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User Agreements

PAPEL WALLET APPLICATION TERMS OF USE AND PAYMENT SERVICES

FRAMEWORK AGREEMENT

1. PARTIES

This Papel Wallet Application Terms of Use and Payment Services Framework Agreement

("Agreement") has been concluded between Papel defined below and the payment services

user ("User") on the terms set out below.

1.1. Papel's address and contact details are as follows:

Title : Papel Elektronik Para ve Ödeme Hizmetleri Anonim Şirketi

Address : Maslak Mah. Eski Büyükdere Cad. Link Plaza Sitesi Blok

N3-5/33 Sarıyer/Istanbul

KEP Address : papelelektronik@hs01.kep.tr

E-Mail : info@papel.com.tr

Mersis / Registry No. : 0721080593400001 / 268941-5

Tax Office/No : Maslak Tax Office - 7210805934

1.2. The identity and contact information of the User is the identity and contact information

provided in the application made when opening a Payment Account with Papel.

For the purposes of this Agreement, Papel and the User shall be referred to as "Party" and

together as "Parties".

2. DEFINITIONS

Open Banking Service: Services that enable the User to remotely access the financial

services offered by financial institutions (banks and/or payment/electronic money institutions)

through methods such as APIs, web services, etc. via Papel to perform financial transactions

or to view other financial accounts ("Account Information Service") and to give instructions

to initiate payment orders ("Payment Order Initiation Service"),

Recipient: The natural or legal person to whom the funds subject to the Payment and/or

Electronic Money transaction are intended to reach,

Digital Wallet: The payment instrument and the Mobile Application, which is offered as an

electronic device, online service or application where the information related to the Payment

Account or Payment Instrument defined by the User is stored and which enables the User to

perform a Payment Transaction using the information related to the Payment Account or

Payment Instrument defined by the User,

Electronic Money: The monetary value issued by Papel in return for the funds received from

the User, stored electronically, accepted by real or legal persons other than Papel and used to

perform payment transactions defined in the Law,

Bill Payment: Payments made in return for services provided to meet needs such as

electricity, communication, water, natural gas,

Fund: Banknotes, metallic currencies, bank money or electronic money,

Fund Conversion: The process of converting electronic money into banknotes, metallic

currencies or bank money,

Sender: A natural or legal person who issues a payment order from his/her own payment

account or without a payment account,

Sensitive Customer Data: Personal security information and personal data related to the

Payment Instrument such as password, security question, certificate, encryption key and PIN,

card number, expiration date, CVV2, CVC2 code, etc. used in the issuance of the Payment

Order or authentication, which, if intercepted or changed, may allow fraud or fraudulent

transactions,

Incorrect or Unauthorized Transaction: A Payment Transaction in which all or part of the

Payment Order is sent by a third party who sends the Payment Order against the will and/or

knowledge of the User or who is not authorized to issue a Payment Order and/or the User

does not receive the relevant goods or services,

Account Service Provider ("ASP"): The financial institutions where the Payment Account

accessed during the User's use of the Open Banking Services is located,

Contact Center: The current contact number and call center specified on the Website for all

kinds of announcements regarding the use of Digital Wallet, contracted merchants,

campaigns, costs and fees, and all kinds of detailed information regarding refunds and other

payment transactions,

Website: The website where the services and campaigns offered by Papel are published,

which can be accessed from https://papel.com.tr/ after the User completes the Identity

Verification steps,

Working Day: Monday, Tuesday, Wednesday, Thursday, Friday, except public holidays,

Law: Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and

Electronic Money Institutions,

Card and/or Papel Card: A virtual and/or physical card issued by Papel that provides access

to the User's Papel account, which can be used for the purchase of goods and services or on

which a prepaid value can be carried,

Cardholder: The User who has been issued a card by Papel,

Authentication: The mechanism that provides assurance that any identity information

reported actually belongs to the person reporting it,

Identifier: A combination of numbers, letters or symbols and passwords that Papel assigns to

the User in order to identify the User and distinguish him/her from other persons,

Personal Security Information: Information identifying the Payment Instrument and the

identity of the User, such as password, expiration date, security number that can be used when

performing transactions with the Payment Instrument,

User: The person who is a Payment Services user and uses the products and services offered

by Papel through the Payment Instrument and Digital Wallet,

KVK Legislation: Law No. 6698 on the Protection of Personal Data and related secondary

regulations,

MASAK: Financial Crimes Investigation Board,

Legislation: Law, Law No. 5549, Regulation, Communiqué and other relevant legal

regulations,

Mobile Application and/or Web Application: The application that enables access and use of

the services offered by Papel and the Digital Wallet by being installed on a mobile device

such as a smartphone or tablet or accessed from the Website by completing the User's Identity

Verification steps (references to the Mobile Application in the interpretation of this

Agreement shall also be deemed to be made to the Web Application),

Payment Instrument: The card, mobile phone, password and similar personalized tool

determined between Papel and the User in accordance with this Agreement and used by the

User to issue the Payment Order,

Payment Order: The instruction given by the User for the realization of the Payment

