Simple. Secure. Contactless rewards payments.

MyConnect has partnered with Vault Payment Solutions to bring you secure, digital payments. Vault delivers a prepaid Digital Mastercard to your mobile where you can make purchases online or in-store using the “tap and go” function.

Vault Digital Mastercard

Frequently Asked Questions

What is KYC? 

KYC means Know Your Customer. This is a mandatory compliance check to verify the customers identity and assess any risks with the individual.

When is KYC triggered?

KYC is triggered when a Digital Mastercard card balance exceeds $4,999 and a physical Mastercard balance exceeds $999.

What is the KYC process?

Vault’s financial provider, EML, will flag any card balances above the threshold. EML will:

  • Verify cardholder’s full name, address & date of birth against two data sources either; Australia Credit, Australia Historical Electoral Roll, Australia Electoral Roll, Australia Telephone, Australia Property.
  • If unable to verify EML will contact the cardholder to provide either Drivers License, Passport, or Medicare card to verify via DVS (a government run document verification service).
  • ID Certified by an authorised notary required if a second check fails which is manually verified.
Can I withdraw cash from my Vault Digital Mastercard?

There is no cash-out available on the Digital Mastercard, you can make purchases online and in-store using the ‘tap and go’ function. If this is a major concern please contact your Account Manager to discuss available options.

Can the Vault card be put under the company name and be shared?

No. For security reasons, the Vault Digital Mastercard must be issued under a nominated cardholder and match their valid form of ID.

Who will get a Vault card?

Each person receiving rewards payments will be issued their own Vault card linked to their mobile number. If you have any concerns, please speak to your Account Manager about your rewards setup.

What type of phone is Vault compatible with?

Vault Payments are supported on:

  • Apple iPhones and Apple Watches running iOS version 9 (and later)
  • Android phones running Android API version 16 “Jelly Bean” (and later)

Vault Payments are not supported on iPads or other tablet devices.

Can I access the account balance and transaction history?

Yes! Open the Vault Payments app; the balance and transaction history will both be listed.

What are the transaction limits?

The maximum amount per transaction is $4,999. There is also a limit of 25 transactions per day.

Is there a balance limit?

The maximum balance on the card is $10k. If this needs to be changed, please contact your Account Manager to discuss available options.

How do I set my PIN?

When making in-store payments of $100 or more, you may be required to provide a card PIN.

To set a card PIN, view your card in the app, open the Settings menu at the top right, and select Manage PIN. You will be prompted for your details including your date of birth.

Can I get a physical Vault Mastercard?

For security reasons, physical cards are only available upon request and in special circumstances. Please contact your Account Manager for available options.

Where can I use the Vault card?

Purchases can be made in-store using the mobile’s “tap and go” function as well as online. The card number, expiry, and CVC can be found in the user-friendly app.

Can I transfer the Vault card to someone else?

No, your Vault card is linked to your mobile number and is not transferable. However upon request MyConnect & Vault can transfer the balance of the card to another cardholder.

Can I use the Vault card overseas?

The Vault card can be used overseas at contactless point of sale terminals (look for the Contactless, Apple Pay, Google Pay, or Samsung Pay logo) at participating vendors, or for online purchases. International transactions are subject to a fee of 2.99%

What other rewards payments options does MyConnect offer?

MyConnect offers options for rewards payments via bank transfers and e-gift cards. Please contact your account manager about your options.

For more information see FAQs here or visit the help centre.