Ann: WBC: Westpac and Afterpay announce partnership, page-81

Hey Guys,

I have a question, earlier Westpac bank were pairing up with APT in the following manner

"In Australia Westpac has a partnership with Afterpay, which is launching a banking app with Westpac to hold Afterpay deposits on its balance sheet and meet Australian Prudential Regulation Authority requirements on Afterpay's behalf."



and now WESTPAC is pairing up with HUM/ BUNDLE.....what's their real intent??????




https://www. inte rest . co. nz/banking/111300/bundll. <mind the gaps>

Westpac NZ set to launch regulation ready BNPL 'anywhere' service Bundll with Humm, and potentially buy up to 49% of the business

Westpac New Zealand is the exclusive NZ partner for Humm Group's regulation ready Bundll buy now pay later "anywhere" service, and has an option to buy up to 49% of the business.

Using the Mastercard network, Bundll will allow customers to use buy now pay later wherever they choose, with no minimum spending requirement, and a credit limit of up to $1000. Bundll was launched in Australia last year, with a NZ launch targeted for August. According to Mastercard, as a scheme-based service Bundll is ideal for banks who don't want the effort and risks associated with a closed loop model.

Lewis Billinghurst, Westpac NZ's head of digital ventures, told interest.co.nz the "reinvention of consumer lending" on offer through buy now pay later (BNPL) appeals to the bank.

"The incumbent or traditional consumer lending products like credit cards and overdrafts and personal loans, they're not that fit for purpose for the younger generation. Especially if you look at the growth of buy now pay later in that space," Billinghurst said.

"For us this opportunity was a way of tapping into a completely different market. And to do that with a partner like Humm means we can offer it to all New Zealanders, not just to the Westpac customer base."

"That reinvention of consumer lending holds the appeal to us," said Billinghurst.

Chris Lamers, Humm's deputy CEO, explained how Bundll works.

"Over a week I shop and whatever I spend over that week goes into what we call Bundll and then you have two weeks to pay it back. If you want longer to pay it back you pay $5 and you get two weeks longer. And if you want to put it into an installment plan over 12 weeks, then you pay 5% of how much you want to push into the plan, and then you've got effectively 12 weeks to pay it back," said Lamers.
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ANY THOUGHTS??????