Afterpay Co-CEOs Anthony Eisen and Nick Molnar said in a press release that the Money by Afterpay app is intended to make money management for its customers “simple, frictionless and stress-free” while also upholding its company “commitment” to championing “responsible spending.”
The savings account and debit card solution was developed on the Westpac Bank infrastructure following a partnership developed in October 2020. This is the first product the two entities are launching together.
“To bring a money app to life in 10 months demonstrates that we can quickly move at pace to get well ahead of customer expectations and bring both cutting-edge features and true ‘surprise and delight’ to the experience,” Eisen and Molnar said.
The app gives people a way to check their BNPL balance, installments, spending account and savings. Customers can earn an interest rate of 1 percent p.a. on up to 15 different savings accounts, the company said.
Afterpay Executive Vice President of New Platforms Lee Hatton said that the app was developed to help Gen Z and Millennials “spend, save, and play.”
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Hatton added that the company has plans to regularly offer “new and unique” tools and solutions to their customers and “quickly act on feedback in near real-time.”
The money app offers one daily account with a physical debit card, digital wallet features, and real-time payments and transfers. The company logged over 1,400 hours of customer research that showed that a large number of Gen Z and Millennial customers “don’t trust their own money behaviors.”
Afterpay’s partnership with Westpac introduced the BNPL tool to Westpac’s new banking-as-a-service (BaaS). The collaboration also gave Afterpay the opportunity to offer its user base checking and savings accounts using Westpac’s infrastructure.
