Issuer migration notice (09/02/2024)
On or after 10th April 2024, we will complete our migration from our current issuer “PayrNet Limited” to our new issuer, “IDT Financial Services Limited (IDTFS)”.
Following the migration completion date, IDTFS shall be deemed the “Card Issuer” for the purposes of the customer agreement for the McLEAR products and associated payment accounts.
IDTFS is a principal member of Visa and a regulated bank, licensed by the Gibraltar Financial Services Commission. Registered Office: 57-63 Line Wall Road, Gibraltar. Registered No: 95716. You can find further information on their website https://idtfinance.com.
We will communicate with you periodically regarding this change. Once the process of changing issuers has been completed, we will communicate this to you accordingly.
As of 9th February 2024, by accepting the below Terms and Conditions upon account opening, you acknowledge this notice and agree to this planned issuer migration.
Notification of this change was sent via email to users who registered for a McLEAR Virtual “Account” prior to the 9th February 2024.
McLEAR prepaid Visa programme Terms and Conditions
These terms and conditions apply to the McLEAR Prepaid Visa programme (open to UK residents only) and associated “McLEAR Products”, being:
- McLEAR Virtual Account “Account”
- McLEAR Contactless Prepaid Visa Payment Ring “Ring”
You must read them carefully. In these terms and conditions “you” means the named McLEAR account holder and the authorised user of the McLEAR Product(s). “We”, “us” or “our” means McLEAR Limited or McLEAR Ltd and PayrNet Limited.
“Website” means our website at https://mclear.com
If you give us the wrong details for a payment or you tell us about an incorrect payment more than 13 months after it was made, we won’t give you a refund but we’ll try and trace it for you. We may charge you a reasonable fee to cover our costs in doing this
We can already return money paid to your payment instrument by mistake, however, if you don’t think a payment made to you from a payment service provider in the EEA was a mistake, we may also be allowed to share your personal information with the paying payment service provider so that you can be contacted directly.
This is because we are required to cooperate with other payment service providers and share all relevant information in order to assist with tracing money which is sent to the wrong person.
You can decide whether information about your payment instrument should be actively provided by us (e.g. in a monthly statement sent to your email address) or instead made available for you to obtain (e.g. via your online account, without an accompanying email notification).
In these terms and conditions, the following words and phrases have the meanings shown next to them:
Account value – means the maximum value of funds that can be held with the card any one time;
Business day – means a day on which McLEAR is open for business as required for the execution of a payment transaction specifically between 9am and 5pm local time Monday to Friday excluding UK Public Holidays;
Card – means your McLEAR Prepaid Ring (including any secondary / companion or replacement card);
Card scheme – means Visa;
Fees – all charges and penalties, if any, payable by the consumer to the payment service provider for or in relation to services linked to a payment account;
Insufficient funds – The account provider refuses a payment from the customer’s account because there is not enough money in it (or it would take the customer’s balance below zero);
Load – adding funds to your account via the Top-up function in the mobile app;
Maintain the account – The account provider operates the account for use by the customer;
McLEAR Prepaid Card – means a Ring with the features set out in section 2;
Payment transaction – means an act, initiated by the payer or the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligation between the payer and payee;
Purchase transaction in pounds – The customer uses their prepaid card to make a payment in pounds. This can be in a shop;
Purchase transaction in foreign currency – The customer uses their prepaid card to make a payment in foreign currency. This can only be in a shop;
Verification of identity – means confirming personal identity and residential address in the UK of you by conducting electronic verification of your details or by you providing documentation of identity;
Registration – means the month in which the Account is created following the purchase of the product and not necessarily that of activation;
Supplier – a retailer, merchant or other supplier of goods and/ or services which accepts payment by means of a card, card number, PIN or card and signature;
Summary Box – The section that includes notification of charges, limits and restrictions associated with the card;
Top-up – loading funds into your Account;
We / us / our – means PayrNet Limited or co-brand partners acting on our behalf;
Year – 12 month period following the date when the card is issued to you and each subsequent 12 month period;
You / your – means the person or persons who have received the card and are authorised to use the card as provided for in this Agreement;
2. Your McLEAR Products
The McLEAR products and associated payment accounts are issued by PayrNet Limited pursuant to a license from Visa International Incorporated. PayrNet is regulated and authorised by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (register reference 900594) registered address: 138 Holborn, London, EC1N 2SW, UK for the issuing of electronic money, registered in England No 09883437. McLEAR Ltd’s registered Office: Steel House, 13-17 Princes Road, Richmond, Surrey, TW10 6DQ. Registered in England No. 08308520.
