Bayo

Terms and Conditions

THESE TERMS AND CONDITIONS GOVERN THE USE OF IKOOP PREPAID MASTERCARD CARD ISSUED BY BAYO PAY (M) SDN BHD (HEREINAFTER REFERRED TO AS “BPSB”). THESE TERMS AND CONDITIONS SHALL BE MADE KNOWN TO THE CUSTOMER AT THE TIME OF APPLICATION, REGISTRATION FOR AND/OR AT THE TIME OF DELIVERY OF THE IKOOP PREPAID MASTERCARD CARD BY ACKNOWLEDGING THE RECEIPT AND/OR USE OF THE IKOOP PREPAID MASTERCARD CARD IN SUCH FORM AND/OR MANNER AS DETERMINED BY BPSB, THE CUSTOMER IS ACCEPTING THESE TERMS AND CONDITIONS AND AGREE TO BE BOUND BY THIS AGREEMENT. BPSB RESERVES THE RIGHT TO MODIFY THESE TERMS AND CONDITIONS AT ANY TIME WITHOUT PRIOR NOTICE TO THE CUSTOMER.

IF THE CUSTOMER DOES NOT UNDERSTAND ANY OF THE TERMS AND CONDITIONS, THE CUSTOMER MAY CONTACT BPSB’S CUSTOMER SERVICE FOR CLARIFICATIONS.