Transaction,

Payment Account: The account opened on behalf of the user with Papel and used to provide

payment services,

Payment Service: The payment services that Papel offers to the User in accordance with the

Law and the relevant secondary legislation within the framework of the terms and conditions

set out in the Agreement,

Payment Transaction: The activity of depositing, transferring or withdrawing funds upon the

instruction of the Sender or Recipient,

Papel System: Payment Account, Digital Wallet and other payment tools offered by Papel,

which enable the continuous realization of Payment Services, which are opened to the use and

access of the User through the Website and Mobile Application,

Communiqué: Communiqué on Information Systems of Payment and Electronic Money

Institutions and Data Sharing Services of Payment Service Providers in the Field of Payment

Services,

CBRT: Central Bank of the Republic of Turkey,

Remote Communication Tool: Any means or medium such as letter, catalog, telephone, fax,

electronic mail message, internet, short message services, etc., which enable the establishment

of a contract without physically meeting,

Regulation: Regulation on Payment Services and Electronic Money Issuance and Payment

Service Providers,

Law No. 5549: Law on Prevention of Laundering Proceeds of Crime dated 11/10/2006 and

numbered 5549.

3. SUBJECT AND SCOPE OF THE AGREEMENT

This Agreement has been concluded online through the Remote Communication Tool in order

to regulate the conditions for the User to benefit from the Electronic Money and Payment

Services offered by Papel within the framework of the activity permit obtained from the

CBRT within the scope of the Law and the rights and obligations of the Parties in this context.

4. GENERAL PRINCIPLES

4.1. The User will be able to benefit from the Payment Services through the Payment

Account, Digital Wallet and/or Payment Instrument to be created with Papel upon

completion of the processes specified below.

4.1.1. The User submits his/her request for Payment Account opening and/or

Payment Instrument to Papel through the Papel System. The information and

documents related to the service requested by the User must be submitted

through the channels determined by Papel (methods such as mail, fax,

electronic mail and online video calls, or a centralized structure or other

innovative methods in accordance with the technology of the day). Papel has

the right to request information and documents such as T.R. Identity Number,

Name Surname, Address Information, etc. within the framework of the

principle of recognizing the customer with remote identification during

account opening in accordance with the Legislation. Papel reserves the right to

request different information and documents from the User and to determine

their transmission channels according to the nature of the service provided and

the provisions of the relevant Legislation.

4.1.2. Even if the User submits the information and documents specified in Article

4.1.1 to Papel, Papel reserves the right to refuse the User's request to use the

Payment Services. In this case, the User agrees that he/she shall not be entitled

to claim any damages and losses from Papel.

4.1.3. At Papel's sole discretion and option in the event that the remote identification

and contracting processes are not implemented or completed, The User accepts

and undertakes that it may be possible for a courier authorized by Papel to

come to the User's residence/work address notified to Papel and obtain the

information and documents required for identity verification for the

establishment of this contract, and that this courier to be sent through Papel is

authorized to request this information and documents, and in cases where

courier delivery will be in question in this context, the User agrees and

undertakes to be at this address on the date and time the courier arrives at the

address.

4.2. Papel will provide confirmation of the Identifiers that allow the User to access the

Papel System and will determine the methods to log in. After logging in through the

Identifier, the User will be able to access the Papel System by introducing the

confirmation password to the Papel System.

4.3. In the event that the Identifier specified by the User is incorrect, Papel shall not be

held responsible for the non-execution or incorrect execution of the payment

transaction.

4.4. The User gives consent to Papel for the commencement and completion of the

Payment Transaction via Papel System, Card or other permanent data storages (text

message, electronic mail and any other similar means or media) if Papel accepts. The

Payment Transaction shall be deemed to be authorized by the User by entering the

verification code to be transmitted by Papel for the execution of the Payment

Transaction in the relevant field and similar methods. The approval for the Payment

Transaction may be given before or after the Payment Transaction in accordance with

the agreed method. A Payment Transaction that has not been approved in accordance

with the agreed method shall be deemed not authorized. Depending on the type and

amount of the Payment Transaction, Papel may change the approval procedure in

accordance with its risk policies.

4.5. Once the Payment Order has been transmitted by the User, it cannot be revoked by the

User unless otherwise agreed between the parties. Where the Payment Transaction is

initiated by the Recipient, through the Recipient or by the payment order initiation

service provider, the User in the position of the Sender may not withdraw the Payment

Order once the User has transmitted the Payment Order to Papel or given Papel

approval for the execution of the Payment Transaction. In the case of a direct debit

payment transaction, the User may withdraw the Payment Order no later than the end

of the business day preceding the day agreed for debiting the funds to the account.

After the deadlines specified in this Article have elapsed, the withdrawal of the

Payment Order is subject to the agreement of the parties. The Buyer's consent is

required for the User to undo the payment transaction after the expiry of the deadline.

Papel may charge a fee for the reversal of the Payment Order, limited to the costs

incurred.

4.6. All kinds of announcements regarding Payment Services, contracted merchants,

campaigns, point applications, costs and fees and any other detailed information can

be obtained from the Contact Center or Digital Wallet.