The McLEAR Account(s) and Physical Ring(s) intellectual property are the property of McLEAR Ltd and not transferrable to anyone else.
Once activated in your name, you may not gift, loan, sell or otherwise transfer your Ring to anyone else.
You will apply for a Ring in a stated currency. All references to that currency in these terms and conditions are relevant to you.
These terms and conditions are available online at www.mclear.com. You can request a copy of these terms and conditions at any point in their duration.
All funds will be allocated to your Account. Your Ring will be linked to your Account. A transaction made with your Ring will reduce the balance of funds held on your Account.
You can use your McLEAR Products at any location worldwide that displays the Visa Contactless acceptance mark, subject to the following criteria:
- Ring: any location that that displays both the Visa symbol and contactless payment symbol
Before using your McLEAR product(s) it is your responsibility to ensure that there are sufficient funds available on the Account to cover your purchase. You will not be able to use your McLEAR Product(s) after its expiry date.
Your McLEAR Product(s) are not credit instruments and are not in any way connected to your bank account. You will not earn any interest on any funds available on your Account.
3. Applying for and activating your McLEAR Product(s)
To apply for a McLEAR Product, you must be a UK Resident and at least 18 years old. We will require evidence of who you are and your address. We may ask you to provide some documentary evidence to prove this and/or we may carry out checks on you electronically.
By using McLEAR Products, you are agreeing to these terms and conditions.
4. Topping up your Account
The amount you can top-up onto your Account is up to a maximum amount of £200 per day following the successful completion of the due diligence requirements.
You will load funds on to the payment Ring via the McLEAR Smartphone application, using your chosen Visa or MasterCard payment card, which is registered in your name, at the same address and has been issued by a regulated financial institution in the UK.
We reserve the right to refuse to accept any particular top-up transaction. Upon receipt and clearance, your funds will be available for use on your McLEAR products without delay. For full details on limits, please refer to section 16.
5. Activating your McLEAR Product(s)
We require that you activate your McLEAR Product upon receiving it. You do this by logging onto the McLEAR Smartphone ‘App’. You will be able to manage your McLEAR Product(s) from your account including getting balances and transaction history.
6. Using your McLEAR Product(s)
Detailed instructions on how to use your McLEAR Product(s) are found on the mclear.com Website under FAQs and Smartphone ‘App’. You will need to follow these instructions when using your McLEAR Product(s). We will deduct the value of your transactions from the balance on your Account as soon as they are made. We will also deduct any applicable fees as soon as they become payable by you; see our Limits and Fees section below for details of our fees. The Account(s) belong to us.
The Ring can be used in retail stores where you see the Visa contactless symbol displayed. Please note that cash back and ATM withdrawal are not permitted.
The Ring cannot be used at self-service petrol pumps. Some transactions on trains or in-flight purchases may not be approved.
For Ring-based payment transactions where you do not know the exact amount of the payment transaction at the time you authorise it, this can either be through Pay at Pump or TFL transport, we will not pre-authorise funds on your payment instrument unless you authorise the exact amount to be pre-authorised.
We shall release any pre-authorised funds without undue delay as soon as we are aware of the exact amount of the payment transaction and immediately after receipt of the relevant payment.
For fraud prevention reasons, usage of your McLEAR Product(s) may be queried and we may block further usage. In such circumstances, you can simply contact our Customer Support Team, (via the website or email: email@example.com) to request to have your Products reinstated.
You must not make purchases that exceed the balance of funds available on the card. If any purchase takes you over your available funds or the card limits in force from time to time and set out in the terms and conditions, the transaction will be declined.
We may ask you to stop using your Ring. We may at any time suspend, restrict or cancel your McLEAR Account(s) or refuse to issue or replace a McLEAR Product(s) for reasons relating to the following:
- we are concerned about security of your account or McLEAR Product(s) we have issued to you. We suspect your account is being used in an unauthorised or fraudulent manner;
- or we need to do so to comply with the law.
