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Product Disclosure Statement

March 2024  

Version 2.0 

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

     1. About this product disclosure statement 

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 financial product to which it relates – the Account and Card. You should read this PDS in full before using your Account and Card. 

The use of the Account and Card is governed by this PDS, which incorporates the Terms and Conditions of the Account and Card. The Terms and Conditions for use of the Account and Card may be attached to this PDS or provided as a separate document and should be read together.  

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice 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 Account and Card are appropriate for your particular circumstances.

​     2. Important information 

The PDS has not been, and is not required to be, 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 as you apply for this product. 

     3. Parties Involved in the Issue and Distribution of the Card 

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

Hay Limited has authorised KttiPay Pty Ltd ABN 38 657 958 195 (also known as KttiPay), corproate authorised representative number 001305849, to arrange, distribute, and promote on behalf of Hay with regard to the issued non-cash payment financial products. KttiPay merely acts as a conduit of information from Hay to the customer.

     4. Roles of the card distributor KttiPay 

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

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

  • Tell you anything about the Account and Card 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 Account and Card; and 
  • Do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Account and Card. 
     5. Available Balance 

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

In accordance with this PDS and the Terms and Conditions you acknowledge that the Available Balance can be used to meet our settlement obligations in respect of your transactions and to provide security for our settlement obligations. 

Available Balance in your Account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the Account are not bank deposits and are not protected by the Australian Government Financial Claims Scheme. 

     6. Who is eligible for the Account and Card? 

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 
  • Applying in their own right; and 
  • Not identified as a Politically Exposed Person; and 
  • Not identified for Sanctions or countermeasures; and 
  • A tax resident or has an obligation to pay taxes while operating in the jurisdictions Shaype is authorised to operate in. 
     7. About the Account and Card 

The financial product issued by Hay is a non-cash payment product e.g., a Visa Debit card. The Card is not a credit or charge card and is not a Stored Value card. 

The only KttiPay profiles approved to hold a Hay Limited issued KttiPay Card and Account are a Personal Kitty Owner, Group Kitty Owner or a Group Kitty 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 Account and Card are financial products that are regulated by the Corporations Act 2001 (Cth). 
  • You can obtain an Account and Card 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 Account, you can use the 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. The Card is not a credit card. It is a pre-paid card which always means that, you access your funds. 
  • The Account cannot have a negative balance. If there are insufficient funds in the account, the transaction will be declined;  
  • Your Account is not a bank account, and no interest will be payable on the Available Balance. 
     8. Benefits for the Accountholders and Cardholders 

The significant benefits of the 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 do so); 
  • 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; 

Significant benefits of the 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 track monthly spending via categories and merchants; 
  • You can track travel spending per country or trip automatically with travel mode; 
  • You can easily see foreign exchange values of your held funds in AUD to local international currency; 
  • You receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay). 
     9. Risks of the Account and Card 

The significant risks of the Account and Card 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 Account and Card 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 more you load to 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 and Card; 
  • The Financial Claims Scheme (see 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 get your own independent tax advice on the impact that the Card or Account may have on your personal tax liability.
     10. Fees 

The fees for Account and Card are: 

Transaction Fees:

Account opening$0
Account keeping$0
Direct debit dishonour$0
ATM withdrawal$0 at all major bank ATMs*
Domestic Transaction$0
International Transaction0%
Card Replacement Fee$0
*Hay does not charge any ATM fee. A fee may be charged by the ATM Operator 

Transaction Dispute Fees:

Card payments$0
Non-card payments and transfersUp to $20

     11. Limits 

There are default limits that apply to the Account and Card for: 

Default limits:

Maximum balance$15,000
Minimum balance$0
Maximum deposit per day$3,000
Maximum ATM cash out per day$1,000
Maximum transfer limit per day (BPAY)$ NA
Maximum bank transfer limit per day (DE/NPP)$4,000
Maximum single card transaction$5,000
Maximum card spend per day$5,000

At any time, Hay can adjust the limits. You can find the current limits that apply to your Account and Card within the KttiPay App. 

     12. Cooling off rights 

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

     13. Disputing a Transaction 

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 Account and card terms and conditions). It is your responsibility to regularly review your online transaction history to identify Unauthorised Transactions. Under these 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. 

     14. Feedback and Resolving Complaints 

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 Account and Card that KttiPay has provided to you, you should initially direct the query to KttiPay via: 
Mail:                 PO Box 4, Northbridge NSW 1569 

Email:              [email protected] 

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 compliant 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] 


     15. Terms and conditions 

The Terms and Conditions for use of the Account and Card are set out in the Terms, which is a separate document but forms part of this PDS and can be accessed at 

You should read the Terms before acquiring the Account and Card 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 Account and Card  
  • Restrictions of use of your Account and Card; 
  • Security requirements and what to do if you lose your Card, or 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 Account and Card; 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 Account and Card. 

     16. Applicable laws 


Hay is committed to complying with the Australian Privacy Act. The Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by Hay. The Privacy Policy is available at You may request a copy of the Privacy Policy in hard copy.  

The Hay Privacy Policy sets out: 

  • 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 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) laws: 

Hay is committed to complying with the Australian Privacy Act. The Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by Hay. The Privacy Policy is available at You may request a copy of the Privacy Policy in hard copy. 

You must let us know as soon as possible when any of your details change. 

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 Act or where we have concerns regarding your money laundering or terrorism financing risk. We must block the Account and Card 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.