Fintech Actuator Prepaid Mastercard® (Terms and Conditions)

Definitions

The following definitions apply throughout this terms and conditions, unless otherwise stated:

Account means the account nominated/held by BKO Consulting Pty Ltd, ABN 76 662 535 131, trading as FinTech Actuator (“FTA”) as the program manager, in collaboration with Distribution Partners (“Distribution Partner”)

Account holder means the person registered against the account and beneficial owner of the funds within that account.

Business Day means a day that is not a Saturday, Sunday or public holiday being a day on which banks are open for general banking business in Australia.

Card means the Prepaid Mastercard® issued by Change Financial Payment Services Pty Ltd.

Cardholder means the Account Holder or otherwise a person who is nominated by the Account Holder to use a card.

Card Account means the record of account maintained by Change Financial Payment Services Pty Ltd and FTA, through which:

transactions and purchases made by a cardholder using a card are debited, and
funds are credited by FTA or the Distribution Partner or the Account Holder.

Card Facility means the card facility related to the Prepaid Mastercard® described in this terms and conditions.

Card Mailer means the letter sent to the cardholder including a card, and instructions on how to use the card, together with other important information.

Card Number means the 16-digit number that may be printed or displayed on the front of a card, and/or displayed in a mobile application.

Card Statement means an electronic statement of transactions completed with the cards.

Cash Advance means any transaction that we consider to be a cash advance, including transactions involving:

the drawing of cash from the card account using an ATM or at a financial institution;
receiving from a Merchant a cash substitute or a cash refund (including, but not limited to, using the card account to load Value to a stored value card or facility);
using the card account to pay bills through a third party where the Merchant does not accept credit payments;
using the card account to pay bills over the counter at a financial institution; or

transferring, or arranging the transfer of, funds from the card account to another account.

Change Financial means Change Financial Payment Services Pty Ltd (“CFPS”) ABN 92 651 106 955

Contactless Terminal means a terminal that can be used to make a Contactless Transaction.

Contactless Transactions means a transaction made by holding a card (which can make a Contactless Transaction) in front of a Contactless Terminal, to complete a transaction, rather than inserting the card into the terminal.

Direct Debit means a debit from your card that you arrange through a merchant or other service provider by providing your card number.

Distribution Partner means the corporate partner that requests FTA to create an account and provide a card for the cardholder.

EFTPOS means any Electronic Funds Transfer at Point of Sale.

Expiry Date means the expiry date that may be printed or displayed on the card, and/or displayed in a mobile application.

Issuer means Change Financial Payment Services Pty Ltd (“CFPS”) ABN 92 651 106 955, Australian Financial Services Licence (AFSL) 534901

Mastercard means Mastercard International Incorporated.

Mastercard Scheme Rules means the Mastercard Scheme Rules and the Mastercard Technical Operational and Security Rules.

Mobile Application (“App”) means FTA’s or the Distribution Partner’s mobile application, as provided to the cardholder. Offline transactions mean the process by which funds are withdrawn from a card when a POS terminal is out of operation or not connected to the payment network.

Pays Provider means the provider of a wallet on a mobile device that supports tokenised card payments, such as Google Pay or Apple Pay.

Personal Information means the information that we collect from you and the cardholder, including any application form, correspondence, identification, emails, telephone calls, internet communications and transactional information, in connection with the card or the card account

Physical card means the plastic Mastercard issued as part of the card facility.

PIN means a 4-digit Personal Identification Number associated with the Card.

POS means the merchant’s Point of Sale terminal.

Recurring transaction means a regular transaction on your account that you have authorised another person or company (merchant) to make by providing your 16-digit card number.

Stored Value means the monetary value available to a Cardholder through the use of the card from time to time.

Terms and Conditions means the terms and conditions set out in this document.

Transaction means any purchase or withdrawal.

Unauthorised Transaction means a transaction not authorised by you but does not include any transaction carried out by you or anyone performing the transaction with your knowledge or consent.

We, Us, Our means Change Financial and, except where the context indicates a different intention, also includes any agent acting on behalf of Change Financial.

Website means the OtherPay website at https://otherpay.com

You or Your means the Account holder or the Cardholder, depending on the context.

Terms and Conditions

Overview

The card is a Mastercard branded reloadable prepaid card (Prepaid Mastercard®). Change Financial is the issuer of the card.

BKO Consulting Pty Ltd, ABN 76 662 535 131, trading as FinTech Actuator (“FTA”) is the Program Manager. FTA is an Authorised Representative (Auth Rep number 001316732) under the AFSL held by United Currency Exchange Pty Ltd (AFSL 557103) and is authorised to provide financial products and services, including the issuing of non-cash payment facilities such as the Card.

The Distribution Partner offers an arrangement with their customers (account holders/card holders) for the issue of cards. Change Financial (We, Us, Our) authorises the Distribution Partner to distribute the card. The card provides the cardholder (You, Your) with the means to access the value loaded on the card to purchase goods and services at approved merchants.

The account holder agrees to be bound by these terms and conditions by consenting to the issue of a card, or by activating or using a card. The account holder acknowledges that it is responsible to ensure that they adhere to the terms and conditions.

These Terms and Conditions are issued by Change Financial. By accepting the offer of the card facility made by FTA or the Distribution Partner, the account holder is bound by these terms and conditions in respect of the card. It is important that the account holder reads and understand the terms and conditions that apply to the use of the card facility.

As a cardholder, You have rights to the card, however FTA, the Distribution Partner and Change Financial can enforce your obligations with regards to usage of the card.

It is important that you read and understand the terms and conditions and keep a copy for your records.

A plastic card issued must be activated before it can be used – activation is achieved by completing a successful transaction with a PIN, as provided to You via the Mobile App. By activating, or using the card, you agree to be bound by these terms and conditions.

The prepaid card does not involve Change Financial offering or issuing any “debt security”. The money loaded on the prepaid card is held by Change Financial on trust at an Australian registered bank and will be paid at the direction of the cardholder, or otherwise the beneficial owner of the funds.

The Card

By providing you the Card, you have the right to use the card in accordance with these terms and conditions. By activating, or using the card, you agree to be bound by these terms and conditions.

The card is a Prepaid Mastercard®. You must have funding available to the card account, in accordance with these terms and conditions before the card can be used.

The card is redeemable anywhere that displays the Mastercard® logo
When a cardholder purchases goods and services using their card, the payment is debited against the Available Balance associated with that card.
The card allows the cardholder to purchase goods and services at any merchant that accepts Mastercard by:
- selecting the ‘credit’ button at POS; or
- making a contactless payment; or
- over the telephone or the internet by providing the card number, expiry date and security code as displayed to You within the OtherPay App; or
- Making a payment from a tokenised wallet on a mobile device
The card is not a credit card;
The card account is not a deposit account;
The card is not transferable;
The credit balance or value stored on a card account does not earn interest;
The cardholder will be liable for any transactions initiated by another person with the card where the cardholder allows that person to use their device and to make a purchase with the card;
The card remains the property of the Issuer, and you must not copy or reproduce a card.

Using the Card

The Card must be activated before it can be used – activation is achieved by completing a successfully transaction with a PIN provided to You via the Mobile App.
The Card can only be used if the account has a credit balance.
The Cardholder can use the Card before expiry and within the applicable limits outline in this terms and conditions, provided that the total transactions amount does not exceed the Transaction Limit or Available Balance.
Acceptance of a transaction does not imply that you have sufficient funds on the Card to cover a transaction. In exceptional circumstances (for example when a POS terminal is offline), a transaction on the card may exceed the available balance without the card declining. We are obliged to honour the transaction where this happens, and you agree to pay the excess immediately.
The Card can be used at any merchant wherever the Mastercard® logo is displayed (subject to individual merchant’s discretion).
The Card does not permit withdrawal of cash or cash advance.
The Card cannot be used for illegal transactions or to purchase illegal goods or services.
We will not be held liable if any merchant or a POS terminal does not accept the Card.
The Cardholder must check that the amount for a transaction is correct:
- before they sign a voucher or transaction record given by any merchant, and
- before they enter their PIN at a POS terminal.
By signing a voucher or transaction record or entering the PIN at the POS terminal, the cardholder confirms the validity of the amount of the transaction.
We may suspend or terminate the use of the card if we notice excessive uses of the Card or other suspicious activities.