4.7. The moment when the Payment Order given by the User with the title of Sender is

transmitted to Papel shall be deemed as the moment of receipt of the Payment Order,

and if it is decided to carry out the Payment Transaction on a certain day, the day

agreed for the Payment Transaction shall be deemed as the date of receipt of the

instruction. The User accepts and declares that the Payment Order in question can be

transmitted until 24:00 (00:00), excluding holidays, and that the payment order

received later will be deemed to be received by Papel on the next business day.

Payment orders, other than payment orders received with the instruction to be

executed on a specific day, shall be executed at the first available time for EFT, FAST

or other systems according to the amount/time and other conditions. In cases such as

fulfilment of pending orders in order due to transaction intensity and similar reasons,

the first available time will be evaluated to include the reasonable time required to

process such orders.

4.8. In the event that a Payment Order is issued by the User who has the title of Sender

within the framework of Payment Services, a transaction receipt containing the

following information regarding the transaction shall be sent to the User after the

Payment Account is debited, and in the event that the Payment Account is not used,

after the Payment Order is received:

i. Receipt No/ Transaction reference No and Recipient information,

ii. Amount and the currency in which the transaction took place,

iii. Breakdown of fees and commissions to be paid,

iv. Information on the exchange rate and calculation method used in the Payment

Transaction, if any,

v. Information on the date the Payment Order was received or the Payment

Account was debited.

4.9. After the Payment Transaction is realized, Papel will send the transaction receipt

containing the following information regarding the transaction to the User who has

the title of Buyer:

i. The information that must be provided by the Buyer in order for the Payment

Transaction to be realized,

ii. Amount and the currency in which the transaction took place,

iii. Breakdown of fees and commissions to be paid,

iv. Information on the exchange rate and calculation method used in the Payment

Transaction, if any; and

v. Information on the date on which the payment amount was made available to

the Recipient.

4.10. The User may also view the transaction receipts within the scope of Articles 4.8. and

4.9. via Papel System and/or Digital Wallet.

4.11. The user has the right to request that the information within the scope of Article 4.8.

and Article 4.9. be made at regular intervals to be determined by Papel, at least once a

month, without any charge, in a way that allows the information to be stored and used

without change.

4.12. The User may at any time request the partial or complete conversion of Electronic

Money into funds. Unless Papel has a right or obligation to the contrary in accordance

with the Legislation, Papel shall carry out the transactions regarding the repayment of

the funds up to the equivalent of the Electronic Money upon the request of the User

without delay and in any case no later than the end of the next business day after

receiving the request.

4.13. Papel pays the funds equivalent to the Electronic Money only to the bank accounts of

the Users registered in the system. In cases where the funds equivalent to electronic

money are paid by credit card, the repayment of electronic money may be restricted

within the framework of the provisions of the Legislation. In order for the payment to

be made, the User's account must be approved and the authentication information

requested by Papel must be provided by the User. Papel is not responsible for delays

caused by banks used as intermediaries in payments.

4.14. The information and documents provided by Papel using Remote Communication

Tools will be kept in accordance with the provisions of the KVK Legislation and other

applicable Legislation. The User will be able to access the information and documents

provided through Remote Communication Tools through the Papel System, without

prejudice to the provisions of the relevant Legislation.

5. RIGHTS AND OBLIGATIONS OF THE PARTIES

5.1. Persons who wish to benefit from all of the services offered by Papel must open an

account through the Papel System by completing the steps of identification and

identity confirmation, the minimum conditions of which are determined within the

framework of the Legislation and required by Papel.

5.2. The User agrees that he/she is competent to accept this Agreement regarding the

Payment Services, that he/she is an adult as of the date of acceptance of this

Agreement, that he/she acts on his/her own behalf and account, that he/she acts on

behalf of someone else and/or transfers the Payment Account to a third party and that

his/her identity, contact and other identification information changes, Law No. 5549 in

writing to Papel through the channels indicated by Papel in accordance with the

relevant Legislation, including Law No. 5549, and accepts that Papel may request

identification and/or information supply based on this notification, and that it will use

the services under this Agreement within the limits determined by the Legislation.

Otherwise, Papel shall not be liable for any transaction, including unauthorized,

erroneous transactions, unfair, unlawful use of third parties, fraud, etc., and shall have

the right to unilaterally terminate the Agreement without compensation, suspend and /

or close the Payment Account and / or Payment Services temporarily or permanently

in case of violation of this article, including but not limited to the aforementioned

issues.

5.3. The User may not use Papel's services for illegal or immoral purposes or for the

provision of goods or services that are directly or indirectly illegal or immoral.

5.4. The User accepts that if he/she uses the Payment Instrument for purposes contrary to

the Legislation and/or public morality, especially banned products, illegal products,

immoral products and services, pornographic content, drugs, products for drug

trafficking, illegal betting - gambling and similar activities, he/she accepts all kinds of

responsibility arising from these uses.

