Product Disclosure Statement

For Grineo Debit Card,

Grineo Version 1.0,

Effective March 2024.

Issued by Hay Limited ABN 34 629 037 403 
Australian Financial Services Licence No. 515459 

1. About this Product Disclosure Statement

This document forms the Product Disclosure Statement (PDS) for your Grineo Debit Card. The PDS contains essential information, including the fees and other costs that apply to the Card.

This document forms the Product Disclosure Statement (PDS) for your Grineo Debit Card. The PDS contains essential information, including the fees and other costs that apply to the Card.

This PDS is issued by Hay Limited ABN 34 629 037 403, Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the Grineo Debit Card issued by Hay Limited. You should read this PDS in full before using your Card.

The use of the Grineo Debit Card is governed by this PDS, which incorporates the Terms and Conditions of the Card. The Terms and Conditions for use of the Grineo Debit Card may be attached to this PDS or provided as a separate document and should be read together.

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Card is appropriate for your particular circumstances.

2. Important information

The PDS may only be used by persons who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is prohibited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the Grineo website at https://grineopay.com

3. Parties Involved in the Issue and Distribution of the Card

Hay Limited ABN 34 629 037 403 (Hay) is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Australia. Under its AFSL, Hay is authorised to provide financial products and services, including the issuing of non-cash payment products such as the Grineo Debit Card.

Hay Limited has authorised Grineo Pty Ltd ABN 48 663 984 629 (also known as Grineo and referred to as such in this document) (Corporate Authorised Representative number 001308350) to arrange, distribute, and deal in the non-cash payment financial products issued by Hay.

4. Roles of the card distributor Grineo

Grineo is responsible for the distribution and provision of factual product information about the Grineo Debit Card as issued and approved by Hay. Grineo is also authorised by Hay to provide customer service support for the Card.

Neither Grineo nor anyone else acting on its behalf, has the authority on behalf of Hay to:

• Tell you anything about the Grineo Debit Card that is inconsistent with the information in this PDS;
• Give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Grineo Debit Card; and
• Do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the Grineo Debit Card.

5. Who is eligible for the Grineo Debit Card?

Retail Individuals will need to satisfy specific eligibility criteria to maintain this product. To qualify, the Retail Individual must:

• Be an individual person;
• Be aged 18 years or older;
• Have a valid Australian residential address and be a resident of Australia; and
• Hold an existing Grineo Wallet.

6. About the Debit Card

The financial product issued by Hay is a non-cash payment product, being a Visa Debit card. The Grineo Debit Card is not a credit or charge card and is not a Stored Value card.

Through the Grineo App, you can open a Wallet into which you can deposit Stablecoins, the value of which, when converted to fiat currency, will form the maximum balance up to which you can transact on your Debit Card.  

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

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

When the customer makes a purchase or withdraws cash (subject to limits as disclosed in the Terms and Conditions document available at https://grineopay.com ) using the Debit Card, Grineo will debit the customer’s Stablecoin balances held within the Grineo App to the extent of the purchase amount or withdrawal. The conversion rate from stable coins to fiat currency will be determined and applied by Grineo in real time. The customer cannot otherwise deposit funds into the Debit Card or withdraw.

Hay is not responsible for the operation of the Grineo App 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 https://grineopay.com

The Grineo Debit Card is a financial product that is regulated by the Corporations Act 2001 (Cth). The Card is not a credit or a charge card, and you can only make transactions (or withdraw cash at ATMs) up to the fiat value of the Stablecoins held in your Grineo Wallet (at a conversion rate determined by Grineo, at the time of the transaction). To this extent, the transaction may be declined if the fiat value of the Stablecoins held in your Grineo Wallet is not sufficient to cover the transaction value.

7. Benefits for Cardholders

The significant benefits of the Grineo Debit Card are:

• If you hold a Grineo Debit Card, it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
• You can only make transactions to the fiat value of the Stablecoins held in your Grineo Wallet (at a conversion rate determined in real time by Grineo) which helps you control spending;
• The Card can be used on the internet or telephone to make payments;
• The Card can be used to withdraw cash at ATMs (subject to daily limits);
• No Hay currency conversion fees apply (although Grineo or other financial institutions involved in the conversion may do so);
• If your Grineo Debit Card is lost or stolen you can immediately freeze the card through the Grineo App;
• You can cancel the Grineo Debit Card within the Grineo App; and
• You can see detailed information about merchants you purchase goods or services from.