If we do this, we will tell you as soon as we can or are permitted to do so after we have taken these steps. Like other payment methods, we cannot guarantee a retailer will accept your McLEAR Product(s). We may also refuse to pay a transaction:
- if we are concerned about security of your McLEAR Product(s) or we suspect your McLEAR Product(s) is being used in an unauthorised or fraudulent manner;
- if sufficient funds are not available on your Account at the time of a transaction to cover the amount of the transaction and any applicable fees;
- if there is an outstanding shortfall on the Account, in accordance with condition 13;
- if we have reasonable grounds to believe that you are acting in breach of this agreement;
- if we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently); or
- because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
If we refuse to authorise a transaction, we will, if practicable, tell you why immediately unless it would be unlawful for us to do so. You may correct any information we hold and which may have caused us to refuse a transaction by contacting us via the Smartphone ‘App’.
7. Authorising Transactions
Subject to the features of the McLEAR Product(s), the authorisation of a transaction can include authorising any single transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount.
A McLEAR Product transaction will be regarded as authorised by you where you;
- authorise the transaction at the point of sale by following the instructions provided by the merchant or retailer to authorise the transaction, which may include:
- providing the McLEAR Product details and/ or providing any other details as requested;
- waving or tapping the Ring over a contactless card reader
- Authorisation for a transaction may not be withdrawn (or revoked) by you after the time it is received. However, the following transactions may be withdrawn if you give notice to the supplier (providing a copy of the notice to us):
- any transaction which is agreed to take place on a date later than the date it was authorised as long as notice was provided no later than the close of business on the business day before it was due to take place;
Note: we recognise a ‘business day’ to be from 9am to 5pm UK local time, Monday to Friday excluding UK public holidays.
We may charge you a fee if a transaction is revoked by you under this condition; please see our Limits and Fees table in Section 16 below. We will pay the funds required by the retailer or merchant to cover the transactions authorised by you within three days of us receiving their request. A transaction (the payment order) will be received as follows:
- for purchases, at the time we receive the transaction instruction from the merchant acquirer;
- for other transactions which are communicated directly to us, at the time you ask us to complete the transaction.
- If, in relation to:
- purchases, we receive the transaction instruction from the merchant acquirer; or
- other transactions communicated directly to us, you ask us to complete the transaction after seven days, the transaction instruction or request will be deemed to have been received by us on the following business day.
8. Cancellation and expiry of your McLEAR Account(s)
This agreement will continue indefinitely unless terminated. Provided your product has not been activated, you have a legal right to cancel your McLEAR Account(s) up to 14 days after you purchase the McLEAR Product(s) without being charged the Refund Fee – this 14-day period is known as the “Cooling-Off Period”. Under these terms and conditions, you also have the right to cancel your McLEAR Account(s) at any time after the 14-day Cooling-Off Period without notice, providing the Ring has not been activated.
Cancellation of your account is the act of terminating paying any fees due, returning any outstanding balances and the removal of any personal data held, linking you to a McLEAR Product.
You may cancel your Ring account by emailing McLEAR customer services at firstname.lastname@example.org or via the McLEAR smart phone application.
If you wish to cancel your McLEAR Account(s) you must wait until any and all transactions and fees have been deducted from your Account, you must also ensure that you have a minimum balance of £1.50 available in your Account. £1.50 will be deducted from this Account as a Cancellation Fee.
Should any balance remain after the deduction of the Cancellation Fee, McLEAR will arrange for these unused funds to be refunded to you, see “Your Right to Refund of Funds and Refunding of Transactions on Your McLEAR Product(s)” section below for further information. A Refund fee may be charged (see Limits and Fees section 16 below) unless you have arranged to transfer any unused funds to another McLEAR Product managed by us, or you cancel your McLEAR Product(s) within 14 days of receiving it.
We may also cancel your agreement for any reason by giving you at least two months’ notice:
- if this agreement or your McLEAR Product(s) expire on a set date and we have not agreed to renew this Agreement;
- if you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
- if you act in a manner that is threatening or abusive to our staff, or any of our representatives;
- if you fail to pay fees or charges that you have incurred or fail to put right any shortfall;
- in the event of your death.
