Qpay PTY LTD.
PRODUCT DISCLOSURE STATEMENT
Dated: 5th November 2007
Issued by Qpay Pty Ltd ABN 85 115 833 808 (Qpay).
This Product Disclosure Statement applies to customers of Qpay resident in Australia
The information in this product Disclosure Statement (“PDS”) is up to date as of 29th
March 2007. If this information changes and the changes are not materially adverse,
we will make this updated information available on our websites,
http://www.myqpay.com/, http://www.myqpay.com.au/, http://www.qpay.com.au, or
you can call us on 1800 456 289 to request a copy to be mailed to you.
1. The purpose of this Product Disclosure Statement
The law requires that we prepare and provide you with a Product Disclosure
Statement (“PDS”). The purpose of this PDS is to give you the information you
require to make an informed decision about whether or not to subscribe to the Qpay
Service. To assist you in understanding the Qpay Service, this PDS details the
significant features of the Qpay Service, including how to use it and its benefits and
risks.
This PDS and the Qpay Terms and Conditions form your agreement with us. You
should read this PDS and the Qpay Terms and Conditions carefully before deciding
whether to register for or use the Qpay Service.
2. About this Product Disclosure Statement
This PDS provides you with information about the Qpay Service to help you decide
whether to use the Qpay service. Please read this PDS carefully before deciding to
subscribe for the Qpay Service.
This PDS is not intended to constitute advice, nor is it a recommendation or opinion
that the Qpay Service is suitable for your needs. The information in this PDS is of a
general nature only, and does not take into account your specific objectives, financial
situation or particular needs.
This PDS only applies to Australian resident users of the Qpay Service.
3. Contact Details
Your Qpay account and the Qpay Service are provided to you by:
Qpay Pty Ltd - A C N 115 833 808, ABN 85 115 833 808 (Qpay).
Qpay’s contact details are as follows:
Qpay Pty Ltd. ABN 85 115 833 808
3/2 Pittwin Street North
Capalaba Qld 4157
Phone: 1800 456 289
Fax: (07) 3390 3603
Email: service@qpay.com.au
4. Meaning of words used
In this PDS, these words have the following meanings:
“Qpay Service”: The SMS and online payment service, SMS marketing service and
any related product and services provided by Qpay to users in accordance with the
Qpay Terms and Conditions;
“Qpay”, “we” or “our”: Qpay Pty Ltd. ABN 85 115 833 808;
“You” or “your”: Each person who subscribes to the Qpay Service in accordance with
the Qpay Terms and Conditions;
"User”: A user of the Qpay Service
“Terms and Conditions”: The Qpay Terms and Conditions document, which is
available online at http://www.myqpay.com/
5. The Qpay Service
The Qpay Service is an mobile phone and online payment service currently available
in Australia, permitting any consumer with an email address and a mobile phone to
securely, conveniently, and cost effectively send and receive payments via mobile
phone and online. The Qpay Service lets users send payments for a fee and can be
used from PCs or mobile phones.
Australian resident customers with an active Australian mobile phone are permitted to
use the Qpay service. Access to the Qpay Services is via an English only website
operated through http://www.myqpay.com/.
Qpay is not licensed as a bank in Australia and does not provide banking services.
6. Terms and Conditions
All of the terms and conditions related to the Qpay Service are located in the Qpay
Terms and Conditions which can be accessed online at http://www.myqpay.com/ , or
by clicking the “Qpay Terms and Conditions” link located in the footer at the bottom
of the page.
Before becoming a member of Qpay and being entitled to use the Qpay Service you
will need to read, agree with and accept all of the terms contained in the Qpay Terms
and Conditions and all of the policies incorporated in the Qpay Terms and Conditions.
7. Making and Receiving Payments and checking your balance
a. Making purchases and transferring funds to another user
Qpay customers can only fund Qpay purchases or funds transfers to other users from
an existing balance in their Qpay account. There is a verification fee for payments and
fund transfers of $0.25. In some instances there may be a surcharge for particular
types of purchases made. In these instances these charges will be clearly noted on all
advertising and promotional material. In the event you have insufficient funds for a
payment, you will be notified by SMS and a $0.15 fee will apply.
b. Receiving Payments
Australian customers will only receive a positive balance in their account when they:
1. receive funds from another Qpay user,
2. transfer funds from another Australian bank account clearly noting their Qpay
account number or Qpay registered mobile phone number or
3. credit funds from a valid Credit or Visa Debit card
c. Withdrawing money from your Qpay account.
In order to withdraw money from your Qpay account to your local bank account in
Australia you will need to register your local bank account with Qpay. This can be
done online by providing your account details or in the “Withdraw Funds” window
when logged into the site.
You should note that Qpay may charge you a fee for withdrawing money into your
local bank account. A withdrawal fee of 3% of the withdrawal value will be charged
in addition to a confirmation fee of $0.25.
d. Balance enquiry
You will be given your balance every time you authorise a transaction. Also, you can
request your current balance at any time for $0.50 by sending an SMS to 0448 697729
containing the text “Bal”.
