PAYONEER AUSTRALIA PTY LTD (ACN 621 926 501) (“Payoneer”)

INTRODUCTION

Payoneer Australia Pty Ltd ACN 621 926 501(referred to as Payoneer, us, our or we) are a product issuer and we issue non-cash payment facilities in the form of the Payoneer Payment Service. Payoneer is authorised and regulated by the Australian Securities and Investments Commission (ASIC), with Australian financial services licence number 504803.

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 the Payoneer Payment Service to which the DD Obligations apply.

If you are a retail client, you should refer to the relevant Product Disclosure Statement (PDS) before deciding whether to acquire or continue to hold the relevant product. You can get a copy of the relevant PDS from Payoneer’s terms and conditions provided on the Payoneer website registration.
You should not base any decision to transact on the contents of this TMD.

Target Market

Class of Consumer
Likely objectives and needs
A Consumer who operates a business which involves international payments being made to it and who wishes to make payments to other service providers or other businesses.

Likely financial situation
A Consumer who has a global business which they wish to be able to receive and make international payments for.

Product Description

Payoneer provides eligible users the Payoneer Payment Service to allow such users to receive payments for the settlement of commercial transactions in multiple currencies through their “Payoneer Account”. If eligible, Payoneer will allow its users to fund the balance of their Payoneer Account from their own bank account.

The Payoneer Account is designed for businesses and allows businesses to withdraw or use funds in their Payoneer Account:

1. by withdrawing or transferring funds to a designated bank account pre-approved by Payoneer.
2. to make value-added tax (VAT) payments to VAT authorities in certain countries and territories
3. to transfer to the Payoneer Account of another Payoneer registered user for settlement for goods or services received.
4. to pay Payoneer’s pre-approved corporate clients or transfer funds to other pre-approved third parties such as business applications and other platforms used by the customer, by authorising them to debit from a customer’s Payoneer Account balance directly.

Separately to the Payoneer Payment Service, Payoneer also provides access to the Payoneer Commercial Debit Mastercard and the Payoneer Corporate Purchasing Mastercard.

Appropriateness

Payoneer considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of Consumers as it provides the means for Consumers to receive funds from international sources and use such funds for their business needs.

Distribution Conditions
Marketing and Promotion

Any distributor must only market and promote the product through:

1. 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
2. any other Payoneer approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Payment Service is wide.

Retail Product Distribution Conduct

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

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

This condition is appropriate as the target market for the Payoneer Payment Service is wide 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

Payoneer, and any 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 Payoneer determines a material event or circumstance has occurred in relation to the following:

REPORTING INFORMATION

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

OTHER INFORMATION

Payoneer, and any 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 Payoneer determines a material event or circumstance has occurred in relation to the following:

Payoneer Corporate Purchasing Mastercard® Target Market Determination

INTRODUCTION

Payoneer Inc (referred to as Payoneer Inc, us, our or we) are a product issuer pursuant to an intermediary authorization agreement between Payoneer Inc and Payoneer Australia Pty Ltd, ACN: 621 926 501, AFSL: 504803 and we issue non-cash payment facilities in the form of the Payoneer Digital Purchasing Mastercard. Payoneer Australia is authorised and regulated by the Australian Securities and Investments Commission (ASIC), with licence number 504803.

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 the Payoneer Corporate Purchasing Mastercard to which the DD Obligations apply.

If you are a retail client, you should refer to the relevant Product Disclosure Statement (PDS) before deciding whether to acquire or continue to hold the relevant product. You can get a copy of the relevant PDS at Payoneer’s terms and conditions provided on the Payoneer website registration.
You should not base any decision to transact on the contents of this TMD.

PRODUCT INFORMATION

Target Market

Class of Consumer
Likely objectives and needs
A Consumer who operates a business and receive payments for their business activity via their Payoneer account and who wants to be able to use funds received to make purchases in point of sales and withdraw funds at an ATM by using a physical card when applicable.

Likely financial situation
A Consumer who has a global business which they wish to be able to make purchases for and withdraw funds for by using a debit card.

Product Description

Payoneer Inc provides eligible users the Payoneer Corporate Purchasing Mastercard which allows its customers to access and utilize funds allocated for use with the Card anywhere the Card is accepted around the world and to withdraw funds at ATM’s worldwide.

Appropriateness

Payoneer Inc considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of Consumers as it provides the means for Consumers to access and utilize funds from a card to make payments.

Distribution Conditions
Marketing and Promotion

A distributor must only market and promote the product through:

1. 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
2. any other Payoneer Inc approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Corporate Purchasing Mastercard is wide.

Retail Product Distribution Conduct

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

1. only through:
   • the distributor’s digital platform (such as their website or mobile app) and other Payoneer Inc approved third party digital platforms; and
   • any other Payoneer Inc approved communication channels (including telephone, email and social media).

This condition is appropriate as the target market for the Payoneer Corporate Purchasing Mastercard is wide and it is the most appropriate method for Consumers within the target market to obtain the product. Such conduct poses limited risk to Consumers.

OTHER INFORMATION

Payoneer Inc 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 Payoneer considers as a proper reason to amend the TMD.

REPORTING INFORMATION

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