Cost-of-living pressures and buyers remorse has prompted neobank Up to launch its new feature that challenges the broader buy now, pay later sector.
Neobank Up is launching an anti-buy now, pay later feature to encourage customers to save ahead of large purchases rather than pay them off, as the buy now, pay later sector facesThe neobank’s MayBuy service will allow customers to create savings plans for items they plan to buy online. Once the automated savings system reaches the goal, the customer receives a notification letting them know that they have the money to buy the item, should they still want to.
The research, based on a survey of 1000 Australians aged 16-34 by Empirica, also found a quarter of Australians under 35 said buy now, pay later had encouraged them to make purchases they now regret.Another 29 per cent said the services made them stressed, and 26 per cent said they had used the services despite concerns they could not afford the repayments.
“More than being addicted to buy now, pay later, it was being addicted to having nice things. The main thing that it enabled was living above my means,” he said. Buying things and then having to meet the buy now, pay later’s repayments often meant he didn’t have the freedom to attend last minute social events or gigs.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden administration ‘increasing’ cost of living in ‘everything’ it is doing
Read more »
Rooftop solar panels cost Ricky Barone thousands, but never worked. Now he wants them taken offRicky Barone installed a solar system on his roof in 2014. Since then, it has cost him thousands of dollars and years of sleepless nights. So, who's responsible?
Read more »
Pay rise for WA public sectors workers in a bid to offset rising inflation and cost of living pressuresPublic sector workers including teachers, doctors and nurses will be given a 3 per cent pay increase, up from 2.75 per cent, as well as a $2,500 sign-on bonus.
Read more »
‘Operation Blue Sky’: Inside Zip’s fight for survival“Certainly, reports of our death are greatly exaggerated,” says Peter Gray, co-founder of embattled buy now pay later business Zip Co. | By Clancy Yeates BNPL
Read more »
‘Operation Blue Sky’: Inside Zip’s fight for survival“Certainly, reports of our death are greatly exaggerated,” says Peter Gray, co-founder of embattled buy now pay later business Zip Co.
Read more »