the Wallet Services offered.
  2. Transaction Limits – No maintaining balance is required and there are no outgoing limits for transfers, except for Instapay transfers, which are capped at PhP 50,000 (Fifty Thousand Pesos) per transfer.

    To mitigate the risk of money laundering activities and to adhere strictly to Anti-Money Laundering (AML) regulations, Peddlr enforces a daily incoming transfer limit of PhP 500,000, other wallets or banks involved in the transaction may have their own restrictions on the amount an account can receive within a specified time period.

    Please note that, for the time being, our application exclusively offers "Fully Verified" accounts. Transaction limits are subject to change in response to regulatory updates or service enhancements. Rest assured, any such changes will be communicated transparently to our valued users.

  3. Monitoring - Transactions that exceed specified limits will not be processed. These transactions will remain unprocessed until you choose to initiate it again when the limit resets.
7. Wallet Services
  1. Peddlr wallet allows you to avail the following services:
    1. Send to Ka-Peddlr - Transfer funds or make payments from Peddlr Wallet Account to other Peddlr Wallet Account.
    2. Receive from Ka Peddlr - Receive funds from other Peddlr Wallet Account.
    3. Send to e-Wallet/Banks - Transfer of funds from Peddlr Wallet Account to another E-Wallet or Bank Account is subject to the following transaction fees:
      4. Amount Convenience Fee Merchant Share System Fee
      Php 1.00 - Php 10.00 Php 1.00 Php 1.00 Php 0.00
      Php 11.00 - Php 50.00 Php 2.00 Php 1.00 Php 1.00
      Php 51.00 - Php 200.00 Php 4.00 Php 2.00 Php 2.00
      Php 201.00 - Php 500.00 Php 8.00 Php 3.00 Php 5.00
      Php 501.00 - Php 1,000.00 Php 10.00 Php 4.00 Php 6.00
      More than Php 1,000.00 Php 12.00 Php 5.00 Php 7.00

      Please be advised that fees associated with our services are subject to change. Kindly stay informed about any updates by checking regularly.

    4. Receive from e-Wallet/Banks - Receive funds from banks directly to Peddlr Wallet Account. Please refer to the transaction fee table outlined in Section 7.1.3 of this document.
    5. Receive and pay via QR - Receive and make payments by scanning generated QR codes.
  2. Retroactive Fee Charges: Handling Uncharged Fees

    In the event that any transaction fees were not previously deducted as intended, Peddlr reserves the right to apply these uncharged fees to the User's subsequent transactions, after due notice to the User. For example, if a fee of Php9.00 was not deducted from a QR Peddlr to Merchant (P2M) transaction of Php 10,000, this fee will be automatically deducted from the amount to be transferred in next transaction. Thus, if the next transaction is also Php 10,000.00, only Php 9,991.00 will be disbursed, to account for the earlier missed fee. Users will be notified in advance before any such retroactive fee deductions are made.

  3. Intended Users for Kolek Fee Model

    The Kolek fee model is specifically designed for micro-businesses with a total monthly business spending of up to three hundred thousand pesos (Php300,000.00). If, during any assessment or review, it is determined that your total monthly business spending exceeds this threshold, Peddlr reserves the right to reclassify your business into a different tier within the Kankolek QR collection service. This reclassification may involve adjustments to the applicable fees, terms, and conditions to ensure that your business activities align with the appropriate service level provided by Peddlr. Users will be notified in advance before any such changes take effect.

  4. MDR Intended for ShopeePay and GrabPay Transactions

    A Merchant Discount Rate (MDR) of 1.5% will be applied to all transactions processed through ShopeePay and GrabPay, with the exception of QRP2M transactions, which will have different terms applied. This fee will be deducted from the transaction amount at the time of processing and is in addition to any existing fees or charges that may already be in place.

8. Inactive Account Closure and Dormancy Fees

An account will be considered as inactive when it has not been used for any monetary transaction or activity for at least six (6) months within the last recorded monetary transaction or activity (“Inactive Account”).

