Afterpay (ASX:APT) share price higher after announcing Money by Afterpay app roll out

This BNPL provider is branching out with its new app…

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The Afterpay Ltd (ASX: APT) share price is edging higher today despite the market selloff.

In early trade, the buy now pay later provider’s shares are up 2% to $106.69.

Why is the Afterpay share price pushing higher?

The Afterpay share price is pushing higher today after the release of a positive announcement offset the broad market selloff.

That announcement reveals that Afterpay is beginning the roll out of its new money and lifestyle app Money by Afterpay today.

According to the release, the launch will begin with an Australian staff pilot, followed by a full Australian customer launch in October.

What is Money by Afterpay?

Money by Afterpay is the result of its collaboration with banking giant Westpac Banking Corp (ASX: WBC).

It will provide users with a 1% per annum interest rate on up to 15 different savings accounts. Afterpay notes that the benefit of having so many different savings accounts is to allow customers to open separate accounts for their different savings goals.

The app also offers one daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real time payments.

In addition, it is proposed that the daily account will not charge customers fees. Management believes this makes it an ideal primary account for customers to directly deposit their salaries and view their complete financial position in one place.

Further insights and features will be introduced to further help customers make more informed spending and saving decisions ahead of the full launch.

“Frictionless and stress-free”

Afterpay’s Co-CEOs, Anthony Eisen and Nick Molnar, stated: “Afterpay has always stood apart in the way it connects with customers around common core values of simplicity, transparency and trust. Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.”

“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending.”

“To bring a money app to life in ten months demonstrates that we can quickly move at pace to get well ahead of customer expectations and bring both cutting-edge features and true ‘surprise and delight’ to the experience,” they concluded.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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