Australian neobank Up Bank has launched savings service Maybuy. Maybuy is designed as an alternative to Buy Now Pay Later (BNPL) products which have become increasingly popular in recent years.

For individuals wishing to make online purchases, Maybuy will generate an automated savings plan. Consumers might choose to purchase the item or choose to save their money for another use after achieving their goal.

According to a poll by Up Bank, 30% of Australian adults under the age of 35 experience stress, and 29% experience anxiety when using BNPL. Up Bank developed a savings-based solution as a result of the study to help people who are experiencing buyer’s remorse.

“Our research uncovered almost a third (30%) of young Australians found their purchases less enjoyable when paid over multiple installments. 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.”

“It also found over half (53%) of BNPL users want to save money, but don’t know where to start. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”

“Maybuy is a fun and easy way to buy things you actually love with money you actually have. That means there are no regrets and no debt,”

                                                                       Anson Parker, Head of product at Up Bank.

In order to spread awareness of the solution, Up Bank is opening a pop-up shop in Melbourne that will feature an “Anti-Impulsive Machine” that will enable customers to trade in items and save money in place of making impulse purchases. The purpose of the event is to assist Australians in making more financially responsible choices when they shop online.

“We’re no strangers to shopping online and the rush of buying things. But it’s often left us with ‘stuff’ we don’t really need or even want. As Upsiders ourselves, we’re stoked there’s now an alternative to Buy Now Pay Later. Whether it’s seeking out a new pottery wheel or even a new scooter, the time to ponder our purchase means we won’t lose sight of the things we’re completely in love with.”

                 Monte Morgan and Harvey Miller of Melbourne-based pop duo, Client Liaison.