The company’s new money and lifestyle app, Money by Afterpay, is pencilled in for a public go-live in October.
Buy now, pay later (BNPL) company Afterpay has launched its new money and lifestyle app, Money by Afterpay, which will kick off with a pilot for its own Australian staff before a full go-live in October. The Money app marks the first product from Afterpay’s partnership with Westpac, which co-founder and CEO Anthony Eisen said would allow his company to leverage banking infrastructure without recreating it, which is a condition for standing up a neobank in Australia. To use the Money app, customers must have an existing Afterpay BNPL account. Afterpay said within minutes of opening an account, customers can make it their primary „money management app“. The app will display BNPL balance, upcoming orders, and instalments, and also the user’s daily spending and savings accounts. Customers can earn an interest rate of 1% p.a. on up to 15 different savings accounts, the company said. In addition, it is proposed that the daily account will not charge customers fees. „To receive the interest rate, customers simply have to have money in any one of their savings accounts.
