Target Market Determination

Condition  
Reason
The Prepaid Card can only be issued to customers who already hold an account with the distributor.  
This is appropriate as the Prepaid Card is limited to those who hold an account with the distributor.
The Prepaid Card can only be distributed to customers through the distributor’s platform (i.e. website or mobile application) and any other communication channels approved by Immersve.
This is consistent with the delivery method used by the distributor to issue its product or service to customers.
The Prepaid Card will primarily be marketed by the distributor to its customers using digital-only channels, such as the distributor’s website, mobile application and social media channels.
This is consistent with the digital-only nature of the Prepaid Card and its suitability to customers who are technologically savvy.
Feature
Vield
Competitors
Rehypothecation Policy
We never rehypothecate your assets. Your collateral is kept secure, used solely to back your loan — no hidden risks involved.
    Lenders often rehypothecate client assets, using them for other purposes, which can introduce additional risks.
    Collateral Security
    We use multi-signature wallets and assign you with a unique address, so you know your assets are safe and traceable at all times. Your funds are not commingle with any other customers’ funds.
      Security measures vary; some may not provide transparent tracking of individual collateral. Your funds are also at risk of being commingled with other customers.
      Regulatory Compliance
      We operate under strict Australian financial regulations and appropriate licenses.
      Compliance levels vary; some platforms may operate in jurisdictions with less stringent regulations or based offshore.
      Loan-to-Value Ratio (LVR)
      We cap your LVR at 50% — this means we’re balancing borrowing power with careful risk management, keeping things safe for you.
      LVRs can be higher, however, it would potentially increase risk for borrowers.
      Asset Management Transparency
      We never engage your assets with DeFi platforms or hedge funds to secure liquidity. Your crypto stays right where you store it, fully accounted for within secure wallets.
      Some platforms may use assets for liquidity in DeFi or hedge funds, which can expose client collateral to additional market risks.
      Early Repayment Options
      We offer early repayment with a straightforward break fee, so you’re never locked in if your plans change.
      Early repayment terms and fees vary; some may impose high penalties or lack clarity.
      Wallet Visibility
      You’ll have 24/7 real-time visibility of your crypto holdings in secured wallets, ensuring you have full visibility.
      Transparency levels vary; not all platforms offer real-time updates or full visibility on collateral status.
      Interest Rates and Fees
      Our rate is 13% APR, compounded daily, with a simple one-time 2% origination fee. No hidden fees.
      Interest rates and fees vary; some platforms may have higher rates or hidden charges.
      Transparency and Monitoring
      You’ll always be informed about the status of your assets with continuous monitoring and reporting - emails and SMS. 
      Transparency levels vary; some platforms may not offer continuous updates on collateral status.

      VIRTUAL WEB3 PREPAID MASTERCARD

      Date: 6 August 2024

      Version: 1

      TARGET MARKET DETERMINATION

      This Target Market Determination (TMD) applies to the Virtual Web3 Prepaid Mastercard issued by Immersve (Prepaid Card). The Prepaid Card is distributed by Vield Capital Pty Ltd ABN 38 672 20 113 AR No. [001310503] (Vield).

      Immersve Pty Ltd ABN 93 658 192 057 AFSL No. 545925 (Immersve, us, we, our) is the issuer of the Prepaid Card, which is a non-cash payment product.

      The purpose of the TMD is to provide customers with an understanding of the class of customers for which the Prepaid Card has been designed.

      The TMD is not a replacement for the Product Disclosure Statement (PDS) and General Term of Use (T&Cs) which govern the Prepaid Card. We encourage you to read and consider the PDS and T&Cs before deciding whether the Prepaid Card is appropriate for you.

      FEATURES

      The Prepaid Card has the following key features:  

      • a virtual card that allows customers to make online payments  in Australia and overseas;
      • the ability to add the virtual card to a Google Pay or Apple Pay wallet to enable in-store payments in Australia and overseas;  
      • available to customers over the age of 18 who hold an account with the distributor;
      • the ability to purchase goods and services where Mastercard is accepted;
      • the ability to use existing USDC cryptocurrency holdings for the purposes of making payments; and
      • the ability to reload the facility with the customer’s USDC holdings.  

