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Afterpay has announced that its new money and lifestyle app, Money by Afterpay, a collaboration with Westpac, will be ready for a full customer roll out by October this year.
Money by Afterpay's phased roll out will begin with a staff pilot at the end of July. It is designed to help its users build "financial confidence" by providing them with a simple money management experience focused on savings.
Once publicly available, customers with existing Afterpay Buy Now, Pay Later account can use their existing credentials to log into the Money app.
The app offers users with a 1% interest rate p.a. on up to 15 different savings accounts. This will allow customers to open separate accounts for different savings goals
The interest rate will apply as long as customers have money in any one of their savings accounts. Interest can be earned for up to $1m in each of the accounts.
The app provides one daily account with a physical debit card. This daily account will not charge fees. This is to encourage customers to use their accounts to directly deposit their salaries and view their complete financial position in one place.
Anthony Eisen, co-CEO of Afterpay, said the app ultimately helps customers make money management "simple, frictionless, and stress-free".
"The Money app 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," he said.
