Hnry (Australia) Pty. Limited ABN 88637624072 (Hnry, We)
About This Document
This target market determination (TMD) seeks to offer consumers, distributors and staff an understanding of the class of consumers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market.
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. Consumers must refer to the Product Disclosure Statement (PDS) and any supplementary documents which outline the relevant terms and conditions Terms and Conditions (T&Cs) under the product when making a decision about this product.
Product that this TMD applies to:
This TMD applies to the Hnry Business MasterCard® (Card) issued by Change Financial Payment Services Pty Ltd (CFPS).
Change Financial Payment Services Pty Ltd (CFPS), ABN 92 651 106 955, holds an Australian Financial Services Licence (AFSL 534901).
Date from which this target market determination is effective: February 2025
Class of consumers that fall within this target market
The information below summarises the overall class of consumers that fall within the target market for the Card, based on the product key attributes and the objectives, financial situation and needs that it has been designed to meet. This Card has been designed for consumers whose likely objectives, financial situation and needs (as listed below) are aligned with the product (including the key attributes).
The Card is customisable and is broadly for individuals and entities who:
- wish to have access to the Mastercard Global Acceptance Network of merchants for
- payment of purchases using their money;
- would like to use the Card for various budget purposes and only fund it with the amount of funds they know they will use/need;
- would like to attach the Card to a Digital Wallet Service holding value,
- giving consumers the ability to utilise the held value more broadly;
Product description and key attributes
- The Card is not like a credit card as there is no line of credit made available to the consumer.
- The Card holds only the funds that the consumer selects to deposit to the Hnry account for their purchasing needs.
- The Card cannot be overdrawn so there are no overdraft fees that can be applied.
- The Card cannot be used at ATMs for cash withdrawals.
Key Eligibility Requirements for individuals
- Australian resident.
- Over 16 years of age.
- If the individual is under 18, parental approval must be obtained.
- Hnry Know Your Customer checks must be passed.
- Have an account with Hnry.
Product Attributes
- CVV / CVC also included for account verification for ecommerce purchases
- Balance and transaction tracking made available via the Hnry app associated with the card program
- Expires within 4 years
Financial Situation
This product is designed for individuals who meet one or some of the financial situations below:
- who have access to funds and would like to (or need to) control how much they spend.
- who would like to pay for goods and services in a variety of ways (e.g. using Google Pay, Apple Pay, at physical points of sales or online).
- Have some form of income.
Consistency between target market and the product
This Card meets multiple needs in the market. It is designed for consumers who want a simple way to make payments for goods and services using their own money, and who want to control how much they spend by only funding the Card with the amount of funds they know they will use/need. The Card holds only the funds that the consumer selects to deposit to the Hnry account for their purchasing needs, and because the Card cannot be overdrawn (and is not like a credit card as there is no line of credit made available), it is likely to be consistent with the objectives, financial situation and needs of the target market described above. The Card also supports making payments in a variety of ways (including via Digital Wallet Services such as Google Pay and Apple Pay, and at physical points of sale or online) and provides balance and transaction tracking via the Hnry app. The Card is not intended for consumers who require a credit facility or cash withdrawals (as the Card cannot be used at ATMs for cash withdrawals).
Distribution conditions
The Card should only be distributed under the following circumstances:
- For individuals under 18 years of age, parental approval must be obtained.
- Individuals must read the product terms and conditions and PDS before using the Card
Adequacy of distribution conditions and restrictions
It has been determined that the distribution conditions are appropriate in the circumstances and will result in the Card being distributed to consumers that fall within the target market.
Reviewing this target market determination
We will review this target market determination in accordance with the below:
- Periodic reviews Annually: The first review is to occur 12 months from the effective date of the TMD.
- Review triggers or events: Any event or circumstances arise that would suggest the TMD is no longer appropriate. This may include (but not limited):
- a material change to the design or distribution of the Card, including related documentation;
- occurrence of a significant dealing;
- distribution conditions found to be inadequate;
- relevant external events such as adverse media coverage or regulatory action
- Significant increase in number of complaints
- Significant increase in inactivity of Cards
- Significant increase in fraudulent transactions
- Significant adverse findings in a risk assessment based on known data.
- Where a review trigger has occurred, this TMD will be reviewed within ten business days.
Reporting and monitoring this target market determination
We may collect the following information in relation to this TMD.
- Complaints: Distributors will report all complaints in relation to the product covered by this TMD on a monthly basis. This will include written details of the complaints.
- Significant dealings: Distributors will report if they become aware of a significant dealing in relation to this TMD within ten business days.
- Mastercard Chargeback Rules: Any chargeback raised contains full transaction details, a summary of the reason for the dispute (as per industry standard) and is processed within industry guidelines within the timeframes set out in Chargeback Rules for a particular reporting period.