5.5. Within the scope of internal control and compliance activities, the scope and rules of

which will be determined by Papel in accordance with the legislation;

i. The accuracy of the identity information and contact information provided by

the User during or after account opening,

ii. Whether the User is acting on behalf of someone else,

iii. Whether he/she has given any password and access authorization, including

Sensitive Customer Data, given to him/her to use the Services to third parties

for a benefit,

iv. Whether you are using the services for illegal activities,

v. Whether the transactions carried out within the scope of the Services were

carried out in a fraudulent or unauthorized manner,

vi. Papel may check whether there is fraudulent or unauthorized access to the

Payment Account or whether there is an attempt to initiate a payment

transaction in a fraudulent or unauthorized manner, and may observe, report

and record the User's transactions for these purposes. In case of suspicion or

determination that the obligations in this article have been violated by the User,

Papel shall not be liable for any transaction, including unauthorized, erroneous

transactions, unfair, unlawful use of third parties, fraud, etc., and shall have the

right to unilaterally terminate the Agreement without compensation,

temporarily or permanently suspend and/or close the Payment Account and/or

Payment Services, including but not limited to the issues listed.

5.6. Papel shall execute the Payment Order on the payment date agreed with the User,

provided that the Payment Order is submitted at the latest 1 (one) day before, and in

cases where the payment date is not agreed with the User, at the latest within 4 (four)

business days from the date the Payment Order is received by Papel. Papel is obliged

to make the Payment Transaction amount immediately available to the User if the

User is the Buyer. Papel is in no way responsible for the transactions of the Buyer's

bank or payment service provider.

5.7. Papel may offer different identification methods and account types for its Users within

the scope of the Legislation and its own risk management policy and may set limits on

transactions to be carried out through its services. The services offered by Papel and

the limits and restrictions regarding these services may be differentiated within the

scope of the Legislation and risk management policies. The User agrees that he/she is

bound by the transaction limits set by Papel and cannot perform transactions above

these limits. Papel may update the transaction limits at any time by making a

notification in accordance with the methods and periods specified in the Agreement.

5.8. The User accepts that Papel has no responsibility for the goods or services purchased,

that the goods or services comply with the laws and morals and that the goods or

services are provided or delivered in a complete manner free from defects, invoice,

delivery note, warranty certificate, etc. It is the obligation of the Buyer to submit the

mandatory documents to the User according to legal regulations and that Papel has no

responsibility for them.

5.9. The User accepts and declares that the information regarding any transaction carried

out within the scope of this Agreement may be shared by Papel with the relevant

institutions and organizations in order to fulfil its legal obligations and / or may be

anonymized and used.

5.10. The provision of the Payment Services, the scope, methods and the decision to

continue to provide services with these methods, to add new methods or to remove

some methods is at the sole discretion of Papel.

5.11. In the event of any technical interruption that the User may encounter while

performing an Open Banking Service transaction, the User must contact the customer

service of the party that experienced this interruption.

5.12. The User is subject to transaction limits and transaction restrictions imposed by the

financial institution to which the User has added Open Banking Service services.

5.13. The authority regulating the provisions of the Open Banking Service and the technical

infrastructure provider may impose limitations on the services to be offered. The User

using the Open Banking Service is also subject to the other terms and conditions set

forth in this Agreement.

6. TECHNICAL SPECIFICATIONS THAT THE USER DEVICE MUST MEET

6.1. In order for the User to benefit from the services offered by Papel within the scope of

this Agreement, the User must have devices with the technical competence to use the

Mobile Application (Android 6 and above operating systems and mobile phones with

IOS 14 and above operating systems and computers and similar devices listed in the

provision numbered 6.4).

6.2. Papel may request the Mobile Application to be updated to improve the User

experience. In case the Mobile Application is updated, the device used must also be of

a nature that will allow the operating system to allow these updates to be made.

6.3. The User accepts, declares and undertakes that he/she knows that he/she cannot create

a Payment Account on devices that are not technically capable of running the Mobile

Application and that he/she cannot use the Payment Account he/she has created on

devices that are not technically capable.

6.4. In order for the User to use the Website and the Web Application, the User must have

a desktop computer, laptop, tablet, smartphone or similar device that can connect to

the Internet and has a web browser installed that allows browsing basic websites.

6.5. Papel cannot be held responsible for any problems and complaints that may arise due

to the inability to use the Payment Instrument or the payment transaction cannot be

realized due to any problem arising from the payment infrastructure of the internet and

e-commerce sites where shopping is desired. Papel shall also not be responsible in any

way for the transactions of the Buyer's payment service provider.

6.6. In case of any deficiency or failure in the User's use of the Payment Services with the

Remote Communication Tool, it will be necessary to contact Papel via the Contact

Center.

6.7. While using the Papel System, the User is responsible for (i) ensuring that the internet

connection of the device is secure, (ii) installing and using virus protection software

that ensures the security of the device, (iii) taking the necessary measures to prevent

the device from being seized by third parties. Papel shall not be responsible for any

damages that may occur due to the use or control of the device used by the User to

access the Papel System by unauthorized persons.

