Afterpay, Westpac to offer savings accounts

Tuesday 20 October 2020 13:37 CET | News

Australia-based Afterpay and Westpac have announced their partnership to offer savings accounts to customers in Australia, through Westpac’s digital banking platform.

The accounts will be available from 2021 and will help give the Afterpay greater insight into its customers’ financial habits, as the company says. The announcement sent Afterpay’s shares up 6%. For Westpac, the venture marks a push into fintech and will help it target younger customers.

Afterpay will be Westpac’s first digital banking platform customer, and the company will also offer budgeting tools and other services over time. The partnership goes live in the second quarter of 2021.

While Afterpay currently does not conduct credit checks on its customers, it says the tie-up opens the door to new revenue streams and could be adopted globally.

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Keywords: Afterpay, Westpac, partnership, savings accounts, digital banking, Australia
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech