With more people buying online, the financial firm PayPal has introduced a new scheme to
help consumers during this difficult time. It has developed a Buy now, pay
later program. This allows shoppers to pay for their purchases in 3
instalments.
Called ‘Pay in 3’,
it gives customers the opportunity to buy products worth between £45 and £2,000
and to settle their bills in three parts. The best thing is that the repayments
are interest-free, so you do not have to worry about paying more. Moreover,
each month, the process is done in a seamless and automatic way, that is, the
money will be deducted from their PayPal account. Pay in 3 will appear on their
digital wallet. As such, they will be able to manage their settlements online
or via the app.
While this option will go live later during the month,
several retailers have already signed up for it. Some of them are Crew
Clothing, French Connection, Robert Dyas and Ryman. This UK rollout
follows the release of another similar product in the US, PayPal’s ‘Pay in 4’.
Rob Harper, the firm’s UK director of enterprise accounts
advanced, “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”. Thus, PayPal
developed this solution to help buyers.
PayPal lets you pay in instalments © Royalty-free image
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