Yay ehf. – Terms and Conditions

General provisions

These Terms and Conditions shall apply to the purchase of goods or services via the Yay application (hereinafter ‘Yay app’). Yay is owned by Yay ehf., ID No. 671218-0940, Lágmúli 5, 108 Reykjavík, Iceland (hereinafter ‘Yay’). These Terms and Conditions define the rights and obligations of Yay and the user. If these Terms and Conditions have not been accepted upon registration with Yay, they shall be deemed to be accepted upon the first purchase of goods or services. By agreeing to these Terms and Conditions, the user declares that (s)he has read, understood and agreed to the Terms and Conditions in their entirety.

‘Seller’ shall mean any company offering goods or services for sale via the Yay application.

‘Buyer’ shall mean any person who purchases a gift card via the Yay app. Buyer must be at least sixteen years old. When a buyer is a person  the Consumer Purchases Act (Act. No. 48/2003) applies. If the buyer is a company the Purchase of Services Act (Act No. 42/2000) shall apply.

‘User’ shall mean any person who uses the Yay app, and includes both the person who bought the gift card and the person who holds the gift card.  

Yay sells gift cards for the purchase of goods or services, which entitles the user to receive goods or services from a seller. Yay is not responsible for the quality of goods or services provided by sellers. Once a user has redeemed a gift card with a seller via Yay, the involvement of Yay shall come to an end. From this moment, a new contract between the user and seller shall apply and the seller shall assume the obligations of Yay towards the user. Once the specific provisions of these Terms and Conditions come to an end, the legal status of the contracting parties shall be governed by the Purchase of Services Act (Act No. 42/2000) and the Consumer Purchases Act (Act No. 48/2003).

Conditions for using Yay

The user shall undertake to ensure that all information registered with Yay is both correct and refers to the user him/herself. The user agrees to provide current, complete and accurate information for all purchases of the Yay gift card made via the app. This includes an email address, credit card number and expiry date, to enable Yay to both complete the transaction and contact the user, where necessary. It shall generally be the responsibility of the user to update his/her personal information in the Yay app if and when necessary.

Please note particularly that users may link only their own credit card to the application. The buyer of the Yay gift card and the holder of the relevant credit card(s) shall therefore always be the same person.

Notwithstanding the above, these may be different persons in the case of company credit cards. In this case, the buyer may link a credit card belonging to a legal entity to the app. The use of a company credit card shall, however, be subject to express authorisation from a representative of the legal entity by means of an activation code.

For the avoidance of doubt, references to “Yay gift card” in these Terms and  Conditions shall not include Visa gift cards that can be purchased via the Yay app, which are subject to separate terms and conditions.

Yay reserves the right to reject any person or legal entity from using the application, without being obliged to give a reason for said rejection.


Yay reserves the right to amend prices with two months’ notice before making changes to fees related to your Yay gift card. By continuing to use the Yay app after the effective date of the change, you agree to the new Yay app prices and fees. All information and prices are published subject to typing errors. Yay reserves the right to cancel an order if it emerges that the product in question is incorrectly priced or has sold out.

The list of participating sellers may change from time to time and a list of currently participating sellers is available on www.yaymoments.com.

User access

User access to the Yay app shall be used only by the user him/herself. Users may not share their access information with a third party or in any other way give a third party access to their personal user access to the app. Users shall keep their access information secret and shall be responsible for any damages resulting from a third party gaining access to said information, whether this occurs with the knowledge of the user or not.

Any user identifying him/herself with a correct password shall be deemed to be the owner of the relevant Yay user access. Only this person is authorized to perform operations under this Yay user access. Users shall always bear full responsibility for all operations confirmed in the Yay app in the above mentioned manner.

Users may under no circumstances use the Yay app to:

  • harass other Yay users or third parties
  • obtain or move funds in a dishonest or criminal manner (or assist others in doing so)
  • perform operations which infringe these Terms and Conditions, existing legislation and/or administrative regulations
  • initiate or pass on unsolicited communication with one or several Yay users (‘spam’)
  • falsify, break, change, damage, disrupt or in any other way affect the safety and security aspects of the application with intention of viewing or misusing information to which the user does not have authorized access. If the user becomes aware of security weaknesses, (s)he must inform Yay thereof without delay; and/or
  • infringe the copyright or intellectual property rights of Yay

If Yay becomes aware of any type of usage described above, it reserves the right to block the relevant user’s Yay access without notice and immediately rescind this contract.


Yay reserves the right to block a user’s Yay access if the user infringes these Terms and Conditions or in the event of suspected abuse or incorrect use of any kind, based on the sole judgment of Yay.