We may also cancel this agreement or suspend your McLEAR Product(s) or account immediately if we believe your McLEAR Product(s) are deliberately being used by you to commit fraud or for other illegal purposes. If we do this, we will tell you as soon as we are permitted to do so. If we cancel your McLEAR Account(s), you must tell us what you want us to do with any unused funds, minus the Cancellation Fee, within 3 months of the date we tell you that your McLEAR Account(s) is cancelled.
If your McLEAR Account(s) is cancelled, we will immediately block your McLEAR Product(s) so they cannot be used. You will not be entitled to a refund of money you have already spent on transactions authorised or pending or any fees for use of the McLEAR Product(s) before the McLEAR Account(s) is cancelled or expires. You can cancel your McLEAR Account(s) by contacting us at email@example.com
If you cancel your McLEAR Product(s), once all transactions and fees have been deducted, we will arrange for any unused funds to be refunded to you, see “Your Right to a Refund” section below for further information. A Refund Fee may be charged (see Limits and Fees section below) unless you have arranged to transfer any unused funds to another McLEAR Product managed by us, or you cancel your McLEAR Product within 14 days of receiving it.
Your McLEAR Product(s) will be valid for 36 months from month of registration, after which your Product(s) will no longer be able to make contactless payments or have any funds available into your Account.
If we issue a replacement McLEAR Product we may charge a fee. Please see section 16 for a summary of Limits and Fees.
9. Keeping your McLEAR Product(s) secure
You should treat your McLEAR Product(s) like cash. If a McLEAR Product is lost or stolen, you may lose some or all of your money, in the same way as if you lost cash in your wallet or purse. As a result, you must keep your McLEAR Product(s) safe and not let anyone else use them.
We recommend that you check the balance on your McLEAR Product(s) regularly using the McLEAR Smartphone ‘App’. Here we will provide you with your balance and a statement of recent transactions at any time. Your statement will show:
- information relating to each transaction which will enable it to be identified;
- the amount of the transaction shown in the currency in which the transaction was paid or debited to the account;
- the amount of charges for the transaction;
- the date the transaction is authorised or posted on to the account;
- the Merchant at which the transaction took place;
- the location at which the Merchant resides;
10. Lost and stolen McLEAR Product(s) and unauthorised or incorrectly executed payments
In the event of a lost or stolen McLEAR Product you can block it immediately by logging into your account using the mobile app and placing a suspend on the Product. If your Ring is found, you can reactivate your Ring from within the mobile app.
You may also contact us at firstname.lastname@example.org without undue delay to report the McLEAR Product is lost or stolen.
If you think that a transaction has been incorrectly executed or made fraudulently you can report this via the website or Smartphone ‘App’.
We will refund any incorrectly executed transaction within 24hr and during business operating hours unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity, however you may bear the loss, up to £35 in total (or equivalent currency), if the transaction results from the use of a lost or stolen McLEAR Product.
However, if the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your McLEAR Product(s) secure), you may be liable for any loss we suffer because of the use of the McLEAR Product(s).
If you’re due a refund for an unauthorised transaction, we’ll make sure you receive this no later than the end of the next business day.
11. Our Liability
We will not be liable for any loss arising from:
- any cause, which results from abnormal or unforeseen circumstances beyond our control, consequences which would have been unavoidable despite all our efforts to the contrary; or
- a retailer refusing to accept your McLEAR Product(s); or
- our compliance with legal and regulatory requirements;
- loss or corruption of data unless caused by our wilful default.
We are also not liable for:
- business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
- any indirect or consequential loss;
- For the goods or services that are purchased with your products
- Where you or an additional cardholder or Ring holder acted with:
- Undue delay
- Fraudulently; or
- With gross negligence
McLEAR is not liable for any:
you incur because you do not have adequate funds in your wallet at the time of travel/purchase goods or services.
McLEAR is not liable for any overpayments or any other costs incurred because you have not completed your travel/journey or transaction as you intended.
12. Your right to Refund of funds and refunding of transactions on your McLEAR Product(s)
Refunding the funds in your McLEAR Account
You have the right to Refund the funds in your McLEAR Account at any time in whole or in part. To do so please follow the Refund instructions within the McLEAR Smartphone App and ensure you have allowed sufficient time for any and all transactions and fee to settle.
