Up Bank responds to BNPL with new Maybuy savings solution
The Australian neobank, launched the new savings service, as an alternative to Buy Now Pay Later products, which have become increasingly popular in recent years
Up Bank, plans to create a savings plan for users who wish to buy items online, Maybuy.
When they reach their goal, consumers can decide whether to buy the item or save the money for another purpose.
A survey conducted by Up Bank shows that 30% of Australian adults under the age of 35 feel anxious when using BNPL.
The study inspired Up Bank to create the savings-based solution to make it easier for those suffering from “consumer remorse.”
Up Bank’s head of product division, Anson Parker, explained: “The company has a responsibility to grow the market and promote the market: “Our research revealed that almost a third (30%) of young Australians find their purchases less enjoyable when they are paid in multiple instalments.So we want to give people more time to make decisions about what they’re buying, which in turn we hope will lead to greater market satisfaction and better financial results.”
“It was also found that over half (53%) of BNPL users want to save money, but they don’t know where to start.
Maybuy offers a tangible solution and a savings starting point to make saving seem much easier.”
To promote the solution, Up Bank is launching a Pop-Up store in Melbourne to encourage users to avoid impulsive shopping with an ‘Anti-Impulse Machine‘, which will allow users to trade their purchases and save money instead.
The aim of the initiative is to support Australians in making wiser economic decisions when it comes to online shopping.
“Maybuy is a fun and easy way to buy things you really love with money you really have. This means that there are no remorse and no debts,” Parker added.
“We are not aware of online shopping and the rush of buying goods. But it often leaves us with “things” that we don’t really need or even don’t want.As Upsiders, we are excited that there is now an alternative to Buy Now Pay Later. Whether it’s looking for a new pottery wheel or even a new scooter, time to think about our market means we won’t lose sight of the things we love completely.”, commented Monte Morgan and Harvey Miller of the Melbourne-based pop duo Client Liaison.
