Version 1.1 - Prepared October 2021

Contact: 1300 922 837

1 Introduction

This product disclosure statement (PDS) is an important document to help you understand the risks and benefits of the Waave Payments product. In this PDS, a reference to you and your is to the retail consumers for whom Waave Payments is designed. Please consider the information in this PDS carefully to work out whether Waave Payments will be suitable for you. You should also read the separate conditions of use. Any updates to this PDS will be made available at and notified to you through a message in the Waave Payments app.

2 Who is Waave?

Waave Technologies Pty Limited ACN 642 784 030 (Waave, we, us, our) is the issuer of the financial product known as Waave Payments. We do not yet hold an Australian financial services licence, but are is in the process of applying for one. For a pilot and testing phase, Waave Payments is being offered under the 'enhanced regulatory sandbox' relief (Relief) under the Corporations Act. Users still have all of the consumer protections under the Corporations Act and the Australian consumer law, as it applies to financial services. It is a condition of the enhanced regulatory sandbox relief that each user's exposure be limited to $10,000 or less. While Waave Payments operates under the Relief, we will need to restrict your access to the service where any transaction would cause your total payment volume to exceed $10,000. Waave is a reporting entity under the Anti-Money Laundering and Counter-Terrorism Financing Act and must do "know your customer" checks on each of our customers.

3 What are the features and benefits?

Waave Payments is a service that will help you make payments in Australian dollars only, and control your existing accounts more effectively. Waave charges [no setup fees and no monthly fees for payers, and the costs for business are lower than for many other payment channels.] Fees may be charged by your institution. The Waave Payments App can be used to choose how to make payments in real time, both online and in person.

To use Waave you must provide standing authorisations to your other financial institutions:

  • to follow direct debit instructions provided through the Waave Payments technology, and
  • to share information about the account through open banking. When you decide to authorise a payment to a participating business through Waave Payments, you can choose which of your financial institution accounts will be the source. You can set up a programmed payment - for example to pay a phone bill - or choose to make a single payment for an on-line transaction or in store. You can view current balances of your accounts, and change the source account whenever you wish. The business will receive the payment in real time through the new payment platform. Maximum transaction size limits may apply. If a transaction must be reversed (for example because your financial institution processes a 'chargeback', the payment will be processed back to the account that was the original source, unless that account is no longer available to receive the refund.

4 Are there any risks?

The convenience of Waave payments comes with some risks.

  • Loss of your device The Waave Payments application on your smart device can be used to order payments from any account that is linked. If you lose access to your smart device, or if you authorise anyone else to control the device, they can order payments as if they were you. Unauthorised payment rules of the new payment platform will not always allow payments to be reversed.

  • Device security You should ensure that only you know the passcode of your smart device. If you use fingerprint or facial recognition, don't allow any other person's credentials unlock your device. Make sure that your device uses the most current operating system recommended by its manufacturer and don't use 'jailbroken' software.

  • Malfunction If there is an interruption of your data service or a malfunction in the payment system, a Waave Payment could be delayed.

  • Acceptance of Waave Payments Businesses can choose what payment types they accept, and the Doc ID 878668353/v2 businesses that accept Waave Payments can change over time.

  • Misconduct or fraud If we reasonably believe that your use of Waave Payments involves misconduct or fraud, or is in breach of any laws about money laundering, criminal proceeds or international sanctions, we can stop your use of Waave Payments without prior notice. We may also do this if we reasonably believe the way you are using Waave Payments creates danger of loss to us or any other user or financial institution. Your financial institution might prevent transactions if it believes these kinds of issues exist.

5 Complaints and queries

If you have a complaint or a query, or believe an unauthorised transaction has occurred, please contact our customer support team via the details set out at the top of this PDS.

Any complaints about goods or services purchased with Waave Payments or mistakes in a transaction involving Waave Payments should be resolved directly with the business.

Where your complaint or query relates to Waave Payments, we will acknowledge receipt promptly and will investigate the complaint. Under Corporations Act standards, we must provide a response to a complaint within 30 calendar days after it is received, unless the complaint is particularly complex, or the delay is caused by circumstances beyond our control. If one of these applies, we will give you information about the cause of the delay and offer you an opportunity to complain to AFCA.

We will tell you of the outcome of the investigation, together with our reasons for any decision made as to how best to resolve your complaint. (However, if we resolve a complaint to your satisfaction within 5 days, we don't have to give you written reasons unless you ask.) If a claim is not resolved to your satisfaction, you can contact our approved external dispute resolution scheme, the Australian Financial Complaints Scheme at or by calling 1800 931 678, for a free and independent review.

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