You may also initiate this Refund request by sending us an e-mail using the “contact us” facility on the Website, requesting a refund and indicating the amount to be redeemed. If you request a refund of all funds on your McLEAR Account, please confirm in writing that you wish to close your McLEAR Ring Account. We will then place an irreversible block on your McLEAR Ring.
A Refund Fee will be charge for each Refund Request made, please see section 16 for a summary of Limits and Fees.
In order to initiate a Refund, the McLEAR Account must have a positive balance. In addition, the minimum amount that can be refunded including the refund fee (see section 16) must be available in your McLEAR account.
When we process your Refund request to the funding source in the McLEAR smartphone application, we may require you to provide us with documents such as identification (e.g. driving licence or passport) so that we may process your request in accordance with legal requirements. We may charge a Refund fee if one of the following circumstances applies:
- You are requesting Refund before termination or expiry of this agreement;
- You cancel this agreement before any agreed termination or expiry date; or
- You request a Refund more than one year after the date of termination or expiry of this agreement.
We will not redeem the value of the funds on your Product to you if your request for a Refund of the funds is more than six years after the date of termination or expiry of this agreement.
Please see section 16 for a summary of Limits and Fees including Refund fees.
You may be entitled to claim a Chargeback in relation to transactions where:
- the transactions were not authorised under this agreement;
- we are responsible for a transaction which was incorrectly executed notified to us in accordance with section 12 above;
- a pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than you could reasonably have expected considering normal spending patterns on the McLEAR Product or the circumstances of the transaction.
A Chargeback claim in the circumstances set out above will not be accepted if the amount of the transaction was made available to you at least four weeks before the transaction date or it is made more than eight weeks after being debited to your account.
We will return the funds to you in to your McLEAR Account. However, to enable us to comply with our legal obligations, we may ask you to provide us with certain information before we can process your Chargeback request.
13. Changes to these Terms
We may change these terms at any time by notifying you by e-mail or other agreed means at least two months before the change is due to take effect. The up-to-date version of the McLEAR prepaid Visa programme terms and conditions will always be available on the Website and Smartphone ‘App’. The change will automatically take effect and you will be taken to have accepted the notified change unless you tell us that you do not agree to the change. In that event, we will treat that notice as notification that you wish immediately to terminate. In such circumstances we will refund any balance on the McLEAR Account in accordance with section 12 above and you will not be charged a Refund Fee.
14. Foreign Currency Transactions
For transactions made outside of your Ring currency, we will charge a fixed currency conversion fee. Details of the fee for your product can be found in section 16. Limits and Fees. The rate used for conversion will be based on the Visa conversion rate applicable at the time the transaction is processed. Details of Visa conversion rates can be found at: https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html
15. International Payments
You may use the McLEAR payment Ring abroad. The way we treat payments made to payment service providers outside the European Economic Area (EEA) will change as will payments in the non EAA currencies to payment service providers within the EEA and unless stated otherwise, your terms and conditions will apply equally.
You’ll no longer be able to pay charges for anyone you are making a payment to within the EEA (regardless of the currency of the transfer).
The European Economic Area (EEA) includes all the member states of the European Union, Iceland, Norway and Liechtenstein.
16. Limits and Fees
We do not charge any fees for checking your online balance and transactions. The table below shows any limits (where applicable) and fees:
|Ring RRP per unit
|Replacement unit fee
|Refund fee (from wallet to funding source)
|Closing account fee (Refund)
|Chargeback fee (erroneous claim)
|Balance enquiry fee
|Administration fee (this fee will apply to all loading methods)
|Foreign exchange transaction fee
|Minimum Top-Up amount
|Maximum Top-Up allowance per day
|Maximum monthly Top-Up (per month)
|Maximum Annual Top-Up (per year)
|Maximum number of Top-Up attempts per day
|Maximum single Top-Up amount
|Maximum account balance at any time
|Maximum total daily spend amount
17. Your Details
You must let us know as soon as possible if you change name, address, phone number or e-mail address. If we contact you in relation to your McLEAR Products, for example, to notify you that we have cancelled your McLEAR Products or to send you a refund by cheque, we will use the most recent contact details you have provided to us. Any e-mail to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not notified us.
