Debit Card Terms & Conditions

For the Grineo Debit Card  

Grineo Version 1.2 

Effective August 2024 

Issued by Hay Limited ABN 34 629 037 403  

Australian Financial Services Licence No. 515459 

Contents

1. About

These Terms and Conditions are our agreement with you about the use of your Grineo Debit Card. If you commence using the Card you will be deemed to have read, understood, and accept these Terms in relation to the Card.  It is called acceptance by conduct. It does not require your signature to be binding.

It is important that you understand these Terms because they set out our agreement on what will happen with things like how we use your information, security, fees and charges and limits. The Grineo Debit Card is subject to certain restrictions on its use and you should understand these restrictions prior to applying for and using the Card. These restrictions are outlined in clause 7 of these Terms.

Please also carefully read the Product Disclosure Statement (PDS) you were provided with when you applied for the Card as these Terms form part of the PDS and together form our agreement with you for use of the Card.

You should also read through the Target Market Determination (TMD) and Financial Services Guide (FSG) before applying for the Card as together these form Hay’s agreement with you for the issuing and use of these products.

You can find the PDS, TMD and FSG at http://grineopay.com

If you need further assistance or if you don’t understand any items in these documents, Grineo can be reached at:

Grineo support team:

Email:             support@grineopay.com
Website:            https://grineopay.com

2. Meaning of words

In these Terms, words that commence with a capital letter have the following meaning:

Acceptance Brand means the symbols Visa uses at merchants and ATMs to inform Cardholders their Card can be used to make purchases or cash withdrawals.

Block a Card means a status Grineo or Hay has applied to suspend or block Card transaction.

Cardholder means the person to whom a Grineo Debit Card is issued by Hay.   

Chargeback means the process established by Visa in which a Customer challenges a transaction made via their Grineo Card. 

Device means any equipment (electronic or otherwise) or artefact designed to be used to access your Card.

Digital Currency or Digital Currencies means any cryptographic tokens (also referred to as cryptocurrencies) offered for purchase or supported by Grineo as indicated in the Grineo App from time-to-time, including but not limited to Stablecoins.

Digital Wallet means any digital wallet that is a public address capable of holding and receiving Digital Currencies.

Fiat Currency means Australian Dollars or any other currency established as legal tender by applicable law (except Bitcoin).

Freeze means an action initiated by us or by a Cardholder which result in all transactions on the Card being suspended pending investigation and or instructions to Unfreeze.   

Grineo means Grineo Pty Ltd.

Grineo Account or Account means your account with Grineo which you registered for the purpose of transacting in Digital Currencies;

Grineo App means the mobile application that operates and supports the Grineo Card.

Grineo Debit Card or Card means a Visa debit card which is issued by Hay and which is linked to a Grineo Wallet.

Grineo Wallet means any Digital Wallet held by Grineo and used by you to hold Stablecoins.

Hay means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (also referred to as we, our or us).

Hay Representative means an individual paid by Hay Limited to provide customer service for the Grineo Debit Card.

Issuer means Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 as the Issuer of the Grineo Debit Card.  

Merchant means authorised vendors who are able to accept and process a Visa Debit Card.

Negative Balance means an available balance of the Grineo Account of less than zero and which amount is immediately due and payable by you to Grineo;

Passcode means the passcode you nominate to protect access to the Grineo App.

PIN means personal identification number and the set of digits used to protect access to your Card which is created by you when signing up to the Grineo Debit Card.

Purchase Transaction means a purchase transaction of goods and or services using the Grineo Debit Card at a Merchant.

Stablecoin means a Digital Currency that is a digital representation of monetary value intended or purported to maintain a stable value relative to a Fiat Currency; is capable of being redeemed for Australian Dollars or another Fiat Currency; and specified as accepted by us for deposit into your Grineo Wallet for use of the services, as indicated in the Grineo App from time-to-time.

