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.
