Product Disclosure Statement

13 December 2018 Wisr App

Important Information

This Product Disclosure Statement ("PDS") is issued by Wisr Finance Pty Ltd (ABN 39 119 503 221) ("Wisr") and covers non-cash payment products provided through the Wisr App ("App") to App users.

These non-cash payment products are offered and administered by Wisr.

This PDS contains important information about the App. The App is a non-cash payment product provided by Wisr. You should read and consider this PDS carefully and in its entirety before deciding to use the App. The information in this PDS is general information only and does not take into account your personal financial situation or needs. If you consider it necessary or appropriate, you should obtain independent financial advice tailored to your circumstances before deciding to use the App.

This PDS may only be used by persons who receive it in Australia. The information in this PDS does not constitute an offer in any jurisdiction other than Australia.

If you have any queries regarding this PDS, please contact Wisr at the following -

Wisr Finance Pty Ltd
Suite 33, Level 8,
58 Pitt St
Sydney NSW 2000


The products offered by Wisr is provided through the App. To use the App you must apply for a Wisr App Account. By making an Application to acquire a Wisr App Account, you agree to receive communications and disclosures in relation to the App and your Wisr App Account in digital form only.

Throughout this PDS there are references to information that may change between the day you receive this PDS and the day you lodge your Application to acquire a Wisr App Account. Certain information in this PDS is subject to change. We may notify you of any changes that have a materially adverse impact on you or other significant events that affect the information contained in this PDS. Any updates to the PDS will be made available at for you to view at any time.

Wisr will provide an online link to a digital copy of this PDS upon request and free of charge by emailing


  1. About Wisr
  2. Licensing
  3. How the App works
  4. Benefits of using the App
  5. Risks of using the App
  6. Liability
  7. Privacy
  8. Fees and costs
  9. How to apply
  10. Other information
  11. Definitions

1. About Wisr

Wisr Finance Pty Ltd ("Wisr") is responsible for administration, accountancy, payments and compliance, and operates in accordance with ASIC RG185 ('Non-cash payments facilities') and related instrument ASIC Corporations (Non-cash payment facilities) Instrument 2016/211. This PDS, Wisr's Terms of Use, and the law governs Wisr's relationship with you. In this PDS, "we" and "us" means Wisr as appropriate.


2. Licensing

Wisr is currently operating the App under Section 9(1) ASIC Corporations (Non-Cash Payment Facilities) Instrument 2016/211.

3. How the App works

The App is a digital micro-payments product that offers an easy way to regularly contribute small amounts of your money to assist in paying down your existing debt, such as an existing mortgage, personal loan or credit card debt. The minimum contribution amount is $5.00 and a maximum of $1,000.00 per month. We may choose to vary these amounts at any time.

The App works by tracking the daily transactions in your nominated Tap and Go Account (usually updated every 24 hours) and performs Round-Ups of the transactions you've conducted on your Tap and Go Account since the last Round-Up.

Every 7th, 14th, 21st and 28th day of the calendar month (or the next business day if a non-business day), your nominated Funding Account will be direct debited when your Round-Ups Accrued balance, plus any Manual Contributions, during the relevant period are equal to or greater than the minimum and less than the maximum contribution amount for the month.

On or before the 7th day after the end of the calendar month, Wisr will transfer Your Contributions, less any fees and costs (see Section 5 below), to your nominated Debt Account.

You cannot withdraw all or part of Your Contributions once deducted from your Funding Account, unless otherwise specified.

Wisr App Account

To use the App you must apply for a Wisr App Account. You can only have one Wisr App Account. Your Wisr App Account will show a running balance of Debts Paid, and Round Ups Accrued which can be filtered by date ranges.

Suspension of Round-Ups process

The App will automatically suspend the Round-Ups process in the following circumstances:

Wisr may also manually suspend the Round-Ups process at its discretion (such as if an account anomaly is detected).

The material relating to How the App works may change between the time when you read this PDS and the day you acquire a Wisr App Account.

4. Benefits of using the App

The significant features and benefits of the App are:


The App is a micro-payments product designed to make paying back your debts easier. The App is offered through a mobile device where you can apply for a Wisr App Account. The minimum amount is $5.00 before a debit to your Funding Account will occur.