  1. DEFINITIONS
    1. “Account”
      means a BPSB’s prepaid account assigned to a Customer which linked to the Payment Instruments held by a Customer where (i) funds are store; payments for purchases of goods and services effected by the use of iKOOP Prepaid Mastercard Card by the Customer; and (iii) and all fees and/or charges are debited.
    2. “Bayo Pay Virtual Account (powered by MBSB Bank)”
      means a virtual account created by BPSB powered by MBSB Bank where it is bind to BPSB’s banking account opened with MBSB bank.
    3. “Authorised Merchant”
      means any retail or other person, firm or corporation which pursuant to a merchant agreement, agrees to accept or cause its outlets to accept iKOOP Prepaid Mastercard Card when properly presented.
    4. “Bank Fund Transfer”
      means the feature to transfer funds from the Account to Customer’s own Current Account or Savings Account (CASA) of a local bank.
    5. “Biller(s)”
      means the list of billing services made available in BPSB’s Mobile App to the Customer for the payment of bills.
    6. “BPSB”
      means Bayo Pay (M) Sdn Bhd (Registration Number: 1191346-P).
    7. “BPSB’s Mobile App”
      means BPSB’s mobile application running on an application software running on a device where Customer can register and apply for the iKOOP Prepaid Mastercard Card, activate, access, set and edit Account.
    8. “BPSB’s Website”
      means this website located at URL: https://bayo.my
    9. “Business Day”
      means any day on which BPSB is open for business.
    10. “Charges”
      means all fees, charges, commissions, costs, taxes, and expenses required to be paid by the Customer under the Terms and Conditions to BPSB from time to time.
    11. “Customer”
      means the person to whom the iKOOP Prepaid Mastercard Card is issued and registered.
    12. “Employer”
      means any legal entity or individual who has engaged the Customer under a contract of service or contract for service, and who is responsible for crediting the Customer’s salary or other employment-related payments into the Account.
    13. “iKOOP Prepaid Mastercard Card” or “Payment Instrument”
      means payment mode in the form of physical Prepaid Card, Mobile Wallet or online Virtual Prepaid Card issued by BPSB approved by BNM under the name iKOOP Prepaid Mastercard Card accompanied with BPSB’s Services governed by these Terms and Conditions.
    14. “Cooling-Off Period”
      means a temporary period during which certain Account functionalities or Transaction limits are restricted as a safety and security measure following a Trigger Event.
    15. “In-App Approval”
      means the primary transaction authorisation method performed within the BPSB Mobile App on a mobile device, which serves as the Customer’s binding consent for e-commerce transactions, instructions, or account modifications.
    16. “Kill Switch”
      means the emergency self-service feature available within the iKOOP Mobile Wallet App that allows the Customer to immediately freeze all in-app Transactions and disable all linked Payment Instruments.
    17. “Mobile Wallet”
      means payment option which is performed via a mobile device where the mobile wallet’s monetary value is maintained on the BPSB system.
    18. “Mobile Wallet Fund Transfer”
      means the feature to transfer funds between the Accounts.
    19. “Partner” or “BPSB’s Partner”
      means a partner that collaborates with BPSB to sign up BPSB’s Customers and distribute iKOOP Prepaid Mastercard Card.
    20. “PIN”
      means the Personal Identification Number provided by BPSB to the Customer for the use in conjunction with the iKOOP Prepaid Mastercard Card.
    21. “Prepaid Card”
      means EMV compliant chip card where the card’s monetary value is maintained on the BPSB’s system.
    22. “Product”
      means any goods or merchandise provided by the Authorised Merchant.
    23. “Regulators”
      means authorities, agencies, or organisations responsible for overseeing, enforcing, and ensuring compliance with laws, regulations, and industry standards within a specific sector. Regulators may be government bodies, independent regulatory agencies, or self-regulatory organisations that set guidelines to maintain order, protect consumers, and ensure fair practices.
    24. “Reload”
      means the transaction of adding monetary value to the Account.
    25. “Service”
      means any services provided by BPSB to facilitate payment by the Customer, using any Payment Instrument as mode of payment.
    26. “Stored Value”
      means amount in the Account that is available for Transactions using the iKOOP Prepaid Mastercard Card.
    27. “Stored Value Currency”
      means currency in Ringgit Malaysia (RM).
    28. “Transaction”
      means all transaction effected through the use of the iKOOP Prepaid Mastercard Card.
    29. “Virtual Prepaid Card”
      means online payment option which is accepted online via BPSB’s Mobile App and its monetary value is maintained on the BPSB system.
    30. “Trigger Event”
      means any high-risk account activity or security alert including but not limited to a change in account credentials, first-time device binding, or an increase in daily transaction limits that automatically activates a Cooling-Off Period as mandated by regulatory guidelines or company risk policies.
  2. REGISTRATION, ELIGIBILITY AND ISSUANCE
    1. Application may be done online (BPSB’s Mobile App) or through BPSB’s Partners.
    2. A Customer who submits the application online and requests for a Prepaid Card will be required to wait for BPSB to courier the iKOOP Prepaid Mastercard Card to the Customer’s registered address.
    3. To register for the iKOOP Prepaid Mastercard Card, the Customer must be at least eighteen (18) years of age. Anyone below eighteen (18) years old may still register subject to their parent’s or legal guardian’s written consent to the application for the iKOOP Prepaid Mastercard Card.
    4. For self-collection of the Prepaid Card, the Customer must bring along his/her original identification documents for card collection purposes. Only the Customer (as named in the application details) can personally collect his/her Prepaid Card.
    5. For the purpose of conducting BPSB’s business (including relevant online services), BPSB may collect from the Customer and hold some or all of the personal data such as, but not limited to, the following to enable BPSB to provide service to the Customer:
      1. Name as per identification document;
      2. Gender;
      3. Contact details, including address, telephone number and email address;
      4. Information for the verification of identity, including identification document type and identification number;
      5. Age and date of birth;
      6. Occupation; and/or
      7. Nationality.
    6. The Customer is required to provide true, correct and complete personal details. BPSB shall not be liable for any implication that may arise as a result of any mistake or erroneous information in the Customer’s application details.
    7. BPSB adheres to the Personal Data Protection Act 2010, ensuring that customer data is stored securely and not shared without consent, except as required by law.
    8. The use of BPSB’s services is also governed by our Privacy Policy. Please review our Privacy Policy, which explains how we collect, use, and safeguard your personal data. By using our services, you acknowledge that you have read, understood, and agree to be bound by both these Terms & Conditions and our Privacy Policy.
    9. In the event BPSB finds that the Customer has created a forged application or used forged data in the Customer’s application for the iKOOP Prepaid Mastercard Card, BPSB shall at any time be entitled to immediately block, cancel or terminate the Customer’s application or the Customer’s iKOOP Prepaid Mastercard Card (as the case may be) without any prior notice to Customer and BPSB shall be entitled to retain any balances of funds in the Customer’s Account and BPSB shall not be held liable for any loss or damage suffered by the Customer for the same. BPSB shall further be entitled to take any action against the Customer as may be deemed necessary or as may be required under governing laws or by the relevant governing authorities.
    10. BPSB reserves the right to refuse and reject any application for the iKOOP Prepaid Mastercard Card and/or to decline to issue a iKOOP Prepaid Mastercard Card at BPSB’s sole and absolute discretion without assigning any reasons whatsoever, and BPSB’s decision shall be final and conclusive.
    11. One Customer is allowed to have multiple Accounts which may consist of Prepaid Card, Mobile Wallet and Virtual Prepaid Card. Ownership of these Accounts are not transferable.
  3. USE OF THE IKOOP PREPAID MASTERCARD CARD
    1. The iKOOP Prepaid Mastercard Card shall at all times remain the property of BPSB and the Customer shall not transfer the iKOOP Prepaid Mastercard Card to any other person without the approval of BPSB in writing. BPSB may also impose such terms and conditions as BPSB deems fit at its absolute discretion.
    2. The Customer shall:
      1. take reasonable care of the iKOOP Prepaid Mastercard Card and mobile device to prevent loss, theft, damage and/or tampering;
      2. immediately notify BPSB in the event of loss, theft, unauthorised use and/or tampering. The Customer shall remain liable for all loss and damage incurred by BPSB in these events;
      3. not use iKOOP Prepaid Mastercard Card for illegal and/or unlawful activities or allow another to use the Account for illegal and/or unlawful activities;
      4. not tamper with, reverse-engineer or copy, or allow another to do the same, to the iKOOP Prepaid Mastercard Card;
      5. maintain adequate security and control of any and all IDs, passwords, PINs, or any other codes that is used to access the BPSB Services;
      6. comply with all requirements, directions, instructions and guidelines for the use of the iKOOP Prepaid Mastercard Card as communicated to the Customer from time to time;
      7. use the iKOOP Prepaid Mastercard Card at Authorised Merchants based on the remaining Stored Value of the Account;
      8. be liable for all charges whatsoever arising from all transactions, whether authorised or unauthorised, effected with the iKOOP Prepaid Mastercard Card; and
      9. notify BPSB promptly in writing of any changes in the Customer’s personal information.
    3. BPSB is under no obligation to replace or compensate the Customer for lost, stolen, damaged, faulty, tampered Prepaid Card and/or unauthorised Reload.
    4. BPSB shall not be liable for any act, refusal and/or omission by any Authorised Merchants to accept the iKOOP Prepaid Mastercard Card nor shall BPSB be liable for any defect or deficiency in any of the Services provided by any Authorised Merchant.
    5. BPSB may at its sole discretion cancel, suspend, revoke or restrict the Services of iKOOP Prepaid Mastercard Card without prior notice and/or compensation to the Customer upon the occurrence of any one of the following events:
      1. use of the iKOOP Prepaid Mastercard Card for any fraudulent, illegal and/or unlawful purpose including but not limited to breach of legislation, regulation and/or guidelines under the Financial Service Act 2013 (“FSA”) and/or Anti-Money Laundering, Anti-Terrorism Financing, Anti-Restricted Activity Financing and Proceeds of Unlawful Activities Act 2001 (“AMLA”);
      2. any technical failure in the Service network;
      3. breach of any Terms and Conditions contained herein by the Customer;
      4. use of invalid iKOOP Prepaid Mastercard Card; and/or
      5. any act or omission of the Customer which may in the opinion of BPSB causes damage or interruption to the Service.

