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Card & Account Terms


October 2024
Issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459

1. About 
Issuer and Regulatory Information

Hay Limited, ABN 34 629 037 403 (“Hay”), is authorised under Australian Financial Services Licence No. 515459 to offer financial products and services, including non-cash payment products.

These Terms and Conditions (Terms) are our agreement with you about the use of your KttiPay Account (Account) and KttiPay Visa Debit Card (Card). If you commence using the Account and Card you will be deemed to have read, understood, and accept these Terms in relation to the Account and Card. It is called acceptance by conduct. It does not require your signature to be binding.

It is important that you understand these Terms because they set out our agreement on things like how we use your information, security, fees and charges and limits. 

Please also carefully read the Product Disclosure Statement (PDS), as these Terms form part of the PDS and together form our agreement with you for use of the Card and Account.

We’ll always let you know if, for any reason, the terms and conditions of your Card and Account change. However, advance notice may not be given where a change has to be made to immediately restore or maintain the security of our systems or of individual accounts or facilities. We may give you a shorter notice period, or no notice, of a change if it is reasonable for us to manage a material and immediate risk. If that occurs, you may notify us within 30 days that you do not agree to the change from the date it was made and that you no longer wish to continue using the KttiPay Card and Account. After 30 days you will be deemed to have agreed to the change from the date it was made.

You should also read through the Target Market Determination (TMD) and Financial Services Guide (FSG) made available to you before applying for the KttiPay Card and Account as together these form Hay’s agreement with you for the issuing and use of these products.

You can find the PDS here https://kttipay.com/pds/
You can find the TMD here https://kttipay.com/tmd/
You can find the FSG here https://kttipay.com/fsg

If you need further assistance or if you don’t understand any items in these documents, KttiPay can be reached at:

Mail:                PO Box 4, Northbridge NSW 1560 
Email:             [email protected] 
Website:        www.kttipay.com 

2. Meaning of words

In these Terms, words that commence with a capital letter have the following meaning:

Acceptance Brand means the symbols Visa uses at merchants and ATMs to inform Cardholders their Card can be used to make purchases or cash withdrawals.   

Accountholder means the person in whose name a virtual Account is held by Hay.  

Available Balance means the dollar value (in AUD) that is available in your Account at a particular point in time which you can view by using the KttiPay App and which you can utilise by using the KttiPay  Card. 

Block an Account means a status KttiPay or Hay has applied to suspend or block account transaction.      

Cardholder means the person to whom a KttiPay Visa Debit Card is issued by Hay.    

Chargeback means the process established by Visa in which a Cardholder challenges a transaction made via their KttiPay Card.  

Device means any equipment (electronic or otherwise) or artefact designed to be used to access your KttiPay Account.  

Disputed Transaction means a KttiPay Account transaction that the Accountholder is claiming is illegitimate in some way. For a KttiPay Account the process to lodge and assess this claim is established by NPP and DE. 

Direct Entry means DE. The direct entry system is a means of making electronic payments by consumers and businesses to initiate Pay Anyone transactions using internet banking applications. 

Freeze means an action initiated by KttiPay or Hay which result in all transactions on the Card and Account being suspended pending investigation and or instructions to Unfreeze.    

Hay means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (also referred to as we or us). 

Issuer means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 as the Issuer of both the KttiPay Account and Card.   

KttiPay means the product distributed by KttiPay Pty Ltd that comprises the KttiPay Account and KttiPay Visa Debit Card. 

KttiPay Account means the digital (virtual) account held by Hay to which the Accountholder can deposit funds and to which the KttiPay Visa Debit Card is linked to.  

KttiPay App means the mobile application that operates and supports the KttiPay Account and Card. 

KttiPay Visa Debit Card means a physical or digital Visa debit card which is issued by Hay and which is linked to the KttiPay Account. 

Merchant means authorised vendors who are able to accept and process a Visa Debit Card. 

NPP means the New Payments Platform. 

NPP Payment means a payment cleared and settled via the NPP. 

Pay Anyone means a payment from your KttiPay Account to another person’s account with an Australian Financial Institution by using the BSB and account number of the person to whom you are making the payment. 

