About this Product Disclosure Statement

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.

Updates Relating to this PDS

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.

General Description of the Card

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.

Card Issuer

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
Email: admin@flexewallet.com

Card Distributor and Promoter

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
Website: www.lifepay.com.au
Email: info@lifepay.com.au
Mail: PO Box 122, Doncaster VIC 3108

Funds Holder

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.

Lifepay is not the Issuer

Lifepay is not the issuer of the Card and does not have authority to:
  • Tell you anything about the Card that is inconsistent with the information in this PDS; or
  • Do anything else on the Issuer’s behalf other than marketing, arranging for the issue of, and providing customer services for, the Card.

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.

Significant Benefits of the Card

The significant benefits of the Card include the following:
  • The Card can be used to purchase goods and services from any merchants in Australia and around the world that accept Visa prepaid cards;
  • When the Card is used to make purchases in other currencies, the transaction will be converted into Australian Dollars (AUD) at the foreign exchange rate determined by Visa;
  • The Card can be loaded with up to AUD10,000 (Card Limit);
  • The Card can be used to make purchases online from online merchants that accept Visa prepaid cards;
  • The Card is reloadable, which means that you can add additional funds to it, up to the Card Limit;
  • The Card can assist you in controlling your spending as the Card is not a debit or credit card and it only allows you to access the Value that you have loaded on to it;
  • Lifepay, through the Lifepay App, may provide access to gift card facilities (Gift Card) offered by various Gift Card issuers (Gift Card Issuers), access to which is provided by Epay Australia Pty Ltd ACN 093 566 057 (Epay). The Lifepay App will allow you to purchase Gift Cards from Gift Card Issuers and provide these Gift Cards to other users of the Lifepay App, through the services offered by Epay; and
  • Lifepay, through the Lifepay App, will also provide access to the Monix global remittance platform (Monix) offered by Omipay Global Pty Ltd ACN 627 614 886, authorised representative number 1274459 of AFSL number 612 481 768 (Omipay). Omipay will allow you to send money from Australia to other countries through the Card.

Significant Risks

The significant risks associated with use of the Card that you should be aware of are set out below. These risks are not intended to be exhaustive. There may be other risks that relate to the use of the Card.
  • Unauthorised transactions can happen using the Card if it is lost or stolen, if the PIN is revealed to an unauthorised person, as a result of fraud or if you leave your Card in an ATM. You may be subject to liabilities for losses resulting from an unauthorised transaction which are set out in the Terms and Conditions;
  • Unintended transactions can happen if electronic equipment with which a Card is being used is operated incorrectly or incorrect details are input;
  • You may not be able to get your money back if an unauthorised or unintended transactions occurs;
  • If the electronic network enabling the use of the Card is unavailable, you may not be able to undertake transactions or get information using the Card;
  • You may only spend up to the amount of the Available Balance on the Card;
  • The Card will expire on the Expiry Date. You will not be able use the Card, or load Value onto it after the Expiry Date. You can arrange to have a new Card issued to you and transfer any remaining Available Balance on the Card that has been expired or arrange for a refund of the remaining Available Balance after the Expiry Date by contracting our customer service via:

Ph: (03) 9917 3256
Website: www.lifepay.com.au
Email: info@lifepay.com.au

  • Lifepay and Flexewallet are not responsible for the conduct of Epay in respect of the Gift Cards which are offered, or the conduct of the Gift Card Issuer of any Gift Cards that you purchase. Accordingly, you should be aware that any complaints or issues with the Gift Cards will be governed by the Gift Card Issuer’s terms and conditions.
  • Lifepay is not liable for the conduct of Omipay in respect of the Monix platform. Accordingly, you should be aware that any complaints or issues with the Monix platform will be governed by the terms and conditions of Omipay’s user agreement, financial services guide and product disclosure statement.

Important Information About The Financial Claims Scheme

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:
  • Any Available Balance held on your Card will not be protected by the FCS; and
  • You may lose all or part of your Available Balance.

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.

Other Important Information

There are some other important things that you need to be aware of about the Card:

  • Further details about:
    • Activation of the Card;
    • Loading method;
    • Using the Card including using the Card outside Australia;
    • Policy for lost or stolen Cards;
    • Cancellation and renewal of the Card;
    • Security; and
    • Privacy,
    can all be found in the Terms and Conditions.
  • The Available Balance stored on the Card does not generate any interest or return. In other words, you do not earn interest on the Value loaded to the Card;
  • Although ANZ is an authorised deposit-taking institution carrying on a banking business in Australia, the acquisition of, or Value loaded on to the Card does not constitute a deposit with, or investment in, ANZ nor any other parties involved in the Card;
  • You do not become a depositor with ANZ by holding the Card. If you have another deposit account with ANZ, the funds credited to your Card are not counted in calculating how much money you may have on deposit with ANZ for any purpose;
  • Certain limits apply to the use of the Card. For further information on the limits, please refer to the section below on limits;
  • The Card cannot be used at ‘Pay at the Pump’ petrol stations;
  • Fees and charges will be charged to you for the use of the Card. Please refer to section below for further information about fees;
  • Lifepay and Flexewallet are not liable for the conduct of Epay or the Gift Card Issuers in respect of the Gift Cards that are offered. Additionally, Lifepay will receive a commission from Epay or the Gift Card Issuer if you purchase a Gift Card from Epay as set out in the Lifepay Financial Services Guide available on the Lifepay website. You should carefully review the terms and conditions of the terms and conditions of each Gift Card prior to purchasing a Gift Card via the Lifepay App.
  • Lifepay is not liable for the conduct of Omipay in respect of the Monix platform. Additionally, Lifepay will receive fees from Omipay if you use the Monix platform as set out in the Lifepay financial services guide available on the Lifepay website. You should carefully review the terms and conditions of the user agreement with Omipay, the Omipay financial services guide, and the product disclosure statement for the Monix platform.

Fees and Charges

The primary fees and charges charged by Lifepay are outlined below.

Purchase Price Free
Card Renewal Fee (after card expiry) Free
Monthly Card Fee Free
ATM Withdrawal Fee Service Not Available
Transaction Fee Free
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.

Card Limits

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

Disputes

If you have a complaint, you can contact Lifepay via:

Ph: (03) 9917 3256
Mail: PO Box 122 Doncaster VIC 3108
Email: info@lifepay.com.au

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
Website: www.afca.org.au
Email: info@afca.org.au

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
Email: admin@flexewallet.com

Glossary

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.