Issued by PayAny1 Pty Ltd ABN 51 630 466 303
Australian financial services license no. 518990
(PayAny1, we, us, our)
Issue Date: 21/06/2021
Last Updated: 11/05/2022
PayAny1 (trading as ‘Cashwo’) is the issuer of a Digital Wallet whereby users can load value into the Digital Wallet to make payments or transactions either in-app or via proximity in-store payment (with merchant QR codes).
The Digital Wallet is linked to a digital account (which is not a deposit account) which can be accessed via the Cashwo App (Cashwo Digital Wallet).
As an AFSL holder, PayAny1 is required to hold client monies in a separate account.
This PDS has been prepared by PayAny1. PayAny1 trading as ‘Cashwo’ is the issuer of the Digital Wallet Services.
This PDS contains important information about the Cashwo Digital Wallet Services and their associated benefits, risks and fees.
You should read this document carefully because it is designed to assist you in deciding whether the Cashwo Digital Wallet Services are appropriate for you.
The information contained in this PDS does not take into account your individual objectives, financial situation or needs. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Cashwo Digital Wallet Services are appropriate for your particular circumstances.
The PDS has not been lodged with the Australian Securities and Investments Commission (ASIC) and does not need to be lodged with ASIC. ASIC takes no responsibility for the contents of the PDS.
The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.
The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, we will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, we will not issue a new PDS or supplementary PDS but you will be able to find the updated information on our website.
The Cashwo Digital Wallet is a financial product that is regulated by the Corporations Act 2001 (Cth).
You can access the Cashwo Digital Wallet Services via the Cashwo App.
You can transfer funds to your Cashwo Digital Wallet by transfer from an account held with another ADI.
Once you have transferred funds to your Cashwo Digital Wallet and have a positive Wallet Balance you can make transfers to other users of the Cashwo Digital Wallet and use it to pay merchants via QR Codes and make other payment such as bill payments via BPAY.
You only access the value you have loaded to your Cashwo Digital Wallet. The Cashwo Digital Wallet is not a deposit account and not interest will be payable.
The significant benefits of the Cashwo Digital Wallet are:
The significant risks of the Cashwo Digital Wallet are:
The fees and charges that apply for the issue and use of the Cashwo Digital Wallet are as follows:
The money is typically available within seconds but if the bank is not NPP participant then it will be done within 24hours or next business day in case of the weekend.
There are no cooling-off rights attached to the Cashwo Digital Wallet. However, you may cancel the Cashwo Digital Wallet at any time.
The terms and conditions for use of the Cashwo Digital Wallet are set out in the Terms, which can be accessed at www.cashwo.com.au/terms-and-conditons.html. You should read and understand these terms before acquiring the Cashwo Digital Wallet as they primarily govern the legal relationship between you and us. You can request an electronic copy of the Terms by contacting us.
The AML-CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.
We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the PayAny1 Digital Wallet. We may also be required by the AML-CTF Laws to delay or suspend the PayAny1 Digital Services or your access to your PayAny1 Account.
If you have a complaint relating to the Cashwo Digital Wallet services or the financial services we have provided to you, please follow the process specified under the “What should you do if you have a complaint?” of our FSG