  1. Any account with no balance shall be automatically closed after six (6) months of being an Inactive Account.
  2. For Inactive Accounts with remaining balance, dormancy fee of Php50.00 will be collected on a monthly basis after six (6) months of inactivity until the balance reaches zero, without causing a negative balance (the “Dormancy Fee”). Such Dormancy Fee shall be used for maintaining operations despite user inactivity. Should a User initiate a monetary transaction or activity after an account is declared as inactive, Peddlr will cease to collect the Dormancy Fee, and the account shall be reverted back to its active status.

The Dormancy Fee shall be assessed every 15th of each month. Users will receive a thirty (30) day prior notice before any Dormancy Fee is imposed, including the amount of the fee. For example, if the last monetary transaction or activity occurred in April, the dormancy fee would begin in August and continue monthly until the account balance reaches zero. Once the account reaches zero, the account shall be automatically closed.

9. Anti-Money Laundering

The Wallet Account is subject to the provisions of Republic Act No. 9160, otherwise known as the “Anti-Money Laundering Act of 2001”, including any and all amendments, rules or regulations pertaining thereto. The Account Owner hereby agrees to keep Peddlr, its directors, officers and employees, free and harmless from any and all liabilities for any action it has taken or for refraining from taking any action in compliance therewith. Failure to comply with AML regulations may result in serious consequences, including but not limited to account suspension or termination:

  1. Account Suspension - Non-compliance with AML regulations may lead to the suspension of your account. During the suspension, you may be unable to access or use your account for financial transactions. Account suspension may be lifted once you provide the necessary documents or information requested for compliance with regulatory requirements. The duration of the suspension will depend on the time it takes to verify and process the provided documentation.
  2. Termination of Account - Account termination may be implemented after non-submission of documents, or you have submitted the necessary documents or information requested and it is determined that your account is in violation of anti-money laundering (AML) law. We conduct a thorough review to ensure compliance with AML regulations and other legal requirements.
  3. Loss of Funds - Non-compliance with AML regulations can result in legal action. Peddlr may be required to report non-compliant activities to law enforcement authorities, potentially leading to investigations and legal proceedings and may lead to the forfeiture of funds in your account. These funds may be held in accordance with legal and regulatory requirements.

We strongly emphasize the importance of understanding and adhering to AML regulations. It is your responsibility as a user to follow the established guidelines and promptly respond to any requests for information or documentation required to meet regulatory standards.

10. Withholding Tax Policy
  1. Once a user exceeds PHP 500,000 in Kankolek transactions (money received) within a calendar year, they will be subject to a 1% creditable withholding tax of the 50% gross remittances. This withholding tax is in addition to the Merchant Discount Rate (MDR) or Kolek fee model currently charged by Peddlr.
  2. Users subject to this withholding tax will receive a BIR Form 2307 (Creditable Tax Withheld at Source) from the Peddlr Finance team at the end of each month.
  3. To comply with tax regulations, users must submit their Certificate of Registration and a BIR Received Sworn Declaration Form upon exceeding the PHP 500,000 threshold. If a user fails to submit the required documentation or does not declare that they have exceeded PHP 500,000 in gross sales for the calendar year, and this is verified through their Kankolek transaction history, Peddlr will automatically deduct the 1% creditable withholding tax of the 50% gross remittances.
  4. For Kankolek Web Users, these requirements will be addressed during the onboarding process.
11. Customer Due Diligence (CDD)

Peddlr is committed to maintaining the security and integrity of our financial services, ensuring compliance with regulatory requirements, and preventing financial crimes such as money laundering. As part of this commitment, we have established a process for conducting ongoing due diligence on our customers and updating customer information as needed.

If there are discrepancies or changes in your customer information, we may reach out to request updated data and documentation.

12. Enhanced Due Diligence (EDD)

For higher-risk customers, we perform enhanced due diligence. EDD involves a more comprehensive examination of customer data, including the verification of the source of funds and business relationships.

13. Loss or Theft of Wallet Fund, Disputes, and Fraudulent Transactions
  1. Responsibility - In the event of a loss or theft of any wallet fund, we will not be held responsible for any transactions or payments made before we are notified of the loss or theft. Any such transactions will be considered as if they were authorized by you, except in cases involving evident forgery or irregularities.

