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Up Bank launches BNPL alternative, Maybuy

Up Bank launches 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.

A survey conducted by Up Bank indicates that 30% of Australian adults under 35 feel stressed when using BNPL, and 29% feel apprehensive. The study inspired Up Bank to create the savings-based solution to ease the minds of those suffering from buyer’s remorse.

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.

Monte Morgan and Harvey Miller of Melbourne-based pop duo, Client Liaison, also commented on the solution: “We’re no strangers to shopping online and the rush of buying things. But it’s often left us with ‘stuff’ we don’t really need or even want. As Upsiders ourselves, we’re stoked there’s now an alternative to Buy Now Pay Later. Whether it’s seeking out a new pottery wheel or even a new scooter, the time to ponder our purchase means we won’t lose sight of the things we’re completely in love with.”

Comments: (1)

Shane OHara
Shane OHara - AXLPay Mobile Payments - London 01 August, 2022, 17:19Be the first to give this comment the thumbs up 0 likes

just checking my calendar to see if it is April 1st!