Limitations of use of the Card

This Card is subject to a transaction limit and daily transaction count limit. The available account balance must not exceed the maximum limit of the card at any given time. The account balance can be accessed following the loading of value to the card account by you and the cardholder.

The following table illustrates the transaction and limits applicable to the card, within the limits of the available balance. Some merchants may impose additional limits not included in this table.

Transaction Types

Maximum Limit Per Transaction

AUD $2,000

Maximum Transaction amount per day

AUD $2,000

Maximum Transaction count per day

No limit

No access to cash

Maximum Limit for Account Balance

AUD $4999

Your card may be declined at some merchants, such as merchants who choose not to accept prepaid Mastercard cards. We will not be held liable if any approved merchant either refuses to accept a card as a payment method or does not permit certain types of goods and services to be paid with the Card, except where the authorisation has been declined because of an act or omission on our part.

Fees and Charges

All transaction fees are charged at the time of transaction and, where applicable, are included in the total purchase price.

Certain merchants may charge an additional fee if the Card is used to purchase goods and/or services. This fee is determined and charged by the merchant and is not retained by Us.

The applicable fees are shown in the table below. You authorise us to deduct the fees from the value stored on the Card, whenever these fees are incurred or become payable.

Fees and Charges

Amount

Replacement Card Fee

Disputed transaction Fee (per transaction)

Pre-Authorised Transactions

In some cases, merchants may request confirmation that your card account has sufficient funds to pay for the goods and services they will supply. This is done through obtaining a pre-authorisation (pre-auth) which will put a temporary hold on your Card balance. This means that the balance in your card account may not indicate the correct amount until the authorisation is cleared.

The merchant may request a subsequent authorisation for the actual costs when the goods and services have been supplied. A pre-auth, once obtained, typically hold the funds for up to 7 business days if the purchase or pre-auth amount is not completed.

We reserve the right to decline any pre-auth for any transaction on the card account, for example, if the transaction would cause the card account to go into debit balance.

Card Expiry

An expiry date is displayed on the card and/or within the Mobile App. The card is valid until the expiry date unless cancelled before. When a Card expires, You cannot access available balance or value loaded on the card, except when a replacement card is issued to You.

Transaction Disputes

It is the responsibility of a Cardholder to keep all voucher and transaction records given by any merchant when using the Card and regularly review transaction history to identify unauthorised transactions.

Cardholders must notify OtherPay immediately if they notice any error (or possible error) in any transaction or statement relating to a card.

Chargebacks (Reversing a transaction)

In some circumstances, Mastercard scheme rules may allow us to reverse the transaction where you have dispute with the merchant. This is known as chargeback.

You must notify the Distribution Partner immediately if you believe that you are entitled to a chargeback. Mastercard card scheme rules impose time limits for initiating chargebacks which is generally 90 days from the date of the disputed transaction. We are not able to reverse a transaction after the expiry of this time limits.

We may need you or the cardholder to provide additional information for a chargeback request. Cardholder who does not provide requested information within 10 days may lose any rights to the chargeback.

Merchants may have rights under the Mastercard card scheme rules to have any chargeback transactions investigated further. In some cases, the chargeback we processed may be reversed and resulting in the original transaction being reinstated.

Use of a PIN

Before using the card for the first time, you will need to access a PIN via the Mobile App.

If you incorrectly enter the PIN three times when a transaction is attempted using the card, the card will be suspended temporarily for 24 hours.

Protecting the Card

For security reasons, you must take the following steps to protect your card:

never leave the card unattended;
never give the card to anyone, including family member or friend;
notify the Distribution Partner immediately if the Card Mailer has not been received intact;
report to the Distribution Partner immediately the loss, stolen, damaged or unauthorised use of any card;
check your account statement, balance and transaction history online to identify and report, as soon as possible, any instances of unauthorised use; and
on the expiry date, cut the physical card diagonally in half before disposal.

