Australian neobank Up Bank has introduced Maybuy, a savings service intended as an alternative to the increasingly popular Buy Now Pay Later (BNPL) products.
Maybuy automates a savings plan for users who are looking to make online purchases. Once users reach their savings goal, they can choose to buy the item or save the money for another purpose.
A survey by Up Bank revealed that 30% of Australian adults under 35 experience stress when using BNPL, while 29% feel apprehensive. This prompted Up Bank to develop a savings-oriented solution aimed at alleviating the concerns associated with buyer’s remorse.
Anson Parker, Head of Product at Up Bank, stated, “Our research found that nearly a third of young Australians found their purchases less enjoyable when spread out over multiple instalments. We want to allow people more time to consider their purchases, which we hope will lead to greater satisfaction and improved financial outcomes.”
The survey also found that over half (53%) of BNPL users want to save money but are unsure where to begin. Maybuy provides a practical solution and serves as a launch pad for easier savings.
To promote Maybuy, Up Bank is hosting a pop-up store in Melbourne that features an “Anti-Impulse Machine.” This initiative encourages users to avoid impulsive purchases by allowing them to trade in unwanted items in exchange for saving money. The event aims to help Australians make better financial decisions when shopping online.
“Maybuy is a fun and easy way to buy things you truly love with money you already have. That means no regrets and no debt,” added Parker.
Monte Morgan and Harvey Miller from the Melbourne-based pop duo Client Liaison also expressed their thoughts on Maybuy, stating, “We know the thrill of shopping online and the excitement of buying items. However, it often results in ‘stuff’ we don’t need or want. As fans of Up Bank, we’re thrilled that there’s now an alternative to Buy Now Pay Later. Whether it’s finding a new pottery wheel or a scooter, taking the time to consider our purchases means we can focus on things we genuinely cherish.”