PIN means personal identification number and the set of digits used to protect access to your KttiPay Visa Debit Card.

Purchase Transaction means a purchase transaction of goods and/or services using the KttiPay Card at a Merchant. 

Terms and Conditions means the detail and rules that apply to the opening, fulfilment and use of the KttiPay Account and Card. They are an essential part of a contract between the Cardholder and Accountholder, and Hay Limited. 

Unauthorised Transactions means a transaction which you haven’t authorised and without your knowledge and consent.  

Unblock Account means an action KttiPay or Hay can execute to reinstate an Account for use by a KttiPay customer. 

Unfreeze means the releasing of the Freeze either at a conclusion of an investigation by us or on instructions of the Cardholder or Accountholder. 

Visa means Visa Worldwide PTE Ltd.  

Visa Debit means authorised physical or digital cards with the Visa Acceptance Brand or markings. 

We, us means Hay or Hay Limited.

3. ELIGIBILITY  

You will need to satisfy specific eligibility criteria to maintain this product. To qualify, you must: 

  • Be an individual person; and 
  • be aged 18 years or older; and 
  • have a valid Australian residential address. 

4. Anti-money laundering and counter-terrorist financing  

As the issuer of the Card and Account, Hay must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including Know Your Customer (KYC) and certain reporting obligations.  Accordingly, as part of the application process we will require evidence of who you are and where you live. As part of our legal obligations, we need to verify this information and accordingly, we check the information you provide against records maintained by the Australian government’s document verification service.  

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 Card. 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. 

5. Activating your Card 

5.1 Digital card

Once we have approved your application for a digital card, you will need to activate it through the KttiPay App before you can begin spending. After you have activated the digital card, you can add it to your digital wallet.

5.2 Physical card

Once we have approved your application for a request for a physical card, we will post you the Card. Before you use your physical card for the first time you will need to verify you have received your physical card in the KttiPay App.

6. THE KTTIPAY CARD AND ACCOUNT

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

KttiPay Profile Explanation
Personal Ktti OwnerOwns a KttiPay Card and Account. A personal Ktti is viewable only to the Personal Ktti Owner within the KttiPay App.
Group Ktti OwnerMust be a Personal Ktti Owner to open a Group Ktti. The Group Ktti Owner owns a Group KttiPay Account, can request a physical and/or digital card and assign administrator rights to other KttiPay users.
Group Ktti AdministratorMust be a Personal Ktti Owner to be assigned administrator rights on a Group Ktti owned by another KttiPay user. The Group Ktti Administrator does not own the Group KttiPay Account, but can request a card to spend from the Group Ktti and can view all transactions on the Group Ktti.
Group Ktti MemberA Group Ktti Member can transfer funds into the Group Ktti and view all transactions on the Group Ktti only.

When you request a physical and/or digital KttiPay Visa Debit Card, you will receive a physical/and or digital card which is linked to your Account. Once you deposit funds into your Account, you can access these funds to conduct payments. 

You can use the physical Card to withdraw cash at ATMs and either the digital or physical card to conduct Purchase Transactions anywhere in the world where Visa Debit cards are accepted. You can also make Pay Anyone transactions from your Account via the KttiPay App. Note there are daily limits that apply.  

You can view your Available Balance at any time by using the KttiPay App.  

The KttiPay Account is not a bank account and stored balances are not covered by the Australian Government Financial Claims Scheme. Hay does store, or safeguard, your balance by holding those monies with an Authorised Deposit-taking Institution (bank).

You can only access the Available Balance. Hay does not offer a credit facility and overdrawing the Available Balance in the Account is strictly prohibited. We reserve the right to decline any transaction request the result of which will exceed the Available Balance in the Account. 

7. USING YOUR KTTIPAY ACCOUNT AND KTTIPAY CARD

7.1 Depositing value to your KttiPay Account     

At any time you, or someone on your behalf, can deposit funds to your KttiPay Account through the mechanism we specify. Predominantly, these deposits will occur through transferring funds electronically from another account with another financial institution.  

