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Terms & Policies

Shaype Target Market Determination

Retail Individual


BAXE Account and BAXE Card


TMD Determination for Non-Cash Payment Product

Target Market Determination
Product:BAXE Account and Card
 Non-cash payment product
IssuerHay Limited ABN 34 629 037 403, AFSL 515459 (Hay)
Start Date:February 2022 – the date the determination was made.
Review Date:September 2023
Target Market:
Class of consumers that comprise the target market for the product
Consumer Description:
This describes consumers in the target market
Eligibility criteria for the product
Customers will need to satisfy specific eligibility criteria to maintain this product. Customers must:
  • Be an individua ; and
  • Be aged 18 years or older; and
  • Have a valid Australian residential address
Objectives & Needs
This product is targeted at customers with the likely objectives, financial situation and needs of wanting:
  • Access to a debit card to make purchases with an internationally branded scheme such as Visa
  • To store money in an account without the ability to access interest on their balance
  • To manage access to funds available in the account or on the account through spend limits, merchant blocking and card management.
Financial Situation
  • • At the time of application, the person has the right to open a Non-Cash Payment product account and has access and the ability to transfer funds in Australian dollars to preload the facility and pay fees.
Product Description:

This describes the non-cash payment product.
  • A Non-Cash Payment Product issued by Hay Limited is a fully digital transaction account that allows retail Clients to access their funds on demand. 
  • Access is only possible by card, app, BSB and Account number and does not have a physical presence. Customers cannot make cash deposits or other withdrawals from the account via a physical branch except by using a card at an ATM where Visa Debit cards are accepted. 
  • No interest can be earned on the funds deposited in the account. 
  • Overdrawing the account is not permitted, 
  • Spend control and merchant category code limitations: 
  • The card program prohibits spending at unsuitable or inappropriate merchants for the Target Market to reduce harm. 
  • The card program has limits in place for the account balance and daily spending. 
  • Account owners can further restrict spending by a merchant to customise the product to suit their needs. 
  • The account owner can impose daily or weekly spending limits to suit the product to their needs.


Appropriateness Statement:
This explains why the
product is consistent with the target market’s likely
objectives, financial situation, and needs.
The issuer, Hay Limited, has considered that the product is likely to be consistent with the possible objectives, financial situation and needs of the Target Market as:
  • Customers can fund the account to save and or spend those funds through a Debit card accessing the Visa network or through a BSB and Account number via Direct Entry or NPP; and
  • • Customers can manage access to the funds through spend limits, merchant blocking and card management.



Distribution Conditions:Marketing and PromotionCondition 1
The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia.
This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.
The conditions and restrictions on the distribution of the productThis condition applies to marketing and promotional materials that describe the product 
 Retail Product Distribution Conduct (other than Marketing)Condition 2
The authorised distribution partner must only engage in arranging, distribution and
providing factual product information:
  • through the BAXE app;
  • to prospective individuals who meet Hay Limited’s minimum eligibility criteria for the product; and
  • to issue a Non-Cash Payment Product to individuals after applying for and completing the application process.
This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers.
 This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material.
Review Triggers:
The events and circumstances that would reasonably suggest the determination is no longer appropriate
The issuer, and any distributor of this product, must cease retail product distribution conduct in respect of this product when the issuer determines a material event or circumstance has occurred concerning:
Material ComplaintsMaterial complaints (in number or significance) relate to complaints concerning the terms of this product and or the distribution conduct.
Product PerformanceEvidence, as determined by the issuer, of the product’s performance, in practice, may suggest that the product is not appropriate for the target market.
Distributor FeedbackReporting from distributors, or consistent feedback from distributors on the target market, suggesting that the determination may no longer be appropriate.
 Substantial Product ChangeA significant change to the product features outlined in the product description will likely make the determination no longer appropriate for the target market.
A significant change to the product because of regulatory, legislative or code changes will likely result in the determination no longer being appropriate for the target market.
Significant DealingA material pattern of dealings in the product or distributor conduct is inconsistent with the determination.
Notification from ASICA notification from ASIC requiring immediate cessation of product distribution or conduct concerning the product.
Review Trigger Information Reporting requirementsThe distributor of this product must provide the following information to Hay Limited within the below timeframes.
Product Complaints dataInformation relating to complaints received, including the number and complaint summary details by the distributor of this product and provided quarterly within ten days of the end of the Quarter.
Significant DealingsAny significant dealings of the product to customers who are outside the target market. These should be provided as soon as practicable and no later than 10 business days after the distributor becomes aware.


Note that when printed, this document may have been superseded. Please refer to for the most current version of this document