I - Definitions
As used in this Agreement, the following terms have the following meanings. The singular shall include the plural, and the plural the singular. All captions are intended solely for convenience of reference and shall in no way limit any of the provisions of these Terms as follows.
"Account" It means the physical money and/or digital account associated with your e-Wallet(s) account and Card(s) that is created at the time you signed up to be a Payfast's Account Holder.
"Account Holder" It means the individual that has an Account with Payfast.
"Account-to-Account Service" or "A2A" It means the Payfast Service that enables an Account Holder to make secure on-line payments and/or to transfer funds in their Account to another Payfast Account Holder electronically.
"CDM" It means a Cash Deposite Machine from which cash can be transfer when you use your Card at Payfast.
“Business Day(s)” It means any weekday other than bank holidays in India.
“Card” and “Cards” It mean the Virtual Credit Card and/or the Physical Credit Card issued by the Regulated Provider, which access your Account – please note that's all Cards are issued to you but will be held and used by your registered users.
"Credit Card" Credit cards are issued by banks and financial institutions allowing the user to make purchases and pay for various services by borrowing money from them. Apart from providing the much-needed alternative to cash, credit cards also offer you benefits in the form of rewards, cash backs, interest-free period and much more. The demand for credit cards in the Indian market is growing rapidly and hence leading banks have launched plenty of card options for the customers to choose from.
"e-Wallet" and “e-Wallet Account” It means the electronic purse holding e-money issued by the Regulated Provider for each Account Holder and may be denominated in INR currency at our sole discretion.
