PayPal launches buy now pay later loans in the UK market

By Megha Bhattacharya

PayPal 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.