If Yay rescinds its contract with a user on the grounds of activity which infringes the law or government regulations, it reserves the right to seek remedial action or report the person in question to the police. Even if Yay decides not to rescind its contract with a user, it shall be entitled to take the same action if there are suspicions of criminal activity. The same applies if Yay is required to comply with Anti Money Laundering and Terrorist Financing regulations.

The storage of user information and details of user payment history shall be governed by Yay’s Data Protection Policy. Non-identifiable data on usage of the app shall be stored indefinitely.

Establishing your identity

To comply with requirements of Anti Money Laundering and Terrorist Financing regulations it may be necessary to obtain from users evidence of the user's personal identity. If satisfactory evidence is not promptly provided, Yay cannot accept the user as a customer.

Copyright and intellectual property rights

This contract does not entail any transfer of copyright or intellectual property rights from Yay to the user.

All contents of the Yay app and the website is the property of Yay, or in certain cases Yay’s partners, (including the brand, text, design, graphics, photographs, images and edited content) and is protected by copyright.

Users may make use of the information and content on the Yay website or Yay app only for personal purposes, in accordance with these Terms and Conditions.


Users shall enjoy full confidentiality as regards to any information which they provide in connection with their transactions. Ya utilizes third parties to host user data processed by Yay. In addition, third parties have access to the data for the purpose of providing Yay with services. Therefore, such information may be given to third parties that constitute processors on behalf of Yay and/or data controllers who provide services connected to the Yay app, for example the Sellers and/or the issuers of the virtual cards (as specified in the separate card terms and conditions). Further information about third parties who receive any information from Yay is specified in Yay’s Privacy Policy available at www.yaymoments.com. Apart from the above Yay does not disclose any such information unless it is requested by the user or  mandatory by law.

Law and legal venue

Transactions with Yay and all aspects of these Terms and Conditions are governed by Icelandic law. Lawsuits regarding disputes between Yay and users shall be heard by Icelandic courts.

Other rules regarding law and legal venue may apply to card terms and conditions which are accepted separately.  

Errors and liability

If there is a demonstrable mistake caused by Yay, this shall be corrected as soon as possible. If Yay suffers damages caused by violations of these Terms and Conditions on the part of the user or any form of intentional act or negligence on the part of the user in connection with use of the Yay app, the user shall compensate Yay for such damage in accordance with general rules on contractual or non-contractual compensation. This provision shall also apply to any claims made by a third party against Yay in respect of use or handling by the user of the Yay app on the basis of this contract. If a wrong telephone number or email address has been given for the receiver of the gift card, responsibility shall lie with the person providing the information. If a gift card is provided to a wrong recipient and they have spent the funds on the card, you will not be entitled to a refund.

Yay shall not be responsible for any temporary stoppages to processing within the app. Neither shall Yay be responsible for any goods/services paid for by the user via the Yay app, any acquiring services performed in connection with the use of Yay, the accuracy of data received from sellers or of any other activities related to services from a third party or any aspects for which the app user him/herself is responsible under these Terms and Conditions. The same shall apply to liability for damages attributable to disconnection or telecommunications breakdown. Yay shall under no circumstances be responsible for anything other than direct damages to the user.

In other cases, the liability of Yay – e.g. for any kind of mistake, error, negligence (e.g. regarding security measures), disruption, delay, damage or application defect – shall be limited to a maximum of ISK 100,000, to the extent permitted by mandatory law.

Force majeure

Neither party shall be considered in violation of these Terms and Conditions nor liable with respect to the other if the cause can be traced to circumstances over which the party has no control (force majeure). Force majeure in this sense includes, but is not restricted to, natural disasters, war or general unrest, the actions of public authorities which prevent fulfillment of the contract, labor disputes, etc. If fulfillment of the contract is prevented for the above reasons for six weeks or more, either party may terminate this contract by notifying the counterparty thereof with seven days’ notice.

Amendments to the Terms and Conditions

Yay is a service which is under continual development. Yay reserves the right to amend the provisions of these Terms and Conditions. Users of the service shall be informed of any such amendments in an appropriate manner with ten days’ notice. Such amendments may concern used goods and their functionality. If the user uses the service once the ten-day period of notice has elapsed, (s)he shall be considered to have accepted the Terms and Conditions in their amended form. If the user is not satisfied with the Terms and Conditions as amended, (s)he shall cease using the service without delay. Changes to card terms and conditions are defined in the card terms and conditions.

Personal information

The company’s Data Protection Policy is available on www.yaymoments.com. This policy sets out how Yay handles the personal user information in its possession and what rights users have as regards to such information.

Card terms and conditions

Depending on which region a user is in special separate card terms and conditions may apply. These terms will be presented and accepted separately in the app and are always available on www.yaymoments.com.


In certain situations you may request repayment of the remaining balance on a Yay gift card (as specified in the card terms and conditions) by contacting Yay at info@yay.com. You are not allowed to use your gift card after you ask Yay to repay the balance to you.