Product Disclosure Statement

October 2024

Issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459

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1. About this product disclosure statement

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This document forms the Product Disclosure Statement (PDS) for your KttiPay Account (Account) and KttiPay Visa Debit Card (Card). The PDS contains essential information, including the fees and other costs that apply to the Account and Card.

This PDS is issued by Hay Limited ABN 34 629 037 403, Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the KttiPay Card and Account. You should read this PDS in full before using your KttiPay Card and Account.

The use of the KttiPay Card and Account is governed by this PDS, which incorporates the Terms and Conditions of the Card and Account. The Terms and Conditions should be read in conjunction with this PDS, and can be found at https://kttipay.com/terms/

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general only. You should consider the appropriateness of any general advice to your circumstances before acting on it. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the KttiPay Card and Account are appropriate for your individual circumstances.

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2. IMPORTANT INFORMATION

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This PDS has been prepared by Hay. Hay is the issuer of the KttiPay Card and Account.

The PDS has been lodged with the Australian Securities and Investments Commission (ASIC). ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by persons who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is prohibited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the KttiPay website at https://kttipay.com/pds/

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3. PARTIES INVOLVED INTHE ISSUE AND DISTRIBUTION OF THE CARD AND ACCOUNT

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Hay Limited ABN 34 629 037 403 (Hay), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Australia Pty Ltd.

Under its AFSL, Hay is authorised to provide financial products and services, including the issuing of non-cash payment products such as the KttiPay Card and Account.

If you hold a KttiPy Card and/or Account, you will have a contract with Hay Limited. Hay Limited has authorised KttiPay Pty Ltd ABN 38 657 958 195 (KttiPay) corporate authorised representative number 001305849, to arrange, distribute, and deal in the non cash payment products issued by Hay.

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4. ROLES OF THE CARD DISTRIBUTOR KTTIPAY

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KttiPay is responsible for the distribution and provision of factual product information about the KttiPay Card and Account as issued and approved by Hay. KttiPay is also authorised by Hay to provide customer service support for the Card and Account.

Neither KttiPay nor anyone else acting on its behalf, has the authority on behalf of Hay to:

Tell you anything about the Kttipay Card and Account that is inconsistent with the information in this PDS;
Give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Kttipay Card and Account; and
Do anything else on Hay’s behalf, other than as described in this PDS and the Financial Services Guide available at https://kttipay.com/fsg

5. WHO IS ELIGIBLE FOR THE CARD AND ACCOUNT?

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Retail Individuals will need to satisfy specific eligibility criteria to maintain this product. To qualify, the Retail Individual must be:

An individual, natural person; and
Over the age of 18 years; and
Have a valid Australian residential address.

6. ABOUT THE KTTIPAY CARD AND ACCOUNT

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The financial product issued by Hay is a non-cash payment product. The KttiPay Card is linked to the KttiPay Account, a digital account (which is not a bank account). Account transactions can be performed by the customer using the KttiPay App and the KttiPay Card locally and overseas.

The only KttiPay profiles approved to hold the KttiPay Card and Account are: Personal Ktti Owner, Group Ktti Owner or a Group Ktti Administrator.

Hay will open a virtual account in your name to which you can deposit funds which will become your Available Balance. The Card accesses these funds to enable you to conduct transactions at merchants that accept Visa debit cards.

The KttiPay Card and Account is a financial product regulated by the Corporations Act 2001 (Cth).
You can obtain the KttiPay Card and Account via the KttiPay App.
You can deposit funds to the Account which can be accessed by the Card. Deposits can be made by electronic funds transfers from an account held with another financial institution.
The Card is linked to your Account.
Once you have Available Balance in the KttiPay Account, you can use the KttiPay Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments.
You can use the Card to withdraw cash at ATMs (subject to daily limits).
You can make Pay Anyone transactions from your Account via the KttiPay App.
You can only access the Available Balance in the Account and cannot have a negative balance. If there are insufficient funds in the Account, transactions will be declined.
Your Account is not a bank account, and no interest will be payable on the Available Balance.

7 AVAILABLE BALANCE

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The Available Balance of your Account is held on trust for you at an Australian Authorised Deposit Taking Institution (ADI/ bank) in a segregated customer funds account.

The Available Balance in your Account does not earn interest. Hay is not an authorised ADI or bank), and deposits into the KttiPay Account are not bank deposits, and are not protected by the Australian Government Financial Claims Scheme.

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8. BENEFITS OF THE KTTIPAY CARD AND ACCOUNT

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The benefits of the KttiPay Card are:

It reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
You can only access the value that you have loaded which helps you control spending;
The Card can be used on the internet or telephone to make payments;
The Card can be used to withdraw cash at ATMs (subject to daily limits);
No Hay currency conversion fees apply (although other financial institutions involved in the conversion may charge fees);
If your Card is lost or stolen, you can immediately freeze the card through the KttiPay App;
You can cancel the Card within the KttiPay App; and
You can see detailed information about merchants you purchase goods from.

The benefits of the KttiPay Account are:

You can make payments from and receive payments to your Account instantly in the same way you do a bank account (even though the Account is not a bank account);
You can easily search all transactions via amount, date, merchant name and location;
You can easily see foreign currency rates applied for your transactions ;
You receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees are charged by Hay).

