Neobank Up launches an alternative to BNPL

  • By Zilla Efrat

Up Money, a neobank created by software development company Ferocia and Bendigo & Adelaide Bank, has launched Maybuy, a savings-based alternative to buy now pay later (BNPL).

Up customers, known as Upsiders, can 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.

The launch of Maybuy follows research by Up that found that more than half (57 per cent) of young Aussies say they would be interested in a savings-based alternative to BNPL.

The research reveals that a quarter of Australians under 35 say BNPL has encouraged them to make purchases they regret, with the services evoking feelings of stress (29 per cent) and apprehension (30 per cent).

“Maybuy is a fun and easy way to buy things you actually love with money you actually have. That means there’s no regrets and no debt,” says Up’s head of product, Anson Parker.

“Our research uncovered almost a third (30 per cent) of young Australians found their purchases less enjoyable when paid over multiple instalments. So, we want to give people more time to make decisions about what they buy, which in turn we hope will lead to increased purchase satisfaction and better financial outcomes.

“It also found over half (53 per cent) of BNPL users want to save money, but don’t know where to start. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”

To celebrate the launch of Maybuy, Up is this week hosting a limited-time pop-up store in Melbourne – The Maybuy Exchange – giving Aussies the opportunity to claim dollars back into their accounts in exchange for purchases they regret.

The experiential store will feature an “Anti-Impulse Machine” where guests can physically swap the previous impulse buys for the chance to get back anywhere from $10 to $500, subject to terms and conditions.

Aimed at encouraging people to think twice before making purchases they regret or can’t afford, The Maybuy Exchange will donate all impulse buys to a charity partner.