      Upon cancellation, suspension, revocation or restriction of the iKOOP Prepaid Mastercard Card due to any of the above events, BPSB shall retain any and all monies for an indefinite period of time in accordance with applicable legislation, regulation and/or guidelines. The Customer shall not be entitled to obtain any refund on the Stored Value of the Account and claim any compensation for any loss arising.

    6. BPSB shall at its sole discretion cancel, cease or suspend the Services or iKOOP Prepaid Mastercard Card with reasonable notice prior or pursuant to any activities in respect of the upgrading, modification and/or maintenance of the Service or iKOOP Prepaid Mastercard Card.
    7. The Customer acknowledges that the Authorised Merchants shall at all times be liable and responsible for all goods and services sold/provided to the Customer. By receiving the Authorised Merchants’ goods and services, the Customer agrees to abide by the terms and conditions applicable to the goods and/or services offered by the Authorised Merchant to the Customer.
    8. The Customer must ensure that there are sufficient funds in the Account to pay for each Transaction including the applicable fees and charges imposed for the Transaction (if any). If the Stored Value balance is insufficient, the Transaction will be declined.
    9. Preauthorisation hold is a process where BPSB’s system automatically withhold a preauthorisation amount from the Stored Value. It may apply to petrol kiosks, hotel, cruise and car rental. This preauthorised amount shall be released once BPSB receives claim on actual amount from the acquiring bank.
    10. The maximum Stored Value in an Account is Ringgit Malaysia Ten Thousand (RM10,000.00) only or any amount may be determined by BPSB.
    11. The authorisation method for Customer’s e-commerce transaction shall be via In-App Approval and the Customer shall acknowledge:
      1. that the In-App Approval is the primary and binding method for authorizing all e-commerce transactions, instructions, or changes to the Account;
      2. that any e-commerce transaction or instruction authorized via In- App Approval shall be deemed as the Customer’s conclusive and irrevocable instruction. Such approval shall be treated as the Customer’s electronic signature and shall have the same legal effect, validity, and enforceability as a handwritten signature; and
      3. BPSB’s records of any e-commerce transaction authorized through In-App Approval shall be final and binding evidence of the Customer’s consent and instructions.
  4. FEES AND CHARGES

    The Customer agrees to pay and authorises BPSB to debit his/her Account for the following fees and charges:

