Target Market Determination

Introduction

The iGoDirect Reloadable Prepaid Visa card (referred to as “the Prepaid Card” “the Product”) is a financial product for the purposes of the design and distribution obligations (“DDO”) set out in Part 7.8A of the Corporations Act 2001 Cth), as the DDO apply to the issue and distribution of non-cash payment facilities to retail clients.

This Target Market Determination (“TMD”) is prepared by iGoDirect Group Pty Ltd ABN 17 110 897 320 (“iGoDirect” “us” “we” “our” “the distributor”), who has an Australian Financial Services Licence (“AFSL”) No. 551294, authorising it to be a product issuer of non-cash payment facilities, but only for providing general advice only i.e. iGoDirect is not authorised to provide you with personal financial advice.

You can obtain further information about us via our website at: igopayments.com.au contact us at 425 Smith St, Fitzroy VIC 3065, Australia; hello@igodirect.com.au and on +61 3 8383 6000

Purpose of this document 

The purpose of this TMD is to describe the target market of Consumers for our Prepaid Cards to which the DDO apply. iGoDirect is the issuer and distributor of the prepaid card in Australia and New Zealand.

This TMD specifies exactly who the reloadable card is appropriate for, ensuring it isn’t mis-sold to unsuitable consumers.

This document is not to be treated as a full summary of the product’s terms and conditions and is not intended to provide financial advice. Prior to acquiring the Card, you should refer to the relevant Product Disclosure Statement (PDS), which can be accessed on our website igopayments.com.au. The PDS contains information about the costs, fees, benefits, risks, and other features of the card. You should read this information to enable you to make an informed decision prior to acquiring the Card.

Target Market 

1. Baseline requirements – Must:

• Be an Australian resident and over 18 years of age (subject to strict exceptions)
• Have access to funds, available in Australian dollars, to preload the Card and to pay any fees associated with the use of the Card (ie your financial situation)
• Be somewhat tech savvy with a compatible smartphone capable of utilizing Apple Pay or Google Wallet via iGoDirect’s Web-to-Wallet technology.

2. Class of Consumers

The primary target market consists of individuals who are customers, employees, or partners of a corporate client that utilises iGoDirect for ongoing programs such as corporate rewards, performance incentives, sales promotions, or expense disbursements.

3. Profile of Consumers

The target market are consumers seeking a controlled, non-cash payment facility, given the Prepaid Card is designed for consumers who want a payment mechanism to purchase goods and services electronically (either online or in-store) wherever Visa is accepted globally, without relying on cash, traditional credit lines, or their primary bank accounts (ie your objectives & needs).

4. Excluded Consumers

The Prepaid Card is not suitable for:

• Consumers looking for a line of credit or overdraft facilities
• Individuals seeking to earn interest on deposited funds
• Users requiring physical ATM cash withdrawal networks (if restricted by the specific corporate program rules)

The Prepaid Card (including its key attributes) is consistent with the objectives, financial situation and needs of consumers described in this TMD.

Distribution Conditions 

1. Marketing and Promotion

The Prepaid Card is only marketed via public-facing channels (such as digital apps, social media, public websites, or brochures) where generalised information is standard and any other iGoDirect approved communication channels (including telephone, email and social media). This condition is appropriate as the target market for obtaining the product is wide.

iGoDirect will not ask probing, individualised portfolio questions that cross the line into personal financial advice in relation to this Prepaid Card.

2. Distribution Conduct

iGoDirect will only engage in retail product distribution conduct (other than general advice) only to Consumers who have a registered account with us and only through our approved platforms.

This condition is appropriate as the target market is limited to those who have a registered account with, or are a client of ours, and it is the most appropriate method for Consumers within the target market to obtain the product. Such conduct poses limited risk to Consumers.

Review Triggers 

iGoDirect must cease retail product distribution conduct in respect of the Prepaid Card as soon as practicable, but no later than 10 business days after iGoDirect determines a material event or circumstance has occurred in relation to the following: