Paymer's Rules and Conditions of Use


The present rules, hereinafter the "Rules", govern the issuing, changing, splitting and redeeming of bearer instruments (Payment Orders), hereinafter "Paymers", and the use of the hard-and-software complex of the PAYMER system. These Rules are applied to Paymers' bearers regarding their operations in the Paymer system.

The user of the system (the "Issuer") and the Operator - INDX TRANSACTION LLC on behalf of the PAYMER system, hereinafter the "System", must follow these Rules after the conclusion of the 'Agreement on Issue of Orders'. The hard and software complex of the System allows no violations of the Rules.

The Issuer must transfer assests to back issued Paymers to the Operator. It is the Issuer's sole responsibility to issue Paymers and put them into circulation, whereas the System renders paid services to the Issuer based on the use of the hard and software complex belonging to it. The System allows the Issuer to issue a unique digital Paymer with tailor-made parameters. The System must transfer the issued Paymer to the Issuer.

Once a Paymer is issued, the Operator provides the verification, exchange, split or redemption services to any third party that has received the Paymer from the Issuer. The Paymer can be redeemed to receive the assets that have been backing it (the Paymer).

Any person knowing Paymer's number and code is deemed a Paymer's bearer. Any person that was the first to present the Paymer to the System to exchange/split/redeem it is considered the Bearer.


Paymer is a digital bearer instrument fully backed by assets of the agreed type and transferred to the Operator until its partial or full redemption. Paymer is a unique digital code. The presentment of a Paymer to the Operator through the Paymer interface implies the Issuer's order to pay the assets to the Bearer in accordance with these Rules (section 3.2, 3.4)

Components of Paymer

A unique digital Paymer consists of a number and code. The number is a unique digital sequence that gives the bearer a possibility to verify Paymer's amount. The code is a unique digital sequence that together with the number gives the bearer a possibility to change/split/redeem a Paymer by using special hard and software. The number and code comprise a Paymer - the warrant of the assets that the Operator has in possession.

Operator is the holder of assets backing issued Paymers.

Issue is creation of a digital Paymer by the Issuer by using the hard and software provided by the System and its transfer to a third party as payment means in case this third party agrees to accept the Paymer.

Change/Split of Paymers is the process of changing/splitting Paymers providing the Issuer or any third party (the Bearer) with a possibility to issue a new Paymer(s) worth the amount equivalent to that of the primary Paymer by use of technical means provided by the System.

Bearer is any individual that was the first to present a Paymer to the System for the purpose of its change/split/redemption.

Issue of Paymers

The System provides the Issuer with a possibility to issue Paymers with the help of special hard and software. The system provides the Issuer with access to the special hard and software via the Internet.

Desiring to issue a Paymer, any user registered with the System should go to and perform operations required to issue a Paymer.

Before issuing a Paymer, user signs the 'Agreement on Issue of Orders' by electronic means.

Once a Paymer is issued, the Operator will bill the Issuer through the chosen payment system. The payment amount will include the fee charged by the system plus issued Paymer's total amount (denomination). The payment amount will be in monetary units of the chosen payment system. Paymer's number and code will be activated upon the receipt of the payment made by the Issuer by the Operator.

When issuing a Paymer, the Issuer can set up parameters satisfying his demands, namely the number and set of characters used in Paymer's code and number, as well as other parameters.

The Operator is not liable for any direct or indirect damages that may be caused by incorrect or inadequate (as far as property risks are concerned) parameters that fail to protect issued Paymers from cracking or decoding.

The System is not liable for the Issuer's negligence during the issue process that entailed a partial or full compromising of a unique Paymer, caused by computer and communication equipment malfunctions, Trojan Horses, viruses or other similar circumstances.

Publishing of Paymers

The Issuer puts Paymers in circulation in any suitable way, in particular, by transferring them in any form via Internet, email, SMS, by phone, fax, etc., by use of digital or analogous (voice) means of transmission on physical carrier (paper, plastic cards), etc.

The System is not responsible for the loss of issued Paymers caused by:

  • any malfunctions of computer equipment or communication means used by the Issuer or Bearers;
  • imperfection of transmission means used by either the Issuer or Bearers;
  • message wiretapping;
  • loss of the information that is necessary to access Paymers.

Verification of Paymers

On receipt of a Paymer, recipient can verify its amount through the special interface on the website of the System .

Both number and code are required to verify a Paymer.

Paymer's number can be used to verify its amount. In this case, the Bearer can not control the assets backing the Paymer, but the Bearer can verify Paymer's amount before accepting it as payment for products or services.

The person knowing Paymer's second part, namely the Code, cannot verify its amount without its number. Neither does he own the assets backing the Paymer.

Change/Split of Paymers

On receipt of a Paymer, recipient can change its number and code or split it into two or multiple Paymers of the same total amount through the special interface .

The Bearer must present both Paymer's parts - number and code - to the System in order to split it or change its details. The number and code are required both for the System to authenticate the Paymer presented by the Bearer and for the Bearer to exercise his right of possession over the assets backing the Paymer.

Redemption of Paymers

On receipt of a Paymer, recipient can redeem it on the website of the System . The amount of assets equal to the Paymer's value will be transferred to any user of the system.

The Bearer can redeem a Paymer if he presents both its parts - number and code - for the System to be able to authenticate the Paymer and for the Bearer to be able to exercise his right of possession over the assets backing the Paymer.

Partial Redemption in Merchant's Favor

On receipt of a Paymer, its recipient can partially redeem it in favor of any user of the system, namely Merchant of goods or services. Through the interface of the System the Bearer (or Issuer) can order the Operator to transfer funds equal to the payable amount specified by the Merchant to the latter's account in the chosen payment system and issue a new Paymer worth the difference between the Paymer's total amount and the amount payable.

For this purpose, the Merchant places a special code on his website. This code must include a request to the hard and software of the PAYMER system and it must be made in accordance with the 'User's Guide'. The activation of the request redirects user to the page with the payment interface.

On the payment page the Bearer confirms his intention to partially redeem the Paymer in favor of the Merchant. Furthermore, the Bearer will receive another Paymer worth the difference between the primary Paymer's total value and amount payable.

When the Bearer confirms the partial redemption, a new Paymer (worth the difference) will be activated.

Both Paymer's parts - number and code - are required to redeem a Paymer.

Bearer Obligations

The Bearer is solely responsible for the safety and circulation of a Paymer.

The Bearer is solely responsible for the use of a Paymer in possession, including the responsibility and penalties for any illegal actions violating laws of the country of his (the Bearer's) residence.

The Bearer is responsible for provision of false information when signing the agreements in accordance with the applicable international laws.

The Bearer may never use a Paymer's number and code that he is not authorized to use.

Force of Rules

The Issuer, Operator and Bearers are obliged to strictly follow these Rules as in force on the website of the System. The violation of, or the refusal to follow, the Rules is considered the violation of the relevant conditions of the Agreements on which the System renders its services. The violation of these Rules entails the termination of the Agreements.

The System reserves the right to change these Rules and publish them on the website of the system ( Revised rules take effect when published on the website.

Security Policy

The System reserves the right to take any measures in order to prevent trial-and-error attempts to match Paymers' numbers and codes, including but not limited to the following:

  • blocking of particular IP addresses in case of numerous trial-and-error attempts made from these IP addresses;
  • suspension of operations of a particular Bearer whose actions can be considered illegal or suspicious, until he presents documents, confirming his identity, and provides a written explanation to a representative of the System.