Australia-based Up Bank has released a proprietary solution aimed at challenging the region’s expanding BNPL market.
Called ‘Maybuy’, the offering creates an automated savings plan for each user trying to shop online. When the goal for the specific item is reached, the customer can decide whether to move forward with the purchase or choose to buy something else.
The release comes off the back of a study conducted by the company, which has indicated that 30% of Australian adults under 35 are feeling anxious when they’re using BNPL.
Anson Parker, Head of Product at Up Bank, commented on the data: “Our research uncovered almost a third (30%) of young Australians found their purchases less enjoyable when paid over multiple instalments. It also found over half (53%) of BNPL users want to save money, but don’t know where to start.
“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. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”
In an interesting side to the story, Monte Morgan and Harvey Miller from Australian indie pop duo Client Liaison homed in on the release of Maybuy, saying that ‘as Upsiders themselves’, the musicians are excited for the flexibility around purchases they’re being given.
The duo continued: “We’re no strangers to shopping online and the rush of buying things. But it’s often left us with ‘stuff’ we don’t really need or even want. We’re stoked that there’s now an alternative to Buy Now Pay Later.
“Whether it’s seeking out a new pottery wheel or even a new scooter, the time to ponder our purchase means we won’t lose sight of the things we’re completely in love with.”