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QPay review

The prepaid app for students that offers cashback, tailored rewards and simple spending.

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Product NameQPay Prepaid Card
Card TypeMastercard
Supported CurrenciesAUD
Supported DevicesiPhone,Android
Domestic ATM Fee$0
International ATM Fee$0
LicensingPartnered with an institution that holds a licence
SupportLive chat

Quick verdict

Good for
  • Students
  • Tailored rewards and cashback
  • Tracking your balance with spending alerts
  • Security and support
Not suited for
  • Using as a transaction account
  • Saving

What to know about QPay

QPay is a payments company that was started in 2015 by former students of Australian National University, which is the first uni the card started in. Now, QPay is also available in campuses in the US and UK including Oxford and Cambridge.

QPay is a prepaid Mastercard and app tailored to students. It offers the features you would expect from a basic transaction account such as bank-level security and spending alerts as well as rewards to benefit students. While QPay does not currently have a banking licence, the founders do plan to become a challenger bank.

What products does QPay offer?

QPay currently offers the following products:

QPay app

The app allows you to track your purchases and receive notifications about your transactions and current balance. The app also offers 24/7 support and will allow you to access your tailored rewards.

QPay prepaid Mastercard

The QPay Mastercard is a prepaid card that is accepted anywhere Mastercard is. You can also use it to make tap-and-go purchases under $100. The limits of the card are quite generous and on par with most debit cards, allowing you to hold a maximum balance of $25,000 on the card and withdraw a maximum of $2,500 per day from an ATM. You can load the card with money up to 10 times per day and withdraw cash up to 10 times per day. Just keep in mind the minimum load value is $10 and there is a monthly inactivity fee of $4.40 when you haven't used the card for 365 days.

What are QPay's features and benefits?

QPay's prepaid spending card and app offer the following features to students:

  • Low cost. QPay doesn't charge you any fees to hold the account. However, be aware of fees for things like foreign exchange, negative balance top-up and inactivity after 12 months.
  • Convenience. You can use this card anywhere Mastercard is accepted, including for tap-and-go purchases.
  • Support. You're able to receive support 24/7 in the QPay app should you need it.
  • Track your spending. QPay will send you alerts regarding your balance and spending, helping you to track where you're at.
  • Rewards. One of the main features of QPay is the rewards. You can receive instant cashback on purchases as well as tailored rewards and discounts in your app.

Is QPay right for you?


  • QPay offers bank-level security.
  • As a Mastercard, you're able to use QPay at millions of locations worldwide. This includes online.
  • QPay is specifically for students, so the app's features and rewards are designed specifically with student needs in mind.


  • The app and card will not replace your regular transaction account, so you will need to regularly transfer money over from your bank account.
  • There is no savings feature.
  • It is not available at every campus (yet).

Is QPay safe?

QPay aims to become a bank but does not currently hold a banking licence. However, there are a number of safety and security features designed to keep your funds secure. QPay is an authorised representative of EML Payments Solutions which issues your card and holds an Australian Financial Services Licence. Because the card is a Mastercard, if your card is used for unauthorised transactions QPay will reverse the transaction (if it is able to) under the Mastercard Scheme Rules. You can contact QPay 24/7 in your app and also online.

How to sign up for QPay

To be eligible to sign up for QPay, you need to meet the following criteria:

  • Be over the age of 18
  • Be an Australian resident
  • Be a verified QPay member with an online account

You just need to enter your mobile number and email address on the QPay website to join the waitlist for when your campus becomes available.

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