Afterpay to launch lifestyle app Money on Westpac tech
Buy now, pay later (BNPL) firm Afterpay has marked its partnership with Australian bank Westpac with the launch of its new app, Money.
Money will launch for the public in October
Money is built on banking infrastructure provided by Westpac, and requires users to have an existing Afterpay BNPL account.
The app offers money management, balance analysis, and displays upcoming instalments of existing orders via Afterpay.
It also provides a daily account with a physical debit card, digital wallet offerings, and the ability to “easily make and receive real-time payments”.
Afterpay says that since the daily account will not charge fees it is an “ideal” primary account where users can deposit their regular salaries.
Money is being trialled among Afterpay employees, and the firm plans a full launch for October 2021.
“Combining money management with the BNPL offering will allow us to help customers spend, save, and play just by using Money as their primary app,” says Afterpay’s executive vice president for new platforms, Lee Hatton.
“We will deliver new and unique features to customers consistently throughout the year and we’ll be nimble enough to quickly act on feedback in near real-time.”
In addition to Westpac as the regulated deposit account and card issuer, Afterpay has obtained a financial services licence from the Australian Securities and Investments Commission (ASIC) to provide deposit products and debit cards.
