PayPal launches new BNPL service in Australia
PayPal is launching its own ‘buy now pay later’ (BNPL) service called titled ‘Pay in 4’, which is set to be operational by June for 9 million PayPal accounts across Australia.
The offering will allow consumers to split purchases valued between $50 and $1500 across four equal repayments every fortnight.
General consumers will see the new ‘Pay in 4’ option at checkout or in their digital wallet while merchants can integrate the new offering as a payment option on their website.
Merchants will also be able to show the monetary value of each instalment through a messaging feature, letting consumers know how much to expect each repayment to be.
A spokesperson for PayPal told iTnews that ‘Pay in 4’ will incur no extra cost to merchants as it is included in existing merchant account arrangements.
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