7. SPECIAL PROVISIONS FOR THE CARD

7.1. Within the scope of this Agreement, the User can benefit from the payment services

provided by Papel with the debit/credit cards defined to the Papel account and the

payment services provided by Papel with the 3D Secure verification method. The

debit/credit cards to be defined to the Papel account must be a card issued only in the

name of the Digital Wallet account holder.

7.2. The responsibility arising from the use of Papel Card belongs to the User from the

moment the Agreement is established and the possession of the Card passes to the

User or the Card number is learned for prepayment cards that do not have a physical

presence.

7.3. With Papel Card, the user can purchase products and services, withdraw cash, use it

for payment and money transfer transactions, cash withdrawal transactions at banks

and ATMs in contracted institutions/organizations/businesses.

7.4. The use of the Cards, settlement and offsetting transactions are subject to the

provisions of the Law and the regulations and other relevant legislation. In case of any

amendment in the legislation, the amendments shall be applied as of the effective date.

7.5. The User's liability arising from the use of the Card shall commence from the moment

the card is received or the information of the card/Digital Wallet without physical

presence (virtual) is transmitted to him/her, and the User is obliged to take the

necessary security measures regarding the Card from this moment onwards. It is the

User's responsibility to protect the Card, electronic devices such as mobile phones,

etc., which may enable the use of the Card due to the storage of Card information, and

information about the code number, password or other identifying methods for the use

of the Card in a secure manner and to take measures to prevent its use by others.

7.6. It is possible to learn all kinds of announcements regarding the use of the card,

contracted workplaces, cash withdrawal points, campaigns, cashback and/or point

applications, costs and fees and all other detailed information through the Contact

Center and/or Website and/or ATMs, kiosks and similar systems for automatic

transactions with the card belonging to Papel or its contracted banks or institutions.

7.7. In the event that it is determined that the Card is not used in accordance with the

corporate policies or the relevant Legislation or that the use of the Card is abused,

Papel may immediately stop the use of the Card without prior notice.

7.8. The debit and credit records arising from the use of the card abroad shall be notified to

Papel in foreign currency through the relevant international card organization and the

expenditures, together with the relevant commissions and expenses, shall be converted

into Turkish Lira at the foreign exchange sales rate determined by Papel in accordance

with the provisions of the Legislation on the date of registration in the User's account

or at the monthly average rate to be determined for such expenditures and reflected to

the User.

8. CASHBACK CAMPAIGN AND LOYALTY PROGRAM

8.1. Cashback campaign is the return of a certain percentage or a certain amount of the

User's spending on services, transactions, businesses and/or categories determined by

Papel to the User's account as electronic money.

8.2. The conditions of the campaigns to be carried out within the scope of the Cashback

campaign and the maximum Cashback amount and rate that can be earned at

workplaces and/or in categories within the scope of these campaigns are published on

the Website and Mobile Application.

8.3. Papel has the right to make any changes and/or terminate the campaign conditions at

any time and without prior notice, and in the event that Papel updates these changes

via the Website and Mobile Application, it will be deemed that the User is aware of

the relevant change.

8.4. In case of cancellation/refund of any expenditure that causes Cashback earning, the

amount credited to the User account as Cashback by Papel is refunded as soon as the

refund/cancellation is reflected in the Payment Account. In the event that the refund is

made to the User by a different payment method (for example; cash, money order, gift

voucher, etc.) as a result of the cancellation/return of any expenditure that causes

Cashback earnings, the Cashback amount paid to the User by Papel is collected as

Electronic Money from the User's Payment Account. In the event that there is not

enough Electronic Money in the User's Payment Account, Papel reserves the right to

take legal action.

8.5. In cases where the Cashback campaign is foreseen for expenditures in a certain

category, Papel will take into account the MCC (merchant category) information and

transaction description information of the merchant where the expenditure is made. In

the event that there is insufficient information about the relevant category in the

category and/or transaction description, Cashback payment will not be made by Papel.

8.6. In the event that it is determined that the Cashback campaign is abused and/or if Papel

believes that there is abusive use by Papel, Papel reserves the right not to pay the

Cashback amount to the User or to take back the Cashback amount if it has been paid.

Users participating in the Cashback campaign agree that the determination of abuse

may be made unilaterally by Papel and that necessary actions may be taken by Papel

without notice.

8.7. The User agrees that Papel may implement loyalty programs and other applications in

accordance with its own terms and rules, that the rewards and / or points earned within

the scope of the applications may be used exclusively within the framework of the

rules to be determined by Papel, and that the said rewards and / or points do not

qualify as electronic money.

9. INCORRECT AND UNAUTHORIZED TRANSACTIONS AND

REIMBURSEMENT

9.1. The User shall be responsible for protecting his/her account created for the use of the

Digital Wallet (including the relevant username and password), the Payment

Instrument in his/her possession and Sensitive Customer Data and shall not share them

with third parties. In case of loss, theft or unauthorized use of the aforementioned

information and the Payment Instrument, the User is obliged to immediately notify

Papel via destek@papel.com.tr e-mail address or Contact Center.

