Australian company Buy Now, Pay Later Afterpay has decided to cancel the personal finance app Money by Afterpay, ending its collaboration with Westpac Banking Corp.
The move follows that of Afterpay $29 billion buyout by Jack Dorsey’s Block earlier this year, which involved integrating Afterpay’s products into its new owner’s ecosystem. As such, the Australian company has decided to shut down the personal finance app it used with Westpac.
The collaboration between the two entities ended less than two years after it began and, according to Reuters.com, it leaves Westpac struggling to connect with younger customers who are turning to smartphone-friendly and less regulated financial products.
Afterpay officials revealed that the company will immediately stop signing up new users for the Money by Afterpay app and permanently shut down the service on October 10, 2022.
A Word About Personal Finance Mobile Apps
According to a report by factmr.com, the primary purpose of personal finance apps is to help track spending behavior and provide personalized advice that can help individuals manage their future financial needs.
Additionally, by helping users manage their income, bills, investments, and expenses, personal finance apps can aid in financial discipline and diligence. According to the same source, mobile and internet users are on the rise globally, a trend that is helping personal finance apps gain more and more traction.
Against this backdrop, as Afterpay shuts down a personal finance app, the move allows Jack Dorsey’s Block to reach a wider audience with its Cash App financial platform, which allows people to send money to each other. in Australia.
Westpac has expanded its services in 2022
In July 2022, Westpac took steps to become a digital first bank by introducing a digital mortgage where customers can get unconditional approval in as little as ten minutes. The bank also introduced new features in the Westpac app and set out a digital strategy for branches to help customers bank anywhere, anytime.
During the same month, the Westpac banking group extended its credit card insurance for foreign travelers to cover epidemics and pandemics such as COVID-19. This new banking policy allows eligible Westpac credit card customers to receive additional epidemic and pandemic coverage at no additional cost if they are diagnosed with COVID-19. The insurance includes emergency medical assistance abroad and medical evacuation.
Recent Afterpay Developments
In August 2022, Afterpay released a series of limited-edition Non-Fungible Tokens (NFTs) for New York Fashion Week, inspired by Spring/Summer 23 collections from designers such as AnOnlyChild, Jonathan Simkhai, The Blonds and Joseph. Altuzarra. NFTs cost $100 each and come with material goods such as a special-edition leather bag, after-party invites, and original runway sketches.
In May 2022, Afterpay partnered with fintech platform Adyen to process payments in key markets including Australia, New Zealand, Canada, Europe, US and UK. United, to support the company’s global growth and momentum.
Adyen and Afterpay started their local payment method partnership in 2018, and several Adyen merchants offer Afterpay’s installment payments. These include MandM Direct, Revolution Beauty and Superdry.
For more information about Afterpay, please see the company profile in the Paypers company database.