8. Opening a Qpay Account
In order to sign up for the Qpay Service you will need to access Qpay’s web page at
http://www.myqpay.com/ , click on the Register Now link and fill in all of the details
in the online application form including your name and contact details.
You can also sign up by calling the Qpay Customer Service centre on 1800 69 7729.
In order to sign up for a Qpay account you will need to have an active Australian
registered mobile phone and a valid email address.
Your Qpay account will become active as soon as you have validly completed the
sign-up process, agreed to the Qpay Terms and Conditions and provided a PIN. Once
you have signed up for the Qpay Service your account will be subject to certain
spending or withdrawal limits including a maximum $1,000 expenditure and / or
withdrawal limit per day. For more information refer to the Qpay Terms and
Conditions, which is available online at http://www.myqpay.com/
9. Qpay security
When you open your Qpay account, we will make a call to your mobile phone from
our computer system. During this call, you will be required to select a PIN (Personal
Identification Number). This PIN must be 4 digits, and can only contain digits
between 0 and 9 (no *’s or #’s, letters or other characters.). It is important you keep
this PIN secret, just like your bank Cash Card PIN.
Every time you initiate a purchase or transfer funds, we will make a call to your
mobile phone and request your PIN to confirm your purchase. If you receive a call
requesting your PIN and you have not initiated a purchase request, please press *
hang up and call our customer service immediately on 1800 MYQPAY (1800
697729).
When you log onto the Qpay website, your account number is your username. This
website is 128bit encrypted. When you register, we will email you your account
number and a password, which you can change when you log on.
If you choose the credit card option to top up your Qpay account (deposit funds), you
must first be logged on the Qpay system. The Deposit Funds site is also 128bit
encrypted for your security.
Qpay will never send you an email or phone you from any other number requesting
your PIN or online password. Should you receive any such request, please phone our
customer service immediately on 1800 MYQPAY (1800 697729).
Changing your PIN. You can change your PIN by phoning the Qpay Customer
Service centre on 1800 MYQPAY (1800 697729).
It is your responsibility to ensure your PIN remains secure.
10. Benefits
Set out below are some of the key benefits of using the Qpay Service to send and
receive payments.
• The Qpay Service allows users to send a payment to anyone with an
Australian Mobile Phone. If the recipient is not a Qpay user, we will phone them and
advise them of your payment, and ask them to register with Qpay to access these
funds.
• Qpay allows users to make secure online payments without revealing their
credit or debit card details or financial information to a third party.
• Qpay allows users to make purchases of selected goods and services via their
mobile phone.
• There is no account setup fee when establishing a new Qpay account
• There are no monthly account keeping fees for a Qpay account.
• Qpay has dedicated anti-fraud measures in place to help protect its users
against fraud and unauthorised use of their accounts.
• Qpay users may receive an SMS voucher from time to time. These will be sent
no more often than one per week with a minimum $5 value – unless
specifically specified by you.
11. Risks
Unauthorised transactions: There is a risk of being subject to unauthorised
transactions by third parties.
• User liability for unauthorised transactions: If you do not report an
unauthorised transaction to Qpay within 60 days, you may be liable for the
transaction. If you do report within 60 days, Qpay will cover your losses except in
instances where your PIN has successfully been used to authenticate the transaction.
• Payment Reversals: If you use Qpay to receive payments, your payment may
be subject to reversal if the sender of the payment files a chargeback with their credit
card company, or files a Buyer Complaint against you with Qpay and you are not able
to refute the Buyer Complaint.
• Fraud: In paying for items online there is always a risk of being subject to the
fraud of the vendor. Although Qpay has systems in place to prevent and detect fraud
quickly, Qpay is not able to prevent all vendor fraud.
• Freezing or closing of account: In certain circumstances, Qpay may limit a
user’s ability to send money or make withdrawals from an account pending an
investigation of the account. This may occur for a variety of reasons including 3
incorrect PIN attempts, suspected fraud, sudden changes in the amount or number of
transactions by the user, abuse of the Qpay Service by the account holder, or a breach
of the Qpay Terms and Conditions.
In some circumstances Qpay may limit an account pending further information from
the account holder.
Where a user’s account has been limited by Qpay in accordance with the Qpay Terms
and Conditions, Qpay will attempt to resolve the issue and, if the issue is resolved,
will remove any restriction on the account promptly. However, users should be aware
that the removal of a restriction on an account may take time and during this time the
user may not be able to use their account to send, receive or withdraw funds.
• Unavailability of the Qpay Service: While Qpay makes every attempt to
ensure that its service is available to users at all times it is possible that the service
may be temporarily unavailable to some or all users from time to time. This may be
caused by factors external to Qpay, such as general internet connection issues, as well
as by Qpay’s system.
12. Fees and Charges
Account keeping fee (Monthly charges) $0.00
Account setup fee $0.00
Automatic Funds Top-up request PIN verification $0.25 (Not yet available)
Balance enquiry $0.50
Chargeback fee (for credit card reversals) $10.00
Deposit funds from a Credit Card or Debit Card 3% surcharge
Deposit funds from your normal bank account Free
Deposit notification (if selected) $0.50
Failed transaction fee $0.15
Funds Topup request PIN verification $0.25 (Not yet available)
Purchases Mostly free (Verification fee
applies) (Occasionally a purchase will be charged a surcharge fee. If this is the case,
the surcharge fee will be prominently displayed on any promotional material. The
authentication call will give the total value including the surcharge.)