Terms and Conditions or Terms means the detail and rules that apply to the opening, fulfilment and use the Card. They are an essential part of a contract between the Cardholder and Hay Limited as the Issuer of the Grineo Debit Card.

Unauthorised Transactions means a transaction which you haven’t authorised and without your knowledge and consent.

Unfreeze means the releasing of the Freeze either at a conclusion of an investigation by us or on instructions of the Cardholder.

Visa means Visa Worldwide PTE Ltd.

Visa Debit means authorised physical or digital cards with the Visa Acceptance Brand or markings.

We, our, or us means Hay or Hay Limited.

3. The Grineo Debit Card

The Grineo Debit Card is available on application via the Grineo App and if approved by Hay, the customer will receive a virtual Debit Card (and on request, a physical one as well that they can utilise for purchases at merchant locations (both in store and online) as well as ATM withdrawals).

This Card is linked to a Stablecoin Grineo Wallet within the Grineo App and you can learn more about Grineo and the wallets available by visiting grineopay.com.au. A customer can obtain a maximum of 2 Debit Cards ie obtain two (2) Debit Cards and link to 2 Stablecoin Grineo Wallets within the Grineo App.

When the customer makes a purchase or withdraws cash (subject to limits as disclosed in this Terms and Conditions document) using the Card, Grineo will debit the customer’s Stablecoin balances held within the Grineo Wallet to the extent of the purchase amount or cash withdrawal. The conversion rate from Stablecoins to Fiat Currency will be determined and applied by Grineo in real time. The customer cannot otherwise deposit funds into the Card or withdraw.

Once a Grineo Debit Card has been linked to a Grineo Wallet, you can only use the Stablecoins in that Grineo Wallet to make ATM withdrawals or payments at merchants that accept Visa debit cards. You cannot otherwise transfer or withdraw Stablecoins from a Grineo Wallet that has been linked to a Grineo Debit Card to another Grineo Wallet or third party Digital Wallet.

Hay is not responsible for the operation of the Grineo App, the conversion and the terms on which the Grineo Wallet operates. These fall under the sole purview of Grineo and to know more about this, please visit grineopay.com.au

When you are issued with a Grineo Debit Card you will receive a virtual card which is linked to your Stablecoin Grineo Wallet, and which can be viewed using the Grineo App.

4. Eligibility

You will need to satisfy specific eligibility criteria to acquire and maintain this product. To qualify, you must:

• Be an individual person; and
• Be aged 18 years or older; and
• Have a valid Australian residential address; and
• Have a Grineo Wallet.

5. Anti-money laundering and counter-terrorist financing

As the issuer of the Grineo Debit Card, we must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including know your customer and certain reporting obligations. As part of the application process, we will require evidence of who you are and where you live; and we need to verify this information. We check the information you provide against records maintained by fraud prevention agencies/ organisations. We do not perform a credit check on you and the searches we perform are only for verifying your identity.

We may need to block, delay, Freeze or refuse transactions or suspend or close your Card where we reasonably consider that a transaction is fraudulent or in breach of the AML Act or where we have concerns regarding your money laundering or terrorism financing risk. We must block the Card until we verify your identity. We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or frozen the Card. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons is not a breach by us of these Terms.

6. Activating your Grineo Debit Card

Before you use your Card for the first time you will need to activate it in the settings of your Grineo App.

7. Using your Grineo Debit Card

7.1 Depositing value to your Card

This Card is linked to a Stablecoin Grineo Wallet within your Grineo Account. You can deposit Stablecoins to your Grineo Wallet.

When you make a purchase or withdraw cash (subject to limits as disclosed in this Terms and Conditions document) using the Card, Grineo will debit the customer’s Stablecoin balances held within the Grineo Wallet to the extent of the purchase amount or cash withdrawal. The conversion rate from Stablecoins to Fiat Currency will be determined and applied by Grineo in real time. You cannot otherwise deposit funds into the Card.

