Afterpay’s new banking app 'Money' targets Gen Z and Millennials

money logo and two phones showing afterpay money app interface with buy now pay later and savings account information

Update: Please note that Afterpay Money is no longer in operation.

Buy now pay later  (BNPL) giant Afterpay has announced a broadening of its services into online banking. The new money and lifestyle app called Money begins its rollout today, trialled by the company’s Australian employees.

With a focus on budgeting and saving, Afterpay hopes that Money will become the primary money management app for the Gen Z and Millennial market.

Afterpay has dominated the BNPL space to this point, driven especially by younger online shoppers

The company hopes to now drive younger people away from bigger banks and other online banking platforms with Money. When the app launches to the public in October, Afterpay’s over 1 million BNPL customers will be a use their existing credentials to gain access to the Money interface.

Users will be able to manage one daily account with a physical debit card, digital wallet offerings and the ability to easily make and receive real time payments with no fees. Additionally, Money customers will be able to set savings goals in up to 15 separate savings accounts, each earning a competitive 1% p.a. interest rate.

Through this, Afterpay aims to transform the use of its BNPL app into a long-term budgeting tool that customers will integrate into their everyday lives.

“Afterpay has always stood apart in the way it connects with customers around common core values of simplicity, transparency and trust,” said Afterpay co-chief executives Anthony Eisen and Nick Molnar. “Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.

“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending.”

Afterpay is working in collaboration with Westpac, which is acting as the regulated deposit account and card issuer for Money. Additionally, Afterpay has obtained an Australian Financial Service License (AFSL) from the Australian Securities and Investments Commission ASIC, allowing it to distribute basic deposit products and debit cards and provide general financial product advice.

Want to find out how Afterpay stacks up to other BNPL options in the market? Have a read of our comprehensive Buy Now Pay Later comparison guide.

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