PayPal (NASDAQ: PYPL) announced on Thursday it is expanding its “buy now, pay later” solutions to France, with a new installment product that will enable customers to split purchases into four equal payments over three months, nearly anywhere PayPal is offered.
According to PayPal, the option to pay with installments will be automatically available as a funding mechanism in the PayPal wallet at all qualified PayPal merchants in France.
“Online installments are incredibly popular with French consumers: 64 percent of users would have postponed or not completed their purchase without an installment option available, and 84 percent are more likely to shop again at a retailer who offers installments.”
PayPal further observed that it is continuing to expand “buy now, pay later” solutions through global expansion and customer-driven innovation. PayPal Credit, the digital, reusable line of credit with No Interest if paid in full in 6 months on purchases of $99 or more helps merchants increase sales and loyalty, and has processed more than $50 billion in lending since 2008. PayPal went on to add:
“PayPal Credit expanded to the U.K. in 2014, surpassing £2 billion in U.K. lending in 2019. PayPal Ratenzahlung, German Installments by PayPal, launched in 2016 and serves PayPal’s 23 million customers in Germany. In Australia, the Netherlands, Germany, France and Spain, consumers have the option to ‘Pay After Delivery’ – another ‘buy now, pay later’ offering supported by PayPal.”