    1. any fees and charges applicable for the iKOOP Prepaid Mastercard Card and Services:
      1. full details of all applicable fees and charges relating to the iKOOP Prepaid Mastercard Card and Services are posted to BPSB’s Website; and
      2. the fees or charges may be subjected to changes from time to time at the sole discretion of BPSB with such changes posted to BPSB’s Website;
    2. legal fees and other expenses incurred by BPSB in the enforcement of BPSB’s right and entitlement under these Terms and Conditions and the recovery of monies owed by the Customer to BPSB under his/her Accounts; and/or
    3. any other reasonable fees and charges imposed by BPSB for service rendered to the Customer.
  5. OVERSEAS TRANSACTIONS AND FOREIGN CHARGES
    1. The Customer may use the iKOOP Prepaid Mastercard Card at Authorised Merchants outside Malaysia.
    2. Any Transaction performed otherwise than in the Stored Value Currency shall be converted into the Stored Value Currency at such exchange rate as may be determined by BPSB at its sole discretion. A conversion fee which shall be determined by BPSB from time to time will be added to the converted amount.
    3. The Customer shall authorise BPSB to take such step to comply with the relevant Exchange Control Regulation issued by Bank Negara Malaysia in respect of any overseas Transactions.
  6. CARD ACTIVATION
    1. The Customer must first activate iKOOP Prepaid Mastercard Card before its usage or Reload into the Prepaid Card. Activation or Reload can be done via BPSB’s Mobile Wallet App.
    2. To activate iKOOP Prepaid Mastercard Card, the Customer must register as a user of BPSB Mobile Wallet. Once registration is successful, user may activate the card by creating a PIN and perform Reload onto the iKOOP Prepaid Mastercard Card.
    3. The Customer is advised to change the PIN regularly in BPSB’s Mobile Wallet App.
  7. TERMINATION OF IKOOP PREPAID MASTERCARD CARD / ACCOUNT
    1. BPSB reserves the right, at its sole and absolute discretion, to invalidate, cancel and/or terminate the iKOOP Prepaid Mastercard Card and/or Account, or to suspend and/or restrict the usage of the iKOOP Prepaid Mastercard Card at any given time, without having to give notice or assign any reason whatsoever to the Customer, with immediate effect from the date of notice of termination.
    2. The Customer hereby agrees to release BPSB from any liability and to indemnify BPSB and hold it harmless against any claims or demands whatsoever arising directly or indirectly from the suspension of, withdrawal of or refusal to effect any Transaction on iKOOP Prepaid Mastercard Card including any purported claim for defamation or any losses whatsoever.
    3. Upon the termination of the iKOOP Prepaid Mastercard Card and/or Account, all monies owing to BPSB under the iKOOP Prepaid Mastercard Card and/or Account shall become payable immediately.
    4. The Customer may terminate or cancel the Account by giving notice to BPSB. Upon termination, all outstanding monies due under the Account and any deficiency in Stored Value shall be deemed as monies owing to BPSB by the Customer and shall become payable immediately. If the Customer fails to settle in full, BPSB may proceed to take any actions deemed necessary at its sole discretion to recover the monies owed.
    5. All the Stored Value balance in the Account will be refunded to Customer (less any applicable fees and charges) within fourteen (14) days from the date of termination or cancellation of the Account. The refund shall be paid to Customer via cheque or by crediting it to Customer’s account maintained with a local bank (only if the bank account provided).
  8. LOSS OR THEFT OF PAYMENT INSTRUMENT
    1. In the event of loss or theft of the Customer’s mobile device or Prepaid Card, the Customer must notify BPSB immediately. All lost or stolen iKOOP Prepaid Mastercard Card may only be invalidated by BPSB upon the:
      1. verbal (telephone) notification by the Customer with BPSB’s authorised officer (“verbal notification”); or
      2. written notification addressed to BPSB via letter and transmitted by hand/ mail/ fax (“written notification”).
    2. BPSB is only able to deactivate the iKOOP Prepaid Mastercard Card upon receipt of proper notice of loss or theft. BPSB will not be liable for any losses, damages and unauthorised transactions where the Customer fails to properly notify BPSB of the loss or theft.
    3. As a matter of prudence, BPSB advises the Customer to lodge a police report immediately to substantiate the Customer’s claim of loss or theft of iKOOP Prepaid Mastercard Card. BPSB may at own discretion basis ask the Customer for a copy of the police report confirming the incident. BPSB shall not be responsible or be held liable for any disputes or losses suffered by the Customer in relation to any transactions incurred from unauthorised usage of the iKOOP Prepaid Mastercard Card, if the Customer unable to provide copy of police report when requested by BPSB.
    4. The Customer shall be and remains liable for all transactions incurred from unauthorised usage of the iKOOP Prepaid Mastercard Card, where investigations made by BPSB or the police reveals that the Customer is a party in the procurement of any merchandise or services from the merchants effected through the use of the iKOOP Prepaid Mastercard Card by the use of any unauthorised person. The Customer shall be liable for such unauthorised transaction before BPSB receives written notification of the loss or theft.
    5. Upon the loss or theft of the Customer’s iKOOP Prepaid Mastercard Card or upon discovery that unauthorised person or persons have acquired knowledge of the PIN or use of the Customer’s iKOOP Prepaid Mastercard Card not authorised by the Customer, the Customer may request BPSB to issue a replacement iKOOP Prepaid Mastercard Card and BPSB shall have the right at its own sole discretion to accept or to refuse such request. BPSB is under no obligation to issue a replacement iKOOP Prepaid Mastercard Card automatically following its loss or theft.
  9. RELOAD SERVICE / MAXIMUM STORED VALUE / DEBIT BALANCE
    1. The maximum Stored Value that the Customer may reload to the Account is Ringgit Malaysia Ten Thousand Only (RM10,000.00) or any amount as may be determined by BPSB.
    2. The Reload can be performed in the following manner or such other manner which BPSB may prescribe from time to time:
      1. transfer funds from any Accounts maintained with BPSB in the manner permitted by BPSB;
      2. debit funds from Customer’s CASA, credit card and debit card maintained with other banks via FPX;
      3. transfer of funds via FPX using BPSB system; and
      4. funds crediting through Customer’s Bayo Pay Virtual Account (powered by MBSB Bank).
    3. All reloads shall not be considered to have been made until all relevant funds have been received and processed as good value by BPSB. Reloading of additional monies to the Account may be delayed. Consequently, the monies transferred will not be available for Customer’s usage and BPSB shall not be held responsible for any delay in transferring the monies to the Account.
