Australia’s Up Bank has rolled out a new service to automate installment payments, easing stress surrounding Buy Now, Pay Later (BNPL) services, a report says.
Called Maybuy, it will let customers make an automated savings plan for items they found online. Once they reached their goal, they’ll reportedly be able to go ahead with a purchase or reconsider and keep their money.
Up CEO Xavier Shay said buying things “should be enjoyable” without as much stress.
A survey from Up also recently said that 57% of young Australians were interested in a savings-based alternative to BNPL, and that 27% have made BNPL purchases they later regretted.
“Retailers and eCommerce don’t want stress associated with shopping,” he said. “That’s bad for them.”
He added that the idea was to try and go back to the methods people used to buy things as children – in which they couldn’t buy now, pay later and had to “save up our coins for that toy we really wanted.”
Up Bank was promoted as the first Australian digital bank and has focused on younger millennial and Gen Z customers, helping to offer products tailored to their life experience.
The release says Up has also recently rolled out a home loan product for existing customers, called Up Home. Shay said the company wanted to be a good thing for everyone.
“We’re a bank for everyone,” said Shay. “We’re pretty popular with the younger set at the moment, but growing with people as they do is definitely a big part of what we do.”
BNPL has become available in various sectors as of late, including dentistry services, PYMNTS wrote.
See more: Buy Now, Pay Later Options Help Fill Dental-Care Gap
The service will bring dental care into the economic reach of those strained by the economy. It will also add a new revenue for dental services, serving patients who might not be able to afford it otherwise.
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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS
About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.
