Tracking your spending and making the most of your money while at uni can often be tough, but the creators of QPay may have found a solution to make saving for students easier.
QPay was released in 2015 by two students from the Australian National University in Canberra, Andrew Clapham and Zakaria Bouguettaya and it is currently used by 250,000 students worldwide including universities like Cambridge and Oxford.
Intrigued? Here’s everything you need to know about what QPay is, why you need it and how to get started.
What is QPay?
QPay is a student payment app that can be used by both university societies and students to make and track payments on and off campus.
The app was originally set-up in 2015 as an online platform for university societies. Many groups were solely based on cash transactions when dealing with memberships, ticketing and event costs which often proved difficult to keep track of.
So QPay created a way to consolidate all funds online in the same place and network members more effectively and efficiently.
But the app has evolved a lot in the last year, creating more of an individual consumer focus following the release of the QPay Mastercard in 2018 that is designed specifically for uni-goers and their spending habits.
The card is a reloadable Mastercard that is linked to the QPay app (QPay Swipe) and loaded from a regular bank account - it comes with some very generous perks for students that aren’t offered by banks.
But it’s not just a regular debit card - the creators at QPay have tailored rewards, student discounts and weekly deals that can give instant cashback to members on their daily spending.
This dynamic reward system means that with every swipe users are given the opportunity to win a deal with any of their participating partners through the QPay app.
That’s why it could be a no-brainer for any uni student that wants a simple way to save while spending money.
How does it work?
QPay is an alternative online payment platform - one of a handful of disruptive digital players in the Aussie banking landscape - for students that combines daily spending with rewards and discounts.
The app can be used to keep up to date with your activity within a particular society, to purchase university merchandise and to simply make purchases on and off campus using the QPay Mastercard.
The QPay Mastercard is a reloadable card that can be used for online and offline purchases in Australia and around the world from merchants who accept prepaid Mastercards - but be mindful that when using the card internationally you face a 2.99% foreign exchange fee.
It has a Tap & Go function for purchases under $100, just like a regular debit card, and even allows you to withdraw money from ATMs.
But different to your everyday debit card, you can only access the available funds that have been loaded onto the card from your existing bank account - which is done via QPay Swipe.
All spending is linked to the app, where you are able to view your transaction history to stay on top of your money and be notified of weekly offers and discounts. QPay Swipe is easy-to-use, has bank level security and 24/7 in-app support.
So, why do I need QPay?
If you haven’t already figured out why you might consider a membership with QPay - rewards, rewards, rewards!
Unlike a regular debit card, you may benefit from using your QPay Mastercard over your other bank cards because you actually have the chance to get instant cashback for your everyday spending.
Every time you use this card, you go in the draw to receive exclusive deals with QPay's many participating partners.
One day you could win a discounted sandwich for lunch and the next you could be getting 15% off a pair of sneakers you’ve had your eye on for months.
That not enough? Still unsure?
There are a range of other features to a QPay membership that can keep you on top of your spending and ensure you’re getting the biggest bang for your buck.
Some bonuses of having a QPay membership include:
- Instant spending alerts
- 24/7 in-app support
- High level of security - to protect all personal information
- No fees - memberships are 100% free
- Instant cashback
- Tap & Go feature for purchases under $100
The weekly reward system at QPay allows users the chance to benefit from a range of discounts from restaurants, gyms, stores and more. So if you do decide to sign up, make sure you keep up to date with the latest weekly offers.
Remember the more you swipe the better your prospect of winning.
How can I get it?
Signing up to QPay is easy as it’s all done via their app QPay Swipe - all you have to do is enter your details and set up a free membership with them.
You will have to verify your identity when you create an account by taking a photo of a licence or passport and then provide your details so they know where to send your new QPay Mastercard.
Though, the company is currently putting applicants on a waiting list to receive a QPay Mastercard, so it may take a little while before you have your hands on a card but it’s worth the wait.
Is QPay a bank?
No - QPay is an online platform to load funds, track your spending and gain access to student-specific discounts and offers. You load funds to the app from your existing bank account.
Is the QPay Mastercard a debit card?
The QPay Mastercard is a prepaid card that can be reloaded with the help of your bank account, but it does works like a debit card. You can withdraw money from ATMs, and it has a Tap & Go function for purchases under $100 that can be used both inside and outside of uni.
Are there any fees I need to pay when I sign up to QPay?
Personal memberships with QPay are completely free with no sign-up fee, but you can face international, disputed transaction and inactivity fees. There is also a paid membership option for university societies that sign up with QPay - for more information see the QPay website.
Is my personal information safe on the QPay app?
QPay has bank-level security that protects all your personal information on the app. They promise that all your information is safely stored to ensure that there is no unauthorised access to it.
How do I sign up to QPay?
You must sign up to QPay through their app QPay Swipe. You will be required to enter your personal details, verify your identity and provide an address so that you can be sent your QPay Mastercard.
Want even more student savings tips? Check our other guides on the Mozo student hub.