    4. BPSB shall not be liable or responsible for any cost, lost, or damages (whether direct or indirect), or for loss of revenue, loss of profits or any consequential loss whatsoever as a result of delay in reloads.
    5. The Customer shall not reload more than the maximum Stored Value and it is the Customer’s responsibility to ensure this. If reloading the amount exceeds the maximum Stored Value of the Account, the reload shall be refunded. BPSB shall not be held responsible when the reload is not successful.
  10. BAYO PAY VIRTUAL ACCOUNT (POWERED BY MBSB BANK)
    1. The Bayo Pay Virtual Account (powered by MBSB Bank) is a channel where Customer is able to reload their Account maintained with BPSB through online or offline bank transfer.
    2. The Bayo Pay Virtual Account (powered by MBSB Bank) will be provided by BPSB to the Customer after the Customer has registered for iKOOP Prepaid Mastercard Card and has been approved by BPSB. Customer can view their Bayo Pay Virtual Account (powered by MBSB Bank) in their BPSB’s Mobile App.
    3. In addition and without prejudice to any right or remedy which BPSB may have (at law or otherwise), as long as BPSB acts in good faith in providing the Bayo Pay Virtual Account (powered by MBSB Bank), BPSB shall not be liable to the Customer in respect of any and all liabilities, losses (including indirect and consequential losses), damages, costs, charges and expenses of whatsoever nature or however arising, including legal fees whatsoever suffered by the Customer in relation to the Bayo Pay Virtual Account (powered by MBSB Bank) unless directly caused by BPSB’s gross negligence, default or fraud.
    4. Funds shall be disbursed into Customer’s Account according to the scheduled intervals posted on BPSB’s Website. It is BPSB’s sole discretion to determine the scheduled intervals and it may be updated from time to time. BPSB shall not be liable if there is any delay to the disbursement of funds due to whatsoever reasons.
  11. MOBILE WALLET FUND TRANSFER
    1. Both the sender and recipient of the funds transfer must each have an Account.
    2. It is the responsibility of the Customer to ensure the accuracy of the information provided for each funds transfer, including the email address or telephone number as well as Account number of the recipient and the amount to be transferred.
  12. BANK FUND TRANSFER
    1. It is the responsibility of the Customer to ensure the accuracy of the information provided for each Bank Fund Transfer, including the beneficiary’s bank name and bank account number as well as the amount to be transferred.
    2. The Customer acknowledges and agrees that BPSB shall have no duty to and shall not be required to take any steps to verify and seek any other confirmation from any party as to whether such beneficiary is the intended beneficiary, and BPSB shall not be liable for transferring the funds to the beneficiary’s bank account number provided by the Customer even if the beneficiary is not the intended beneficiary.
    3. Once the Bank Fund Transfer has been confirmed and it is successful, it will be deemed irrevocable and the Customer will not be able to cancel, stop or perform any changes to that transaction.
    4. BPSB shall not be liable If there is any delay to the Bank Fund Transfer due to whatsoever reasons.
  13. BILL PAYMENT
    1. BPSB may at any time and from time to time, without prior notice and at its absolute discretion, withdraw any of the Billers from its list or amend its list of Billers without assigning any reason thereof and the Customer agrees that BPSB shall not be liable for any loss or damage which the Customer may suffer as a result of the BPSB’s actions.
    2. The bill payment service shall be used only for the purpose of settling bills to billers as may be determined by BPSB from time to time. The customer shall abide to the procedures, requirements and terms of each biller in respect of settling their respective bills.
    3. It is the responsibility of the Customer to ensure the accuracy of the information provided about each bill payment, including the bill payee, bill account number and the amount of the transaction.
    4. The Customer agrees that, by scheduling a payment, the Customer authorises BPSB, the biller to which the payment is scheduled and their respective agents, to initiate debit entries into the Customer’s Account in such amount as is necessary to pay the biller’s bill, and to initiate any debit or credit entries to the Customer’s Account necessary to correct any error in a payment. This authorisation shall remain in full force and effect until BPSB has received notice from the Customer of the termination of such authorisation.
    5. BPSB shall not be under any duty to ensure punctual payments of bills by the Customer and neither shall BPSB be under any duty to monitor payment of bills or to notify any person of the late payment for any bills.
    6. BPSB is not responsible to assist in resolving any dispute Customer might have with any biller and Customer is to resolve any dispute directly with the relevant biller.
    7. Payments are limited to domestic (Malaysia) billers and must be made in Ringgit Malaysia. Other limitations on payments through the Service may be incorporated within terms and conditions.
  14. COOLING-OFF PERIOD AND KILL SWITCH
    1. The Cooling-Off period shall apply to the Customer’s Account due to the following:
      1. linking the Account to a new mobile device;
      2. changing the registered mobile phone number; or
      3. increasing payment or transfer limits.
    2. During the Cooling-Off Period, Transaction limits may be temporarily reduced and certain features (including fund transfers and payments above a specified threshold) may be restricted. The default Cooling-Off Period duration shall be determined by BPSB based on the nature and risks level of the event. Reducing limits shall not trigger a Cooling-Off Period.
    3. BPSB provide a Kill-Switch feature within the iKOOP Mobile Wallet App that allows the Customer to immediately freeze all outgoing Transactions from the Account, including payments, transfers, and withdrawals. Any linked Payment Instruments (physical Card and virtual Card) shall be disabled upon activation.
    4. To reactivate the Account after a Kill-Switch event, the Customer must contact BPSB and complete identity verification to BPSB’s satisfaction. A Cooling-Off Period may be imposed following reactivation. BPSB reserves the right to refuse the reactivation if the Account is suspected of involvement in fraudulent or unlawful activity.
    5. BPSB shall not be liable for any loss arising from:
      1. the Customer’s failure to activate the Kill Switch in a timely manner;
      2. any Transactions carried out before the Kill Switch is successfully activated by the Customer; or
      3. restrictions imposed during Cooling-Off Period.
  15. CUSTOMER’S OBLIGATIONS

