Up customers (known as Upsiders) can now create an automated savings plan for individual items they've found shopping online – dubbed a ‘Maybuy’. Once their goal is reached, they’ll be given the opportunity to purchase the item, or reconsider and keep the money they’ve put aside for something else.
At a time when approximately two in five (39 per cent) young Australians admit they’ve had multiple BNPL purchases active at once, and one in four (26 per cent) concede they’ve used the services despite feeling worried they may not be able to afford the repayments, the introduction of Maybuy is a timely reprieve that’s set to provide an ethical solution to support healthy and considered saving habits.
Up Bank logos
Up’s Head of Product, Anson Parker, says the temptation of BNPL services is real – and while they may have their place when well-managed, this new research by Up reveals a strong appetite for a savings-based alternative.
“Maybuy is a fun and easy way to buy things you actually love with money you actually have. That means there’s no regrets and no debt.”
“Our research uncovered almost a third (30 per cent) 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,” Parker says.