KYC means Know Your Customer. This is a mandatory compliance check to verify the customers identity and assess any risks with the individual. These checks align to Vaults Australian Financial Services Licence in which we must adhere in accordance with the Anti-Money Laundering & Counter Terrorism Financing Act 2006 (Cth).
For an EML issued card, KYC is triggered when a Digital Mastercard card balance exceeds $4,999 and a physical Mastercard balance exceeds $999.
For a new Vault direct issued card, KYC is prompted at the time of card activation within the Vault Payments application. When a Digital Mastercard card balance exceeds $4,999, card will be blocked at this time until a successful KYC check is complete.
Vault may immediately block any card balances above the threshold. At this time, Vault will request:
- 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.
If you have received a Vault direct issued card replacement, details for KYC from your old card will be carried over to your new card.
You can read more about our Privacy Policy here.
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.
No. For security reasons, the Vault Digital Mastercard must be issued under a nominated cardholder and match their valid form of ID.
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.
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.
Yes! Open the Vault Payments app; the balance and transaction history will both be listed.
The maximum amount per transaction is $15,000. There is also a limit of 25 transactions per day.
The maximum balance on the card is $15,000. If this needs to be changed, please contact your Account Manager to discuss available options.
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 and an OTP will be sent to your mobile number
For security reasons, physical cards are only available upon request and in special circumstances. Please contact your Account Manager for available options.
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.
No, your Vault card is linked to your individual details and is not transferable. However, upon request MyConnect & Vault may transfer the balance of the card to another cardholder.
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%
MyConnect offers options for rewards payments via bank transfers and e-gift cards. Please contact your account manager about your options.