Up facilitates instalment payments with Maybuy

Monday 1 August 2022 13:14 CET | News

Australia-based digital bank Up has launched Maybuy for young Australians concerned about BNPL, automating instalment payments before purchasing an item.

With MayBuy, Up banking customers can create an automated savings plan for items they’ve found online, and upon reaching their goal, will be given the chance to go ahead with the purchase or reconsider and keep their money.

Up Bank has a focus on millennial and gen Z consumers. It caters to them with products tailored to their life experience, and with design that aims to designate Up from the traditional banks. It has a home saver feature and on 20 June 2022, it launched Up Home, a home loan product for existing customers.

Key findings from Up-backed survey on Australians

Up has found, in a survey of 1000 Australians aged between 16 and 34, that 53% of young BNPL shoppers want to save money but don’t know where to start. 

At the same time, the survey revealed that 57% of young Australians were interested in a savings-based alternative to BNPL, 27% have made BNPL purchases they later regretted, and 29% said BNPL makes them feel stressed.

Up, also known as Up Money and Up Banking, is an Australian neobank based in Melbourne, Victoria, Australia with more than 400,000 mostly young Australian customers. Founded in 2018, Up was created as a collaboration between software development company Ferocia and Bendigo & Adelaide Bank.

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Keywords: BNPL, survey, product launch, neobanks, Gen Z
Categories: Payments & Commerce
Companies: Up
Countries: Australia
This article is part of category

Payments & Commerce


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