Consolidating payments

One of the key features of the App is the ability to consolidate micro-payments. The Wisr system will facilitate the Round-Up process, corresponding to the transactions you make on your Tap and Go Account. Consolidating these amounts may allow you to pay back your debts sooner

The material relating to features and benefits of the App may change between the time when you read this PDS and the day you acquire a Wisr App Account.

5. Risks of using the App

The significant risks of using the Wisr App are:

No guarantee

None of Wisr Finance Pty Ltd, their related entities, officers or personnel, guarantee that the repayment of any amount of debt will reduce the term of your debt.

Incorrect Information

It is your responsibility to ensure any and all information you provide Wisr (including Funding Account, Debt Account and all other details) is correct. Wisr is not responsible for any incorrect information you provide, and any effects this may have.

Early repayment/exit fees

It is your responsibility to ensure that the Debt Account you nominate to have Your Contributions paid into is not subject to any early repayment and/or exit fees. Wisr is not responsible for any early repayment and/or exit fees you may incur from paying additional amounts of your money towards your Debt Account through the App or any other effects this may have.

Overdraft risk

It is your responsibility to ensure there are sufficient funds in your Funding Account to meet all your commitments. If there are insufficient funds in your Funding Account, your Funding Account may fall into overdraft and you may incur additional bank fees and/or interest.

Data security & electronic delivery risk

Because the App and your Wisr App Account is an online product, which relies on computers, information technology (IT) networks and the internet, it is subject to inherent IT risks including (but not limited to) software bugs, computer viruses and malware, unauthorised interference with data, loss of data, unavailability or unreliability of the internet, computer malfunction, and cyber hacking resulting in the theft of data. The App may be unavailable from time to time. Your data is stored on secured servers in Australia, however data transfer may occur between those servers and other countries including but not limited to the USA, Canada, Ireland, United Kingdom and Philippines. You will need to consider the potential for disruption or other difficulties before planning to use the App.

The material relating to risks may change between the time when you read this PDS and the day you acquire a Wisr App Account.

6. Liability

It is the user's responsibility to ensure information given to Wisr is correct and that Wisr accepts no liability for payments made to or from incorrect account details.

To the extent permitted by law, Wisr is not liable for any loss or damage the user suffers as a result of using the App.

7. Privacy

Wisr is committed to compliance with the Privacy Act and the Australian Privacy Principles, and providing you with financial services in a manner which ensures your right to privacy is respected.

We only collect, use and retain personal information which is necessary to provide you with access to, and information about, our services.

Where we disclose your personal information to external parties, such as our professional advisers, they are required and committed to protecting your privacy.

If you wish to access or update information we hold about you, please ask us and we will make arrangements for you to do so.

A copy of our Privacy Policy is available from us. Please contact us if you have any concerns.

8. Fees and costs

This document shows fees and other costs that you may be charged. These fees and costs may be deducted from Your Contributions before being transferred to your Debt Account. You should read all the information about fees and costs because it is important to understand their impact on Your Contributions.

Account Maintenance Fees

Account Maintenance Fee: $1.25 per month (includes GST)

The Account Maintenance Fee includes an allowance for all the ordinary ongoing costs of the App, administration fees and other expenses incurred by Wisr. Account Maintenance Fees reduce the value of Your Contributions to your Debt Account. Wisr deducts your Account Maintenance Fees from Your Contributions on or before the 7th day after the end of the calendar month. In the event you have made no contributions from Round-Ups or Manual Contributions, then no Account Maintenance Fee is payable for that calendar month.

Other service fees

We may charge a dishonour fee of up to $5.00 in respect of each direct debit that is dishonoured ("Dishonour Fee").

We may charge a tracing fee of up to $50.00 if you request for funds to be returned to you due to an incorrect Debt Account being registered in the App. In each case, these fees may be deducted from Your Contributions, or payable by you through other means.

Additional costs

If we incur any additional costs (such as taxes, duties or bank charges) in respect of your Wisr App Account, we may deduct them from Your Contributions. At the time of issuing this PDS we do not foresee any additional costs.

Fee changes

Fees can change without your consent. We will generally provide at least 30 days' notice of any proposed change to Fees and/or Costs via email and/or the App. Additional and extraordinary expense recoveries can vary without notice. There is no limit on additional or extraordinary expense recoveries.


