July 20 (Reuters) – Australian buy-now-pay-later agency Afterpay Ltd (APT.AX) stated on Tuesday it would launch a brand new banking software in October to draw younger prospects and shore up its core “purchase now pay later” consumer base and transactions.
The banking software, known as “Cash”, will probably be examined internally earlier than being launched for the corporate’s 3.5 million energetic prospects in Australia, Afterpay stated.
The applying, designed to assist handle expenditure and financial savings, will give its depositors an rate of interest of 1% per yr, in response to the corporate.
Westpac Banking Corp (WBC.AX), which teamed up with the BNPL agency in October final yr, would be the regulated deposit account and card issuer for the customers of the banking software.
Afterpay stated it has obtained an Australian Monetary Service license from the nation’s securities regulator, which can enable it to offer prospects monetary recommendation, debit playing cards and deposit merchandise.
Reporting by Sameer Manekar in Bengaluru; Enhancing by Sandra Maler and Shounak Dasgupta
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