Neobank launches ‘save now, buy later’ BNPL rival

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 faces sustained economic and regulatory challenges.

The 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.

Read more: AFR