The fees and costs covered in this section take into consideration the net effect of GST.

Example One - Annual fees and costs using the Wisr App

This table gives an example of how the fees and costs for this product affect you over a one year period using only Round-Ups. If you were to use the Wisr App, assuming you only use Round-Ups, triggering 12 Round-Up Withdrawals of $80 each, per month.

Account Maintenance Fee
$1.25 per month
$1.25 x 12 = $15.00 per year

In Example One, you would have had $960.00 debited from your Funding Account through the year, of which you could reasonably expect to contribute $945.00 to your nominated mortgage, personal loan or credit card. This is an illustrated example only, individual results may vary.

The material relating to fees and costs may change between the time when you read this PDS and the day you acquire a Wisr App Account.

9. How to apply

To apply for a Wisr App Account, you must:

This verification process is automated through the App, but you may be required to provide additional information, in certain circumstances.

10. Other information

Unauthorised/mistaken transactions or loss/theft of your mobile device

If you are aware of an unauthorised or mistaken transaction, or if your mobile device with which you access the App has been lost or stolen, please contact us as soon as possible at to suspend your Wisr App Account and/or change your password, email address, and/or mobile number as necessary.


If you have any enquiries about the App or your Wisr App Account, please visit our Website or the App for more information. If you have a complaint about the App or your Wisr App Account please contact us by email at or by writing to us at Suite 33, Level 8, 58 Pitt Street, Sydney NSW 2000. We will confirm receipt of any complaint by email, and get back to you when we have investigated the circumstances. If we are not able to resolve your complaint within 21 Business Days, you may be able to seek assistance from the Australian Financial Complaints Authority.

Australian Financial Complaints Authority

Post: Reply Paid GPO Box 3, Melbourne VIC 3001

Phone: 1800 931 678


11. Definitions

$ in means Australian dollars unless stated otherwise.

Account Maintenance Fees means the Account Maintenance Fees as described in Section 5. Fees and Costs.

App means the mobile application downloaded by a user to an internet-connected mobile device which enables you to access some of Wisr's services.

Application means the online application process to be completed by an applicant for a Wisr App Account.

Business Day means a day on which banks are open for general banking business in Sydney, Australia, except for Saturdays, Sundays, NSW Public Holidays, National Public Holidays and Bank Holidays in Australia.

Debt Account means the bank account attached to your Wisr App PDS - Issued: 10 July 2018 existing mortgage, personal loan or credit card debt, that you authorise Wisr to pay your Rounds-Ups into.

Debts Paid means the running balance of Your Contributions less any fees and costs that have been transferred to your nominated Debt Account.

Funding Account means the bank account which you are authorised to use and that you authorise us to direct debit money from. You can only have one Funding Account linked, and it must not be a credit card or other debt type.

Booster Contribution means a one-off amount specified by you to be direct debited from your Funding Account. You may choose to make multiple Booster Contributions each month

Privacy Policy means the Privacy Policy of the App, which is available from time to time on the Website and available through the App. We are required to handle your personal information in accordance with the requirements of the Privacy Act 1988 (Cth) and the Australian Privacy Principles.

Round-Up(s) means the designation of an amount of money for contribution towards your Debt Account that equals the difference between the amount paid to purchase goods or services using your Tap and Go Account and the lowest whole dollar amount that is greater than the purchase amount.

Round-Ups Accrued means the sum of all Round-Ups for a designated period.

Round-Up Withdrawal means a withdrawal from your Funding Account initiated automatically in accordance with your standing direct debit instructions.

Wisr App Account is the account a user may have to login and use the App. This account encapsulates all information the App knows about the user, including but not limited to their name, email, mobile number, and bank transactions when details are provided.

Round-up Account means the bank account that you use for the purchase of goods or services that generate Round-Ups. You can link more than one Tap and Go Account to generate Round-Ups.

Terms of Use when used on the Application, means any written terms or conditions that we require you to abide by when using the App and the Website. The Terms of Use include without limitation any written terms or conditions that Wisr requires you to agree to before loading the App or before accessing the Website.

Website means Wisr's App website at

Your Contributions means total amount of Round-Up Withdrawals and Manual Contributions direct debited from your Funding Account during the month.