Westpac New Zealand subsidiary Red Bird Ventures has entered into a joint venture with humm group and as part of the deal Westpac NZ will promote humm’s bundll product with preferential benefits.

Bundll was launched in Australia last year in partnership with Mastercard. It allows BNPL payments of up to A$1000 to be made at any merchant that accepts Mastercard transactions. It has no minimum spend.

In November, humm did a deal with Mastercard to offer bundll globally, and the Red Bird venture is the first agreement under that arrangement.

Humm’s deal with Westpac covers New Zealand only. Locally, Westpac does not have a BNPL offering but it has commercial arrangements with a several providers.

Last October, Afterpay announced plans to launch savings and transaction accounts, using Westpac’s bank-as-a-service platform.

Under the agreement, which will only be available to Afterpay’s Australian customers, deposits taken by Afterpay will be held on Westpac’s balance sheet. Rates, product features and terms and conditions will be the bank’s responsibility.

Westpac said it would be developing “cash flow management tools” for Afterpay. These will include services that usually come under the heading of personal financial management.

In 2019 Westpac’s venture business Reinventure invested in Bangalore-based BNPL company ZestMoney and last year it invested in FinAccel, the owner of Indonesian BNPL provider Krevido.