Buy Now Pay Later (BNPL) giant Afterpay has announced an expansion of its services to online banking. The new money and lifestyle app called Money begins its rollout today, tested by the company’s Australian employees.
With a focus on budgeting and savings, Afterpay hopes Money will become the leading money management app for the Gen Z and Millennial market.
Afterpay has dominated the BNPL space so far, especially thanks to Gen Z and Millennial online shoppers
The company now hopes to keep young people away from big banks and other online banking platforms with Money. When the app launches to the public in October, over one million BNPL Afterpay customers will use their existing credentials to access the Money interface.
Users will be able to manage a daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real-time payments at no cost. In addition, Money customers will be able to set savings goals in up to 15 separate savings accounts, each earning a competitive interest rate of 1% per annum.
Through this, Afterpay aims to transform the use of its BNPL application into a long-term budgeting tool that customers will integrate into their daily lives.
“Afterpay has always stood out in the way it connects with customers around common core values of simplicity, transparency and trust,” said Anthony Eisen and Nick Molnar, co-CEOs of Afterpay. “Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.
“The money will expand our relationship with our loyal customers and also attract a new group that is looking to streamline the way they manage their finances in the debit economy, strengthening our commitment to supporting responsible spending. “
Afterpay works in conjunction with Westpac, which acts as a regulated deposit account and card issuer for Money. In addition, Afterpay has obtained an Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission ASIC, allowing it to distribute basic deposit products and debit cards and to provide general advice on financial products.
Want to know how Afterpay compares to other BNPL options on the market? Read our comprehensive Buy Now, Pay Later comparison guide.
Looking to save your money and start managing your finances? Check out and compare some of the best savings accounts:
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