You can find instructions for how you can deposit funds to your KttiPay Account in the KttiPay App. 

We may also add new ways to deposit funds into your KttiPay Account in the future and we will publish these ways in the KttiPay App. We encourage you to check the KttiPay App from time to time for this and other important information. 

Payments to your KttiPay Account will be credited to your Available Balance when they have cleared. 

Once deposits have cleared and are showing in your KttiPay Account as clear funds, you can use the KttiPay Card to access these funds by transacting through Merchants, Pay Anyone and or cash withdrawals at businesses that accept Visa.

7.2 Limits  

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

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 (DE/NPP)$4,000
Maximum single card transaction$5,000
Maximum card spend per day$5,000

At any time, we can adjust the limits to protect your interests or ours and if we decide to adjust the limits, we will inform you of these changes by the KttiPay App or other means. Unless it is for security or financial integrity reasons, we will inform you of any changes to the daily limits in advance no less than 10 Business Days before the change takes place.  

You can find the actual limits that apply to your KttiPay Card and Account within the KttiPay App.    

7.3 ATM withdrawals  

You can withdraw cash from your KttiPay Account using your KttiPay physical Card at any ATM up to the limit that applies for ATM transactions. There are no Hay fees for using ATMs. However, you may be charged fees by other financial institutions or ATM providers when using their ATMs.  

7.4 KttiPay Card transactions  

You can use your KttiPay Card to make payments anywhere that Visa Debit cards are accepted. 

Within Australia you can make contactless transactions under $100 without using your PIN. Contactless limits may vary in different countries. Like with any transaction, please make sure you check the amount is correct on the terminal before authorising a contactless transaction. 

We will deduct the amount of any transaction using your KttiPay Card from the Available Balance in your KttiPay Account. You can’t stop payment on a transaction after it has been completed. For mistaken or disputed payments please refer to Section 10. 

We do not allow negative balances in your KttiPay Account.  If you do not have sufficient balance in your KttiPay Account, all transactions will be denied. It is your obligation to ensure that you have sufficient Available Balance to complete a transaction. 

Sometimes a transaction cannot be processed due to reasons outside of our control, like where there are network issues which may affect the relevant payment terminal. We are not responsible when a transaction authorisation is declined for any reason.

7.5 KttiPay Account transactions

You can make Pay Anyone payments from your KttiPay Account using the KttiPay App. It is solely your responsibility to ensure that you enter the correct BSB and Account information when authorising online payments from your Account. Where you enter the wrong information:  

  • funds may be credited to the Account of an unintended recipient if the BSB number and/or identifier do not belong to the person you name as the recipient; and  
  • it may not be possible to recover funds from an unintended recipient.  

7.6 Using your KttiPay Card for foreign currency transactions

All transactions in foreign currencies will be converted into Australian dollars. 

Foreign currency transactions are processed using the foreign exchange rate determined by Visa at the time of settlement. Hay does not charge fees, margins, or spreads for foreign exchange payments. 

7.7 Restrictions on use 

You must not use the KttiPay Card and or the KttiPay Account for any unlawful purpose, including purchasing anything that is illegal under Australian law. 

If we suspect that your KttiPay Card or KttiPay Account is being, or has been, used for      unlawful activity, we will suspend your KttiPay Card and Account without any notice to you.  

You must not allow any other person to use your KttiPay Card and Account. Doing so is a breach of these Terms and entitles us to Freeze your Account and Card.  You will also not be able to reclaim any Unauthorised Transactions because you allowed someone else to use your KttiPay Card and Account.      

8. Fees 


Charged by HayCharged by KttiPay
Account opening$0$0
Account keeping$0$0
Overdrawn$0$0
Direct debit dishonour$0$0
ATM withdrawal$0 at all major bank ATMs*$0
Domestic Transaction$0$0
International Transaction0%$0
Card Replacement Fee$0$0
Card Payments$0$0
Non-card payments and transfers$0$0      

* Merchants and financial institutions may impose fees or surcharges. We have no control over these third-party fees and cannot challenge these once a transaction is approved by you. 

