Product snapshot

Transaction accountYes

About QPay

QPay is a money app designed to help students create smarter spending habits and track their payments anywhere and everywhere. 

This student payment app was created in Australia in 2015 and is now available not only in Australia, but also overseas. Originally launched as a platform for university societies to take payments for memberships, ticketing or events, the QPay app (QPay Swipe) has evolved to appeal to a wider range of students with the development of the QPay Mastercard. 

QPay don’t currently hold an ADI licence which means they aren't a bank or neobank, but they may be looking to obtain one soon. They are, however, partnered with EML Payment Solutions Ltd who hold an Australian Financial Services Licence (AFSL).

The QPay Mastercard is linked to the QPay app where cardholders can load funds instantly from an external bank account and then track their spending in real-time. An added bonus of setting up a QPay account is that you can have access to their rewards system which gives you the chance to get cashback when shopping at participating restaurants, cafes and stores. 

With a range of future in-app features, like a smart budgeting tool and goal-based savings accounts, these guys are aiming to establish themselves even further as an innovative money solution for young Australians and students.

QPay's products

QPay prepaid mastercard

Account fee$0
Australian ATM feeMajor banks free
Foreign transaction fee2.99%
Overseas ATM fee$0 (ATM providers may charge fees)

At the moment, the QPay prepaid Mastercard and the QPay app are the only products offered by the fintech. But, as a platform designed for students who typically have less money and financial literacy, QPay may just be the answer that many students have been waiting for. 

The QPay Mastercard is a prepaid card that can be reloaded from an external bank account or card via the QPay app. Like a regular debit card, the QPay prepaid card is set up with a Tap & Go feature for purchases under $100 and allows you to withdraw cash from ATMs. 

It can also be used overseas or on foreign websites at home, though it does come with a foreign transaction fee of 2.99%. 

QPay’s Mastercard is linked with the QPay Swipe app where you can access your transaction history and keep up with the latest offers from partners. QPay allows users to get cashback by shopping at participating stores, meaning cardholders can take advantage of real savings on things like takeaway and food delivery services, clothing and even groceries.

Future products

Currently, QPay don’t hold an Authorised Deposit-taking Institution licence, but they are reportedly looking to apply for one in the near future which would enable them to launch transaction and savings accounts linked with smartphone payment options like Apple, Samsung and Google Pay). QPay even have grand plans to launch a superannuation fund built just for students, so watch this space.  

They are also planning to expand on their in-app features by adding smart budgeting and goal-based tools to their existing suite of features.

QPay's app features

The QPay app is where all the spending action happens and it comes with a few notable features which could tempt you to jump on board.

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Instant cash back

With QPay you have the opportunity to receive cashback with certain partnering brands every time you use the prepaid QPay card at particular restaurants and stores - all which can be seen through the QPay app.

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Spending alerts

QPay have removed “pending” charges so that you know what your real balance is all the time. You can also opt to receive alerts on purchases so that you’re constantly in the know about where you money is going.

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24/7 in-app support

With no phone or branch contact available, QPay have around the clock in-app support for anything you need. Help is always at your fingertips.

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Security

So that customers’ money is protected and safe, QPay have bank-level security so that all sensitive information is secure and they can prevent unauthorised access.

Is QPay right for you?

You don’t have to be a student to sign up for QPay, but it is likely to be more beneficial for young people who need to save wherever they can. Unlike a regular debit card and bank account, QPay’s Mastercard can give you the opportunity to receive cash back whenever you tap or swipe. 

This fintech is suitable for anyone looking for a great in-app experience with a range of features that ultimately makes managing money easier and more insightful (with the comprehensive insights). The QPay app allows constant access to the funds you’ve loaded and it's also set up with 24/7 in-app support if you need it. 

However, QPay is still in it’s early days and doesn’t have an extensive range of products like transaction or savings accounts just yet. Similarly, a solely digital financial platform is not going to be for everyone. 

As a money app, QPay doesn’t have any over the phone or in-branch services which may not be attractive to people who still like the option of face-to-face communication that’s offered by more traditional banks.

How do I sign up to QPay?

To sign up for QPay, you must first download the QPay app from the Google Play Store or the App Store, then enter your personal details and follow the prompts. 

You will have to verify your identity in order to set up an account with them by taking a photo of your licence or passport. In addition, you’ll also have to give them your address so that they can send you out a QPay Mastercard in the mail.