1. Introduction
Effective date: 18 August 2026
This Risk Disclosure Statement ("Statement") is provided by VELONXT INFORMATION TECHNOLOGY L.L.C S.O.C, a Dubai limited liability company - single owner, holding Dubai Department of Economy and Tourism commercial licence number 1643456 ("NXT", "NXT Pay", "we", "us" or "our"). It is intended to help you understand material risks associated with using the NXT Pay mobile application and related services (the "Services").
By creating an account, accessing or using the Services, you acknowledge that you have read and understood this Statement. Acceptance of this Statement does not exclude any right or remedy that cannot lawfully be excluded under applicable UAE law.
This Statement does not describe every possible risk. Additional risks may arise from your circumstances, the country or payment corridor involved, market conditions, regulatory changes, third-party providers and technology failures. If you do not understand a transaction or the risks involved, do not proceed.
2. No reversal of confirmed transactions
Certain NXT Pay transactions may become final and irreversible after they have been submitted to a payment provider, completed on a blockchain network or credited to a recipient. These may include:
- merchant payments and payouts;
- transfers between users;
- withdrawals or cash-outs to mobile-money or bank accounts; and
- supported Ethereum-based payment transactions.
If you enter an incorrect wallet address, bank account, mobile number, contact, beneficiary or other payment detail, the transaction may not be recoverable. NXT cannot guarantee that it can stop, reverse or retrieve funds after submission or confirmation.
You must review the recipient, network, amount, currency, rate, fee and destination details before confirming. Where a cancellation or recovery remains technically and legally possible, additional provider charges or verification requirements may apply.
3. Blockchain-based payment rails
Some Services may use Ethereum or other supported blockchain infrastructure to route, settle, send or receive value. Depending on the product structure, you may interact with a blockchain-based service without personally controlling the underlying digital asset or private keys.
You acknowledge that:
- blockchain networks are operated by independent participants outside NXT's control;
- congestion, protocol changes, validator behaviour, network interruptions or high transaction fees may affect cost and completion time;
- transactions submitted to an incorrect address or unsupported network may be permanently lost;
- confirmed public-blockchain transactions generally cannot be modified or reversed by NXT;
- blockchain records may remain publicly visible and may reveal transaction metadata; and
- forks, attacks, smart-contract defects or technical failures could cause delay or loss.
NXT does not guarantee the uninterrupted operation, speed, security or future availability of any blockchain network.
4. Third-party payment providers
Deposits, card payments, transfers, payouts and withdrawals may depend on external providers, including:
- banks and card schemes;
- card processors and payment aggregators;
- mobile-money operators;
- identity-verification and compliance providers; and
- settlement, liquidity or other authorised financial-service partners.
Third-party processing may be subject to separate terms, limits, fees, cut-off times and verification requirements. NXT does not control a provider's systems and cannot guarantee that a provider will accept, process or complete a transaction.
To the extent permitted by law, NXT is not responsible for delay, downtime, rejection, reversal or failure caused solely by an independent provider outside NXT's reasonable control. This does not exclude responsibility that NXT cannot lawfully exclude or responsibility for NXT's own acts or omissions.
5. Currency conversion and exchange-rate risk
Where a transaction involves currency conversion:
- exchange rates can change quickly;
- the displayed rate may include a disclosed margin, spread or provider charge;
- a rate may be available only for a limited period;
- the final amount may differ if the transaction is delayed, rejected and retried, or repriced before confirmation; and
- the amount received may be affected by intermediary or recipient-provider fees.
The rate and applicable charges should be displayed before you confirm the transaction. NXT does not guarantee a future rate or protect you against exchange-rate movements after a quote expires.
6. Regulatory and compliance risk
Payment, remittance, digital-asset and financial-crime laws continue to evolve across the markets in which NXT Pay or its partners operate. A service may be added, restricted, delayed or withdrawn because of a change in law, licensing position, partner availability or regulatory instruction.
VELONXT's Dubai commercial licence records business activities including Payment Services Provider, Computer Systems and Communication Equipment Software Design, and Information Technology Network Services. A Dubai commercial licence is not, by itself, a representation that VELONXT holds every separate financial-services, stored-value, money-transfer, virtual-asset or payment-services regulatory approval that may be required for a particular service or jurisdiction.
NXT Pay makes a regulated service available only where it is lawfully provided by VELONXT or through an appropriately authorised partner. You acknowledge that:
- NXT or a partner may request identity, source-of-funds, source-of-wealth, transaction-purpose or beneficiary information;
- a transaction may be screened, held, rejected, reported or delayed for anti-money-laundering, sanctions, fraud-prevention or other legal reasons;
- account limits and service availability may differ by jurisdiction and customer profile; and
- failure to satisfy lawful verification requirements may result in a restricted, suspended or closed account.