Lost or stolen Cards

The security of the card is very important, and you must take reasonable steps to protect your card from loss of theft. If you become aware that the card or device is lost or stolen or damaged, you or the cardholder must notify the Distribution Partner immediately through the contact details provided to you. Alternatively, by:

Contacting FTA on 1300 995 289 between 8am and 6pm Monday to Friday; or
contacting Change Financial on +61 3 9661 8200 after business hours; or

sending a notification by email to tim@fintechactuator.com

We will cancel the card as soon as a report is made.

If you make a reasonable attempt to contact the Distribution Partner, or FTA or Change Financial by telephone during the hours of operation stated above and they are unable to answer your call, you or the cardholder will not be liable for any losses occurring due to non-notification provided that you or the cardholder notify the Distribution Partner, or FTA or Change Financial on the next Business Day or within a reasonable time.

You may be required to report in writing and provide details of the loss, theft, or misuse of the card. When a report is made verbally through telephone, you will be given a notification number or some other form of acknowledgement. You should retain this as evidence of the time and date of your report.

If the card or device has been lost or stolen and the card or lost device is found after making the report, the cardholder must not attempt to use the physical card, or the card associated with that device.

Digital Wallets

Digital Wallets allow you to tokenise Your Card to a compatible device to make purchases using your Card. Your Card Agreement governs the use of your Card in Digital Wallets.

You must always keep your device and security credentials safe and secure – in the same way you would your actual Card or PIN. Never share your device security credentials or allow another person to register their biometric data (face ID or fingerprint) your device as that person will be able to make payments using your Card. If you do allow someone access, you will be responsible for their use of your Card.

Contact the Distribution PArtner immediately if your device has been lost, stolen or compromised in any way. We can suspend or remove your Card from the Digital Wallet to prevent further unauthorised use.

We use your information to manage your use of Digital Wallet, present you with updates and to display targeted offers and advertising from time to time. We always use your information in accordance with the Distribution Partner’s Online Privacy Statement.

When you register your Card to your device, the wallet provider (“Pays Provider”) may access and process your information, including information about your transactions. We share some of your information with the Pays Provider to display to you in the Digital Wallet, which the Pays Provider may use in an aggregated and de-identified way to help improve their services. The Pays Providers may share information with us for fraud and identification purposes. The Pays Provider’s use of your personal information is solely governed by their Privacy Policy. The Privacy Policies of the Pays Providers are available at:

Apple Pay: https://www.apple.com/au/privacy/

Google Pay: https://policies.google.com/privacy

The Pays Provider may change their Digital Wallet from time to time. Change Financial and OtherPay have no control over the Pays Providers’ decisions to change their Digital Wallets or any of their services or products. In order to use a Digital Wallet, you must agree to the Pays Provider’s Terms of Use and Privacy Policy.

Complaints

If you have any complaint, concern or issue with a product or service, or a dispute with a merchant, this must be addressed directly with the merchant. If the concern or issue is not resolved, or you are not satisfied with the way in which the merchant deal with your concern or issue, you can contact the Distribution Partner’s Customer Support during business hours, or by email.

Enforcement by Change Financial

Under these terms and conditions, the cardholder's obligations are to the account holder. Although Change Financial is not a party to the contract between the account holder and the cardholder, it can enforce the obligations against the cardholder. These terms and conditions cannot be altered or varied without Change Financial’s written consent.

Security

Cardholders must keep the card safe and secure by following the precautions set out below.

A cardholder must never:

give the card to anyone, including family members or friends;
tamper with any integrated circuit on the card;
disclose the card number, except where necessary;
leave the card unattended;
allow another person to register and store a Biometric Identifier on their device;

Payments to the Card Account

The available balance of the card account will reduce when purchases are made using the card, and other fees and charges are debited to the card account.

The card cannot be used to make or complete a transaction that exceeds the available balance on the card.

Transactions

The account balance and transaction history of a card will be made available 24 hours a day, 7 days a week. You can access this information through the Distribution Partner’s App.

It is your responsibility to keep all voucher and transaction records given by any merchant when using the card and regularly review your transaction history to identify unauthorised transactions.

It is also your responsibility to notify the Distribution Partner immediately if you notice any error (or possible error) in any transaction or statement relating to a card. You may be required to provide additional information concerning any error (or possible error).

