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PayPal launches 'Pay in 3' instalment solution for UK-based shoppers

Thursday 15 October 2020 13:02 CET | News

PayPal has announced the launch of a Buy Now, Pay Later (BNPL) service in the UK that enables shoppers to finance their purchases over three interest-free monthly instalments.

According to CNBC, the company, which launched its instalment solution, 'Pay in 4', in the US in September 2020, is now introducing a separate offering in the UK, called 'Pay in 3.' 

The solution will offer UK-based consumers three-month instalment plans for purchases of between GBP 45 and GBP 2,000. Besides, several British retailers are to going to offer the service, including Crew Clothing, French Connection, Robert Dyas, and Ryman. Furthermore, the 'Pay in 3' option was chosen as UK-based consumers get paid monthly, as opposed to Americans who usually get their paychecks once a fortnight. 

Overall, the move comes amid calls to regulate the fast-growing BNPL sector, although some critics are concerned it could lead younger shoppers into a debt trap. However, companies such as PayPal, Klarna, and other stated that they have sufficient safeguards in place to prevent overspending, CNBC reported.


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Keywords: PayPal, Buy Now, pay later, BNPL, UK, interest-free monthly instalments, instalment payments, Pay in 3
Categories: Payments & Commerce
Companies:
Countries: United Kingdom
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Payments & Commerce






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