- Buy now, pay later giant Afterpay (APT) is launching a new banking application to attract new customers and shore up its user base
- Called ‘Money by Afterpay’, the app’s phased rollout will begin with a staff pilot at the end of July
- Designed to help manage expenses and savings, the app gives users an interest rate of one per cent per year on up to 15 different savings accounts
- Westpac, which teamed up with Afterpay in October, will act as the regulated deposit account and card issuer for Money’s users
- Afterpay is up 1.47 per cent to $106.44 per share at 10:40 am AEST
Buy now, pay later giant Afterpay (APT) is launching a new banking application to attract new customers and shore up its user base.
Called ‘Money by Afterpay’, the app’s phased rollout will begin with a staff pilot at the end of July, after which features will be added and improvements made before a public launch in October.
Designed to help manage expenses and savings, the app will give its depositors an interest rate of one per cent per year on up to 15 different savings accounts.
Once installed, it will show customers their BNPL balance and upcoming orders, as well as their daily spending and savings accounts.
“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,” said Afterpay’s Executive Vice President of New Platforms, Lee Hatton.
“The first release in July is just the beginning for us. 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.”
Westpac, which teamed up with Afterpay in October, will act as the regulated deposit account and card issuer for Money’s users.
Afterpay also noted that it has received an Australian Financial Service Licence (AFSL) from ASIC, which allows the company to provide general financial product advice and distribute basic deposit products and debit cards.
“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending,” said co-CEOs Anthony Eisen and Nick Molnar.
Afterpay is up 1.47 per cent to $106.44 per share at 10:40 am AEST.