9.2. The User may immediately and in any case within 13 (thirteen) months following the

execution of the payment transaction, request correction by submitting an

unauthorized or erroneous transaction notification. If this request of the User is

deemed appropriate, the relevant transaction fee will not be transferred to the Buyer

and will be returned directly to the User as soon as possible by Papel, and if the

transaction fee has been transferred to the Buyer at the time of notification, Papel will

request the Buyer to return the relevant amounts to the User. If the Buyer agrees to

return the relevant amount to the User, this amount will be returned to the User. If the

Buyer does not agree to return the relevant amount to the User, Papel's responsibility

for the return of the amount will end and the User will have to request the amount

transferred to the Buyer directly from the Buyer as a result of the payment transaction.

9.3. If the User fails to fulfil the notification obligation set forth in Article 9.1 in cases of

use of lost or stolen Payment Instrument or use of the Payment Instrument by others

due to failure to properly maintain personal security information, the User shall be

liable for 250 (two hundred and fifty) Turkish Liras of the damage arising from the

payment transaction that he/she did not authorize, and in case of notification in the

aforementioned manner, he/she shall not be liable. In the event that the User uses the

Payment Instrument fraudulently or wilfully or with gross negligence fails to take the

necessary measures to protect the security information related to the Payment

Instrument or fails to use the Payment Instrument in accordance with the terms of

issue and conditions of use, the User shall be liable for the entire loss arising from the

unauthorized payment transaction.

9.4. If Papel has a reasonable belief that there is an unauthorized transaction (the person

using any Payment Instrument is not the authorized person or is not the person who

has the information to carry out the transaction), Papel will review the User's

authorizations and will not incur any payment obligation in case of suspected

fraudulent transaction.

9.5. Papel is responsible to the User for the correct execution of the User's Payment Order.

Papel shall not be held liable for the incorrect execution of the payment transaction if

the Buyer's payment service provider proves that it has received the payment amount.

Papel shall refund the unexecuted or incorrectly executed portion of the Payment

Transaction to the User without delay and reinstate the Payment Account if the

amount has been deducted from the Payment Account.

9.6. For payments received on behalf of the User, Papel immediately transfers the amount

of the Payment Transaction to the User's account and makes it available for use.

9.7. In cases where the Payment Order is issued by or through the Buyer, who is the User,

Papel is responsible to the Buyer for sending the Payment Order to the Sender's

payment service provider correctly. Papel is obliged to transfer this amount to the

Buyer's payment account and make it available for use by the end of the business day

on which the Payment Transaction amount is transferred to the Buyer's payment

account.

9.8. In cases where the payment service provider of the Buyer is Papel, Papel shall

immediately transfer the payment transaction amount to the Buyer's account and make

it available for use following its transfer to their account. If Papel proves that it has

correctly sent the Payment Order to the Sender's payment service provider, it cannot

be held responsible for the incorrect execution of the Payment Transaction. Upon

request, Papel shall detect the unperformed or incorrectly performed Payment

Transaction and notify the Buyer of the result.

9.9. In the event that the amount of the Payment Transaction authorized by the Buyer or

initiated through the Buyer is not fully specified during the authorization of the

Payment Transaction and the amount of the actual Payment Transaction exceeds the

amount stipulated by taking into account the expenditure history, contract terms and

other relevant issues, the User may request a refund up to the amount of the actual

payment transaction. Refunds cannot be requested after the consumption of the

purchased goods or receipt of the service. Papel may ask the User to provide factual

evidence of the claim. The refund request must be made within 2 (two) months from

the date of the payment transaction. Papel makes the payment within 20 (twenty)

Business Days from the date of receipt of the User's refund request or refuses it with

its reasons and notifies that it may take legal action.

9.10. In terms of Users for whom Papel is not required to perform identity verification and

identification in accordance with the relevant Legislation; Papel is not responsible for

any damages arising from the use of a lost or stolen Payment Instrument or the use of

the Payment Instrument by third parties due to the failure to properly maintain the

User's security information.

10. CURRENCY IN WHICH THE PAYMENT WILL BE MADE

10.1. The services offered by Papel to its Users and subject to the continuous payment

relationships listed in this Agreement will be provided in Turkish Lira, and in this

context, the regulations set out in the Decree No. 32 on the Protection of the Value of

Turkish Currency, which was put into force by the Decree of the Council of Ministers

dated 07/08/1989 and numbered 89/14392, regarding the currencies used by the Users

in performing payment services, are essential.

10.2. Payments where one of the parties of the transaction is located abroad and payment

transactions that are allowed to be made in foreign currency within the framework of

the Legislation, provided that it complies with the Legislation, are carried out using

the currency determined by Papel within the framework of the relevant Service.

Information will be entered regarding the exchange rate or reference exchange rate to

be applied in relation to payment services or the method of calculating the reference

exchange rate. Changes in the reference exchange rate shall take effect immediately.

Changes in the reference exchange rate in favor of the User shall apply immediately

without notice.

11. FEES

11.1. The fees that the User must pay to Papel for the services provided under this

Agreement are available on Papel's Website and Mobile Application. The User agrees

to pay the fees announced and updated on the Website and Mobile Application during

the period this Agreement is in force. If the User requests additional information, more

frequent information or the transmission of information by methods other than those

specified in this Agreement, Papel may charge fees, expenses or commissions up to

the cost of this transaction.

