Australian neobank Up Bank confirmed on August 1 that it had launched the savings service Maybuy. Maybuy is designed as an alternative to Buy Now Pay Later (BNPL) products. These products seem to have become majorly popular in recent years.
Maybuy is set to develop an automated savings plan for users seeking to buy products online. Upon reaching their target, consumers can then decide to purchase the item or save the money for another purpose.
A survey executed by Up Bank shows that 30% of Australian adults under 35 feel pressured when using BNPL, and 29% feel quite apprehensive. The study results inspired Up Bank to develop a savings-based solution to ease the minds of the people who are suffering from buyer’s remorse.
Anson Parker, head of product at Up Bank, explained:
“Our research uncovered almost a third (30%) 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.
“It also found over half (53%) of BNPL users want to save money, but don’t know where to start. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”
To promote that solution, Up Bank is introducing a pop-up store in Melbourne to encourage the users to avoid impulse buying with an “Anti-Impulse Machine” that will enable users to trade in purchases and save money instead. The event strives to support Aussies in making some wise financial decisions in the matters of online shopping.
“Maybuy is a fun and easy way to buy things you love with the money you have. That means there are no regrets and no debt.”
Harvey Miller and Monte Morgan of Melbourne-based pop duo, Client Liaison, also spoke about the solution:
“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. As Upsiders ourselves, we’re stoked 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.”