    Obligations of the Customer include:

    1. take reasonable care of the iKOOP Prepaid Mastercard Card and mobile device to prevent loss, theft, damage and tampering;
    2. the Customer acknowledges that the mobile device functions as a unique security token for In-App Approval;
    3. not to install or use the BPSB Mobile App on any device that has been “rooted,” “jailbroken,” or has otherwise had its factory security settings or operating system tampered with or modified. Use of the app on a compromised device is strictly prohibited;
    4. not to use BPSB’s Products and Services for illegal activities or allow another to use the Account for illegal activities;
    5. not to tamper with, reverse-engineer or copy, or allow another to do the same, to the iKOOP Prepaid Mastercard Card;
    6. not to use the iKOOP Prepaid Mastercard Card with readers that are not meant for BPSB’s Products and Services;
    7. the iKOOP Prepaid Mastercard Card shall remain the property of BPSB at all times and the Customer shall not transfer or otherwise part with the control or possession of the iKOOP Prepaid Mastercard Card for any use or purpose unauthorised by BPSB;
    8. maintain adequate security and control of any and all IDs, passwords, personal identification numbers (PINs), or any other codes that is used to access the Services;
    9. notify BPSB promptly in writing of any changes to the particulars of the Customer given to BPSB during application / registration and to further provide other details to BPSB which may requested by BPSB from time to time;
    10. ensure that the total Stored Value amount shall not exceed Ringgit Malaysia Ten Thousand Only (RM10,000.00) or any amount as may be determined by BPSB;
    11. ensure that the transactions used and monies or funds used for Reload are neither obtained from any unlawful source nor related to any unlawful activities as specified under FSA and AMLA;
    12. the use of the iKOOP Prepaid Mastercard Card shall be subject to all provisions of FSA, AMLA and all regulations and directives made thereunder the Bank Negara Malaysia. If BPSB believes on reasonable grounds that making the Transactions may breach any of the laws of Malaysia or any other country, BPSB may at its sole discretion delay, block or refuse to make Transaction and BPSB will incur no liability to Customer if BPSB do so. The Customer agrees to release BPSB from all liability and to indemnify and hold BPSB harmless from any losses or damages the Customer may suffer as a consequence; and
    13. the Customer acknowledges that BPSB may have to act promptly and on limited information if there is a suspicion of fraud, money laundering or other illegal activities.
    14. the Customer shall be held fully liable for all transactions authorized via In- App Approval if the mobile device is found to be compromised or if the Customer fails to maintain the confidentiality and security of the device’s access credentials (including PINs and biometrics).
  16. REPLACEMENT OF IKOOP Prepaid Mastercard Card
    1. In the event the iKOOP Prepaid Mastercard Card is damaged, the Customer must return the damaged iKOOP Prepaid Mastercard Card to BPSB and follow prescribed procedures to obtain a new iKOOP Prepaid Mastercard Card.
    2. BPSB reserves the right to charge a reasonable fee for the replacement iKOOP Prepaid Mastercard Card.
    3. If BPSB approves the Customer’s request for a replacement of iKOOP Prepaid Mastercard Card, and upon proper verification, BPSB will issue a new iKOOP Prepaid Mastercard Card to the Customer with a new card number. The balance of funds (less applicable fees and charges) from the Customer’s previous lost, stolen or blocked iKOOP Prepaid Mastercard Card and/or Account will be transferred to the Customer’s new Account accordingly.
    4. If BPSB does not issue to the Customer a replacement iKOOP Prepaid Mastercard Card, the balance in the Account of the Customer’s lost or stolen iKOOP Prepaid Mastercard Card (less any applicable fees and charges) will be refunded to the Customer by depositing it into the Customer’s bank account (provided that the Customer has given BPSB his/her banking account details) or in any other manner in accordance with BPSB’s internal policies.
  17. INACTIVITY
    1. Where there is no activity for a consecutive twelve (12) months with any Payment Instrument, the iKOOP Prepaid Mastercard Card / Account shall be deemed as dormant. BPSB reserves the rights to terminate the dormant Account.
    2. In the event the dormant iKOOP Prepaid Mastercard Card / Account has balance after the seven (7)-year period, BPSB shall terminate the dormant Account and thereafter the balance shall be transferred to Registrar of Unclaimed Money in accordance with Unclaimed Moneys Act 1965.
    3. Prior to termination of the dormant Account, the Customer may submit the request for a refund on the balance (less the applicable fees and charges) remaining in the Account.
  18. EXPIRED CARD
    1. The iKOOP Prepaid Mastercard Card is valid for 5 years or a date determined by BPSB from time to time at BPSB’s sole discretion.
    2. Once the iKOOP Prepaid Mastercard Card expired, the Customer may encounter usage failure.
    3. Upon expiry of the iKOOP Prepaid Mastercard Card, it shall be renewed, Customer may request BPSB to renew the card. The renewal of a new iKOOP Prepaid Mastercard Card upon the expiry period shall be at BPSB’s sole and absolute discretion.
    4. The Customer must notify BPSB if the new iKOOP Prepaid Mastercard Card is not received after renewal has been made.
  19. REFUND AND CANCELLATION
    1. The refund of iKOOP Prepaid Mastercard Card is available in the following cases:
      1. BPSB deducted Customer’s Account more than once (multiple times) for the same Product / Service;
      2. the Customer’s Account is terminated due to certain reasons and with balance in the Account;
      3. the Reload amount deducted from Customer’s account maintained with his/her bank, but the said amount has not been credited to iKOOP Prepaid Mastercard Card / Account.
    2. BPSB may request the Customer to provide supporting documents for the abovesaid refunds.
    3. For cancellation of a purchase order, the Customer can either call the Authorised Merchant or visit the Authorised Merchant’s stores to request for a refund directly from the Authorised Merchant. BPSB shall only refund to the Customer if the Authorised Merchant had initiated the valid refund procedures.
  20. TRANSACTION DISPUTES
    1. The Customer must inform BPSB of any disputes within fourteen (14) business days from date of transaction or date of payment sent. BPSB is not obligated to entertain any dispute filed after this time frame.
    2. BPSB will follow up within seven (7) business days to request for supporting document from the Customer.
    3. When requested, the Customer is given up to seven (7) business days to produce the receipt and other supporting documents.
    4. In the event where the Customer disputes a transaction, BPSB reserves the right to review the situation and communicate with the Authorised Merchants to propose a solution and appropriate actions.
    5. In the event the investigations and verifications conducted by BPSB reveals that the disputed transaction(s) was (were) accurate, genuine and properly authorised by the Customer, the Customer shall then be liable for all the disputed transaction(s).
    6. BPSB will resolve the dispute within sixty (60) business days from date of the dispute being filed. However, for complex dispute cases that cannot be completed within the stated duration, BPSB shall notify the Customer the delay and the reason for such delay.
  21. EXCLUSION OF LIABILITY
    1. BPSB, its officers, employees, and/or its affiliates shall not be liable to the Customer or any third party authorised by or claiming through Customer for any loss or damage, whether direct, indirect, special or consequential, or for loss of business, revenue or profits or of any nature suffered by the Customer or any person authorised by the Customer, or any loss, damage or injury caused to or suffered by a person or damage to property arising from or occasioned by:
      1. the use or inability to use by Customer or any persons authorised by Customer, of the Services or any part thereof;
      2. any malfunction, unauthorised use, cloning of or defect in the Services or iKOOP Prepaid Mastercard Card or any part thereof for whatever reasons;
      3. any act, omission, error, default or delay by BPSB, its officers, employees and and/or its affiliates in relation to the Services;
      4. in respect of any representation or implication that may arise as a result of:
        1. any cancellation or refusal to renew or reissue new iKOOP Prepaid Mastercard Card by BPSB;
        2. any suspension or restriction imposed by BPSB on the use of the iKOOP Prepaid Mastercard Card;
        3. circulation of the particulars of invalidated iKOOP Prepaid Mastercard Cards to the Authorised Merchants;
        4. withdrawal of any benefits or privileges conferred on the Customer under the iKOOP Prepaid Mastercard Card.
      5. arising from any act or omission of any Authorised Merchants, howsoever caused;
      6. due to any retention of the iKOOP Prepaid Mastercard Card and/or refusal by any Authorised Merchants to honour the iKOOP Prepaid Mastercard Card;
      7. in respect of any statement, representation or communication made by any Authorised Merchants;
      8. as a result of defect or deficiency in goods purchased or services rendered by any Authorised Merchants;
      9. due to any act/ omission beyond the reasonable control of BPSB; and/or
      10. arising from the Customer’s use of the BPSB Mobile App on a mobile device that is compromised, rooted, jailbroken, or otherwise lacks the required security integrity.
    2. Without limiting the generality of BPSB, its officers, employees, and/or its affiliates shall not be liable to the Customer or any third party authorised by or claiming through the Customer for:
      1. any claim for libel, slander, infringement of any intellectual property rights arising from the transmission and receipt of material in connection with the Services and any claims arising out of any act or omission on the Customer part in relation to the Services or any part thereof;
      2. any loss or damage caused to the Customer as a result of the suspension/termination of the Services and the interruption/ loss of the Services or any part thereof from any cause;
      3. any loss, distortion or corruption of data arising from the use of the Services any unlawful or unauthorised access to the Customer’s iKOOP Prepaid Mastercard Card’s data; and
      4. interruption or unavailability of the Services as a result of including but not limited to software issues, equipment failure or congestion in the affiliates’ network.
  22. INDEMNITY

