Afterpay (ASX: APT) has officially launched its Money app in Australia today, giving more than 3.6 million customers access to savings accounts, a debit card and social-media style “Money Stories” for financial content and insights.
Available to iOS users, the app marks the fintech’s expansion into more conventional forms of banking, with accounts and cards to be issued via Westpac.
Designed with Millennials and Gen Z in mind, customers can monitor their spending habits with daily and weekly insights delivered via Money Stories while simultaneously viewing their buy-now-pay-later expenses.
“Bringing Money by Afterpay to life in just 12 short months reflects the incredible passion our team has for our customers - and for the relentless drive to challenge the status quo in order to deliver a better offering,” Afterpay founders Anthony Eisen and Nick Molnar said.
“Afterpay has become synonymous with Buy Now Pay Later and now we hope Money by Afterpay becomes the go-to for all things money - earnings, spending, savings and BNPL.”
The launch was guided by more than 2,100 hours of conversations, content and insights gathered from younger customers, with research from the fintech revealing that 74 per cent of Gen Z claim they’d be better at saving if they could envisage the end goal.
Furthermore, 34 per cent believe their transaction account would be improved with personalised features relevant to their lifestyle.
The company has also launched Retro, a feature that will allow users to retrospectively create split a transaction of up to $200 into four payments.
Customers can earn a competitive interest of 0.75 per cent per annum on up to 15 different savings accounts subject to a combined total balance of $50,000 across all accounts.
“We are particularly proud to bring this partnership with Afterpay to life,” said Westpac chief executive specialist businesses Jason Yetton.
“Westpac Banking as a Service will provide Money by Afterpay customers an innovative way to digitally bank underpinned by Westpac’s strengths of safety, security and trust.”
An Android version of Money by Afterpay is expected to be available in the first quarter of 2022.
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