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PayPal Launches Buy-now-pay-later service: What you need to know
PayPal is entering the buy-now-pay-later market in Australia, launching a product that sees it compete with top services such as Afterpay, Klarna, and Zip.
The company says it will offer an interest-free buy now, pay later solution to consumers at no additional cost to PayPal customers.
The new solution, buy-now-pay-later, is designed to provide consumers flexibility in how they pay as well as to help businesses adapt to changing consumer expectations.
PayPal confirmed that consumers will be able to split eligible purchases from $50 to $1500 over four equal, interest-free installments, with automatic re-payments drawn every two weeks. No fees are charged when payments are made on time.