7.2 Limits

There are default limits (in Australian dollars) that apply to the Card for:

At any time, we can adjust the limits to protect your interests or ours and if we decide to adjust the limits, we will inform you of these changes via the Grineo App. Unless it is for security or financial integrity reasons, we will inform you of any changes to the daily limits in advance no less than 10 Business Days before the change take place.

You can find the actual limits that apply to your Card within the Grineo App.

You should ensure that you have a sufficient Stablecoin balance to cover the value of your transactions, any fees that Grineo will charge and the exchange rate that Grineo will apply.

7.3 ATM withdrawals

You can withdraw cash using your Card at any ATM up to the limit that applies for ATM transactions, or the value of Stablecoins in your Grineo Wallet, converted into Fiat Currency (whichever is lower). Grineo is responsible for converting Stablecoins into Fiat Currency at the time of ATM cash withdrawals, and hence the rate of conversion is determined by Grineo. Hay does not play a part in this conversion.

There are no Hay fees for using ATMs. However, you may be charged fees by other financial institutions or ATM providers when using their ATMs.

7.4 Card transactions

You can use your Grineo Debit Card to make payments anywhere that Visa Debit cards are accepted.

Within Australia you can make contactless transactions under $100 without using your PIN. Contactless limits may vary in different countries. Like with any transaction, please make sure you check the amount is correct on the terminal before authorising a contactless transaction.

When you make a purchase or withdraw cash (subject to limits as disclosed in this Terms and Conditions document) using the Card, Grineo will debit the customer’s Stablecoin balances held within your linked Grineo Wallet to the extent of the purchase amount or cash withdrawal. The conversion rate from Stablecoins to Fiat Currency will be determined and applied by Grineo in real time.

You can’t stop payment on a transaction after it has been completed. For mistaken or disputed payments please refer to clause 10.

Sometimes a transaction cannot be processed due to reasons outside of our control, like where there are network issues which may affect the relevant payment terminal. We are not responsible where a transaction authorisation is declined for any reason.

7.5 Available Stablecoin balances

It is your obligation to ensure that you have sufficient Stablecoin balance in your Grineo Wallet to complete a transaction. You can only make transactions (or withdraw cash at ATMs) up to the fiat value of the Stablecoins held in your linked Grineo Wallet (at a conversion rate determined by Grineo, at the time of the transaction) and the applicable Card limits discussed in clause 7.2 above. To this extent, a transaction may be declined if the Fiat Currency value of the Stablecoins held in your Grineo Wallet is not sufficient to cover the transaction value.

In limited circumstances, we may process your transaction that results in your Grineo Account having a Negative Balance. This may occur where, for example, you use your Grineo Card to make:

1. a transaction which results in a temporary holding charge being made to your Card where the full transaction amount is only charged to the Card subsequently; or
2. a foreign currency transaction where the exchange rate changes between the time the transaction is authorised and settlement of the same.

If your Grineo Account has a Negative Balance for any reason, the Negative Balance shall be deemed an outstanding debt and shall be immediately due and payable by you to Grineo without further notice to you. Further, Grineo may, in its sole discretion, suspend or Freeze your Grineo Account (including any Grineo Wallet associated with the Account) and we may suspend or Freeze your Grineo Debit Card until you have discharged the Negative Balance and returned your available balance to zero or more.

You acknowledge and agree that we may treat any failure to discharge a Negative Balance as a breach of these Terms and, if you fail to discharge any Negative Balance within 30 days from the time incurred, we may cancel your Card in accordance with clause 13.

7.6 Using your Card for foreign currency transactions

All transactions in foreign currencies will be converted into Australian dollars and will be processed using the foreign exchange rate determined by Visa at the time of settlement. We do not charge fees, margins, or spreads for foreign exchange payments.

The actual foreign exchange rate that has been applied will be shown in your Grineo App on settlement.

Note that Grineo will reduce your Stablecoin balances to fund the Fiat Currency settlement for your transaction and will apply a conversion rate as well.

7.7 Restrictions on transfers and third party withdrawals

Once you have linked your Grineo Debit Card to a Grineo Wallet within your Grineo Account, you cannot transfer or withdraw Stablecoins from your linked Grineo Wallet to another Grineo Wallet or another Digital Wallet. If you wish to reduce the Stablecoin balance in the Grineo Wallet that is linked to your Card, you can only spend your Stablecoin Balance by making ATM withdrawals or using the Grineo Debit Card to make payments where Visa debit cards are accepted. You may also close your Grineo Account in which case Grineo will refund your Stablecoin balance subject to its terms and conditions.

7.8 Restrictions on use

You must not use your Grineo Debit Card for any illegal purpose including purchasing anything that is illegal under Australian law.

If we suspect that the Card is being used for illegal activity, we will suspend it without notice to you.

You must not allow any other person to use your Card. Doing so is a breach of these Terms and entitles us to Freeze your Card. You will also not be able to reclaim any Unauthorised Transactions because you allowed someone else to use your Card.

8. Fees

Current fees and charges that apply to your Grineo Debit Card can be found below and also at https://grineopay.com or the Grineo App.  

We will let you know at least 30 days before a change takes effect through the Grineo App of any fee changes to enable you sufficient time to decide whether you wish to continue to use your Card.

Merchants and financial institutions may also impose fees or surcharges which are separate to the fees and charges we charge as Issuers. We have no control over these third-party fees and cannot challenge these once a transaction has been executed.

9. Security

9.1 Protecting your Grineo Debit Card information and PIN

It is important that you keep your Grineo App, Card information, PIN and Passcode secure. This means that you must not write down the PIN or the Passcode either on the Card or on something you carry with the Card or share your PIN or Passcode with any other person. You must not, without proper cause, disclose the card number to any person.

9.2 What to do when you suspect your Card is compromised or lost

If you believe your Card is lost (and there’s a chance you’ll find it), you can simply Freeze your Card on the Grineo App. If you Freeze the Card, it will remain Frozen until you Unfreeze it and you will not be able to use it. While the physical Card is Frozen, you cannot make any purchases at merchants (instore or online) or withdraw cash from ATMs.

If you believe your Card has been lost, damaged, or compromised (not just temporarily lost) then you must immediately report your card lost or stolen within the Grineo App and request a new card.

10. Responsibility for mistaken or unauthorised transactions

Where you think a transaction is an Unauthorised Transaction or is otherwise incorrect, please get in touch with Grineo immediately via the Grineo App and provide as much information as you can about the relevant transaction so that Grineo and Hay can investigate further.

There are specific circumstances and time frames where we can claim a refund in connection with a disputed transaction. This means that our ability to investigate a disputed transaction is limited to the time frames imposed by payment service providers and card schemes (like Visa) that we deal with so it is important to let us know as soon as possible after you become aware of a disputed transaction.

If you suspect that the security of your Card has been compromised you should Freeze your Card and then request Grineo to block your Card to avoid continued unauthorised use.

10.1 Mistaken payment

Where you make a mistake when making a payment, you must inform us as soon as you realise that a mistaken payment was made. You must provide us with sufficient details of the transaction, so we can attempt to trace it. We will try to reverse the transaction and retrieve your funds. However, if we can’t reverse the transaction, we are not responsible, and you will be liable for the mistaken payment.

10.2 Incorrect payments/issues with a purchase

If you have a problem with a purchase made with your Card or a disputed transaction, the first step is to get in touch with the merchant you made the purchase from.

If you cannot resolve the matter with the merchant, contact Grineo about the disputed transaction via the Grineo App.

11. Lost, stolen Grineo Debit Card or compromised PIN

You will not be responsible for Unauthorised Transactions:

• That occur before your Card is issued to you;
• That occur after you have Frozen or cancelled your Card and while it remains Frozen; or
• Where you didn’t contribute to the Unauthorised Transaction.

We may consider that you have contributed to an Unauthorised Transaction where:

• You have not kept your Card, PIN or Passcode reasonably secured; or
• There was an unreasonable delay in Disabling or cancelling your Card where you believed it was lost, stolen or otherwise compromised; or
• There was an unreasonable delay in reporting any unauthorised or mistaken payments.

12. Transaction history

You can view your transaction history on the Grineo App at any time. We take security very seriously but please regularly check it to make sure there is nothing unusual such as: transactions you don’t recognise;

• Transactions you don’t recognise;
• Transactions you didn’t authorise;
• Transactions where you never received the relevant goods or services;
• Transactions where the purchase price differs to the purchase amount; or
• You think a transaction may have been duplicated.

13. Card cancellation by Us

We may Freeze or cancel the Grineo Debit Card  where we have concerns about its security, where we suspect the Card has been compromised or if your Grineo Account has a Negative Balance in accordance with clause 7.4.

If we become aware that you haven’t done what you’ve agreed to do as set out in these Terms we may suspend or cancel your Card. If this happens, we will let you know as soon as possible.

14. Card Expiry

The expiry date is shown on your Grineo Debit Card. We will contact you prior to the expiry to let you know next steps for continuing to use your Card after the expiry date.

15. How to close your Grineo Debit Card

You can close your Grineo Debit Card via the Grineo App. We cannot close the Card immediately as we need to wait for all payments and transactions undertaken by you to be settled. As soon as you notify us that you wish to close the Card, you will no longer be able to use your Card.

You will remain liable for any transactions that were not processed, or that occur, on your Card (including, but not limited to, outstanding merchant purchases) at the time the Card is closed.

You must also pay to us all unpaid fees and charges, if any, prior to closing the Card.

16. How we can communicate with each other (notices)

You can contact us via the Grineo App.

We may give you any information, notices or other documents related to the  Card by:

• notification (including a push notification) or message sent to you or your device through the Grineo App;
• by email to the email address recorded for you in the Grineo App;
• by letter to the address recorded for you in the Grineo App; or
• by telephone call to the phone number associated with your Grineo Account.

17. Privacy

Hay will collect, handle and use your personal information in accordance with the Hay privacy policy available at https://www.hellohay.co/privacy.

The Hay privacy policy contains important information about the purposes for which Hay collect personal information, who the information may be disclosed to (including any overseas disclosures), how you can access and seek correction of the personal information Hay holds about you or how you can make a complaint about the handling of your personal information.

18. Limits and responsibility

Hay is responsible for things that occur that are our fault.

We are not responsible for things outside of our control like;

• where a merchant does not accept your card;
• delays or interruptions not caused by us;
• transactions not being able to be processed, despite us taking reasonable precautions;
• a dispute between you and the supplier of goods or services purchased with the Card.

To the extent permitted by law and Visa scheme rules, the most Hay is responsible for is the maximum value of a transaction processed due to our error.

19. Complaints

If you have a complaint relating to the Grineo Debit Card or the financial services we have provided to you, please see section 13 “Feedback and resolving problems and complaints” in the PDS.

A complaint is not a transaction dispute. A transaction dispute occurs when you query or challenge a specific transaction with Visa. See also Section 10 above.

20. Changes to these terms

We can change these Terms and any information in the PDS relating to these Terms at any time by uploading the new Terms or PDS to our website and letting you know about the changes via the Grineo  App. If you keep using your Card after the notice of change is posted and the change becomes effective, you will be bound by the amended Terms.

Where we decide to make a material change to these Terms, we will give you at least 30 days’ notice before the change to enable you sufficient time to decide whether you wish to continue to use your Card.

21. Governing law

The laws of New South Wales will govern the Card, and any legal questions concerning this agreement.