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