Maybuy is Up Bank's innovative savings-based feature that allows customers to create automated savings plans for items they want to purchase online, eliminating debt and buyer's remorse associated with traditional Buy Now Pay Later services.
Up Bank has launched Maybuy, a groundbreaking savings-based alternative to Buy Now Pay Later services, addressing growing concerns about financial stress among young Australians. Research commissioned by Up reveals that 25% of Australians under 35 have made BNPL purchases they later regretted, with these services causing feelings of stress in 29% and apprehension in 30% of users. The introduction of Maybuy represents a fundamental shift in how digital banking can support healthier purchasing decisions.
The Buy Now Pay Later industry has experienced explosive growth in recent years, particularly among millennial and Gen Z consumers. However, this convenience comes at a cost. Up Bank's research uncovered that 39% of young Australians have had multiple BNPL purchases active simultaneously, while 26% admitted using these services despite worrying they might not afford the repayments. More concerning, 30% of young Australians found their purchases less enjoyable when paid over multiple installments, suggesting that the payment structure itself diminishes purchase satisfaction.
Maybuy emerges as a timely solution to these challenges. The feature allows Up customers, known as Upsiders, to create automated savings plans for individual items discovered while shopping online. This approach flips the traditional BNPL model on its head: instead of buying first and paying later with interest or fees, users save first and buy only when they have the full amount available.
Buy Now Pay Later services have become ubiquitous in Australian e-commerce, offering the allure of instant gratification without immediate financial impact. However, Up Bank's research reveals significant psychological and financial consequences that many users experience.
The ease of accessing BNPL services has led to widespread financial overextension. With 39% of young Australians juggling multiple BNPL purchases simultaneously, the cumulative repayment obligations can quickly become overwhelming. Unlike traditional credit products, BNPL services often lack comprehensive affordability assessments, making it easy for consumers to take on more debt than they can comfortably manage.
The research shows that one in four young Australians have used BNPL despite concerns about their ability to meet repayments. This behavior pattern indicates that the psychological barriers to using these services are lower than they should be, potentially leading to financial hardship, late fees, and damaged credit ratings.
Perhaps most surprisingly, Up's research found that 30% of young Australians enjoyed their purchases less when paid over multiple installments. This counterintuitive finding suggests that the payment structure itself can diminish the pleasure derived from a purchase. The ongoing reminder of debt through regular repayments may overshadow the initial excitement of acquisition.
Additionally, 27% of respondents reported making BNPL purchases they later regretted. The reduced friction in the purchasing process, while convenient, may bypass the natural consideration period that helps consumers make more thoughtful decisions about whether they truly want or need an item.
Maybuy represents a fundamental reimagining of the relationship between desire, saving, and purchasing. By introducing a savings-based approach, Up Bank aims to restore the satisfaction and financial security that comes from buying with money you actually have.
When an Up customer identifies an item they want to purchase, they can create a Maybuy within the app. This feature allows them to set a savings goal for that specific item and establish an automated contribution schedule. The app tracks progress toward the goal, providing visual feedback that builds anticipation and reinforces positive saving behavior.
This approach taps into the psychology of goal-oriented saving that many people experienced as children. As Up CEO Xavier Shay notes, the desire, anticipation, and journey involved in saving for purchases creates positive associations that benefit both customers and retailers. The waiting period transforms from a source of frustration into part of the purchase experience itself.
The Maybuy process begins when Up customers identify an item they want to purchase online. Instead of using Buy Now Pay Later services, they create a Maybuy savings goal within the Up banking app. The system then automates regular contributions toward that specific item, allowing users to track their progress in real-time.
Once the savings goal is reached, customers receive a notification giving them the opportunity to proceed with the purchase or reconsider and keep the money for something else. This cooling-off period helps prevent impulse buying and ensures purchases align with actual financial capacity and genuine desire for the item.
One of Maybuy's most innovative features is what happens when the savings goal is reached. Rather than automatically facilitating the purchase, the app gives users an opportunity to reconsider. This built-in cooling-off period addresses impulse buying by creating space between desire and action.
Users can choose to proceed with the purchase, confident that they have the funds available and have maintained their interest over time. Alternatively, they can decide to keep the money for something else, recognizing that their priorities or circumstances have changed. This flexibility ensures that purchases align with genuine needs and sustained interest rather than momentary impulses.
Up Bank's research provides compelling evidence of market demand for savings-based alternatives to BNPL services. The survey of 1,000 Australians aged 16 to 34 revealed that 57% would be interested in a savings-based alternative to Buy Now Pay Later, indicating substantial appetite for a different approach.
Particularly telling is the finding that 53% of BNPL users want to save money but do not know where to start. This suggests that many consumers are using BNPL not out of preference but due to a lack of accessible savings tools. Maybuy addresses this gap by offering a tangible solution that makes saving feel easier and more achievable.