Purchase PIN verification (per purchase request) $0.25
Receive funds from another user Free (Deposit notification fee
applies if this option is selected)
Transfer funds verification (per transfer request) $0.25
Transfer funds to another user Free (Verification fee applies)
Withdraw funds verification (per withdrawal) $0.05
Withdraw funds to an Australian bank account 3% plus $0.50
13. Limits on sending and receiving payments
Qpay places limits on the amount a user can send, receive and withdraw. This is to
help protect the integrity of Qpay’s payments system, protect you the user and to
comply with Australian Commonwealth law.
Maximum amount per purchase or transfer
The maximum dollar amount for all transactions in one day is $1,000 for a Qpay user.
Withdrawal limits
Qpay also places limits on the amount you can withdraw to your local bank account.
This is set at $1,000 per day.
Maximum Qpay balance
The maximum amount of money you can hold in your account at any one time is
$1,000.
14. Qpay’s Payments to third parties
Credit or Debit Card
When you fund a Qpay payment with your credit or debit card, Qpay pays a merchant
fee to its credit/debit card processor. The level of this fee is agreed between Qpay and
its credit/debit card processor, based on interchange rates set by the credit /debit card
association which the processor must remit to your credit or debit card issuer.
User Referral Bonus
Qpay may offer a User Referral Bonus program (“the Bonus”) to all account holders
and selected Charities and Associations. Qpay may pay a Bonus to Qpay account
holders who refer new users to Qpay. The Bonus is governed by the terms of the
Qpay Referrer Agreement (which is available via written request) and as notified from
time to time via the Qpay website (http://www.myqpay.com/).
15. Credit or Debit card fees
When you use your credit or debit card to fund a purchase you will be subject to the
usual fees and interest, if any, charged by your credit or debit card provider. These
fees are part of a separate arrangement between you and your credit or debit card
issuer.
In addition, Qpay will charge you a 3% transaction fee for any funds you deposit into
your Qpay account from a Credit or Debit card (plus a $0.50 transaction fee)
16. Dispute Resolution
Qpay is committed to dealing with customer complaints fairly and resolving issues in
a timely manner in accordance with its procedures for the handling of complaints.
Complaints will be dealt with primarily by Qpay’s Customer Service Centre in
Brisbane – phone 1800 456 289.
17. Receipt and handling of complaints including transactions, fees and delivery
of items.
If you have a complaint about a transaction, a fee or delivery of an item, you should
consider filing a claim via Email to Qpay – service@qpay.com.au. If you have a
complaint about the Qpay Service you should contact us immediately. You can report
complaints in any one of the following ways:
• Email: You can lodge complaints by submitting an email directly from Qpay’s
website. This form can be accessed by clicking the “Contact Us” link in the footer at
the bottom of every Qpay page, or click the “Help” link on the upper right corner of
every Qpay page
• Telephone on 1800 MYQPAY (1800 697729). Hours of operation for
Australian users are Monday to Friday 8:30 am – 6:00 pm AEST.
• Mail: By mail to 3/2 Pittwin Street North, Capalaba, Qld 4157
18. How to handle your complaints
Qpay’s policy is to respond to all complaints from Australian users within 5 business
days to advise them of the receipt of their complaint and Qpay’s proposed resolution.
Although every effort is made to do so, in some instances it will not be possible to
resolve your complaint within this time frame.
We endeavour to resolve all complaints within a maximum time frame of 45 business
days. This may not be possible in circumstances where we require further time to
conduct our investigation, for example, where information is being sought from a
relevant credit card issuer. In instances where we cannot resolve a customer’s
compliant within 5 business days we will send the customer an email notifying them
of the delay and the reason for the delay as well as an indication of when we expect to
be able to respond.
If a complaint relates to the limiting of an account we will request the necessary
verification details from the customer, and where appropriate, lift the limitation the
account as quickly as possible.
19. Referral of unresolved complaints to External Dispute Resolution scheme
Qpay is a member of the Banking and Financial Services Ombudsman, an
independent external dispute resolution scheme covering Qpay’s Australian
Customers. For more information on the Banking and Financial Services Ombudsman
you can consult their website at http://www.bfso.org.au/.
If you are not satisfied with Qpay’s resolution or handling of your dispute you may
wish to contact the Banking and Financial Services Ombudsman:
• Phone: 1300 780 808
• Mail:
Banking and Financial Services Ombudsman
GPO Box 3
MELBOURNE VIC 3001
• Fax: (03) 9613 7345
20. Other Information Available
Additional information in respect of the Qpay Service is available on Qpay’s website
at http://www.myqpay.com/ .
Qpay has prepared this PDS. ASIC takes no responsibility for the contents of this
PDS.
Qpay Terms and Conditions available at http://www.myqpay.com/
Qpay PDS available at http://www.myqpay.com/