Paysafe Issuing Cardholder Notice regarding Brexit
Subject: Changes to Cardholder Terms and Conditions due to Brexit
We are contacting you to let you know that we need to make some changes to the way in which we provide services to you.
How we are planning to operate after Brexit
The United Kingdom is expected to leave the EU on 31 October 2019 (commonly known as “Brexit”). We have been working hard to minimise any impact this has on our customers and to ensure that we can continue to provide you with uninterrupted services after Brexit.
To do this we need to change how we provide services to our customers in the European Economic Area (“EEA”).
Our services are currently provided to customers in the EEA through Paysafe Financial Services Limited (company number 04478861), a UK Financial Conduct Authority authorised and regulated electronic money institution (FRN: 900015).
After Brexit, we will provide services to customers in the EEA through a Paysafe group company based in Ireland, Paysafe Payment Solutions Limited (“PPSL”) (company number 626665). PPSL is authorised and regulated by the Central Bank of Ireland as an electronic money institution (register number C184986).
Changes to our cardholder terms and conditions
After Brexit your Cosmo card and associated e-money account will be issued by PPSL and will be governed by new terms and conditions between you and PPSL. The new terms and conditions will be substantially the same as your current terms and conditions with Paysafe Financial Services Limited and you will receive the same services as you do today. Minor changes to the current terms and conditions are required to reflect the transfer of your card and associated e-money account to PPSL, including:
changing the details of the card issuer to PPSL;
changing the governing law and jurisdiction to Ireland; and
changing the details of the applicable point of contact if you have a complaint.
You can view and download the new terms on your Cardportal account.
The new terms and conditions will apply to your card from 31 October 2019. Until 31 October 2019, your use of your card will continue to be governed by your current terms and conditions, which can still be viewed and downloaded on your Cardportal account.
What do you need to do now?
You do not need to do anything if you agree to the changes described above. These changes will come into effect on 31 October 2019 and will automatically apply to the services we provide to you from that date. Any existing balance with Paysafe Financial Services Limited will automatically be transferred to PPSL and will remain available to you as normal.
If you do not agree with the changes, you are of course free to cancel your card and close your e-money account with Paysafe Financial Services Limited with immediate effect prior to 31 October 2019. For further information regarding your termination rights please see the relevant section(s) of your current cardholder terms and conditions, and the changes will not be applied to you.
Thank you for your patience as we make these necessary changes to our business.
Paysafe Financial Services Limited