Neobank Up adds BNPL alternative Maybuy to help fend off buyer’s remorse

Ever bought something you didn’t really need because Buy Now Pay Later made it oh-so-easy?

The popularity of BNPL has made it easy to get access to important (and fun!) goods and services, but it has also made us way more likely to spend out of convenience. 

Neobank Up found that BNPL can evoke feelings of stress and apprehension in more than half of the surveyed Aussies under 35.

With two in five of the people surveyed admitting to having multiple BNPL purchases open, 57% also said they would be interested in an alternative focused on saving. Up’s new feature, Maybuy, has been introduced to fill that niche.

What is Maybuy and how does it work?

Instead of clicking through to their go-to BNPL app, Maybuy allows customers to add items to your account and creates a savings plan for them. Once you’ve met a savings goal, Maybuy will allow you to either purchase the item - or to put aside those savings for other use.

Up’s head of product, Anson Parker, says “Our research uncovered almost a third of young Australians found their purchases less enjoyable when paid over multiple instalments. So, we want to give people more time to make decisions about what they buy, which in turn we hope will lead to increased purchase satisfaction and better financial outcomes.”

Maybuy comes at a time when the cost of living is getting higher and higher, putting more financial strain on people. If you’re struggling with savings, this could be a welcome addition to your app library.

To celebrate the launch, Melbournians can take their own impulse purchases to a pop-up store in the Melbourne CBD. The Maybuy Exchange is open from 11:00am to 4:00pm on the 3-7 August, 2022, on the corner of Swanston Street and Little Bourke Street. 

Attendees will be able to trade-in their spending regrets for between $10-$500 (T&Cs apply). All of the impulse buys collected will be donated to a charitable partner.

Curious about Up and other online banks? Read our guide to neobanks and fintech. If you want to start saving up, check out Mozo’s best savings and bank accounts.