Target Market Determination

About this Document

Start date:

05 October 2021



Review Frequency



Instarem Pay In Service

Issuer and Distributor of the Product:

NIUM Pty Ltd (ABN 45 601 384 025 & AFSL: 464627)


This TMD applies to the Non Cash Payment Facility and Foreign Exchange Contract (“Instarem Pay In Service”)

Class of Retail Consumers that comprise the Target Market

Class of Customers

Likely Objectives, Financial Situation and Needs of Customers in
the Target Market

  • The Instarem Pay In Service is targeted and designed for

    customers operating a business who are seeking to (a)

    collect and receive payments from a third party located in

    certain jurisdictions; (b) make payments to a third party

    located in certain jurisdictions or transfer funds back to the

    customer own bank account.

The Instarem Pay In Service is designed for the following retail

customers who have satisfied the following criteria

  • sole traders, companies, partnerships or other

    corporate entities which:

    1. operate a business and work with

      overseas or domestic suppliers or end


    2. need to make and receive payments

      domestically or globally; or

    3. need to convert one currency to another

      currency in connection with such

      payments; or

    4. seek to manage foreign exchange

      exposure and manage their foreign

      currency cash flows.

Product Description and Key attributes

Instarem’s Pay In Service a non cash payment product that allows retail customers to:

  • make and receive payments from third parties located in Australia and overseas, otherwise than through the physical delivery

    of Australian or foreign currency (e.g. electronic cash and debit services); and

  • exchange one currency for another currency (whether Australian currency is involved in the transaction or not). The parties to

    a foreign exchange contract agree to effect a currency transaction between them, at a predetermined rate of exchange, on an

    agreed date.

Distribution conditions


Marketing and Promotion

Nium market and promote the Instarem Pay In Service:

  • the website

  • advertising, e.g. social media posting, marketing emails, push


Conditions and Restrictions on Distributions

The Instarem Pay In Service should only be
distributed under the following circumstances:

  • The retail customers must meet the

    applicable eligibility and approval criteria of


  • the Non Cash Payment Facility and Foreign

    Exchange Contracts must be used for

    purposes that do not fall within the

    Prohibited Business Category of Nium; and

  • the payments must be received from, and

    made to, a jurisdiction supportable by Nium.


Review Triggers

Routine reviews of this TMD will be conducted annually and by 5 October of each year thereafter.

In the event of significant or material issues the TMD may no longer be considered appropriate and a review of the TMD will be undertaken by NIUM. The review triggers will include but not limited to:

  • Material product changes that may cause this TMD to no longer be appropriate.
  • Changes to the distribution model or channels.
  • Notification from ASIC requiring cessation of the product distribution.
  • High volume or significant material customer complaints relating to the product, its distribution or conduct in providing the
  • Becoming aware of a significant issue with the Instarem Pay In Service to retail customers outside the target market;
  • A significant dealing that is not consistent with the product’s TMD occurs.