FinTech: Australia’s Up Bank Launches Savings Product To Avoid Buyer’s Remorse From BNPL

August 1, 2022 | FinTech, News

Instead, Up customers can create Maybuy, an automated savings plan.

Up’s new BNPL-killer product seeks to answer the demand for a savings-based alternative to BNPL from more than half (57%) of young Australians. The new “Maybuy” product from Up lets people budget and save for a desirable item they’ve found online, and buy it when they achieve their savings goal. (Up)

According to Up, Maybuy is “a feature encouraging customers to celebrate the joy of their purchases safely, protecting from overextension, late fees and buyer’s remorse.”

Research showed that a quarter of Australians under 35 felt that ‘Buy Now Pay Later’ had encouraged them to make purchases they would regret, with the services evoking feelings of stress (29%) and apprehension (30%).

“Our research uncovered almost a third (30 per cent) of young Australians found their purchases less enjoyable when paid over multiple installments. 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,” says Up’s Head of Product, Anson Parker,

“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.”

Buyer’s remorse? Up will take those products off you, give you cash

In an innovative move, Up is hosting a limited-time pop-up store in the heart of the CBD in Melbourne – The Maybuy Exchange – that features an ‘Anti-Impulse Machine’ where guests can physically swap previous impulse buys for the chance to get back anywhere from $10 to $500.

All these impulse buys that are tendered by customers would be donated to a charity partner.

The Maybuy Exchange would be open from Wednesday, 3 August through to Sunday, 7 August, 2022.

Related Story: Apple Announces New Fintech-Like Features For Its Wallet App Including BNPL

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Ripple Labs Eyeing Pieces Of Celsius In Bankruptcy Wreckage
August 10, 2022     Digital Assets, News

Ripple Labs, the blockchain payments company that created the XRP cryptocurrency, is interested in purchasing assets of Celsius Network, the crypto lender that was forced into bankruptcy amidst the meltdown…
FinTech: German Bank Nuri Files For Insolvency Amidst Macro Environment And Crypto Bear Market
August 10, 2022     Digital Assets, FinTech, News

Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on…
Artificial Intelligence: AI Robot TX SCARA To Debut In 300 FamilyMart Stores In Japan
August 10, 2022     Artificial Intelligence, Latest News, News

Telexistence Inc., the Japanese robotics company, announced the launch of its TX SCARA restocking robots in 300 FamilyMart convenience stores in Japan later this month as part of its AI-based…–-Splash.png
Alternative Investments/Digital: GraniteShares Launches The First Coinbase Leveraged ETF
August 10, 2022     Alternative Investments, News

US ETF issuer GraniteShares, which first launched leveraged ETFs on single stocks in the UK in 2019, and now offers 106 such products across Europe, has listed a suite of…