    The Customer agrees to indemnify, hold harmless and defend BPSB and its affiliates against any loss and damage that may be the caused from or relating to:

    1. Breach of Terms & Conditions mentioned herein;
    2. Improper use of the BPSB Web Portal and/or BPSB’s Mobile App Services by Customer;
    3. Any claim made by third parties arising from issues related to any failure, delay or interruption of the products and/or Services as provided by BPSB’s Web Portal and Mobile App Services due to error in the information provided by the Customer including misidentification recipient, incorrect account holder’s name and number; and/or
    4. The use of products/BPSB’s Web Portal and BPSB’s Mobile App services in any manner which violates the Terms & Conditions or otherwise violates any law, rule or regulations.
  23. PROTECTION OF PERSONAL INFORMATION
    1. BPSB has to obtain personal information of the Customer in order to provide the Products and Services to the Customer.
    2. BPSB will not sell or rent personal information to third parties without the consent of the Customer.
    3. BPSB will erase the Customer’s personal data which are no longer necessary for the fulfilment of the purposes for which they are to be used.
    4. The Customer also have the right to ask BPSB to correct personal data which are considered as inaccurate by writing/ calling to BPSB.
  24. CONSENT TO DISCLOSURE OF INFORMATION
    1. The Customer hereby warrants and undertakes that all personal information provided by the Customer to BPSB is true, accurate and complete.
    2. The Customer hereby irrevocably authorises and consents to BPSB disclosure of any information or document relating to the Customer’s iKOOP Prepaid Mastercard Cards, Accounts, other particulars or affairs (financial or otherwise) or such other information as BPSB may at BPSB’s sole and absolute discretion deem fit to Bank Negara Malaysia and any other relevant authority having jurisdiction over BPSB and/or the authorised Merchant or related corporations and associates, and to such other party whomsoever and for such purposes as BPSB may at BPSB sole and absolute discretion, deem fit.
    3. The Customer acknowledges and agrees that in order for BPSB to provide the Services and/or privileges of the iKOOP Prepaid Mastercard Card, the sharing, retrieval, updating and processing of the Customer personal data will occur between iKOOP Prepaid Mastercard Cards, BPSB’s affiliates and any third party in connection with the provision of the iKOOP Prepaid Mastercard Card and the Customer have consented to the same.
    4. The Customer agrees that where the Customer’s written permission is required by law or otherwise for any disclosure by BPSB and any of BPSB officers, employees, contractors or service providers, the signing of the iKOOP Prepaid Mastercard Card registration form and/or the signing of the iKOOP Prepaid Mastercard Card and/or usage of the iKOOP Prepaid Mastercard Card shall constitute and be deemed to be sufficient written permission for such disclosure.
    5. By agreeing to these Terms and Conditions, the Customer consents to the disclosure and/or sharing of their data including but not limited to their Account number, Bayo Pay Virtual Account (powered by MBSB Bank) with any Regulator or its affiliated agency(s) for the purpose of complying with applicable laws.
    6. By agreeing to these Terms and Conditions, the Customer consents to the disclosure and/or sharing of their Bayo Pay Virtual Account (powered by MBSB Bank) to their Employer for the purpose of facilitating salary crediting or other employment-related payments into their account.
    7. The Customer undertakes to hold BPSB harmless and keeps BPSB fully indemnified from and against all claims, losses, damages (including direct or indirect damages) or liability whatsoever and howsoever arising out of such disclosure of information by BPSB or any error, inaccuracy or misstatement of such information whether caused by BPSB or due to system or technical default or failure or otherwise.
  25. CHECKING TRANSACTION RECORDS
    1. The transaction history (“Customer Account Statement”) comprising of a statement detailing the Customer’s account transaction, fees & charges, total account balance and all other important information shall be available online under Account profile on the BPSB’s Mobile App.
    2. The Customer is required to login his/her BPSB Account by using his/her own user ID and password to:
      1. view Transaction history; and
      2. download and/or print Transaction history.
    3. A hardcopy of the Transaction history is available upon request via BPSB’s Mobile App or call to Customer Service. All issuance of hardcopies is subject to service charges determined by BPSB.
  26. ONLINE USE POLICY
    1. Links to third-party websites or information are provided for the Customer convenience only. If the Customer uses these links, the Customer will leave this BPSB’s Website and will be subjected to the terms contained on any such third-party websites. BPSB is not responsible for the availability of any such third-party websites. BPSB has not reviewed, is not responsible for, and accepts no liability in respect of, any information or opinion contained on any such third-party websites.
    2. BPSB web servers are protected by appropriate firewalls which will be kept up to date. However, as the security of ordinary email cannot be guaranteed, the Customer should not send to BPSB any email containing any personal data.
    3. Due to the nature of the Internet, transactions conducted or email messages sent through this BPSB’s Website may be subject to interruption, transmission blackout, delayed transmission or incorrect data transmission. Under no circumstances shall BPSB be held liable for any failure in the communication networks, or the accuracy or timeliness of messages and transactions sent via the BPSB’s Website whatsoever.
    4. BPSB web servers may also collect data relating to Customer’s online session including the Customer’s IP address and/or domain name, the use of which is to provide aggregated, anonymous, statistical information on the server’s usage so that BPSB may better meet the demands and expectations of browsers to BPSB’s Website.
    5. BPSB uses cookies to identify a computer, and it often includes an anonymous unique identifier. Cookies are small bits of information that are automatically stored on a person’s web browser in their computer that can be retrieved by this BPSB’s Website. The information collected by cookies is anonymous aggregated research data and contains no name or address information or any information that will enable anyone to contact the Customer via telephone, email or any other means. Most browsers are initially set to accept cookies. If the Customer would so prefer, the Customer can set their browser to disable cookies. However, by disabling them, the Customer may not be able to take full advantage of BPSB’s Website, including online services.
  27. TRADEMARKS, LOGOS AND THE COPYRIGHT
    1. The trademarks, logos and the copyright of the content or information on this BPSB’s Website are owned by the BPSB or other service providers authorising their use on this BPSB’s Website. These may not be used without the written permission of BPSB or the relevant intellectual property rights owner.
    2. No part of this BPSB’s Website may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way or for any purpose without the BPSB’s prior written consent.
  28. CHANGE IN THE AGREEMENT
    1. BPSB may at its absolute discretion amend, vary or delete any of the Terms and Conditions herein at any time and from time to time by giving a twenty-one (21) days’ notice.
    2. Any such amendment shall be effective and binding on the Customer from the date specified in the notice which may be given to the Customer in any one of the following manners:
      1. by posting on BPSB’s Website;
      2. by displaying at BPSB’s premises;
      3. by electronic mail to the Customer last known electronic mail address in BPSB’s records;
      4. by ordinary post to the Customer last address in BPSB’s records;
      5. by short messaging system (SMS);
      6. by notice to the Customer in any other manner as BPSB may deems fit,