Liabilities and Disclaimers

We are not liable:

where it is not our fault that the available balance is insufficient to cover a transaction;
where a terminal or system malfunctions and it is not our fault;
for circumstances beyond our control to prevent a transaction, despite any reasonable precautions having been taken by us;
for any loss resulting from any failure due to events beyond our control;
for any loss resulting from any system failure or industrial dispute beyond our control;
for the way any rejection to accept the card is communicated;
for any dispute between you or the cardholder and any merchant regarding any goods or services purchased with the card;
for our action to meet our obligations as required by any government agencies, regulations or a court order; or
for anything specifically excluded or limited elsewhere in these terms and conditions.

In any circumstances, our liability shall not exceed the amount of the available balance except in relation to:

unauthorised transactions; and
consequential losses that result from a malfunction of a system or equipment supplied by any party to a shared electronic network. (unless you should reasonably have been aware that the system or equipment was unavailable or malfunctioning, in which case our liability is limited to correcting any errors and refunding any fees or charges imposed on you or the cardholder).

Change Financial:

does not provide any explicit or implicit warranty or representation related to the card accounts, including their quality or standard or fitness for any purpose; and
is not liable for any loss, including indirect or consequential loss you or the cardholder suffers in relation to the card accounts. This includes failure to provide the card or loss, stolen, or destruction of the card.

There may be circumstances where Change Financial delays or fails to enforce a term of these terms and conditions, and it does not imply or constitute a waiver of these terms and conditions.

Communication

You agree to receive written notices or other communications from Change Financial under or in connection with these terms and conditions. We will either:

send the notice, information or communication using electronic communication; or
use electronic communication to notify you that the notice, information, or communication is available from a website.

If we give a notice, information, or other communication to you:

electronically – you are taken to have received it on the day it is transmitted.
by writing to you – you are taken to have received it when it would be delivered in the ordinary course of the post; or
by giving it to you personally or leaving it for you – you are taken to have received it on the day of delivery.

You may update your email address for electronic communication by notifying OtherPay directly, providing that they are satisfied with your identity. In addition, we may give you notices, information or other communications to you relating to the card facility:

by writing to you at your residential or postal address last known to us;
by giving it to you personally or leaving it at your residential or postal address last known to us;
by Electronic Communication to your nominated email address last known to us for sending notices and communications to you; or
if the notice or communication is not personal to you – by posting it to the website.

When telephone communications are originated or received by us or where electronic communications is received by us or through the website, you agree that we may:

verify your identity by reference to any or all of the information provided by you when applying for the card facility or during the card activation or any changes made to this information; and
proceed on the basis that we are satisfied by that verification.

Keeping Your Contact Details Up to Date

You must notify the Distribution Partner of any change of name, address and other contact details immediately. We will not be held responsible or liable if you do not receive any notice or correspondence that has been sent to the contact details you have provided.

We accept no responsibility or liability for late, lost, or misdirected SMS messages or emails caused by inaccurate personal details provided by you, or by system constraints or failures experienced by your email or mobile phone service providers.

Changes to Terms and Conditions

We may change these terms and conditions (including fees and charges and load and transaction limits) at any time without your consent for one or more of the following reasons:

to comply with any change or anticipated change in any relevant law, code of practice, guidance, or general banking practice; or
to reflect any decision of a court, ombudsman, or regulator;
to reflect a change in our systems or procedures, for security reasons; or
as a result of changed circumstances (including by adding benefits or new features); or
to respond proportionally to changes in the cost of providing the card facility; or
to make them clearer.

If the change involves an increase to our fees and charges or the introduction of a new fee or charge, and any changes that are not materially adverse, we will give you notice at least 30 days before any changes to these terms and conditions take effect.

We will notify you of the above changes to these terms and conditions by electronic communication.

If a change to this terms and conditions, including these terms and conditions, is not materially adverse, we may update the information by making information about the change available on the website. You can obtain a paper copy of this information on request free of charge.

Any changes necessitated by an immediate need to restore or maintain the security of the system in which the card facility is used can be made subject to the law without prior notice