This Product Disclosure Statement (‘PDS’) is issued by Flexewallet Pty Ltd ABN 16 164 657 032 AFSL no. 448066 (‘Issuer, us, we’).
This PDS is designed to assist you in deciding whether to acquire the Lifepay Prepaid Visa Card (‘Card’). It is important that you read and understand this PDS.
The information in this PDS does not take into consideration your individual financial situation, objectives, or needs. Prior to making any decision to acquire the Card, you should consider whether this product is right for you and seek proper advice. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your own circumstances before acting on it. For more information on the Card, please visit www.lifepay.com.au.
This PDS is dated 18 February 2021.
Information in this PDS may be subject to change from time to time and is correct and current as at the date stated in the section above. We may change, add to or delete any information provided in this PDS from time to time. Where we make a change to any information in this PDS that is not materially adverse, we will issue a supplementary PDS or an updated version of this PDS which will be available at www.lifepay.com.au.
For any other change that is materially adverse to you, we will provide notice before the change or as soon as practicable after. You may consent to the change or cancel your Card by contacting us.
The Card is a reloadable Visa prepaid card. You can load Value onto the Card and then use the Card to access its Available Balance anywhere in the world where Visa prepaid cards are accepted (subject to various limitations).
The Card is not a credit or a charge card, and the Available Balance does not earn any interest. The acquisition of, or the Value loaded to the Card does not represent a deposit with, or investment in any of the parties involved in this product.
The Card will be made available through a mobile application designed and operated by Lifepay Pty Ltd ABN 642 332 974 (‘Lifepay’) (Lifepay App), and may be made available as a physical card from time to time. References to the Card in this PDS refer to the Card being made available through the Lifepay App or a physical card if applicable.
The Issuer, Flexewallet Pty Ltd ABN 16 164 657 032 AFSL no. 448066, holds an Australian Financial Services Licence (‘AFSL’) authorising it to deal in, and provide general financial product advice in relation to non-cash payment products including the Card. The Issuer is authorised to issue the Card under an arrangement with Visa Worldwide Pte Ltd (‘Visa’).
By acquiring the Card, you are entering into a contractual relationship with the Issuer, not with Visa or any of the parties involved in the Card.
The Issuer can be contacted by:
Mail: G.P.O Box 171, 380 Bourke St, Melbourne VIC 3001 Australia
Lifepay is authorised under agreement with the Issuer to act as the promoter for the Card. Lifepay (001285448), is an authorised representative of Flexewallet and is the distributor and promoter of the Card. Lifepay is responsible for providing certain customer services to you, including providing you with the Card, arranging for a replacement Card to be issued to you in accordance with the terms set out in this PDS, providing lost and stolen services and assisting you with any queries you may have regarding you use of the Card.
Lifepay can be contacted via:
Ph: (03) 9917 3256
Mail: PO Box 122, Doncaster VIC 3108
Australia & New Zealand Banking Group Limited ABN 11 005 357 522 AFSL no. 234527 (‘ANZ’) is an authorised deposit-taking institution (‘ADI’) holding the authority to carry on a banking business in Australia. ANZ holds all Card funds, including the Available Balance on the Card, in segregated accounts and guarantees them on the Issuer’s behalf.
If you have been provided any information that is inconsistent with this PDS, or if you have been given any financial product advice by anyone seeming to act on behalf of the Issuer, you should NOT rely on it in making any decisions about the Card. You should only rely on this PDS and the consumer terms and conditions (Terms and Conditions) before making any decision in relation to the Card.
The Terms and Conditions can be found here Consumer Terms and Conditions.
Ph: (03) 9917 3256
The Financial Claims Scheme (“FCS”) is a scheme administered by the Australian Prudential Regulation Authority (“APRA”) to protect depositors from potential loss due to the failure of institutions. It provides depositors with a guaranteed protection, up to a cap. As at the date of this PDS, the FCS applies to deposits only. It does not extend to prepaid card products (including the Card or any Available Balance held on the Card).If ANZ fails:
The risks associated with the Card may therefore be increased when you load or hold large amounts of money onto the Card.
For more information on the FCS, refer to: www.fcs.gov.au.
There are some other important things that you need to be aware of about the Card:
The primary fees and charges charged by Lifepay are outlined below.
|Card Renewal Fee (after card expiry)||Free|
|Monthly Card Fee||Free|
|ATM Withdrawal Fee||Service Not Available|
|Load Fee||Free by digital wallet transfers|
|Lost/Stolen Cards Replacement Fee||$10.00 AUD|
|Emergency Replacement Within 2 Days (Domestic)||Service Not Available|
|Emergency Replacement Within 24 Hours (International)||Service Not Available|
|Emergency Cash Disbursement (International)||Service Not Available|
|International Foreign Exchange Service Fee (Charged when any transaction which is processed outside of Australia in a currency other than AUD)||1.50%|
|Transaction Fee for making BPAY payments (per transaction)||$0.50 AUD|
You will also be liable to pay the fees and charges to Omipay as set out in the terms and conditions of the user agreement with Omipay, the Omipay financial services guide, and the product disclosure statement for the Monix platform when you use the Monix platform.
|Daily Limit||Up to Available Balance AUD|
|Card Limit (at any one time)||$10,000|
|Maximum Single Load Amount||$10,000|
|Maximum Total Load Amount of a single Card (cumulative load over life of Card)||$150,000|
|Maximum Daily ATM Withdrawal Amount||Service Not Available|
|Maximum Daily ATM Withdrawal Limit||Service Not Available|
If you have a complaint, you can contact Lifepay via:
Ph: (03) 9917 3256
Mail: PO Box 122 Doncaster VIC 3108
Lifepay will handle all complaints according to our internal dispute resolution procedure.
Our dispute resolution procedure requires that we provide an initial response to your complaint within 5 days, with a final response within 45 days. If we are unable to resolve your complaint to your satisfaction after the 45 days, you may be eligible to escalate the complaint to the Issuer’s external dispute resolution service.
The period of 45 days may be extended in exceptional circumstances or where the Issuer decides to resolve the complaint under the rules of the Visa scheme. If you wish to escalate the complaint, please tell us and we will facilitate referral free of charge.
The Issuer’s external dispute resolution service is:
Australian Financial Complaints Authority (AFCA)
Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678
Fax: 03 9613 6399
Additionally, if your complaint is not satisfactorily addressed, you may contact the Issuer by:
Phone: 03 9013 0066
Mail: G.P.O Box 171, 380 Bourke Street, Melbourne VIC 3000 AUSTRALIA
Available Balance means the positive Value recorded by the Issuer as being available for transactions using the Card.
ATM means automatic teller machine.
ANZ means Australia & New Zealand Banking Group Limited ABN 11 005 357 522 AFSL no. 234527.
Card means the Lifepay Visa Prepaid Card which will be made available a mobile application designed and operated by Lifepay, and may be available as a physical card from time to time.
Card Limit means the total Value that may be stored on a Card at any one time.
Expiry Date means the expiry date printed on the Card.
Issuer, us, we means Flexewallet Pty Ltd ABN 16 164 657 032 AFSL no. 448066.
Maximum Single Load Amount means the maximum amount that can be loaded onto a Card in a single load (as long as it does not cause the Available Balance to exceed the Card Limit).
Maximum Daily ATM Limit Amount means the maximum amount that may be withdrawn from an ATM in any one day.
PIN means the Personal Identification Number required to be entered by you when using the Card for electronic transactions.
Value means the total amount stored on a Card for use in electronic transactions.
Visa means Visa Worldwide Pte Ltd.
You or your means the person to whom the Card is issued.