Afterpay Partners with Westpac to Launch Lifestyle App Money

Afterpay​, an international payments platform, announced the launch of its eagerly anticipated new money and lifestyle app "Money by Afterpay", which is built on banking infrastructure provided by Australia's first bank Westpac. Afterpay partnered with Westpac last year to offer Afterpay-branded bank accounts. 

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The new app will will provide banking services that are closely linked to Afterpay's core buy now, pay later product, which provides short-term interest-free instalment loans.

Money requires users to have an existing Afterpay BNPL account. In detail, the app offers money management, balance analysis, and displays upcoming instalments of existing orders via Afterpay. It also provides a daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real-time payments. According to Afterpay, since the daily account will not charge fees, it will be a primary account where users can deposit their regular salaries.

Money is being trialled among Afterpay employees, and the firm plans a full launch for October 2021.

"Combining money management with the BNPL offering will allow us to help customers spend, save, and play just by using Money as their primary app," says Afterpay's executive vice president for new platforms, Lee Hatton, "We will deliver new and unique features to customers consistently throughout the year and we'll be nimble enough to quickly act on feedback in near real-time."