Buy now, pay later (BNPL) provider Afterpay (ASX:APT)
has announced key details of its new money and lifestyle app 'Money by Afterpay', which will begin its roll out today and is set to launch in October.
Customers must have an existing Afterpay BNPL account to log in to the Money app, which is intended to function as a primary money management app. The home carousel will display BNPL balance, and upcoming orders and instalments alongside daily spending and savings accounts, giving customers an overview of their finances.
The Money app offers one daily account with a physical debit card, digital wallet offerings and the ability to easily make and receive real time payments via the new payment platform.
In addition, it is proposed that the daily account will not charge customers fees. Customers can also earn an interest rate of 1 per cent p.a. on up to 15 different savings accounts.
Shares in Afterpay (ASX:APT)
are trading 1.4 per cent higher at $106.40.