11.2. Papel may unilaterally change the fees to be charged for products and services and

transactions in accordance with the amendment principle in the relevant Legislation.

11.3. Papel reserves the right to charge a fee for the notification to be made to the User in

the event that the Payment Order is rejected for just cause, the withdrawal of the

Payment Order, the withdrawal of the Funds subject to the erroneous Payment

Transaction and other situations.

12. INTELLECTUAL PROPERTY

"Papel.com," "Papel" and all other URLs, logos and trademarks related to Papel services are

trademarks and registered trademarks of Papel and its licensed companies. In addition, all

page headers, custom graphics, button icons and text are service marks, trademarks and/or

trade dress of Papel. All right, title and interest in and to the Papel System, any content

therein, the technology related to the Papel Services and any technology created or derived

from the foregoing, or any and all technology and content is the exclusive property of Papel

and its licensed companies. The User may not copy, imitate or use them without the prior

written consent of Papel.

13. PROTECTION OF PERSONAL DATA

13.1. The User, Papel's workplace, office or other forms filled in Papel's Representatives,

contact forms filled in electronically, written or verbal communications with Papel

through online channels, including this Agreement, electronic mail, fax or letter sent to

Papel via the electronic mail system, and all kinds of information and documents,

accepts, declares and undertakes that all personal data transferred to Papel in other

ways, including but not limited to the information and documents I have shared

through the telephone channel or directly with Papel, and personal data shared

verbally, in writing or electronically in any other way, may be processed by Papel in

accordance with the KVK Legislation in accordance with the law, accurate, up-to-date

and limited to the period determined by law or required for the purpose for which they

are processed.

13.2. You can access the disclosure and explicit consent texts prepared within the scope of

KVK Legislation and the personal data protection policy on the Website or Mobile

Application.

14. DURATION AND TERMINATION OF THE CONTRACT

14.1. This Agreement will enter into force as soon as the User completes the identity

verification steps before Papel and transmits the account opening approval through the

Papel System, or in case an anonymous account is opened, on the date of approval of

the Agreement, and will remain in force unless terminated in the manner specified

under this article.

14.2. Papel may terminate the Agreement at any time with a written notice of at least 1

(one) month in advance, without prejudice to its obligations arising from the

legislation and the circumstances in which it is required to terminate the agreement

within the framework of the special termination conditions regulated in this

Agreement; The User may terminate the Agreement without any compensation with a

notice of 1 (one) month in advance. The User must submit his/her request to terminate

the Agreement to Papel via the Mobile Application. After receiving the termination

request, Papel will fulfill the requirements of the termination process as soon as

possible, provided that the User has fulfilled his obligations under the Agreement.

This Agreement may be terminated at any time by mutual written agreement of the

Parties.

14.3. In the event that Papel's operating license under the Law is terminated for any reason,

this Agreement may be terminated based on the notification made by Papel without

any compensation obligation to Papel.

14.4. In cases where there is a suspicion of fraudulent or unauthorized use, Papel may

suspend the services provided to the User under the Agreement and close the Payment

Instrument for use. In this case, Papel will inform the User (except for the existence of

regulations preventing the provision of information in the Legislation or the existence

of objective reasons threatening security) and will make the services and Payment

Instrument available to the User again when the reason for suspension is eliminated.

Papel may also suspend the services of the User in case of violation of this Agreement

until the violation is eliminated.

14.5. In the event that the Agreement is terminated for any reason, the amount of funds

equivalent to the issued electronic money shall be sent to the bank account belonging

to the User notified by the User when exercising the right of withdrawal or

termination. The authorities and obligations imposed by the Legislation on Papel

regarding the non-payment of the fund amount equivalent to the issued electronic

money (asset freezing decisions, Papel's use of the right of clearing and offsetting and

similar) are reserved.

15. RIGHT OF WITHDRAWAL

15.1. The User has the right to withdraw within 14 (fourteen) days from the establishment

of the Agreement without any justification and without penal clause. If the User

wishes to exercise his/her right of withdrawal, he/she must notify Papel within 14

(fourteen) days by calling the Contact Center at 0850 241 2424 or by sending an

e-mail to destek@papel.com.tr.

15.2. Within 30 days from the date of receipt by Papel of the notification of the exercise of

the right of withdrawal, all payments, except for the service fees performed in

accordance with the Agreement and the costs paid to a public institution or

organization or third parties, if any, and the fees required by the legislation, shall be

returned to the User. The refund shall be made at once in accordance with the payment

instrument used by the User when purchasing the relevant service, without any cost or

obligation to the User.

15.3. The User is obliged to return to Papel the service fees performed in accordance with

the Agreement and the costs paid to a public institution or organization or third parties,

if any, and the costs that must be paid in accordance with the legislation within thirty

days at the latest from the date of submission of the withdrawal notification to Papel.

If the User does not make the necessary refunds and payments within this period, it is

deemed not to have withdrawn from the contract.

