Payoneer payment service target market determination
Payoneer Payment Service Target Market Determination
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 Payoneerโs 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
| Product | Issuer | Start Date |
|---|---|---|
| Payoneer Payment Service A non-cash payment facility comprising of the ability to receive payments for commercial transaction in multiple currencies. The facility can also (if permitted) be funded by users and be used to withdraw or make payments. | Payoneer Australia Pty Ltd | November 2022 |
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 โPayoneer Accountโ. 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:
- by withdrawing or transferring funds to a designated bank account pre-approved by Payoneer.
- to make value-added tax (VAT) payments to VAT authorities in certain countries and territories
- to transfer to the Payoneer Account of another Payoneer registered user for settlement for goods or services received.
- to pay Payoneerโs pre-approved corporate clients or transfer funds to other preapproved third parties such as business applications and other platforms used by the customer, by authorising them to debit from a customerโs 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:
- 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 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):
- only through:
a) the distributorโs digital platform (such as their website or mobile app) and other Payoneer approved third party digital platforms; and
b) 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:
| Material Complaints | material complaints (in number or significance) received by Payoneer or the distributor in relation to the terms of this product and / or the distribution conduct. |
| Product Performance | evidence, as determined by Payoneer, of the performance of the product, in practice, that may suggest that the product is not appropriate for the target market. |
| Distributor Feedback | reporting from the distributor, or consistent feedback from the distributor on the target market which suggests that this TMD may no longer be appropriate. |
| Substantial Product Change | a substantial change to the product that is likely to result in this TMD no longer being appropriate for the target market |
| Significant Dealing | a material pattern of dealings in the product or of distributor conduct that is not consistent with this TMD. |
| Notification from ASIC | a notification from ASIC requiring immediate cessation of product distribution or particular conduct in relation to the product. |
| Review Period | the 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 Payoneer within 10 business days after the end of each reporting period unless indicated otherwise below:
| Complaint Information | Information 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 Feedback | Information discovered or held by the distributor that suggests that this TMD may no longer be appropriate. |
| Significant Dealing | Information 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 Payoneer | The distributor must provide information reasonably requested by Payoneer as soon as practicable and no later than the date specified by Payoneer. |
| Reporting Period | The reporting period for this TMD is every 6 months commencing from the Start Date |
Other information
Payoneer 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.
Payoneer Business Premium Debit Mastercardยฎ Card Target Market Determination
Introduction
Payoneer Europe Limited (referred to as PEL, us, our or we) is a product issuer pursuant to an intermediary authorization agreement between PEL and Payoneer Australia Pty Ltd, ACN: 621 926 501, AFSL: 504803 and we issue non-cash payment facilities in the form of the Payoneer Business Premium Debit Mastercard. Payoneer Australia Pty Ltd 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 Business Premium Debit Mastercard Card 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 through Payoneerโs 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
| Product | Issuer | Start Date |
|---|---|---|
| Payoneer Business Premium Debit Mastercard Card A commercial debit Mastercard Card that allows customers to access and utilize funds allocate for use with the card. | Payoneer Europe Limited | November 2022 |
Target Market
Class of Consumer
Likely objectives and needs
A Consumer who operates a business and is receiving payments to his Payoneer Account for his business activity, and who wants to be able to make purchases in point of sales and withdraw funds received in this manner at an ATM by using a physical debit 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
PEL provides eligible users the Payoneer Business Premium Debit Mastercard Card which allows its customers to access and utilize funds allocated for use with the Card anywhere the Card is accepted around the world and (if such Card is in a physical form) to withdraw funds at ATM’s worldwide.
Appropriateness
PEL 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:
- 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 PEL approved communication channels (including telephone, email and social media).
This condition is appropriate as the target market for the Payoneer Business Premium Debit Mastercard Card is wide.
Retail Product Distribution Conduct
A distributor must only engage in retail product distribution conduct (other than general advice):
- only through:
a) the distributorโs digital platform (such as their website or mobile app) and other PEL approved third party digital platforms; and
b) any other PEL approved communication channels (including telephone, email and social media).
This condition is appropriate as the target market for the Payoneer Business Premium Debit Mastercard Card 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
PEL, 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 PEL determines a material event or circumstance has occurred in relation to the following:
| Material Complaints | material complaints (in number or significance) received by PEL or the distributor in relation to the terms of this product and / or the distribution conduct. |
| Product Performance | evidence, as determined by PEL, of the performance of the product, in practice, that may suggest that the product is not appropriate for the target market. |
| Distributor Feedback | reporting from the distributor, or consistent feedback from the distributor on the target market which suggests that this TMD may no longer be appropriate |
| Substantial Product Change | a substantial change to the product that is likely to result in this TMD no longer being appropriate for the target market. |
| Significant Dealing | a material pattern of dealings in the product or of distributor conduct that is not consistent with this TMD. |
| Notification from ASIC | a notification from ASIC requiring immediate cessation of product distribution or particular conduct in relation to the product. |
| Review Period | the 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 PEL within 10 business days after the end of each reporting period unless indicated otherwise below:
| Complaint Information | Information 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 Feedback | Information discovered or held by the distributor that suggests that this TMD may no longer be appropriate. |
| Significant Dealing | Information 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 Payoneer | The distributor must provide information reasonably requested by PEL as soon as practicable and no later than the date specified by PEL. |
| Reporting Period | The reporting period for this TMD is every 6 months commencing from the Start Date. |
Other information
PEL 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 PEL considers as a proper reason to amend the TMD.
Payoneer Corporate Purchasing Mastercardยฎ 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 Payoneerโs 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
| Product | Issuer | Start Date |
|---|---|---|
| Payoneer Corporate Purchasing Mastercard A payment service based on a commercial debit Mastercard Card which allows customers to access and utilize funds received in their Payoneer account and allocate them for use with the card. | Payoneer Inc. | November 2022 |
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:
- 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 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):
- only through:
a) the distributorโs digital platform (such as their website or mobile app) and other Payoneer Inc approved third party digital platforms; and
b) 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.
Review Triggers
Payoneer Inc, 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 Payoneer Inc determines a material event or circumstance has occurred in relation to the following:
| Material Complaints | material complaints (in number or significance) received by Payoneer Inc or the distributor in relation to the terms of this product and / or the distribution conduct. |
| Product Performance | evidence, as determined by Payoneer Inc, of the performance of the product, in practice, that may suggest that the product is not appropriate for the target market. |
| Distributor Feedback | reporting from the distributor, or consistent feedback from the distributor on the target market which suggests that this TMD may no longer be appropriate. |
| Substantial Product Change | a substantial change to the product that is likely to result in this TMD no longer being appropriate for the target market. |
| Significant Dealing | a material pattern of dealings in the product or of distributor conduct that is not consistent with this TMD. |
| Notification from ASIC | a notification from ASIC requiring immediate cessation of product distribution or particular conduct in relation to the product. |
| Review Period | the 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 Payoneer Inc within 10 business days after the end of each reporting period unless indicated otherwise below:
| Complaint Information | Information 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 Feedback | Information discovered or held by the distributor that suggests that this TMD may no longer be appropriate. |
| Significant Dealing | Information 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 Payoneer | The distributor must provide information reasonably requested by Payoneer Inc as soon as practicable and no later than the date specified by Payoneer Inc. |
| Reporting Period | The reporting period for this TMD is every 6 months commencing from the Start Date. |
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.