We may need to contact you urgently if we suspect or find fraudulent activity has occurred on your account (provided we are not prohibited from doing so by law) or if we suffer a security threat.
18. Data Protection
19. Disputes with Retailers
If you have any disputes about purchases made using your McLEAR Products, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your McLEAR Products. Remember that once you have used your McLEAR Products to make a purchase we cannot stop that transaction.
McLEAR is not liable for any overpayments/fares/fines you incur because you do not have adequate funds in your wallet at the time of travel/purchase. McLEAR is not liable for any overpayments or any other costs incurred because you have not completed your travel/journey or transaction as you intended.
The McLEAR Payment Ring does not come with a PAN/long card number or CVV number.
If you have an enquiry relating to the McLEAR Prepaid Visa programme, McLEAR Products or if your Product has been lost or stolen, you can use the “Contact Us” facility on the website. We will deal with your enquiry promptly.
The McLEAR prepaid Visa programme is issued by McLEAR Ltd. If you are unhappy in any way with your McLEAR Products or the way it is managed, tell us by using the e-mail enquiry facility on the Website so we can investigate the circumstances for you, or you can email email@example.com. McLEAR will acknowledge receipt of complaint within 24 hours, by email. Any complaints you have will be dealt with quickly and fairly.
We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case).
Where McLear Limited fails to resolve a client’s complaint within the 15 day time frame, or where the client feels that the complaint was not handled appropriately, (including cases where the complaint was not properly identified as a complaint), the client have the right to file a complaint to PayrNet if they believe that we provide our services improperly or our operations breach customers’ rights or legitimate interests. The filing of complaints and complaint handling process is free of charge at PayrNet.
PayrNet shall accept complaints submitted in person (directly to Customer Service employee, verbally or in writing), by regular or registered mail (sending it to PayrNet’s registered office 138 Holborn, Holborn, London EC1N 2SW or actual place of business), email (at the address firstname.lastname@example.org) or through the digital channels provided by PayrNet’s online and mobile platforms.
As a last resort, the client may be able to approach the Financial Ombudsman Service directly for a resolution. The Ombudsman may be contacted by filling an online complaint form https://help.financial-ombudsman.org.uk/help, or by calling them on 0800 023 4567 (+44 20 7964 1000 when calling from outside of the United Kingdom)
The McLEAR prepaid Visa Programme is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the McLEAR prepaid Visa Programme. This means that in the unlikely event that McLEAR Ltd becomes insolvent your funds may become valueless and unusable and as a result you may lose your money.
We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you two months’ prior notice of this. If we do this, your rights will not be affected.
24. Transfer to a new Prepaid Product
We may transfer your unused balance to a new Prepaid Reloadable Product provided by a Prepaid Product issuer other than McLEAR Ltd at any time. Before we do this, we will give you two months’ notice of the new Prepaid Reloadable Product arrangements and the new Prepaid Reloadable Product terms and conditions. Unless you advise us within the two-month period that you do not want a new Prepaid Reloadable Product from the new Prepaid Reloadable Product issuer, you agree that we can automatically transfer the unused balance on your McLEAR prepaid Visa Programme to a new Prepaid Reloadable Product provided by the new Prepaid Reloadable Product issuer.
25. Governing Law
This Agreement is concluded in English. All communications with you will be in English. These terms and conditions will be construed in accordance with English law.
26. Fund Protection
As a responsible e-money issuer McLEAR Ltd ensures that once it has received your funds they are deposited in a secure account, specifically for the purpose of redeeming transactions made by your McLEAR Products. In the event that McLEAR Ltd becomes insolvent, funds that you have sent which have arrived with and been deposited by McLEAR Ltd are protected against the claims made by creditors.
27. McLEAR prepaid Visa programme Issuer
The McLEAR prepaid Visa programme is issued by PayrNet Limited pursuant to a license by Visa International Incorporated. PayrNet is authorised by the Financial Conduct Authority of the United Kingdom under the Electronic Money Regulations 2011 (register reference 900594) for the issuing of electronic money.
The McLEAR Prepaid Visa programme is operated by PayrNet Limited, 138 Holborn, London, EC1N 2SW, UK.