16. REPORTING AND RESOLUTION OF COMPLAINTS

16.1. The user will be able to submit his/her complaints and objections regarding the

services provided by Papel by contacting Papel's Contact Center at 0 (850) 241 24 24

or by e-mail to destek@papel.com.tr with his/her name-surname information and

Papel Account number.

16.2. Papel will review these complaints and inform the User within 20 (twenty) days at the

latest.

16.3. The User may apply to the arbitration committees established within the Association

of Payment and Electronic Money Institutions of Turkey in order to evaluate and

resolve disputes that may arise from the Regulation practices between Papel and

Papel, without prejudice to the provisions of the Law on Consumer Protection dated

7/11/2013 and numbered 6502 and the application rights recognized by other laws.

16.4. Before applying to the Arbitral Tribunal pursuant to Article 16.3, the User must apply

to Papel in writing within 2 (two) years at the latest from the date of the transaction or

action subject to the dispute. If Papel does not respond to the application within 20

(twenty) days from the date of application, the user may apply to the Panel by filling

out the relevant application form within 60 days from the date of the response if the

response given by Papel is not sufficient. The application form can be accessed via

https://todeb.org.tr/hakemheyetibasvuruformu/.

16.5. After filling in the relevant information in the application form and uploading the

required documents, the User will electronically transmit the application to the

Association of Payment and Electronic Money Institutions of Turkey.

17. MISCELLANEOUS PROVISIONS

Force Majeure: Human and natural disasters, war, mobilization, fire, strike, lockout, etc.,

which did not exist and could not be foreseen at the time of the signing of this Agreement and

which occur in such a manner and degree as to partially or completely, temporarily or

permanently stop the working possibilities of the Parties or a single Party, and other

circumstances beyond the control of the Parties are considered force majeure. The Party

subject to force majeure shall immediately notify the other Party in writing and the

obligations of the Parties shall be suspended during the force majeure period. When the force

majeure event ceases, the Agreement shall resume from where it left off. If the force majeure

event lasts longer than 1 (one) month, the Party whose rights are violated may terminate this

Agreement without compensation. In the event that Papel is unable to provide the Payment

Service due to Force Majeure, the User will not be able to claim compensation for the failure

to provide the service.

Applicable Law and Competent Court: Turkish law shall apply to the settlement of disputes

arising out of this Agreement and Istanbul (Central) Çağlayan Courts and Enforcement

Offices shall be competent.

Evidence Agreement: In any dispute regarding the transactions and services under this

Agreement, Papel's electronic and system records, commercial records, book records,

microfilm, microfiche and computer records kept in its own database, servers will constitute

evidence, and the Parties agree that this article constitutes an evidence contract within the

meaning of Article 193 of the HMK.

Amendment: Papel has the right to change this Agreement and terms of service at any time

without any prior notice. If such changes (whether made by Papel or arising from the Law and

other relevant legislation) cause a change in the terms of this Agreement (unless the

Legislative changes stipulate a shorter period of time), the User will be notified 30 (thirty)

days prior to the entry into force of the relevant change, including the scope of the change, the

effective date and the User's right of termination. If the User does not accept the said change,

the User may terminate the Agreement without any fee. If the User does not exercise the right

of termination within 30 (thirty) days, the change will be deemed accepted. The User cannot

make any request from Papel in this context.

Assignment: The User may not transfer and assign this Agreement and the rights and

obligations arising from the Agreement to third parties in whole or in part without the prior

written consent of Papel.

Entire Agreement: The invalidity in whole or in part of one or more of the non-essential

provisions of this Agreement shall not affect the validity of the remaining provisions of the

Agreement.

Waiver: The failure of the other Party to take any action in response to a breach of any

provision of this Agreement by one Party shall not constitute a waiver of the other Party's

rights and the other Party shall always be entitled to exercise its rights arising under this

Agreement in the event of any subsequent breach. Failure to exercise or delayed exercise of

any right arising under this Agreement by the Party concerned shall not constitute a waiver of

such right by the Party entitled thereto.

Notifications: Papel's address specified under this Agreement and the address specified by the

User during registration are the legal notification addresses of the Parties, and unless any

change of address is notified to the other Party in writing, notifications made to these

addresses will have all the provisions and consequences of a notification made in accordance

with the Notification Law No. 7201. Unless otherwise specified in the relevant legislation, all

notifications to be made under the Agreement may be transmitted in writing or electronically.

Papel shall make the notifications to be made to the User under this Agreement at the times

specified in the Agreement via e-mail to be sent to the address specified by the User during

registration or by sending SMS to the phone number.

Settlement and Set-off: In the event that Papel has a receivable from the User under this

Agreement, it has the right or authority to offset the relevant amount from the User's

receivables from Papel. The User agrees that, if Papel agrees, it will make payments under

this article by assigning its receivables from third parties that have arisen and / or will arise.

Prior Information: The User declares, accepts and undertakes that he/she has been informed

in accordance with the draft Agreement on the Website in accordance with Article 42 of the

Regulation before signing this Agreement.

Papel Elektronik Para ve Ödeme

Hizmetleri Anonim Şirketi

User

Name and Surname

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