9. RISKS OF THE KTTIPAY CARD AND ACCOUNT

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The significant risks of the KttiPay Card and Account are:

Unauthorised transactions could happen if your Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Card and Account outlined in this PDS or the Terms and Conditions;
You might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The higher the Available Balance in your Account, the more you could lose due to an unauthorised transaction;
Due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
Merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees may increase;
If the network enabling the use of the Account or Card is unavailable, you may not be able to perform transactions or get information using the KttiPay App;
Merchants may, at their discretion, refuse to accept the Card as a method of payment. You should always check with the merchant that it will accept the Card before purchasing any goods or services;
You will not earn interest on any Available Balance that is stored on your Account;
The Financial Claims Scheme (see fcs.gov.au) does not apply in relation to your Card or your Account. If Hay fails, any Available Balance held on your Account will not be protected by the FCS, and you may lose all or part of your Available Balance; and
As Hay has not considered your individual circumstances or needs and you should seek your own independent advice about the product.

10. FEES

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The fees for the KttiPay Card and Account in AUD are:

Transaction Fees:

Account opening $0

Account keeping $0

Overdrawn $0

Direct debit dishonour $0

ATM withdrawal $0 at all major bank ATMs*

Domestic Transaction $0

International Transaction 0%

Card Replacement Fee $0

Card Payments $0

Non-card payments and transfers $0

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*Hay does not charge any ATM fees. A fee may be charged by the ATM Operator.

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11. LIMITS

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There are default limits that apply to the KttiPay Card and Account, in AUD.

Default limits:

Maximum balance: $15,000
Minimum balance: $0

Maximum deposit per day: $15,000

Maximum ATM cash out per day: $1,000

Maximum bank transfer limit per day: $4,000

Maximum single card transaction: $5,000

Maximum card spend per day: $5,000

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Where Hay adjusts the limits, you will be provided with notice as per the Terms and Conditions. You can also find the current limits that apply to your KttiPay Card and Account within the Terms and Conditions.

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12. COOLING OFF RIGHTS

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There are no cooling-off rights attached to the Card and Account. However, you may cancel the Card and close your Account at any time, by providing instructions via the KttiPay App.

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13. DISPUTING A TRANSACTION

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We encourage you to review your transaction history regularly. Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback).

Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately (see Chargeback and Disputed Transaction in section 2 of the KttiPay Card and Account Terms and Conditions).

It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions. Under the Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days of the transaction date.

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14. FEEDBACK AND RESOLVING COMPLAINTS

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When you provide feedback, Hay and KttiPay have the opportunity to improve services to you. If you have a query or complaint relating to the KttiPay Card and Account, you should initially direct the query to KttiPay via:

Mail: PO Box 4, Northbridge NSW 1569

Email: [email protected]
Website: www.kttipay.com

Please provide a full explanation of your feedback or complaint. KttiPay may request further details from you.

Either KttiPay or Hay will undertake the following:

Keep a record of your complaint;
Acknowledge your complaint within 1 business day;
Respond within 30 calendar days;
If we cannot complete our investigation within 30 calendar days, we will let you know why.

If you are unable to resolve your issue with KttiPay directly, you can escalate your enquiry to Hay via [email protected] or by phone 1800 080 081. Hay will check with you to make sure you are satisfied with how your complaint was handled.

If we are unable to resolve the matter to your satisfaction, you may refer the complaint to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It’s important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA are:

Mail: GPO Box 3, Melbourne VIC 3001

Phone: 1800 931 678 (free call)
Email: [email protected]

Website: www.afca.org.au

15. TERMS AND CONDITIONS

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The Terms and Conditions for use of the KttiPay Card and Account are set out in the Terms, which is a separate document but forms part of this PDS and can be accessed at https://kttipay.com/terms/

You should read the Terms before acquiring the Card and Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the KttiPay App or website.

The Terms cover:

How to use your KttiPay Card and Account;
Restrictions of use of your KttiPay Card and Account;
Security requirements and what to do if you lose your Card, or if your Card or Account is compromised;
What will happen where you make a mistaken payment, or an unauthorised transaction occurs;
Limits on what Hay is responsible for;
Suspension and termination of your KttiPay Card and Account; and
What to expect if there are changes to the Terms and Conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Card and Account.

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16. APPLICABLE LAWS

Privacy

Hay is committed to complying with the Privacy Act 1998, and its accompanying Australian Privacy Principles. You can access the Hay Privacy Policy at www.hellohay.co/Privacy . You may request a hard copy of the Privacy Policy which we will mail to you.

The Hay Privacy Policy sets out detailed information about:
The purposes for which we collect your personal information;
The consequences if you don’t provide your personal information to us;
The third parties to which we disclose your personal information;
How we manage, secure and handle your personal information;
How to access and seek correction of your personal information;
How to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
Whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

Anti-Money Laundering and Counter Terrorism Finance (AML/CTF) Laws

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The AML/CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.

We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the KttiPay Card and Account. We may also be required by the AML/CTF Laws to delay or suspend the Card or your access to the Account.We may need to block, delay, Freeze or refuse transactions or suspend or close your account where we reasonably consider that a transaction is fraudulent or in breach of the AML/CTF Laws or where we have concerns regarding your money laundering or terrorism financing risk. We must block the Card and Account until we verify your identity. We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or Frozen the Account. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons is not a breach by us of these Terms.

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