Up Bank Rolls out BNPL Alternative, Maybuy

Australian neobank Up Bank, has launched savings service Maybuy. Maybuy is designed as an alternative to Buy Now Pay Later (BNPL) products which have become increasingly popular in recent years.

Maybuy will create an automated savings plan for users looking to purchase items online. Upon reaching their goal, consumers can decide to buy the item or save the money for another purpose.

Head of product at Up Bank, Anson Parker, explained: “Our research uncovered almost a third (30%) of young Australians found their purchases less enjoyable when paid over multiple instalments. So, we want to give people more time to make decisions about what they buy, which in turn we hope will lead to increased purchase satisfaction and better financial outcomes.

“It also found over half (53%) of BNPL users want to save money, but don’t know where to start. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”

To promote the solution, Up Bank is launching a pop-up store in Melbourne to encourage users to avoid impulse buys with an “Anti-Impulse Machine”, which will allow users to trade in purchases and save money instead. The event aims to support Aussies in making wiser financial decisions when it comes to online shopping.

“Maybuy is a fun and easy way to buy things you actually love with money you actually have. That means there’s no regrets and no debt,” added Parker.

(Source: Finextra)