Afterpay’s new banking app 'Money' targets Gen Z and Millennials
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.
Are you looking to save your money and start managing your finances? Check out and compare some top savings accounts:
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5.60% p.a. (for $0 to $250,001)
4.35% p.a.(for $0 to $250,001)
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Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
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Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
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- standard interest rate
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- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
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- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
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For a limited time, earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply). Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
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For a limited time, earn $100 cashback when you open an ING Orange Everyday and Savings Maximiser account. Offer is available until 15 February, 2025 (T&Cs apply). Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
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Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.
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Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.
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