      and the Customer shall be considered to have accepted the changes and agreed to such amendments if the Customer continues to keep or use the iKOOP Prepaid Mastercard Card thereafter.

  29. NOTICE
    1. All notices, requests and/or other communications to BPSB must be communicated to the following address:

      Customer Service Department
      Bayo Pay (M) Sdn Bhd
      No. 72-3, Jalan PJU 5/22, Encorp Strand
      Pusat Perdagangan Kota Damansara
      Kota Damansara PJU5
      47810 Petaling Jaya, Selangor

      Tel. No.: 603 – 7621 5151
      Fax No.: 603 – 7662 1264
      E-mail: support@bayo.my
      WhatsApp No.: +6010 – 7814930

    2. If there are complaints or inquiries, you may contact the following bodies:

      1. Bank Negara Malaysia
        BNMLink
        4th Floor, Podium Bangunan AICB,
        No. 10, Jalan Dato’ Onn,
        50480 Kuala Lumpur.

        Tel No.: 1-300-88-5465 (Foreign: 603 – 2174 1717)
        Fax No.: 603 – 2174 1515
        Webpage: bnm.gov.my/BNMLINK

      2. Financial Markets Ombudsman Service (FMOS)
        14th floor, Main Block
        Menara Takaful Malaysia
        No. 4, Jalan Sultan Sulaiman
        50000 Kuala Lumpur

        Tel No.: 603 – 2272 2811
        Fax No.: 603 – 2272 1577
        E-mail: enquiry@ofs.org.my

  30. SEVERABILITY OF PROVISIONS

    If any of the provision of these Terms and Conditions becomes or determined to be invalid, illegal or unenforceable in any respect under any law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected, and all other provisions of these Terms and Conditions will still be valid and enforceable.

  31. GOVERNING LAWS AND JURISDICTION

    These Terms and Conditions shall be governed by and construed in accordance with the laws of Malaysia. You consent and agree to submit to the exclusive jurisdiction of the Courts of Malaysia concerning all matters arising out of or in connection with your use of the Card under these Terms and Conditions.

  32. LANGUAGE

    In the event of any inconsistencies between these Terms and Conditions and its translation in any other language(s), the English language version of these Terms and Conditions shall supersede and prevail over any other language.

  33. MISCELLANEOUS
    1. Failure or delay by BPSB to exercise any right, power or privilege shall not affect the Customer’s liability to BPSB nor shall any single or partial exercise of any right, power or privilege prevent BPSB from further exercising its right, power or privilege contained in these Terms and Conditions.
    2. The obligations of the Customer shall be binding on the Customer’s legal representatives or successors in title.
    3. In the event of any uncertainty arising from these Terms and Conditions, BPSB shall provide its interpretation of the relevant provision in good faith and in a fair and reasonable manner. Such interpretation shall be final and binding on the Customer, unless otherwise determined by a court of competent jurisdiction or applicable law.
    4. BPSB may at any time combine any or all of the Customer’s Accounts with BPSB and/or set-off or transfer any sum standing to the credit of such accounts towards payment of all monies due.
  34. FORCE MAJEURE
    1. Without limiting the generality of any provision in these Terms and Conditions, BPSB shall not be liable for any failure to perform its obligations herein caused by any act of God, insurrection or civil disorder, military operations or act of terrorism, all national and local emergency, act or omission of government, or any competent authority including but not limited to labour trouble or industrial disputes of any kind, fire, lightning, subsidence, explosion, floods, acts or omission of persons or bodies, pandemic (including but not limited to Covid-19 pandemic), outbreaks or any such breach, delay or failure arising from such pandemic or outbreak for whom BPSB has no control over or any cause outside BPSB’s reasonable control.
    2. The service may occasionally be affected by interference caused by objects beyond BPSB’s control such as buildings, underpasses and weather conditions, electromagnetic interference, equipment failure or congestion in Mobile Payment System. In the event if such interference, BPSB shall not be responsible for any inability to use or access the service, interruption or disruption of the service.

Version 01/2026
Issued: 3 July 2026