According to research conducted by Up, a brand of Bendigo and Adelaide Bank in Australia, one-quarter of Australians under the age of 35 feel that Buy Now Pay Later has prompted them to make purchases they regret, with the services evoking stress (29%) and apprehension (30% ).
More than half (57%) of young Aussies say they would be interested in a savings-based alternative to BNPL, and now Up is launching that. Introducing Maybuy – a feature encouraging customers to celebrate the joy of their purchases safely, protecting from overextension, late fees and buyer’s remorse.
The latest offering to the country’s highest-rated banking app means Up customers (known as Upsiders) can now create an automated savings plan for individual items they’ve found shopping online – dubbed a ‘Maybuy’. Once their goal is reached, they’ll be given the opportunity to purchase the item, or reconsider and keep the money they’ve put aside for something else.
Up’s Head of Product, Anson Parker, says the temptation of BNPL services is real. “Maybuy is a fun and easy way to buy things you actually
love with money you actually have. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”
