Buy now, pay later business Afterpay is launching a money management app.
In Brief:
The “Money” app has been built in partnership with Westpac.
It works on Westpac’s banking-as-a-service (BaaS) platform.
It will show customers their current “buy now, pay later” balance and instalments, alongside their normal spending and savings accounts.
What does this mean?
This means not only is Afterpay diversifying its offering into personal finance management, it’s also enabling customers to get a single view of their finances which could go some way to assuaging concerns that BNPL encourages people to overspend.