The emotional dimension of financial products is often overlooked, but Up's research highlights its importance. The stress and apprehension associated with BNPL services can have lasting impacts on consumer wellbeing and their relationship with money. By contrast, Maybuy aims to create positive emotional associations with saving and purchasing.
Anson Parker, Up's Head of Product, emphasizes that Maybuy is designed to be a fun and easy way to buy things you love with money you have, eliminating regrets and debt. This focus on emotional outcomes alongside financial ones represents a more holistic approach to banking product design.
To celebrate the launch of Maybuy and highlight the issue of buyer's remorse, Up Bank created The Maybuy Exchange, a limited-time pop-up store in Melbourne's CBD. Operating from August 3-7, 2022, the experiential store featured an Anti-Impulse Machine where visitors could exchange previous impulse purchases for the chance to receive between $10 and $500 back into their accounts.
This creative activation served multiple purposes. It raised awareness of the Maybuy feature, created a memorable brand experience, and provided tangible value to participants. All items exchanged were donated to charity partners, adding a social responsibility dimension to the campaign. The involvement of indie-pop duo Client Liaison, who shared their own experiences with impulse buying, added cultural relevance and authenticity to the message.
Up Bank has positioned itself as Australia's first digital bank with a particular focus on millennial and Gen Z consumers. The bank's design aesthetic and product features are tailored to the life experiences and preferences of younger users, distinguishing it from traditional banking institutions.
However, Up CEO Xavier Shay clarifies that while the bank is currently popular with younger demographics, it is fundamentally a bank for everyone. The bank's strategy includes growing with customers as they progress through life's major financial milestones, as evidenced by the June 2022 launch of Up Home, a home loan product for existing customers.
Maybuy fits naturally into this product evolution, addressing a specific pain point for younger consumers while establishing saving habits that will serve them throughout their financial lives. The feature demonstrates how digital banking can innovate beyond simply replicating traditional banking services in app form.
While Maybuy is positioned as a consumer banking feature, it has significant implications for retailers and e-commerce platforms. Xavier Shay notes that retailers do not want stress associated with shopping, as negative emotions are bad for business. By reducing the financial anxiety associated with purchases, Maybuy could actually increase long-term customer satisfaction and loyalty.
The feature may also lead to more considered purchases with lower return rates. When customers have time to reflect on whether they truly want an item, they are less likely to experience buyer's remorse and initiate returns. This could benefit retailers through reduced logistics costs and improved inventory management.
Up Bank's Maybuy represents a significant innovation in digital banking, offering a savings-based alternative to Buy Now Pay Later services that addresses both financial and emotional concerns. By automating savings for specific purchase goals and building in a reconsideration period, Maybuy helps users avoid debt, reduce buyer's remorse, and develop healthier financial habits.
The feature responds to clear market demand, with 57% of young Australians expressing interest in a savings-based BNPL alternative. As concerns about BNPL-related financial stress continue to grow, Maybuy offers a timely solution that protects consumers from overextension while preserving the goal-oriented excitement of working toward a desired purchase.
For the broader banking industry, Maybuy demonstrates how digital platforms can innovate beyond traditional product categories to address emerging consumer needs. As Up Bank continues to evolve its offerings and grow with its customer base, features like Maybuy establish the foundation for long-term financial wellbeing rather than short-term convenience at the cost of future stress.
Maybuy is a savings-based feature from Up Bank that allows customers to create automated savings plans for items they want to purchase online. Once the savings goal is reached, users can choose to buy the item or keep the money for something else.
Unlike BNPL services where you buy first and pay later in installments, Maybuy requires you to save first and buy only when you have the full amount. This eliminates debt, late fees, and the stress associated with multiple repayment obligations.
Maybuy is available to all Up Bank customers through the Up banking app. Up Bank primarily serves Australian consumers, with a strong focus on millennial and Gen Z demographics.
Maybuy is a savings feature within Up Bank's standard banking services. There are no debt-related fees, late payment charges, or interest because users are saving their own money rather than borrowing.
Yes, one of Maybuy's key features is the flexibility to reconsider your purchase when you reach your goal. You can choose to proceed with the purchase or keep the money you have saved for something else.
Up's research found that 25% of Australians under 35 regretted BNPL purchases, 29% felt stressed by these services, and 30% experienced apprehension. Additionally, 39% had multiple BNPL purchases active simultaneously, and 30% found purchases less enjoyable when paid over installments.
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Up Bank officially launches Maybuy feature as savings-based alternative to Buy Now Pay Later services.
The Maybuy Exchange pop-up store opens in Melbourne CBD, offering cash back for regretted impulse purchases.
Up Bank research shows 29% of young Australians feel stressed by Buy Now Pay Later services, with 27% regretting purchases.