    You hereby agree that you shall refer all disputed or fraudulent Payment Transaction/s to Third Party EMI, and the latter shall be solely responsible to resolve the issue with your Account while Peddlr is committed to actively supporting the resolution and communication process.

  2. Reporting - It is your responsibility to promptly inform Peddlr when you discover that your wallet funds have been lost or stolen. This notification is crucial for initiating the process of escalating the matter to the Third Party EMI and commencing the investigation.
  3. Resolution and Refund - Once the investigation is completed, and if there is clear evidence of forgery or irregularities in the transactions made. In such cases, the Third-Party EMI may, at its discretion, potentially refund the unauthorized transactions.

You acknowledge that the information provided for each transaction is accurate. You authorize the Third-party EMI to modify details, such as name spelling, in case of discrepancies between the provided data and the information on your identification documents. By doing so, you agree that Peddlr is exempt from any liability arising from your transactions.

14. Changes To Wallet Terms and Conditions

Peddlr reserves the right to modify Wallet Terms and Conditions. Peddlr will notify you of any changes, and your continued use of the e-wallet after the changes have been made indicates your acceptance of the updated Terms.

The Third-Party EMI's terms and conditions may change from time to time. It is your responsibility to review and accept any updates or changes made by the Third-Party EMI.

15. Term and Termination

This Agreement shall remain in effect until terminated by you or Peddlr. Peddlr may, in its sole discretion, at any time and for any or no reason, suspend or terminate this Agreement with or without prior notice.

This Agreement will terminate immediately, without prior notice from Peddlr, in the event that you fail to comply with any provision of this Agreement. You may also terminate this Agreement by deleting the App and all copies thereof from your computer.

Termination of this Agreement will not limit any of Peddlr's rights or remedies at law or in equity in case of breach by you (during the term of this Agreement) of any of your obligations under the present Agreement.

If you decide to terminate or withdraw your permission to use Peddlr, all personal data gathered shall be retained by Peddlr for a minimum period of Five (5) years. In accordance to DPA 2012, Your personal data will be disposed in a secure manner preventing further processing, unauthorized access, or disclosure to any other parties.

16. Your Consent

By using our Service, registering an account, or making a purchase, you hereby consent to our Terms and Conditions.

  1. Use of Personal Data. You provide Peddlr (and its subsidiaries, affiliates, and agents) your consent to collect, store, and use information, including but not limited to, personal data (as defined in Data Privacy Laws). The purpose of which is to provide Peddlr services—which may include but are not limited to—fraud and risk management; marketing and promotional initiatives; customer experience management; service improvement; statistical, analytic, and research purposes; and customer communications. You also acknowledge that the Third-Party EMI may collect and process your data in accordance with their Privacy Policy.
  2. Data Sharing. You provide Peddlr your consent in the processing of your data and information for the following purposes: fraud and risk management; marketing and promotional initiatives; customer experience management; service improvement; statistical, analytic, and research purposes; and customer communications. Peddlr warrants that it is full compliance with the requirements under applicable laws, rules and regulations with respect to data security, and data protection. Peddlr further warrants that it has the necessary infrastructure, procedures, and policies to fully and sufficiently protect the integrity, accuracy, security, and confidentiality of the data and information collected, processed, stored, and transferred from You.
17. Contact Us

For any questions, concerns, or inquiries related to these Wallet Terms, you can contact us at (helpme@peddlr.io).

By using our wallet, you acknowledge and agree to these Wallet Terms. Additionally, please note that you must also abide by the "Terms and Conditions for the Entire Peddlr Application" that govern your use of the complete application.

18. Product Disclosure Statement

A disclosure statement is a document that contains all the important information about the digital bank account product. This will be available for your review during sign-up and you will need to agree to the disclosure statement before you are able to create your account. You can access the document here: https://www.peddlr.io/product-disclosure-statement

Kankolek Terms and Conditions updated as of November 1, 2024