Target Market Determination​

September 2023

1. About this document

This Target Market Determination has been prepared by Press Pay AUS Pty Ltd ABN 27 648 761 773 (Us, We, Our, PressPay) in compliance with our Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001 (DDOs) and applies to the following products and services:

  • Providing customers with early access to their wages (PressPay Advance)
  • Offering customers the ability to purchase digital store cards (PressPay Shop)
  • Helping customers improve their financial awareness (PressPay Learn)

Terms of Service to which this Target Market Determination (TMD) applies.

This TMD applies to the short-term credit products (PressPay Advance and PressPay Shop) and education platform (PressPay Learn) which are governed by Press Pay AUS Pty Ltd’s Terms of Service.

This target market determination is effective from 5th October 2021 and was last updated on September 2023.

 2. Segments of customers that fall within our target market

The below summary outlines the overall segments PressPay customers must meet in order to fall into the target market based on the products key attributes, objectives and the customers financial situation.

PressPay Advance has been designed for individuals who meet the following criteria:

  1. Over 18 years of age.
  2. Are an Australian citizen or permanent resident.
  3. Earn a regular income and as far as they are aware, are likely to continue to do so.
  4. Their income is deposited into an eligible Australian transactional bank account which is solely in their name.
  5. Are not solely reliant on Government payments or benefits.
  6. Hold a valid and current form of identification in the form of a Medicare Card, Australian Driver’s Licence, or an Australian Passport.
  7. Meet our identification and assessment criteria.
  8. Continue to meet our ongoing assessment criteria, including community-first metrics that analyses income and spending behavior.
  9. Have ownership of a valid mobile phone number and email address.
  10. Make at least $350 in income after tax each week.
  11. Only have one active PressPay Advance account at any given time.
  12. Have not filed for bankruptcy and/or have a Letter of Authority against them for any outstanding debt.
  13. Requires on-demand access to a portion of their pay in advance.

Product description and eligibility.

PressPay Advance is a short-term, fixed-cost, wage advance product that allows customers to access a percentage of their income via an SMS platform or through PressPay’s digital platforms. Withdrawals have a 5% fixed rate Withdrawal Fee with no interest or late fees. Repayments are aligned with a customers pay cycle and therefore the term can range from weekly, fortnightly or monthly and must be repaid in full in line with their pay cycle, otherwise they are not permitted to make further advances.

A customer must meet PressPay’s target market determination as listed above in order to be eligible and have access to PressPay Advance.

Product Attributes

  1. Easy to access funds by simply messaging ‘balance’ or the withdrawal value up to the customer’s available balance eg. ‘100’ to the PressPay mobile number.
  2. Customers may also use PressPay’s other digital assets to access the service.
  3. Access up to 25% or $1,000 (whichever is lower) of the customer’s income, each pay cycle.
  4. Fixed rate Withdrawal Fee of 5% of the withdrawal value with no interest or late fees.
  5. Easy to access customer service.
  6. Access to instalment plans or deferral of up to 2 pay cycles if required, but never exceed a date which is more than 62 days from the withdrawal date.
  7. Fast online application with access to funds in minutes.

PressPay Shop has been designed for individuals who meet the following criteria:

  1. Meet the above criteria outlined for PressPay Advance.
  2. Have an ‘active’ account status.
  3. Has an available balance equal to or above $20.

Product description and eligibility

PressPay Shop provides customers convenient access to purchase digital store cards using their available balance. All digital store cards are non-reloadable and therefore can not be ‘topped-up’. Once purchased, the cards are also non-refundable and customers are required to read and accept the terms and conditions of each Retailer prior to completing the purchase for each digital store card.

Digital store cards incur a Withdrawal Fee between 0% to 5% of the purchase amount. These fees will be clearly disclosed to customers prior to, during and at the completion of the purchase of the digital store card.

Digital store card purchases incur no interest or late fees and all repayments are aligned with a customers pay cycle. Therefore the term can range from weekly, fortnightly or monthly and must be repaid in full in line with their pay cycle, otherwise they are not permitted to make further purchases.

A customer must also meet PressPay’s target market determination as listed above in order to be eligible and have access to PressPay Shop.

Product Attributes

  1. Convenient access to digital store cards using a customer’s available balance through PressPay’s digital application.
  2. Access to digital store cards with Withdrawal Fees between 0% to 5% of the purchase amount and no interest or late fees.
  3. Easy to access customer service.
  4. Access to instalment plans or deferral of up to 2 pay cycles if required, but never exceed a date which is more than 62 days from the withdrawal date.
  5. Fast online application with access to funds in minutes.

PressPay Learn has been designed for individuals who meet the following criteria:

PressPay Learn is free and accessible to anyone who may find the information provided helpful to help improve their financial awareness.

Product description and eligibility

PressPay Learn is a free information platform. Although designed as an education platform all information, tools or tips provided is not considered advice, and is general in nature and doesn’t consider the personal needs, financial circumstances or objectives of the individual. Users of the website need to consider whether any advice is right for them before making a decision.

Product Attributes

  1. Free and easily accessible for any individual looking for helpful financial information.
  2. PressPay is not a financial advisor and does not promote this product as advice.

3. Consistency between the target market and PressPay’s products.

PressPay has and continues to test its products to ensure they consistently align with the target market on the basis that:

  1. The eligibility criteria of the available products have been designed to align with the core attributes of the target market. Customers who do not meet this criteria are unable to withdraw funds or have access to PressPay Advance or PressPay Shop.
  2. The key attributes of PressPay Advance and PressPay Shop have been designed and continue to evolve to ensure it meets the objectives and financial situation of the customers in the target market as outlined above.
  3. PressPay Learn provides general financial information to help individuals improve their financial awareness and is free of charge.

4. Distribution conditions

These products have been designed to be distributed via an SMS platform and web-based application. All marketing and advertising is conducted via email, social media and other online and offline channels.

These product should only be distributed based on the following criteria.

  1. Customers who meet the eligibility requirements as outlined above at the time of application for PressPay Advance or PressPay Shop. These customers will continue to be reassessed to ensure they meet the eligibility of the product target market.
  2. Are able to meet the financial requirements to repay the outstanding balance.
  3. Are approved by PressPay based on internal assessments, policies and procedures, and applicable laws and regulations.
  4. All our products are distributed in compliance with our Terms of Service and Privacy Policy.

5. Review triggers

We will review this target market determination in accordance with the below:

Initial review An initial review was completed within 12 months of the effective date of this TMD (5th October 2021).
Periodic review At least every two years from the initial review.
Review triggers or events

Any of the below triggers may indicate that the target market determination is no longer considered appropriate and a review is to be undertaken by PressPay.

  1. A material change to the design or distribution of the product.
  2. Occurrence of a significant dealing outside the target market.
  3. External events such as material adverse media coverage or regulatory attention.
  4. Material changes to the terms and conditions of PressPay.
  5. Material changes to credit assessment practices and requirements which may impact the target market of our products and services.
  6. The introduction of credit reporting or checking.
  7. Updates and changes to the regulatory framework governing our product and services.

Where a review trigger has occurred, this target market determination will be reviewed within 10 business days.