7. Fraud, scams and social engineering
Digital payments are frequently targeted by fraudsters. Scammers may impersonate NXT, a merchant, an agent, a friend, a family member or an authority. They may create false investment opportunities, urgent payment requests, fake support accounts, malicious QR codes or phishing links.
Remember:
- NXT personnel should never ask for your password, PIN or one-time verification code;
- do not install remote-access software or follow payment instructions from an unverified contact;
- confirm unexpected requests through a separate trusted channel;
- do not share account screenshots, security credentials or sensitive identification documents with untrusted parties; and
- a transfer you authorise because of a scam may be final and unrecoverable.
If you suspect fraud, stop transacting, secure your account and contact NXT support immediately. Prompt reporting may improve the chance of restricting further activity but does not guarantee recovery.
8. Account and device security risk
You are responsible for taking reasonable steps to secure your device, email account, SIM card and NXT credentials. Relevant risks include:
- device theft or loss;
- SIM-swap fraud or compromised email accounts;
- malware, keyloggers, screen-sharing tools or other malicious software;
- weak, reused or disclosed passwords and PINs;
- sharing a device or verification code; and
- using an unsecured or modified device.
If another person gains access to your device or credentials, they may access your account or initiate transactions. Enable available biometric or multi-factor security, install updates, use a device lock and notify NXT promptly if your account may be compromised.
NXT's responsibility for unauthorised transactions will be determined under the applicable law, the relevant product terms and the facts of the incident. Nothing in this Statement removes rights that cannot legally be waived.
9. Service-availability risk
The Services may be unavailable, delayed or degraded because of maintenance, upgrades, telecommunications failures, cyber incidents, power interruption, blockchain congestion, provider downtime, force-majeure events or other technical problems.
NXT does not guarantee that every feature will be continuously available or error-free. Do not rely on NXT Pay as your only means of accessing money needed urgently. Scheduled maintenance may be announced where reasonably practicable, but emergency maintenance may occur without advance notice.
10. Data and privacy risk
NXT uses administrative, organisational, physical and technical safeguards designed to protect Personal Data. However:
- no connected system is completely immune from cyberattack, human error or data breach;
- banks, payment providers, identity-verification providers and cloud providers may process your Personal Data;
- blockchain records and network traffic may reveal transaction metadata; and
- insecure networks, compromised devices or phishing may expose your information.
Use trusted networks and keep your operating system and NXT Pay application updated. For information about collection, processing, international transfers, retention and your rights, read the NXT Pay Privacy Policy.
11. No financial, tax or investment advice
NXT Pay is a payment service and is not presented as a bank, deposit-taking institution, investment adviser, broker, tax adviser or savings product. Unless expressly stated otherwise under a separately regulated product:
- funds or balances are not bank deposits;
- deposit-protection or investor-compensation schemes may not apply;
- NXT does not provide personal investment recommendations;
- NXT does not offer speculative or leveraged investment products through the Services described here;
- NXT does not guarantee returns, purchasing power or the future value of a digital asset or currency; and
- NXT does not provide personal tax advice or guarantee that transaction information satisfies your reporting obligations.
Seek independent financial, tax or legal advice where appropriate.
12. User responsibility
By using the Services, you agree to:
- review transaction details before confirmation;
- use only payment methods, accounts and funds you are authorised to use;
- keep your device and account credentials secure;
- provide accurate and current information;
- comply with the NXT Pay Terms and Conditions and Privacy Policy;
- comply with laws applicable to you and your transactions; and
- report suspected fraud, account compromise or an incorrect transaction promptly.
You remain responsible for deciding whether a transaction is appropriate for you. A failure to take reasonable care may result in delay, restriction or financial loss.
13. Limitation of liability
To the maximum extent permitted by applicable law and subject to the NXT Pay Terms and Conditions, NXT will not be liable for indirect, incidental, special or consequential loss arising solely from:
- incorrect information or payment instructions supplied by a user;
- a transaction that has become technically irreversible;
- a scam or payment voluntarily authorised by the user;
- compromise of a device or credentials where NXT did not cause the compromise;
- failure or delay by an independent third-party network or provider outside NXT's reasonable control; or
- events beyond NXT's reasonable control.
The Services are provided subject to applicable availability, technical and regulatory constraints. Nothing in this Statement excludes or limits liability for fraud, wilful misconduct, gross negligence or any other liability that cannot be excluded or limited under applicable law.
14. Changes and contact
We may update this Statement to reflect changes in the Services, technology, law or the risks involved. The updated version will be published with a revised effective date, and additional notice will be provided where required.
For questions about this Statement or to report suspected fraud or account compromise, contact NXT through the support channel in the NXT Pay application. For privacy matters, use the contact details in the NXT Pay Privacy Policy.