Target Market Determination

Class of consumers that comprise the target market for the product

This describes consumers in the target market

Customers will need to satisfy specific eligibility criteria to maintain this product. Customers must:

• Be an individual.
• Be aged 18 years or older to apply for the account.
• Hold a valid Australian Tax File Number ( TFN)
• Hold a valid Australian Business Number (ABN) issued by ATO.
• Have valid Australian citizenship or permanent residency.

Objectives & Needs

This product is not a corporate card or purchasing card and targeted at individuals who own a business with the likely objectives, financial situation and needs of wanting:

• Access to a debit card to make purchases with an internationally branded scheme such as Visa
• To store money in an account without the ability to access interest on their balance
• To manage access to funds available in the account or on the account through spend limits, merchant blocking and card management.

• At the time of application, the person has the right to open a Non-Cash Payment product account and has access and the ability to transfer funds in Australian dollars to preload the facility and pay fees.

• A Non-Cash Payment Product issued by Hay Limited is a fully digital transaction account that allows customers to access their funds on demand.
• Access is only possible by card, app, BSB and Account number and does not have a physical presence. Customers cannot make cash deposits or other withdrawals from the account via a physical branch except by using a card at an ATM where Visa Debit cards are accepted.
• No interest can be earned on the funds deposited in the account.
• Overdrawing the account is not permitted[i].
• Spend control and merchant category code limitations:
• The card program prohibits spending at unsuitable or inappropriate merchants for the Target Market to reduce harm.
• The card program has limits in place for the account balance and daily spending.
• Account owners can further restrict spending by a merchant to customise the product to suit their needs.
• The account owner can impose daily or weekly spending limits to suit the product to their needs.

This explains why the

product is consistent with the target market’s likely

• Customers can fund the account to save and or spend those funds through a Debit card accessing the Visa network or through a BSB and Account number via Direct Entry or NPPA; and
• Customers can manage access to the funds through spend limits, merchant

• blocking and card management.

The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia.

This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.

An authorised distributor must only engage in retail arranging, distribution and

• through the Prospa app;
• to prospective customers who are individuals and meet Hay Limited’s minimum eligibility criteria for the product;
• to issue a Non-Cash Payment Product to customers after applying for and completing the application process ; and
• This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.

The events and circumstances that would reasonably suggest the determination is no longer appropriate