9. Security 

9.1 Protecting your KttiPay Card information and PIN 

It is important that you keep your KttiPay App, KttiPay Card information, KttiPay Account information and PIN secure. This means that you must not write down the PIN either on the Card or on something you carry with the KttiPay Card, or share your PIN with any other person. You must not, without proper cause, disclose the card number to any person.

9.2 What to do when you suspect your KttiPay Card is compromised or lost  

If you believe your KttiPay Card is lost (and there’s a chance you’ll find it), you can simply Freeze your KttiPay Card on the KttiPay App. If you Freeze the KttiPay Card, it will remain Frozen until you Unfreeze it and you will not be able to use it. While the physical Card is Frozen you can continue to make payments from your KttiPay Account.  

If you believe your KttiPay Card has been lost, damaged, or compromised (not just temporarily lost) then you must immediately report your KttiPay Card lost or stolen within the KttiPay App and request a new card. 

10. RESPONSIBILITY FOR MISTAKEN OR UNAUTHORISED TRANSACTIONS  

Where you think a transaction is an Unauthorised Transaction or is otherwise incorrect, please get in touch with KttiPay immediately and provide as much information as you can about the relevant transaction so KttiPay and Hay can investigate further.  

There are specific circumstances and time frames where we can claim a refund in connection with a disputed transaction. This means that our ability to investigate a disputed transaction is limited to the time frames imposed by payment service providers and card schemes (like Visa) that we deal with, so it is important to let us know as soon as possible after you become aware of a disputed transaction. 

If you suspect that the security of your KttiPay Account has been compromised, please request KttiPay to block your KttiPay Account to avoid continued unauthorised use. 

10.1 Mistaken payment  

Where you make a mistake when making a payment, you must inform us as soon as you realise that a mistaken payment was made. You must provide us with sufficient details of the transaction, so we can attempt to trace it. We will try to reverse the transaction and retrieve your funds. However, if we can’t reverse the transaction, we are not responsible, and you will be liable for the mistaken payment (please also refer to Section 7.5). 

10.2 Incorrect payments/issues with a purchase    

If you have a problem with a purchase made with your KttiPay Card or a disputed transaction, the first step is to get in touch with the merchant you made the purchase from. If you cannot resolve the matter with the merchant, contact KttiPay about the disputed transaction.  

11. LOST, STOLEN CARD OR COMPROMISED PIN 

You will not be responsible for Unauthorised Transactions:  

  • that occur before your KttiPay Card is issued to you; 
  • that occur after you have Frozen or cancelled your KttiPay Card and while it remains Frozen; or  
  • where you didn’t contribute to the Unauthorised Transaction.  

We may consider that you have contributed to an Unauthorised Transaction where: 

  • you have not kept your KttiPay Card or PIN reasonably secured; or 
  • there was an unreasonable delay in Disabling or cancelling your KttiPay Card where you believed it was lost, stolen or otherwise compromised; or 
  • there was an unreasonable delay in reporting any unauthorised or mistaken payments. 

12. TRANSACTION HISTORY 

You can view your transaction history on the KttiPay App at any time, from the specific      Ktti that transactions are made from. We take security very seriously but please regularly check it to make sure there is nothing unusual such as:  

  • transactions you don’t recognise; 
  • transactions you didn’t authorise; 
  • transactions where you never received the relevant goods or services; 
  • transactions where the purchase price differs to the purchase amount; or 
  • you think a transaction may have been duplicated. 

13. CHANGING THE STATUS OF A KTTIPAY CARD OR KTTIPAY ACCOUNT    

We may Freeze or cancel the KttiPay Card where we have concerns about its security, and      for the purpose of protecting your Available Balance where we suspect the KttiPay Card has been compromised.  

If we become aware that you haven’t done what you’ve agreed to do as set out in these Terms we may suspend or cancel your KttiPay Account. If this happens, we will let you know as soon as possible and refund your Available Balance to your nominated account. 

14. KTTIPAY CARD EXPIRY 

The expiry date is shown on your KttiPay Card. We will contact you prior to the expiry to let you know next steps for continuing to use your KttiPay Card after the expiry date. 

