Target Market Determination

Introduction

EML Payment Solutions Limited (referred to as EML , us, our or we) are a product issuer and we issue non-cash payment facilities in the form of prepaid cards through the payment schemes (such as Mastercard and Visa). We are authorised and regulated by the Australian Securities and Investments Commission (ASIC), with licence number 404131 and registered office located at Level 12, 333 Ann Street Brisbane QLD 4000.

The design and distribution obligations set out in Part 7.8A of the Corporations Act 2001 (DD Obligations) apply to the issue and distribution of non-cash payment facilities to retail clients (Consumers). Non-cash payment products are products that allow Consumers to make payments, otherwise than through the physical delivery of Australian or foreign currency (e.g. prepaid cards).

The purpose of this target market determination (TMD) is to describe the target market of Consumers for our prepaid Cards to which the DD Obligations apply.

If you are a retail client, you should refer to the relevant Product Disclaimer Statement (PDS) before deciding whether to acquire or continue to hold the relevant product. You can get a copy of the relevant PDS from the website of the distributor of the product subject to this TMD.

You should not base any decision to transact on the contents of this TMD.

Product Information

ProductRush prepaid Mastercard
A non-cash payment facility in the form of a reloadable prepaid Mastercard issued to a customer of the distributor to use gold stored and traded through the distributor's gold platform to purchase eligible goods and services where Mastercard is accepted.
Product OptionsRush Mastercard
IssuerEML Payment Solutions Limited
Start Date5 October 2021

Target Market

Class of Consumer

Likely objectives and needs

A Consumer:

  • with a verified gold account (account) with the distributor; and
  • who may be seeking a reloadable prepaid Card to use gold held within their account to purchase eligible goods and services immediately upon presenting the Card for use, wherever Mastercard is accepted.

Likely financial situation

A Consumer who has gold within their account available to redeem into Australian Dollars which can then be used to make purchases with the Card and to pay any fees associated with the use of the Card.

Product Description

A reloadable prepaid Mastercard with the following key attributes:

  • ability to purchase eligible goods and services electronically where Mastercard is accepted;
  • ability to redeem gold held in an account with the distributor into Australian Dollars for the exact amount of the transaction (including fees), without first redeeming any gold prior to the point of transaction;
  • ability to load the Card to a digital wallet, allowing Consumers to make purchases with eligible mobile devices; and
  • a requirement to have gold available within an account for redemption to use for purchases with the Card and pay fees (including foreign exchange fees) for using the Card.

It is only available to Consumers who:

  • have an account with the distributor of the Card; and
  • who are subject to the terms and conditions of the distributor in respect of the buying, selling, sending and spending of gold through the distributor's gold platform.

Appropriateness

The product (including its key attributes) is consistent with the objectives, financial situation and needs of Consumers, as it provides the means to redeem gold from an account held with the distributor into Australia Dollars for the exact amount of the transaction (including fees), without needing to first redeem a predetermined amount of gold into Australia Dollars prior to the transaction.

Distribution Conditions

Marketing and Promotion

A distributor must only market and promote the product through:

  • advertising through media (including social media), physical marketing materials (such as banners, brochures or flyers) and any other marketing material available to the general public; and
  • any other EML approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for obtaining an account with the distributor, through which the product is available, is wide.

Retail Product Distribution Conduct

A distributor must only engage in retail product distribution conduct (other than general advice):

  • only to Consumers who have a verified account with the distributor; and
  • only through:

  • the distributor's digital platform (such as their website or mobile app) and other EML approved third party digital platforms; and
  • any other EML approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market is limited to those who have an account with the distributor, 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

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

Material Complaintsmaterial complaints (in number or significance) received by EML or the distributor in relation to the terms of this product and / or the distribution conduct.
Product Performanceevidence, as determined by EML and the distributor, of the performance of the product, in practice, that may suggest that the product is not appropriate for the target market.
Distributor Feedbackreporting from the distributor, or consistent feedback from the distributor on the target market which suggests that the determination may no longer be appropriate.
Substantial Product Changea substantial change to the product that is likely to result in the determination no longer being appropriate for the target market.
Significant Dealinga material pattern of dealings in the product or of distributor conduct that is not consistent with the determination.
Notification from ASICa notification from ASIC requiring immediate cessation of product distribution or particular conduct in relation to the product.
Review PeriodThe first review, and each ongoing review, must be completed within each consecutive 12 month periods from the Start Date.

Reporting Information

A distributor that engages in retail product distribution conduct in respect of this product must provide the following information in writing to EML within 10 business days after the end of each reporting period unless indicated otherwise below:

Complaint InformationInformation about complaints received in relation to the product during the reporting period, and if complaints were received, a description of the number of complaints and the nature of the complaints received and other complaint information set out in paragraph RG 271.182 of Regulatory Guide 271 Internal dispute resolution.
Distributor FeedbackInformation discovered or held by the distributor that suggests that the determination may no longer be appropriate.
Significant DealingInformation about any significant dealing in the product that is not consistent with the target market determination of which the distributor becomes aware.The distributor must provide the information as soon as practicable, or in any event, within 10 business days after becoming aware of the significant dealing.
Information Requested by EMLInformation reasonably requested by EML.The distributor must provide the information as soon as is practicable.
Reporting Period:The reporting period for this determination is every 6 months commencing from the Start Date.

Other information

EML reserves the right to amend the TMD at any time if such amendment is needed as a result of any changes to the law or regulations, regulatory guidance or for any reason EML considers as a proper reason to amend the TMD.

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