8. Risks of the Grineo Debit Card

The significant risks of the Grineo Debit Card are:

• Unauthorised transactions could happen if your Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Card outlined in this PDS or the Terms and Conditions;
• You might not be able to get your money back if unauthorised transactions or mistaken transactions occur.
• Due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
• Merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees may increase;
• If the network enabling the use of the Card is unavailable, you may not be able to perform transactions or get information using the Grineo App;
• Merchants may, at their discretion, refuse to accept the Grineo Debit Card as a method of payment. You should always check with the merchant that it will accept the Card before purchasing any goods or services;
• Whether your transactions on the Debit Card are settled or not will depend on the value of Stablecoins in your Grineo wallet and the conversion rate at which Grineo will convert your Stablecoin value to fiat currency;
• As Hay has not considered your individual circumstances or needs and you should get your own independent tax advice on the impact that the Grineo Debit Card may have on your personal tax liability.
• You will have to apply for the Grineo Debit Card within the Grineo App, and pass identification checks. It is possible that you may not be able to obtain a Debit Card in the event you do not pass identification checks specific to the Debit Card (and this is independent of whether you hold a Grineo Wallet or not).

9. Fees

10. Limits

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

At any time, Hay can adjust the limits. You can find the current limits that apply to your Card within the Grineo App.

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

11. Cooling off rights and cancelling the Grineo Debit Card

There are no cooling-off rights attached to the Grineo Debit Card. However, you may cancel the Grineo Debit Card at any time. You can provide an instruction to cancel your Grineo Debit Card by logging into your Grineo App.

12. Disputing a Transaction

We encourage you to review your transaction history regularly. Where your Grineo Debit Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback).

Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately (please see Section 10 Mistaken or Unauthorised Transactions in the Grineo Debit Card Terms and Conditions). 

It is your responsibility to regularly review your transaction history to identify Unauthorised Transactions. Under the Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days of the transaction date.

13. Feedback and Resolving Complaints

When you provide feedback, Hay and Grineo have the opportunity to improve services to you.

If you have a query or complaint relating to the Card that Grineo has provided to you, you should initially direct the query to Grineo via:
Email: support@grineopay.com
Website: https://grineopay.com

Please provide a full explanation of your feedback or complaint. Grineo may request further details from you.

Either Grineo or Hay will undertake the following:

• Keep a record of your complaint;
• Acknowledge your complaint within 1 business day;
• Respond within 30 calendar days;
• If we cannot complete our investigation within 30 calendar days, we will let you know why.

If you are unable to resolve your issue with Grineo directly, you can escalate your enquiry to Hay via complaints@hellohay.co or by phone 1800 080 081 at any time. Hay may check with you to make sure you are satisfied with how your complaint was handled.

You may also refer a complaint to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It is important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA are:

Mail: GPO Box 3, Melbourne VIC 3001

Phone: 1800 931 678 (free call)

Email: info@afca.org.au

Website: www.afca.org.au

14. Terms and Conditions

The Terms and Conditions for use of the Grineo Debit Card are set out in the Terms, which is a separate document but forms part of this PDS and can be accessed at Terms and Conditions.

You should read the Terms before acquiring the Grineo Debit Card as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the Grineo app or website.

The Terms cover:

• how to use your Card
• restrictions of use of your Card;
• security requirements and what to do if you lose your Card, or your Card is compromised;
• what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
• limits on what Hay is responsible for;
• suspension and termination of your Card; and
• what to expect if there are changes to the Terms and Conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Card.

15. Applicable laws

Privacy:

Hay is committed to complying with the Australian Privacy Act. The Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by Hay. The Privacy Policy is available at hellohay.co/privacy. You may request a copy of the Privacy Policy in hard copy. 

The Hay Privacy Policy sets out:

• the purposes for which we collect your personal information;
• the consequences if you do not provide your personal information to us;
• the third parties to which we disclose your personal information;
• how to access and seek correction of your personal information;
• how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
• whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

Anti-Money Laundering and Counter Terrorism Finance (AML) laws:

The AML/CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.

We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the Grineo Debt Card. We may also be required by the AML/CTF Laws to delay or suspend the Grineo Debit Card or your access to the Card.