      ATTRIBUTES AND TARGET MARKET

      The TMD is required to disclose the key attributes of the Prepaid Card and when they are likely to be consistent with the identified target market for the Prepaid Card, which is based on the likely objectives, financial situation and needs of customers.

      Needs, objectives and financial situation of customers within the target market

      Product attributes

      A person who is technologically literate and prefers digital-only channels and does not require face-to-face assistance to use the product.

      Customers can only access the Prepaid Card by accessing the Vield website or downloading and installing the Vield mobile application.

      A person who holds cryptocurrency in the form of USDC and wishes to redeem it for the purposes of making payments.

      Customers can use USDC cryptocurrency holdings to load the Prepaid Card. The Prepaid Card can be used to make payments in Australia and overseas where Mastercard is accepted.

      A person who wishes to make payments using a virtual card and does not require a physical card.

      The Prepaid Card is only issued as a virtual facility, but can be added to the customer’s Google Pay or Apple Pay wallet to enable both online and in-store payments.

      APPROPRIATENESS

      The Prepaid Card (including its key attributes) is consistent with the objectives, financial situation and needs of customers, as it provides the means to redeem USDC cryptocurrency holdings maintained with the distributor for the purposes of making payments in-store and online.

      DISTRIBUTION CONDITIONS  

      We apply the following distribution conditions so that the Account is likely to be provided to customers within the target market:

      Condition  

      Reason

      The Prepaid Card can only be issued to customers who already hold an account with the distributor.  

      This is appropriate as the Prepaid Card is limited to those who hold an account with the distributor.

      The Prepaid Card can only be distributed to customers through the distributor’s platform (i.e. website or mobile application) and any other communication channels approved by Immersve.

      The Prepaid Card will primarily be marketed by the distributor to its customers using digital-only channels, such as the distributor’s website, mobile application and social media channels.

      This is consistent with the delivery method used by the distributor to issue its product or service to customers.

      This is consistent with the digital-only nature of the Prepaid Card and its suitability to customers who are technologically savvy.

      REVIEW

      The TMD will be reviewed on an annual basis, unless a particular event or circumstance occurs that might materially change the information contained in this TMD or suggest that it is no longer appropriate.

      Periodic reviews will be undertaken at least annually.

      A review will be undertaken immediately upon the occurrence of a review trigger, which is:

      • the introduction of new features to the Prepaid Card;  
      • any material change to any major feature of the Prepaid Card;
      • any change to any law, regulatory guidance or industry code which has a material effect on the terms of the Prepaid Card;
      • a significant number of complaints on the Prepaid Card;
      • where there are significant dealings with the Prepaid Card which are not consistent with the identified target market or this TMD; or
      • where our reporting and monitoring procedures identify a need to review the TMD.

      REPORTING

      We will collect and analyse information about the Prepaid Card on an ongoing basis to determine whether the TMD remains appropriate.

      We will also collect the following information from the distributor in relation to the Prepaid Card:  

      Item

      Description

      Frequency

      Complaints

      Complaints related to the Prepaid Card, including:

      • the number of complaints;
      • the nature and circumstances of the complaints; and
      • whether consumer harm or detriment arises from circumstances which are the subject of the complaints.

      Quarterly

      Feedback

      Feedback from the distributor that the target market or key product attributes may no longer be appropriate, including whether customers understand:

      • how to use the Prepaid Card; and
      • the key terms, risks, conditions and attributes of the Prepaid Card.

      Quarterly

      Dealings outside TMD

      If the distributor becomes aware of a significant dealing in the Prepaid Card or an issue with its conduct, that is not consistent with this TMD, the distributor must notify Immersve as soon as practicable, and in any event within 10 business days after becoming aware.

      Ongoing, as required.

      Other information requested

      Any other information requested in writing by Immersve in relation to the Prepaid Card.

      Ongoing, as required.