15. HOW TO CLOSE YOUR KTTIPAY ACCOUNT 

You can provide instructions to close your KttiPay Account by contacting customer support on [email protected]. We cannot close the KttiPay Account immediately as we need to wait for all payments and transactions undertaken by you to be settled before your KttiPay Account can be closed. As soon as you notify us that you wish to close the KttiPay Account, you will no longer be able to use your KttiPay Card.  

You will remain liable for any transactions that were not processed, or that occur, on your KttiPay Account (including, but not limited to, outstanding merchant purchases) at the time the KttiPay Account is closed. 

You must also pay to us all unpaid fees and charges prior to closing the KttiPay Account. 

Once the KttiPay Account is closed and we are satisfied that all outstanding transactions have been presented and settled, we will refund the Available Balance to your nominated account. 

16. HOW WE CAN COMMUNICATE WITH EACH OTHER (NOTICES)

You can contact us at [email protected]      

We may give you any information, notices or other documents related to the KttiPay Card and Account by:  

  • notification (including a push notification) or message sent to you or your device through the KttiPay App;  
  • by email to the email address recorded for you in the KttiPay App;  or
  • by letter to the address recorded for you in the KttiPay App. 

17. PRIVACY 

Hay will collect, handle and use your personal information in accordance with the Hay privacy policy available at https://www.hellohay.co/privacy
The Hay privacy policy contains important information about the purposes for which Hay collects personal information, who the information may be disclosed to (including any overseas disclosures), how you can access and seek correction of the personal information Hay holds about you and how you can make a complaint about the handling of your personal information.  

18. RESPONSIBILITIES AND BOUNDARIES

Hay is responsible for issues that occur due to our error. This includes things like your Available Balance being incorrectly debited due to our mistake.        

We are not responsible for things outside of our control like:  

  • where a merchant does not accept your card;  
  • delays or interruptions not caused by us;  
  • transactions not being able to be processed, despite us taking reasonable precautions; and/or
  • a dispute between you and the supplier of goods or services purchased with the KttiPay Card. 

To the extent permitted by law and Visa scheme rules, the most Hay is responsible for is the maximum value of a transaction processed due to our error or, for other things that Hay may be responsible for, the amount of your Available Balance. r error or, for other things that Hay may be responsible for, the amount of your Available Balance. 

19.  COMPLAINTS 

If you have a complaint relating to the KttiPay Card and Account, or the financial services we have provided to you, please review the section “Feedback and resolving problems and complaints” of the Financial Services Guide.  

A complaint is not a transaction dispute in this context. A dispute means a customer challenge to a specific transaction via NPP or DE. A chargeback means a customer challenge to a specific transaction via the International Scheme such as Visa. A dispute and chargeback are defined in section 2 “Meaning of words”. 

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

KttiPay and 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 before the 30 calendar days lapse. 

If you are unable to resolve your issue with KttiPay directly, you can escalate your enquiry to Hay via [email protected]. 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 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

20. CHANGES TO THESE TERMS 

We’ll always let you know if, for any reason, the terms and conditions of your account change. However, advance notice may not be given where a change has to be made to immediately restore or maintain the security of our systems or of individual accounts or facilities. We may give you a shorter notice period, or no notice, of any change if it is reasonable for us to manage a material and immediate risk. 

If that occurs, you may notify us within 30 days that you do not agree to the change from the date it was made and that you no longer wish to continue using the KttiPay Card and Account. After 30 days you will be deemed to have agreed to the change from the date it was made.

Where we change these Terms and any information in the PDS relating to these Terms, we will upload the new Terms or PDS to our website and via the KttiPay App. If you keep using your KttiPay Card and Account after the notice of change is posted and the change becomes effective, you will be bound by the amended Terms.  

Where we make a material change to these Terms, for example changes to fees, charges or available features, we will give you at least 30 days’ notice before the change to enable      sufficient time to decide whether you wish to continue to use your KttiPay Card and Account.

21. GOVERNING LAW 

The laws of New South Wales govern the KttiPay Card and Account, and any legal questions concerning this agreement.