back Back

PayPal launches buy now pay later loans in the UK market

By Megha Bhattacharya

October 14, 2020

  • PayPal
  • UK
Share

paypalPayPal today announced the launch of PayPal Pay in 3 in a bid to enable UK businesses of all sizes to offer buy now, pay later payments without taking on additional risk or additional fees. The new service will allow businesses to offer their customers the option of making purchases between £45 and £2,000 by paying over three, interest-free payments and automatic re-payments each month.

Rob Harper, UK Director of Enterprise Accounts at PayPal, said, “During the coronavirus pandemic, we have seen the number of people in the UK shopping online increase dramatically. At the same time, many more consumers are looking to spread the cost of those purchases. We have developed PayPal Pay in 3 to meet that need, building on our heritage as a responsible lender through PayPal Credit, which we launched in the UK in 2014, and has served more than two million customers to date.”

According to the company, the new PayPal Pay in 3 solution is expected to help businesses to boost checkout conversion, revenue and customer loyalty. Retailers including Crew Clothing, French Connection, Robert Dyas and Ryman are integrating the solution, which is available in the UK from late October 2020.

“We will continue to support for UK retailers and businesses through these challenging times by helping them adapt to changing consumer behaviours around how they shop and pay – especially in the lead up to Black Friday and Christmas. PayPal Pay in 3 offers a flexible way for over 24 million PayPal users to shop while providing companies with a tool that helps drive sales, loyalty and customer choice.”

Recently, cryptocurrency exchange platform bitFlyer integrated with payments platform PayPal in a bid to enable the latter’s European users to deposit funds to the former’s Europe platform.

Previous Article

October 14, 2020

LexisNexis Risk Solutions’ True Cost of Fraud study reveals fraud trends & costs pre & post COVID-19

Read More
Next Article

October 14, 2020

Thunes appoints veteran business development executive Tamer El-Emary as COO

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

PayPal

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ajman Transport Authority & BPC digitize payments for UAE commuters

Read More

Today

JTL-Software and Mollie partner on e-commerce payments

Read More

Today

Slope raises $65m in equity and debt funding from J.P. Morgan & others

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024