PayPal launches Aussie BNPL service, scraps late fees

US payments giant PayPal has joined the buy now, pay later (BNPL) fray in Australia, offering payment instalments while doing away with late fees.

The PayPal “Pay in 4” service has already been rolled out in the US, Britain, and France but launched in Australia today to take market leader Afterpay (APT) on in its home turf.

Afterpay shares shed almost a 10th of their value in early trading action following the Pay in 4 launch.

More than just a fresh competitor in the BNPL space from an established fintech giant, PayPal’s service changes the core model of the sector by being the first payment instalment option to completely eliminate late fees

PayPal Consumer Insights Expert Tommy Suffren said Australians could now access a huge range of goods from “millions of businesses” and pay for them in interest-free instalments.

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Source: PayPal launches Aussie BNPL service, scraps late fees – The Market Herald